Are you eligible for the Capital One Venture Rewards’ welcome bonus? --[Reported by Umva mag]

Editor’s note: This is a recurring post, regularly updated with new information and offers.

The Capital One Venture Rewards Credit Card offers solid perks for a mid-tier $95 annual fee card.

Right now, you can earn 75,000 bonus miles after spending $4,000 on the card in the first three months of account opening.

If you’ve decided it’s time to apply for the Venture Rewards, you’ll want to review the eligibility criteria first — especially if you’ve previously carried other Capital One cards.

Here’s everything you need to know.

Capital One Venture Rewards details

Let’s examine Venture Rewards’ offerings, from its welcome bonus to its ongoing perks.

Current welcome bonus

New applicants for the Venture Rewards can earn 75,000 bonus miles after spending $4,000 in the first three months of account opening.

TPG’s October 2024 valuations peg the total value of this bonus at $1,388 when considering what the miles are worth.

There are two primary ways to utilize these miles. One option is to redeem your Capital One miles for any travel-related expenses on your statement. This includes Uber or Lyft rides, tolls, parking fees, rental cars or future bookings through the Capital One Travel platform.

A more advantageous alternative could involve transferring your miles to Capital One’s 15-plus transfer partners. Most partners offer a straightforward transfer ratio of 1:1. By shifting your miles to a highly lucrative partner, such as Air Canada Aeroplan or Air France-KLM Flying Blue, you can easily get significant value out of your miles.

Venture Rewards earns 5 miles per dollar spent on hotels, vacation rentals, and car rentals booked through Capital One Travel. The best way to get maximum value from your Capital One Travel credit is to use it for a hotel stay, vacation rental, or car rental.

Annual fee

The Venture Rewards carries a $95 annual fee. Considering this card’s perks, I believe this annual fee is completely reasonable.

Earning

The Venture Rewards presents an earning rate that’s simple yet rewarding. You’ll earn:

• 5 miles per dollar spent on hotels, vacation rentals, and rental cars booked through Capital One Travel
• 2 miles per dollar spent on all other eligible purchases

This card is a great option for those who don’t want to deal with tracking bonus categories and instead prefer earning a flat reward rate across purchases.

Other benefits

Beyond the welcome bonus, here are the ongoing benefits of the Venture Rewards:

• Up to $120 Global Entry/TSA PreCheck credit every four years
• Two complimentary passes to visit Capital One or select Plaza Premium lounges each year (benefit ending Jan. 1, 2025)
• MasterRental insurance*
• Purchase assurance*
• No foreign transaction fees

*For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.

Are you eligible to apply for the Capital One Venture Rewards card?

If you’ve decided to apply for the Venture Rewards, you must know the card’s eligibility requirements before applying.

What credit score do I need to get the Venture Rewards?

TPG recommends a minimum score of 700 for approval for the Venture Rewards, although individuals with lower scores have also been approved.

Capital One specifically mentions that you should have excellent credit to qualify. Still, we’ve seen multiple reports of people getting approved despite having a credit score below 700. So, it’s probably worth applying even if you’re below that mark.

If you have exceptionally low credit or no credit, it’s best to wait and apply for a credit-building card instead.

Capital One application rules

You’ll only get approved for one Capital One card every six months, so be sure to space out your applications accordingly. If you’re uncertain why you got denied for the Venture Rewards, this could be the reason.

We’ve also seen reports from Reddit users with many credit cards stating that they have struggled to get approved for Venture cards despite otherwise being eligible. While this isn’t a hard-and-fast rule, applying for the Venture Rewards earlier in your credit card journey may be a good idea.

What if I received a Venture Rewards welcome bonus in the past?

These are the restrictions that are specifically stated in the Venture Rewards’ terms and conditions:

Existing or previous cardmembers are not eligible for this product if they have received a new cardmember bonus for this product in the past 48 months.

What if I already have the Venture X or VentureOne cards?

If you carry one of the Venture Rewards’ sister cards (the Capital One Venture X Rewards Credit Card and Capital One VentureOne Rewards Credit Card), you will still be eligible to carry the Venture Rewards and get the card’s welcome bonus. The only caveat is that you’ll want to keep a close eye on the timing of your applications.

While there is no overarching rule, Capital One doesn’t always approve people who already hold a Venture card, even if they meet all the eligibility criteria. TPG senior writer Ben Smithson was declined for the Venture Rewards while holding the Venture X.

However, I was approved for the Venture X while holding the Venture Rewards, so approvals while holding another Venture card can vary on a case-by-case basis.

Some anecdotal evidence from TPGers suggests that the timing of your applications is critical when determining whether you’ll be approved for a second Venture card. If the Venture Rewards interests you, ensure it’s been at least six months since you opened a different Venture card.

Related: Credit card showdown: Capital One Venture vs. Capital One Venture X

Bottom line

The Venture Rewards offers terrific value for a wide variety of travelers. Fortunately, there are only a few restrictions regarding eligibility for the card’s welcome bonus. As long as you time your applications carefully and have a TPG-recommended credit score of at least 700, this solid rewards card will likely be yours.

To learn more, read our full review of the Capital One Venture Rewards.

Learn more: Capital One Venture Rewards Credit Card

Related: Why I keep the Capital One Venture Rewards card in my wallet

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