The Capital One® Venture® Rewards Credit Card has a new increased new cardmember bonus, which is the biggest I recall seeing on the card. Specifically, the card is offering a new cardmember bonus of 50,000 bonus miles after spending $3,000 within the first three months from account opening. Prior to that, the standard new cardmember bonus on the card was 40,000 bonus miles after completing the minimum spend.
The card has a $95 annual fee (it was recently increased from $59 to $95), though it’s waived for the first 12 months.
Even though the points currency earned on the Venture Card is called “miles,” these aren’t traditional miles that can be transferred to airline partners. Rather, each mile can be redeemed for one cent towards the cost of a travel reward, including hotels, flights, car rentals, etc. Best of all, you can redeem the miles as a statement credit towards a travel purchase, meaning you can book your travel however you want, and then be reimbursed for it — there’s no need to book through a Capital One portal, or anything.
You can redeem your miles towards the cost of a rental car
In other words, the 50,000-mile new cardmember bonus gets you $500 worth of travel rewards, which is a great new cardmember bonus, especially given that this is a card many people don’t have.
In terms of everyday spend, the card offers two miles per dollar spent, meaning that it essentially offers 2% cashback that can be redeemed towards travel.
That’s a reasonably good return, though it’s not necessarily a card I’d use for everyday spend. If it’s cashback you’re after, I prefer something like the Citi® Double Cash Card, which offers 1% cashback on purchases, and another 1% cashback when you pay for those purchases. The card has no annual fee, and offers essentially the same return as the Venture Card, except the cashback is more flexible, as it can be redeemed towards anything.
Still, this is a fantastic bonus. $500 in travel rewards upon completing minimum spend with no annual fee the first year, plus 2% cashback travel rewards, is an all around compelling reason to grab the Venture Card, if you don’t have it yet.