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In the last few years, Capital One has made massive strides in making its travel credit cards more competitive with other major players such as Chase and American Express. On Thursday, the issuer took another huge step by announcing its first-ever premium credit card, the Capital One Venture X.
The Venture X, which will have an annual fee of $395, will open for applications starting Nov. 9. Its perks include $300 in annual statement credits for bookings made through the newly relaunched Capital One Travel portal, 10,000 bonus miles each year starting with the second year you have the card, up to $100 in credits for a Global Entry or TSA PreCheck membership, complimentary cell phone insurance, and perhaps most importantly, a Priority Pass Select membership and complimentary access to the issuer’s new airport lounge network, which opens its first location today at the Dallas-Ft. Worth airport.
The Venture X features fewer perks than other popular premium travel credit cards, but also a lower annual fee. “Many people don’t want to pay $500 to $600 for a credit card,” said Lauren Liss, Managing Vice President of Premium Products, Rewards and Partnerships at Capital One. “Many don’t want to take the time to keep track of all the benefits. So we felt this was the right time to launch a new credit card.”
Like its sister card, the Capital One® Venture® Rewards Credit Card, the Venture X earns 2 miles for every dollar you spend on everything you buy, along with a total of 5 miles per dollar on flights booked through Capital One Travel, and 10 miles per dollar on hotels and rental cars booked via Capital One Travel.
When the Venture X launches, new card holders will be able to earn 100,000 bonus miles after spending $10,000 on purchases in the first six months after opening the account. And for a limited time, as part of the sign-up bonus, card holders will receive up to $200 in statement credits for vacation rentals like Airbnb and VRBO.
Miles earned with the Capital One Venture X can be redeemed at a rate of 1 cent apiece for any travel purchase made with the card using Capital One’s “Purchase Eraser” tool. At that rate, the 100,000 bonus miles from the Venture X are worth an impressive $1,000 toward travel.
Card holders can also use the miles to book flights and hotels at Capital One Travel at the same redemption rate. Capital One Travel offers additional features such as price protection and price prediction technology, powered by Hopper’s prediction algorithm.
But Venture X miles can also be transferred to any of the issuer’s 16 airline and hotel transfer partners for potentially even greater value. Most of these partners transfer at a 1-to-1 ratio, meaning for every 1,000 miles you transfer from the Venture X, you’ll get 1,000 points or miles in the corresponding airline or hotel loyalty program.
It takes extra time and flexibility to book travel this way, but it can result in significantly better redemption rates, especially for first or business class flights. That’s why frequent flyer website The Points Guy values Capital One miles at 1.85 cents apiece, which would make the 100,000-mile bonus worth a whopping $1,850.
Without a doubt, the two best perks on the new Capital One Venture X card are the $300 annual credit for bookings made via Capital One Travel and complimentary access to Capital One’s new airport lounges.
If you can use the entire $300 credit on travel bookings each year — which shouldn’t be difficult given that Capital One Travel provides access to most flights and hotel rooms — it effectively reduces your out-of-pocket cost for the card to an extremely reasonable $95, an excellent value if you can utilize even a few of the card’s additional perks.
Capital OneA look at Capital One Travel’s flight price prediction technology.
But there’s also the 10,000 bonus miles that all card holders receive starting at the beginning of the second year you have the Venture X, and every year thereafter. Those 10,000 bonus miles are worth $100 when redeemed through Capital One Travel or by using the card’s “Purchase Eraser,” which effectively covers the remainder of the $395 annual fee.
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Capital One announces new premium Venture X travel credit card
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