Capital One Venture Rewards Credit Card: 100,000 Miles Limited-Time Offer

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New 100k limited-time offer. The Capital One Venture Rewards credit card is their premium travel rewards card with unlimited 2x miles per dollars on all purchases. They just started a 100,000 miles limited-time special offer. Those 100,000 miles can be redeemed as a $1,000 credit towards any travel purchase made with the card (any airline, any hotel, AirBNB stays, Uber rides, no blackout dates). Here are the highlights:

  • 100,000 bonus miles (equal to $1,000 in travel) once you spend $20,000 on purchases in the first 12 months after account opening. If you don’t reach that, you will still 50,000 miles if you reach $3,000 in purchases in the first 3 months.
  • Flat 2X miles on ALL purchases.
  • Up to $100 application fee credit for Global Entry or TSA PreCheck.
  • Fly any airline, stay at any hotel, anytime; no blackout dates. Plus transfer your miles to 10+ travel loyalty programs.
  • Miles won’t expire for the life of the account and there’s no limit to how many you can earn.
  • No foreign transaction fees.
  • $95 annual fee.

This means that after you make those $20,000 in purchases during the first year, you will have earned 40,000 Capital One miles from purchases + 100,000 bonus miles = 140,000 miles total, worth $1,400 to offset any travel purchases. That works out to an overall rate of 7% back on that $20,000. If you take out the annual fee, that still works out to 6.5% back on that $20,000.

Redemption details. Capital One “miles” can be redeemed directly for a cash statement credit on a 1 mile = $0.01 basis when offsetting any travel purchase made on the card. In other words, 50,000 miles = $500 toward travel. That means you can fly on any airline or stay at any hotel, pay with this card, and then offset that purchase using your miles balance later. This even includes AirBNB vacation rentals, car rentals, and Uber rides.

This means that earning 2 miles on on every $1 in purchases essentially makes this a 2% back card when applied towards travel.

New: Miles transfer options. Capital One now allows you to transfer your “miles” into select airline miles programs as well, on a 2:1.5 ratio (ex. 20,000 Capital One miles = 15,000 Air Canada Aeroplan miles) except where indicated. Here are the transfer partners:

  • Aeromexico
  • Air Canada Aeroplan
  • Air France/KLM
  • Alitalia
  • ALL Accor Live Limitless
  • Avianca
  • Cathay Pacific
  • Emirates (2:1)
  • Etihad
  • EVA
  • Finnair
  • JetBlue TrueBlue (2:1)
  • Qantas
  • Singapore Airlines Krisflyer (2:1)
  • Wyndham Rewards

The bolded ones are my favorite. I would use these to top off an account to reach a specific award level. If you know how to leverage one of these international airline miles programs, this can be a good option, but it’s still nice to have the worst-case scenario of effectively earning 2% back towards travel.

Bottom line. The Capital One Venture Rewards credit card earns 2x miles on all purchases, which you can either redeem against any travel purchase or transfer to one of their airline/hotel partners. The best time to apply for this card is during a limited-time offer. Right now, there is a limited-time offer of 100,000 bonus miles after $20,000 in purchases in the first 12 months after account opening.

Due to the high first-year value, I will be adding this card to my list of Top 10 Best Credit Card Bonus Offers.

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Comments

  1. Hi Jonathan,

    Check out the NEW B of A Premium Rewards Travel Card. $95 fee per year, but rewards can be used for anything – statement credit, etc.

  2. Anyone new to Capital One credit card rewards should know that you can redeem your “miles” for gift cards, but other than a couple of exceptions the redemption rate is $.80 per 100 miles. In other words, your 100k mile bonus could be redeemed for $800 in gift cards should you choose that redemption offer. Still an excellent bonus, albeit for a big spending requirement.

  3. Do these points expire if you close the card? ($95 annual fee) – Do you know if you can switch it over to another non-fee based Capital One card to retain? With travel being unlikely in the next year not sure if it’s worth it to earn and hold if annual fee is involved.

    • I believe that you do need an active Capital One card to keep the points, but you can downgrade to a no annual fee version (VentureOne) and/or transfer the points to another Capital One card that you own or even another person’s Capital One miles-earning account. So you do have some options.

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