[Expired] 100K Capital One Venture Rewards Credit Card bonus after $20K in purchases

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Capital One has debuted a new welcome offer on the Capital One Venture Rewards Credit Card. The number of bonus Capital One “miles” is an eye-popping 100,000 — though realistically that’s only about 75,000 airline miles (or as few as 50,000 for some partners) and it requires a steep $20,000 in purchases in the first year.

The Offer & Key Card Details

Card Offer and Details
Capital One Venture Rewards Credit Card
60K "miles"
Earn a one-time bonus of 60K Capital One miles after $3K spend in the first 3 months

$95 Annual Fee

Recent better offer: 100K: 50K after $3K in the first 3 months + 20K after $20K in the first 6 months [Expired 7/19/21]

FM Mini Review: This card earns 2 "miles" per dollar, which are worth exactly 1 cent each toward travel. This makes the return on spend similar to a 2% cash back card (though in this case you must redeem your miles to offset travel in order to get 1 cent per mile). One big advantage over cash back: Capital One allows transfering their "miles" to airline miles at varying rates depending on partner, with some partners available at 1:1 and others at a 2 to 1.5 ratio or 2:1 ratio.


Card Type: Visa Signature

Base
Other

Earning rate: 2X everywhere.

Noteworthy perks: Receive up to $100 application fee credit for Global Entry or TSA Pre✓® ⚬ Redeem miles for travel at value of 1 cent per mile ⚬ Convert "miles" to airline miles at a (mostly) 2 to 1.5 ratio ⚬ No foreign transaction fees

Quick Thoughts

I’m a rare fan of the Venture card, but in my case it is because of a niche situation. Capital One allows you to combine Capital One “miles” with any other cardholder who has a card that earns Capital One Miles. I happen to have an old Capital One Venture One card that allows a special redemption of 64,250 Capital One “miles” for a $900 Marriott gift card (or $900 toward Fairmont or Raffles). That makes Capital One “miles” more appealing to me than to others.

Greg has previously noted that if you only want to have one credit card, the Venture card is actually a good choice. It provides reasonable value and the ability to transfer to partners without requiring a second credit card.

However, there are better options on the market if you’re willing to carry at least two cards. See these posts for more ideas (though note that both posts could use a bit of an update on card specifics, so you may find even better combinations given current temporary offers):

If you truly want a single credit card, you may be better off giving up transfer partners and sticking with a no-fee 2% cash back card than paying for the Venture card long-term (or those who have enough cash or investments may consider Bank of America).

The steep spending requirement here feels like a large investment to make when it could alternatively be split over multiple bonuses that would add up to more miles. On the other hand, for someone looking to open one card and put all purchases on that single card, this offer is hard to beat at this price point. After spending $20,000 on the card in year one, you’ll end up with a total of 140,000 Capital One “miles” — good for $1400 in erased travel purchases or either 70,000 or 105,000 airline miles depending on the transfer partner you choose (and assuming no transfer bonus).

Of course, that opportunity excites me less at this moment in time than it might otherwise given the unprecedented opportunity on the Amex Platinum card (see: Sign up now for the Platinum 100K + 10X offer (here’s why)). Most people would come out far ahead with that Platinum card offer even after accounting for the annual fee — see that post for more on that.

Overall, it’s always nice to see an increased offer, but the high spend here makes it lukewarm in my opinion.

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