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As of today, applications for the new Capital One Venture X Rewards Credit Card are open. This is the latest premium card to be targeted to the miles & points world and when you consider what this card offers alongside its comparatively low annual fee, it’s probably not overstating things when I say that this will almost certainly be the most popular premium card launch since the Chase Sapphire Reserve Card first came on the scene.
The Capital One Venture X credit card
The Venture X credit card is Capital One’s first dive into the miles & points premium credit card sphere and it’s doing this with a lower than average annual fee, a great welcome bonus, excellent benefits, and a transferable currency that recently got a lot more valuable. Here’s what you know about the new credit card:
- $395 annual fee
- No fee for authorized users
The Welcome Offer
- Successful applicants will receive 100,000 bonus miles when they spend $10,000 on their new card in the first 6 months of card membership
- For a limited time, cardmembers will receive up to $200 in statement credits for vacation rentals like Airbnb and VRBO.
Capital One hasn’t said what time limit will be placed on the availability of the statement credit.
The Earnings Rates
- 10 miles/dollar for all hotel and car rental bookings made through Capital One
- 5 miles/dollar for all flight bookings made through Capital One
- 2 miles/dollar for spending in all other categories
All miles earned by the Venture X credit card can be transferred to all of Capital One’s travel partners which have recently become considerably more valuable.
In exchange for the $395 annual fee, these are the benefits that come with the Captial One Venture X credit card:
- Up to $300 in statement credits every year for bookings made through Capital One Travel
- 10,000 bonus miles every year on a cardholder’s anniversary
- A credit of up to $100 for TSA Precheck or Global Entry
- Unlimited access to Capital One lounges for cardholders and authorized users + 2 guests.
- Access to all Priority Pass lounges (includes Priority Pass restaurants)
- Miles which are transferable to a variety of other loyalty programs
- Primary rental car cover
- Trip delay cover
- Hertz President’s Circle status for primary cardholders and authorized users
- Cellphone insurance for primary cardholders and authorized users
- No foreign transaction fees
The first thing that I thought as I read through the list of what the card offers is that its benefits should make it very easy to recoup the annual fee in full – the $300 Capital One Travel credit and the 10,000 bonus points offered every year will do the job.
Yes, a lot of people reading this probably won’t want to do too much hotel spending through Capital One Travel because such bookings won’t earn elite stay credits or points in a hotel’s loyalty program (bookings through Capital One will be viewed as 3rd party bookings), but with Capital One confirming that it constantly compares what it charges through its travel portal to other online sites, there shouldn’t be any issue booking flights through the portal. That makes earning the $300 statement credit relatively straightforward.
The 10,000 bonus points that cardholders are given every year can be used to buy travel through the Capital One Travel portal at 1 cent each (valuing the bonus at $100) but considering these points can be transferred over to the likes of Aeroplan, the British Airways Executive Club, Emirates Skywards, Singapore Airlines KrisFlyer, etc,… in a ratio of 1:1, these points can actually be worth considerably more.
On top of all this, we have the fact that Capital One Venture X credit card’s authorized users are free and just like the primary cardholder, are given unlimited access to Capital One Lounges, their own Priority Pass memberships, and are given cellphone insurance too. That’s fantastic.
Yes, it could be considered a little disappointing that this card doesn’t offer significantly elevated earnings for spending outside of the Capital One Travel ecosystem, but the fact that this card offers 2 miles/dollar on spending in all other categories (which I equate to a 3% rebate) makes it a great card to use on all those occasions when the other cards in your wallet don’t offer a spending bonus.
Importantly, the new Capital One Venture X credit card is a Visa Infinite Card and this means that it comes with two significant benefits that a premium card has to offer if it’s to be taken seriously:
- Primary rental car cover
- Trip delay reimbursement
The primary rental cover means that as long as you pay for your rental card with your Venture X card, there will be no need to involve your own personal insurance company in the event of a collision. This is a benefit that only a limited number of other cards offer and is a big selling point for this card.
Trip delay cover is another benefit that a lot of credit cards don’t offer and a benefit that when offered, is often not very good. Fortunately, the cover offered by the Capital One Venture X credit card is as good as it gets and matches the cover offered by the considerably more costly Platinum Card® from American Express and the Chase Sapphire Reserve Card – The Venture X Card will cover travelers for up to $500 per ticket when a covered trip is delayed for more than 6 hours or requires an overnight stay.
Lastly, it’s probably worth pointing out that Capital One’s Travel Portal is considerably better than a lot of the other travel portals that I’ve had the misfortune to deal with.
Since the Capital One Venture X credit card was announced last week, I’ve taken some time to play around with the Capital One Travel Portal and was pleasantly surprised. Some flights that I know to be vastly overpriced on the Chase Ultimate Rewards portal are priced in line with what the airlines are charging, I haven’t managed to find any significant differences between what hotels are charging and what Capital One will charge, and the tools and alerts that the Capital One portal offers make the whole on-site experience a pretty good one.
This all bodes well for when it comes to redeeming the $300/year travel credit and when it comes to earning 5 – 10 points per dollar.
The Capital One Venture X credit card is a card that should easily pay for itself and that should tell you everything you need to know about the card.
Between the $300 annual statement credit, the 10,000 bonus points awarded every year, the Priority Pass membership (which includes access to Priority Pass restaurants), the primary rental car cover, the excellent trip delay cover, the 2 miles/dollar on all spending outside of the Capital One ecosystem, and the miles that convert to a variety of other excellent loyalty programs at a great ratio, this is a set of benefits that will work for a lot of people.
More importantly, these are benefits that are actually worthwhile and easy to use so no real effort will be needed to get great value out of this card and that’s probably the highest praise that I can give the Venture X Card.