VentureOne Card Review from Capital One

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Capital One has different types of Venture rewards credit cards. One of them is the VentureOne Rewards Credit Card, which is similar, but different from the main Capital One Venture card that Alec Baldwin pitches on TV. This VentureOne credit card is yellow instead of the Venture card which is blue.

Earn VentureOne Credit Card Miles

VentureOne Credit Card ImageThe VentureOne credit card is a travel rewards credit card, so cardholders earn miles instead of earning points, although in practice, it is the same thing. Owners of this credit card earn 1.25 miles per dollar spent on every purchase. There is also a one-time bonus for new cardholders of 10,000 miles if you spend $1,000 during the first three months you have the card.

The amount of miles you can earn each year is unlimited and the miles do not expire.

Redeem Miles for Free Travel

The best feature of the VentureOne card rewards catalog is that there is no need for a rewards catalog. Unlike getting the Capital One rewards catalog for the Miles Plus program, there is no need for this card’s reward catalog to come in the mail.

Instead, the number of miles needed to earn free travel is equal to the cost of the tickets multiplied by 100. For example, if you spend $382 on airline tickets to Las Vegas, the number of miles you have to redeem to get them for free is 38,200. That beats trying to manage the credit card reward points ranges typical on other rewards cards.

This rewards ratio is better than a one-percent cash back credit card, which is the minimum to be considered a good rewards card. Assuming all miles are earned at the 1.25 point level, travel rewards are equivalent to 1.25 percent cash back. (Check here for information on how to compare rewards credit cards.)

The great thing about this card is that there are no hoops to jump through to book your reward travel. You don’t have to book the tickets through Capital One or use a special Travelocity website or anything like that. In fact, you don’t have to redeem your miles in advance at all. Instead, you just buy your tickets using the VentureOne card. You can buy your airline tickets anywhere including direct from the airline, through a travel agent or from an online travel website like Expedia. Then, you log on to your account and redeem your miles and you get a credit on your statement.

Since you can book your airfare by any means, there are no blackout dates and no restrictions on which airline you can fly in order to get your free plane tickets.

Miles can also be redeemed for other travel expenses including hotels and rental cars.

Compare to redeeming NoHassle Miles via the Capital One rewards catalog 2011.

VentureOne Interest Rate, Terms and Conditions

There is currently no annual fee for the VentureOne card.

There is currently an introductory 0% interest rate for one year for new card holders. After that, the interest rate is a variable rate equal to Prime plus 8.65 percent, 12.65 percent or 16.65 percent, depending upon which credit rating tier you qualify for. As of today, that means the card has a 11.9%, 15.9% or 19.9% interest rate for current cardholders no longer getting the zero percent interest rate offer. The current cash advance APR is 24.9%, also a variable rate. There is also a 3 percent cash advance fee with a minimum of $10.

As with most variable rate credit cards these days, the interest rate will look absolutely TERRIBLE when interest rates go back to normal levels. A Prime rate of just 5 percent means that the best possible rate on this card will be 13.65 percent and the highest tier customer will be paying a rate of almost 25 percent interest! In other words, you do not want to be carrying a balance on this credit card.

The grace period for interest free purchases is 25 days.

VentureOne Card Perks

The Capital One VentureOne card also comes with the usual lineup of Visa Signature benefits including free auto rental insurance coverage and travel accident insurance. Also included is 24-hour roadside assistance and the Visa extended warranty program.

Venture One Card Review

So, is the VentureOne card worth it?

If you are looking for a card without a complex travel rewards catalog or a travel rewards miles chart, then the VentureOne card is worth a look. Is does have the all important no annual fee feature, but the interest rates are high and will get much higher when the Fed starts raising interest rates.

 

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