Reduced minimum spend on Capital One VentureOne Rewards Credit Card


Today Capital One reduced the minimum spending requirement for the bonus on the Capital One VentureOne Rewards Credit Card. Previously, you had to spend a thousand dollars to earn the introductory bonus, but the new offer drops that requirement to $500 spend.

The Offer & Key Card Details

Capital One Venture One Credit Card
20K "miles"
Earn a bonus of 20K after $500 spend in 3 months from account opening

No Annual Fee

FM Mini Review: Decent welcome bonus for a fee-free card, but other cards offer better rewards for ongoing spend.

Card Type: Visa Signature or Platinum


Earning rate: 1.25X everywhere. Through 1/31/21: 5X Uber Eats.

Noteworthy perks: 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

The VentureOne card offers far below-average ongoing rewards at 1.25 Capital One “miles” per dollar spent. That equates to 1.25% back in rewards if you use the “miles” at a value of 1 cent each to erase travel purchases or even less than 1 airline mile per dollar even if you transfer to those airlines with the better 2:1.5 transfer ratios. Both are abysmal return for a rewards credit card in today’s environment. You could easily get a card with another issuer that offers 2% cash back with no annual fee to earn better rewards toward purchased travel (or use the rewards toward anything else).

As a point of comparison, the Citi Double Cash offers 2% cash back on all purchases and additionally adds the ability to transfer those rewards to ThankYou points at a 1:1 ratio. From there, you could transfer to airline miles with a premium Citi card. Essentially, the Double Cash offers you 2% cash back or 2 airline miles per dollar spent — it is far more rewarding for ongoing spend.

On the other hand, the Double Cash features no welcome bonus. Capital One is offering an early spend bonus of 20K Capital One miles — worth $200 in statement credits against travel purchases or 15K airline miles with some of Capital One’s transfer partners. That puts the bonus offer closer in line with the welcome offers on Chase’s Freedom cards — though without the benefit of the Freedom Flex or Freedom Unlimited bonus categories.

I just don’t see this card being worth it for most people. However, for someone starting our with travel rewards who either can’t yet get approved for a Chase card or who is looking to open cards with more than one bank, this card could at least provide a useful early spend bonus with low spend. It also could be a fit for someone who has already opened a Freedom card and is looking for a second option with a low spend threshold. Keep in mind that Capital One “miles” can also be used to offset takeout/restaurant delivery right now.

Ironically, I have this card. It was one of my first rewards credit cards and I purely got it for the bonus to cover a ferry ride from Italy to Croatia. At the time, it did what I needed.

Keep in mind that Capital One typically does a hard pull with each of the 3 major bureaus and is anecdotally known to be tough on approvals for those who have opened many credit cards. Again, I see this offer as a “maybe” for someone starting out but otherwise it is probably one to miss.

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