A reader emailed me the other day asking my opinion about whether or not to cancel their Capital One Venture X Rewards Credit Card. The Venture X is still a relatively new product (it celebrated its third birthday last week) and some people are likely up for their first or maybe even third renewals.
So, let’s check out the Cap One Venture X and see if it’s worth our reader keeping or canceling. (Or if you don’t yet hold it, whether or not you’re interested in auditing to your arsenal.)
Capital One Venture X Basics
The Capital One Venture X Rewards Credit Card is a Visa Infinite card. It carries a $395 annual fee (but that’s very easy to earn back and then some)
The card earns
- 10X miles on hotels and rental cars booked through Capital One Travel
- 5X on flights booked through Capital One Travel
- 2X on all other eligible purchases
Cardholders receive up to $300 annually for bookings through Capital One Travel.
They also get 10,000 bonus miles (worth $100) on their card membership anniversary, starting their second year.
Cardholders and up to two guests can visit one of the Capital One Lounges open at the following airports:
- Dallas-Fort Worth (DFW)
- Denver (DEN)
- Washington Dulles (IAD)
More clubs are on the way (we’ve written about where the Capital One Lounge in Las Vegas will be located).
Venture X members can also enroll in a complimentary Priority Pass Select membership that gets them into around 1,300 airport lounges worldwide. Cardholders also have access to Plaza Premium Group lounges.
Capital One Miles Transfer Partners
Capital One Miles can be transferred to a number of different travel partners. (All transfers are 1:1 unless noted.)
- ALL – Accor Live Limitless (2:1)
- Aeromexico Club Premier
- Air Canada – Aeroplan
- Air France-KLM Flying Blue
- Avianca LifeMiles
- British Airways Executive Club
- Cathay Pacific – Asia Miles
- Choice Privileges
- Emirates Skywards
- Etihad Guest
- EVA Air – Infinity MileageLands (2:1.5)
- Finnair Plus
- Qantas Frequent Flyer
- Singapore Airlines KrisFlyer
- TAP Miles&Go
- Turkish Airlines Miles&Smiles
- Virgin Red
- Wyndham Rewards
Reasons for Cancelling the Venture X Card
Here are some of the reasons our reader wanted to cancel the Venture X.
Annual Fee
A $395 annual fee isn’t exactly chump change. But again, there’s a way to “earn it back” (sort of using the “Coupon Book” concept that American Express is making infamous).
No Capital One Airport Lounges Where He Travels
Our reader doesn’t live anywhere near a Capital One Airport Lounge. And while their network is growing, it’s not worth his money (or is it?) to hold on to the card just for the Lounge access. Plus, the Venture X is hardly unique with its Priority Pass Select membership. Several other cards feature the same benefit.
Meh Points Earnings
Let’s look again at the bonus points you earn with a Capital One Venture X Card:
- 10X miles on hotels and rental cars booked through Capital One Travel
- 5X on flights booked through Capital One Travel
- 2X on all other eligible purchases
It’s the 2X on all other purchases that our reader wasn’t thrilled about. And that’s understandable. Plenty of no-annual-fee cards that offer more bonus opportunities than the Venture X.
I suggested that he look into the Capital One VentureOne Rewards Credit Card because it has a $0 annual fee. Plus, he can earn that card’s signing bonus and still keep his Venture X miles if he decides to cancel.
Reasons for Keeping the Venture X Card
My wife and I both signed up for Capital One Venture X cards soon after they were launched. Do we like paying the $395 annual fee for each card? No.
But consider that members can apply up to $300 back annually toward bookings made through Capital One Travel. At some point during a cardmember year, we have to pay for airline tickets, hotels, or rental cars. We just use the Capital One travel service for that and apply our $300.
Plus, cardmembers automatically receive a 10,000-mile bonus deposit into their account each anniversary year. That’s worth $100 toward Capital One travel purchases. Or you can transfer points to one of their partners and probably get an even better value.
So, we come out about $5 ahead each year. Remember, though, to use your $300 allowance and 10,000 bonus points to make it worthwhile!
I put most of my traditionally unbounded spending (stuff at our daughter’s school, medical bills, utilities, etc.) on my Cap One Venture X because of the 2X earnings. Again, there are other cards where I could 2X or 1.5X. But I like the $300 travel credit and 10,000 bonus points that I can use every year for purchases I’d make anyway.
Based on my sole visit to the Denver Capital One Lounge, I wasn’t impressed by the club. But maybe once we see more locations (especially in Vegas, where I end up a couple of times a year), I’ll be able to use it more. But the Capital One Lounge benefit isn’t a dealmaker or dealbreaker.
Final Approach
I’m a fan of the Capital One Venture X because of its 2X earnings, travel credit, and bonus points that I actually use to help me come out ahead each year. It’s certainly not for everyone — especially those who don’t take advantage of its benefits.
What do you think about the Capital One Venture X card?
Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
Keep the card. The $300 travel credit is a PITA but the yearly 10k miles softens the sting. Not the strongest card but I’m keeping it. Plus adding AU is a bonus. 2x points is better than 2% back (Dbl Cash Back, Fidelity, etc).
It’s break-even card, which is the only reason I keep it. I was unable to use the C1 lounge that last two times I flew through DFW due to overcrowding, but their lounges do deliver a premium product compared to my old standby, AAdmirals Club. I just wish they would make some lounge announcements for future locations, as it seems they were off to a good start, and then fizzled.
Keep it.
I had to cash in on the rental car insurance earlier this year- dump truck on the freeway, rock to the Audi rental windshield. The $3000 repair cost zero dollars.
I am unimpressed with every lounge program out there. The last 5 times I tried to use a Priority Pass lounge “they were full for the next three hours so sorry”- funny how it is always the amount of time you get to the airport early. Sky Clubs and Chase lounges and C1 doesn’t appear to be any different so lounge doesn’t matter any more.
Great data point on the rental car insurance. I’m glad it worked out! (Though I’m sorry you had to endure that!)
Thanks, Chris, for the email advice and for clearly laying out the pros and cons here.
I’ve decided to keep it, mainly because it is a break even (if I remember to use the travel credit!), and because I do appreciate the 2 pts / 1 $ vs 1/1 for everyday purchases that other cards’ bonus categories don’t cover.
They did piss me off in their handling of a recent charge dispute. I guess I’m used to AmEx almost always taking the customer’s side in disputes. Good to hear that the car insurance benefit might be worth having. I’ve often wondered about that.
As avid hobbyists are likely to operate in multiple ecosystems, what *incremental* value does the card offer? Someone is not going to settle for 2X on non-portal travel and dining. The portal 10X/5X is available elsewhere. Priority Pass is available elsewhere. 2X on (domestic) un-bonused spending is available elsewhere. It seems the *incremental* value is 2X on non-US un-bonused spending. Exactly how much does one spend in such circumstances?
Everyone is different, so I’ll put it in terms of how I use the card. I like the $300 travel credit and 10k bonus points each year, which help me come out ahead of the annual fee. My family has a decent amount of unbonused spending (school-related for our daughter, doctors, medical tests, liquor and wine shops, Amazon, charitable donations, gift card purchases online).