The market for ultra-premium travel rewards credit cards is hot, to say the least. Capital One recently introduced its long-anticipated entry to this market, and it doesn’t disappoint. It includes a very strong welcome offer, double miles for all purchases, and some class-leading benefits. And it does all of this at a price point below many competing cards.
How this new offer works
New applicants can earn 100,000 bonus miles after spending $10,000 within six months of account opening. You also receive unlimited double miles on all purchases, plus another 10,000 bonus miles each year on your account anniversary. You can also earn 10x Miles on hotels and rental car purchases booked through Capital One Travel, and 5x Miles on flights booked through Capital One Travel.
These Capital One Miles can now be transferred at a 1:1 ratio to frequent flyer miles or hotel points with more than 15 loyalty programs. You can also redeem your Capital One Miles for one cent each as statement credits towards any travel purchase.
Other features include a $300 annual travel credit that you can use at Capital One Travel, and a limited time offer for $200 of vacation rental credit within your account’s first year.
Benefits include a Priority Pass Select membership that offers you and two guests access to over 1,000 airport lounges worldwide. Then, there’s the new Capital One Lounges that are being created. The first one in the Dallas-Fort Worth airport is already open, and Capital One has announced that it will open lounges in Denver International and Washington Dulles airports in 2022. Furthermore, you can add free additional cardholders who also receive the same lounge access.
There’s a $395 annual fee for this card, and no foreign transaction fees.
What makes this card special
The Capital One Venture X is currently the only premium travel rewards card that offer double miles on all purchases. It’s also the only one in its class that offers free cards to additional authorized cardholders that includes the Priority Pass Select lounge membership. Also, it’s the only card that offers rewards that can be transferred to airline and hotel programs, or redeemed for travel statement credits. This kind of program works for everyone from award travel newbies to hard-core fanatics, and gives you maximum flexibility.
And while the $395 annual fee sounds expensive, this card is in the same class as the $550 Chase Sapphire Reserve and the $695 American Express Platinum, by that metric it’s a good deal. Once you spend the $300 annual travel credit, you’re looking at a net annual fee of just $95. Take advantage of the $200 vacation rental credit, and you’ll come out ahead. And that’s before you look at the 100,000 mile new account bonus, worth $1,000 in travel statement credits.
Capital One was certainly not the first card issuer to offer a product in this category, but now that it’s here, it’s definitely one of the strongest. By offering double miles on all purchases and strong benefits at a competitive price, the new Venture X has everything it takes to be our Deal of the Month.
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