The Capital One Venture Rewards Credit Card is an excellent choice for travel lovers looking to earn Capital One miles for a reasonable annual fee of $95.
Before applying, it’s essential to check your eligibility, especially if you already hold other Capital One cards.
Capital One has recently tightened its approval criteria for the Venture card family, making it crucial to understand your eligibility before applying. Here’s what you need to know.
Eligibility for the Capital One Venture
Several factors impact your chances of approval for the Venture card and its bonus, particularly with the recent changes in eligibility across the Venture lineup.
Application Guidelines from Capital One
You must wait six months between applications for Capital One cards. If you have received approval for any Capital One card in the last six months, you will need to wait before you can apply for the Venture.
Previously Received Welcome Bonus?
If you have previously obtained the welcome bonus for the Venture card, you must wait 48 months to reapply and receive the bonus again.
If You Hold Venture X or VentureOne Cards
Recent changes mean the 48-month rule now applies when switching “down” within the Venture card family in terms of annual fees.
For example, if you have earned the bonus on the Capital One Venture X Rewards Card ($395 annual fee) in the last 48 months, you won’t be eligible for the Venture card or its bonus. However, if you’ve earned the bonus on the no-annual-fee Capital One VentureOne Rewards Card, you may still qualify for the Venture and its bonus, as you’re moving “up” in fees.
As outlined in the card’s terms:
“You are not eligible for this product if you have received a new cardmember bonus for the Capital One Venture card or the Capital One Venture X card in the past 48 months.”
Required Credit Score
Flying Frugal suggests a minimum credit score of 670 for approval of the Venture Rewards. However, individuals with lower scores have also been approved.
Capital One recommends having excellent credit, but reports indicate that some people have been approved even with scores below 670, so it may be worth applying even if you fall short.
If your credit is significantly low or non-existent, consider waiting and applying for a credit-building card instead.
Related: Credit Card Comparison: Capital One Venture vs. Capital One Venture X
Capital One Venture Rewards Overview
If you’re considering applying for the Venture, here are the key details about the card.
Current Welcome Bonus
New applicants can secure a welcome bonus of 75,000 miles by spending $4,000 in the first three months following account opening.
According to Flying Frugal’s valuations, this bonus is valued at approximately $1,388, which is consistent with typical offers for this card.
There are two main ways to redeem these miles: you can either use them for travel-related expenses at a flat rate on your statement, which includes future bookings through the Capital One Travel portal, parking fees, and more, or transfer your miles to over 15 Capital One transfer partners, generally at a 1:1 ratio, potentially yielding higher value.
Annual Fee
The Venture card comes with a $95 annual fee, which is reasonable given its benefits.
Earning Rewards
The earning structure of the Venture Rewards is straightforward and rewarding, allowing you to earn:
This card is ideal for those who prefer earning a flat reward rate across most purchases without tracking multiple bonus categories.
Additional Benefits
In addition to the welcome bonus, the Venture Rewards boasts several ongoing benefits.
Related: 7 types of purchases to make with your Capital One Venture Rewards card
Summary
The Venture card is an excellent option for regular travelers, boasting a low annual fee. However, with recent application restrictions for those holding existing Venture cards, it’s essential to ensure you haven’t received a bonus on the Venture or Venture X in the last 48 months, that you wait six months between applications, and that you have a credit score of at least 670. If you meet these criteria, this rewards card could be a great addition to your wallet.
For further details, check out our full review of the Venture.
Learn more: Capital One Venture Rewards Credit Card
Note: Benefits for Capital One products may vary and could be provided by Visa® or Mastercard®. Refer to the specific Guide to Benefits for details, as terms and exclusions apply.
