Home > Credit Cards > 4 Hacks for Using the Capital One Venture Miles Program

Comments 0 Comments

[UPDATE: Some offers mentioned below have expired. You can view the current offers from our partners here — Capital One Venture Rewards and Capital One VentureOne Rewards. DISCLOSURE: Cards from our partners are mentioned below.]

Over the past decade, Capital One Venture cards have become popular for a few reasons. Not only have they brought on several A-list celebrities to become the face of the program, but Capital One Venture rewards are also some of the most flexible travel rewards available. Even though the Capital One Venture program might have become a household name, not everyone understands exactly how to use the rewards they earn. Let’s take a deeper look into the ways that you can hack as much value as possible out of your Capital One Venture rewards.

1. Booking Travel

One way you can use your Capital One Venture miles is to book travel through the Capital One website. Each mile converts to one cent in value. Booking is extremely simple through the website. You can use your miles to book airline reservations, hotels, car rentals or vacation packages. However, it’s important to keep in mind that you are required to have the full amount of miles needed for your reservation. You are not allowed to partially pay with miles and cover the rest with cash.

2. Purchase Eraser

If you prefer to book your travel plans elsewhere you can do so and use Capital One’s Purchase Eraser. This allows you to use the miles you have earned to offset travel expenses and by receiving a statement credit. You will simply log into your online account and if a purchase is coded as travel, you can apply your miles. By redeeming your rewards this way you will also receive a value of one cent per mile. What is great about using Purchase Eraser instead of just booking travel with your miles, is that partial rewards are allowed. You might have booked a $200 hotel room, but you can redeem as little as $25 worth of rewards.

3. Gift Cards

If you’re not interested in redeeming your miles for travel, you can also cash them in for gift cards. Gift cards are available for a large selection of retailers including Bath and Body Works, AMC Theaters and Best Buy. Most of these come with redemptions amounts of $25, $50 or $100, however, a few are as low as $10. There will be a value of one cent per mile, which means there is a minimum of 1,000 miles needed.

4. Cash Back

The method that offers the worst value is to redeem miles for cash back. There is no minimum for the number of miles needed to redeem, however you will only receive a value of a half cent per mile. You will be able to receive either a check or statement credit.

Cards That Earn Capital One Venture Miles

Now it’s time to look at cards that allow you to earn Capital One Venture Miles. There are just two:

Capital One Venture Rewards Card

When you sign up for the Capital One Venture Rewards card, you receive 40,000 miles after spending $3,000 within the first three months. You can then earn two miles per dollar on every purchase you make with the card. There is no need to remember different bonus or rotating categories. This card comes with no foreign transaction fees, but has a $59 annual fee, which is waived the first year. The APR is a variable 13.74%, 18.74% or 23.74%, depending on your credit standing.

Capital One VentureOne Rewards Card

The Capital One VentureOne Rewards card is slightly different. This card has no annual fee, but also has slightly lower earning potential. When you sign up you receive 20,000 miles after spending $1,000 within the first three months. You can then earn 1.25 miles per dollar on every purchase. If you travel outside the United States, this card charges no foreign transaction fees. Plus, if you plan to make a large purchase, the Capital One VentureOne card offers an introductory 0% APR for the first 12 months on purchases. Afterward, it rises to a variable 12.74%, 17.74% or 22.74%, based on creditworthiness.

Not sure which is the right choice for you? Learn more about how they compare here.

Qualifying for either card will require excellent credit. To see where you stand, you can check two of your scores free on Credit.com.

Image: wundervisuals 

At publishing time, the Capital One Venture Rewards and Capital One VentureOne Rewards cards are offered through Credit.com product pages, and Credit.com is compensated if our users apply and ultimately sign up for this card. However, this relationship does not result in any preferential editorial treatment. This content is not provided by the card issuer(s). Any opinions expressed are those of Credit.com alone, and have not been reviewed, approved or otherwise endorsed by the issuer(s).

Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by a bank advertiser. It is not a bank advertiser's responsibility to ensure all posts and/or questions are answered.

Please note that our comments are moderated, so it may take a little time before you see them on the page. Thanks for your patience.

Certain credit cards and other financial products mentioned in this and other sponsored content on Credit.com are Partners with Credit.com. Credit.com receives compensation if our users apply for and ultimately sign up for any financial products or cards offered.

Hello, Reader!

Thanks for checking out Credit.com. We hope you find the site and the journalism we produce useful. We wanted to take some time to tell you a bit about ourselves.

Our People

The Credit.com editorial team is staffed by a team of editors and reporters, each with many years of financial reporting experience. We’ve worked for places like the New York Times, American Banker, Frontline, TheStreet.com, Business Insider, ABC News, NBC News, CNBC and many others. We also employ a few freelancers and more than 50 contributors (these are typically subject matter experts from the worlds of finance, academia, politics, business and elsewhere).

Our Reporting

We take great pains to ensure that the articles, video and graphics you see on Credit.com are thoroughly reported and fact-checked. Each story is read by two separate editors, and we adhere to the highest editorial standards. We’re not perfect, however, and if you see something that you think is wrong, please email us at editorial team [at] credit [dot] com,

The Credit.com editorial team is committed to providing our readers and viewers with sound, well-reported and understandable information designed to inform and empower. We won’t tell you what to do. We will, however, do our best to explain the consequences of various actions, thereby arming you with the information you need to make decisions that are in your best interests. We also write about things relating to money and finance we think are interesting and want to share.

In addition to appearing on Credit.com, our articles are syndicated to dozens of other news sites. We have more than 100 partners, including MSN, ABC News, CBS News, Yahoo, Marketwatch, Scripps, Money Magazine and many others. This network operates similarly to the Associated Press or Reuters, except we focus almost exclusively on issues relating to personal finance. These are not advertorial or paid placements, rather we provide these articles to our partners in most cases for free. These relationships create more awareness of Credit.com in general and they result in more traffic to us as well.

Our Business Model

Credit.com’s journalism is largely supported by an e-commerce business model. Rather than rely on revenue from display ad impressions, Credit.com maintains a financial marketplace separate from its editorial pages. When someone navigates to those pages, and applies for a credit card, for example, Credit.com will get paid what is essentially a finder’s fee if that person ends up getting the card. That doesn’t mean, however, that our editorial decisions are informed by the products available in our marketplace. The editorial team chooses what to write about and how to write about it independently of the decisions and priorities of the business side of the company. In fact, we maintain a strict and important firewall between the editorial and business departments. Our mission as journalists is to serve the reader, not the advertiser. In that sense, we are no different from any other news organization that is supported by ad revenue.

Visitors to Credit.com are also able to register for a free Credit.com account, which gives them access to a tool called The Credit Report Card. This tool provides users with two free credit scores and a breakdown of the information in their Experian credit report, updated twice monthly. Again, this tool is entirely free, and we mention that frequently in our articles, because we think that it’s a good thing for users to have access to data like this. Separate from its educational value, there is also a business angle to the Credit Report Card. Registered users can be matched with products and services for which they are most likely to qualify. In other words, if you register and you find that your credit is less than stellar, Credit.com won’t recommend a high-end platinum credit card that requires an excellent credit score You’d likely get rejected, and that’s no good for you or Credit.com. You’d be no closer to getting a product you need, there’d be a wasted inquiry on your credit report, and Credit.com wouldn’t get paid. These are essentially what are commonly referred to as "targeted ads" in the world of the Internet. Despite all of this, however, even if you never apply for any product, the Credit Report Card will remain free, and none of this will impact how the editorial team reports on credit and credit scores.

Your Stories

Lastly, much of what we do is informed by our own experiences as well as the experiences of our readers. We want to tell your stories if you’re interested in sharing them. Please email us at story ideas [at] credit [dot] com with ideas or visit us on Facebook or Twitter.

Thanks for stopping by.

- The Credit.com Editorial Team