Late last year, Capital One made a huge splash by officially launching the new Capital One Venture X Rewards Credit Card. With a huge welcome bonus and great travel perks for an affordable annual fee, it's without a doubt the most exciting new travel rewards credit card we've seen in a number of years.
But with any new credit card, there are plenty of questions to answer about getting the card. All the points and perks in the world don't mean a thing if you can't actually get approved for it. So who is eligible to apply for the Capital One Venture X card, anyway?
Like every bank, Capital One has its own rules and restrictions you'll need to be aware of if you are thinking about applying for the brand new Venture X Card – or any Capital One card, for that matter. There's no one-size-fits-all answer, and there are a lot of factors that go into approval decisions for credit cards: credit history and credit score, income, open credit accounts, and much more. Capital One is notoriously secretive about exactly what it takes.
But we've managed to learn a lot about what it takes to get approved for the new Venture X card since it officially launched. So let's break down everything you need to know before applying for the Capital One Venture X Card.
Click Here to learn more about the Capital One Venture X Rewards Credit Card.
Capital One Venture X Application Restrictions
Capital One doesn't officially publish any restrictions around getting approved for their credit card products.
But enough data points and trends have emerged over the years to give us a bit of information that can help get you approved for a Capital One credit card. And some recent experiences with the new Venture X suggest it may be easier than many travelers expected.
Do You Have Other Capital One Credit Cards?
Capital One typically restricts consumers from holding more than two personal credit cards issued by Capital One at any given time. Co-branded credit cards, like the Capital One Walmart Card, and business cards like the Capital One Spark Miles for business cards are excluded from this count.
But that means if you currently hold the Capital One Venture Rewards Credit Card and either of the Capital One Savor cards, for example, you may not be eligible to apply outright for the new Venture X Card. But that's not a hard-and-fast rule: We've heard of some travelers getting approved for this card despite already having two or more Capital One cards.
Still, it's a good rule of thumb to keep in mind.
Already got a Capital One Venture Rewards Credit Card? Don't worry. Capital One said in an interview with Thrifty Traveler that current Venture cardholders will be eligible to apply outright for the new Venture X Card. There's no restriction holding both cards at the same time, though you may not want to keep them both long-term.
Related reading: Already Got a Venture Card? Check Out the New Capital One Venture X
Have You Recently Been Approved for Another Capital One Card?
If you have applied and been approved for any other Capital One credit card within the past six months, it's likely that any new credit card application will not be approved.
There are, of course, exceptions to this rule. But generally speaking, keeping your Capital One application and approval history clean for at least six months will give you the best chances of getting approved.
Capital One's sensitivity has also gone beyond just Capital One's credit card applications. Historically, recent credit inquiries seem to be a factor when deciding your approval fate. That includes inquiries from other banks.
Generally speaking, it will be in your best interest to limit any and all credit inquiries from all banks (not just Capital One) for at least a few months before you decide to apply for the Capital One Venture X card.
Capital One Venture X Card Credit Score: What Score Do You Need?
Capital One has indicated that you will need an excellent credit score to be approved for the Venture X card. That means those with a credit score above 740 will have the best chances of being approved.
However, since applications have been open, we have seen reports of travelers being approved for the card with credit scores in the “Good Credit” range between 700 to 740.
That being said, if your score is under 700, you're better off working on getting that score higher before applying for the new Venture X Card.
Read More: How to Get Your Free Credit Report and Understand Your Credit Score
One thing to note when you are applying for Capital One Credit cards? They are one of the only credit card issuers that pulls credit history from all three credit bureaus (Equifax, TransUnion, and Experian). That means if you have your credit report frozen at any of the three credit bureaus, you'll need to remove the freeze before you decide to apply.
Is Chase's 5/24 Rule a Factor for Venture X Approvals?
Capital One isn't unique in the fact that they have specific rules and restrictions around their credit card applications.
Take Chase, for example, with its notorious 5/24 rule. If you're not familiar, the Chase 5/24 rule is a hard and fast restriction rolled out years ago in order to limit card applicants from opening credit cards for the sole purpose of earning the bonus rewards.
Here’s what it boils down to:
- If you have opened five or more credit cards in the past 24 months from any bank (not just Chase cards), you will not be approved for Chase credit cards, regardless of your credit score or history with Chase bank.
- The rule does not count credit inquiries, but rather card products you have applied and been approved for.
Historically, many data points suggested that Capital One had a 5/24-like rule of their own – though the exact number of cards remained somewhat of a mystery. However, being under Chase's 5/24 rule was generally a good idea if you were looking to get approved for a Capital One credit card.
But through the first few months of Venture X applications, the 5/24 rule doesn't seem to be much of a factor. We've heard from readers both below and well above the Chase 5/24 rule who received instant approval for the Venture X card.
It appears that as long as you meet the other requirements laid out above, Chase's 5/24 doesn't appear to be impacting Venture X approvals. That said, too many recent credit inquiries could harm your chances of approval.
What If You Get Denied for the Capital One Venture X?
Even if you meet all the requirements laid out above and have enough income to generally support a credit card approval, getting approved is still not a guarantee. Welcome to the world of Capital One.
In fact, we've heard from many readers who were mystified at why they were not approved for the Venture X Card. And that includes me.
On the same day that applications launched, I jumped at the chance to apply for the Venture X Card. To me, it's an absolute no-brainer for anyone who spends money on travel each year. And I figured I'd be a shoo-in for instant approval.
At the time of application, My credit score was 798, and I never carry a balance on any of my cards. I haven't had any credit inquiries since May, and I have only one Capital One Credit card – which has been open for many years. What's more, I am currently 4/24 as it relates to Chase's 5/24 status. With everything we know about Capital One's approval standards, I should have been a lock. Many others in a similar situation got the card.
Yet I was denied. That just goes to show you that it remains unpredictable. Capital One indicated I would be receiving a letter in the next seven to 10 business days with an explanation.
Normally, I always suggest calling the bank's credit card reconsideration phone line right away – the reason for getting declined could be something simple, or the bank just might need more information from you.
But Capital One operates differently. I called their credit card reconsideration phone line on two different occasions and both times I got the same answer: They couldn't tell me why my application was denied, and I'd need to wait for my letter in the mail. Only then can I go through the reconsideration process in hopes of turning my denial into an approval. And even then, I had no luck getting approved…
Until about two months later, when I tried again and was instantly approved for the Venture X on a second try. It's unclear what may have changed between my attempts, but it seemed to have less to do with my personal situation and more with Capital One's decision-making process. Nothing had changed with my financial situation, my credit score was within five points of where it was when I applied in November, and I hadn't opened or closed any credit cards.
That's a good reminder: Even if you don't get approved, you can always apply again in the future. Outside of your credit score taking a temporary hit of a few points, getting declined for a credit card isn't going to have much of a long-term impact.
Historically, Capital One has been strict and secretive with who they approve and who they don't approve for their credit cards. But through the first few months of applications, it appears that the Capital One Venture X application requirements may be looser than we have previously seen from the bank.
Follow these tips and make sure you check these boxes before you apply for the Capital One Venture X Rewards Credit Card.
Click Here to learn more about the Capital One Venture X Rewards Credit Card.
I also got rejected today. I do not have any other Capitol One credit card. Have a credit score of >820.
I wonder if the rumors of them rejecting ppl that don’t have much balance is true!
Before I make application for this card I’d like to know the below is a certainty. Here’s a cut and paste from CapitalOne’s website describing Priority Pass benefits:
*With your Venture X card, receive complimentary membership as part of your Visa Infinite® benefits 7
*Enjoy unlimited free visits for you and your guests
*Access 1,300+ participating VIP lounges, in more than 600 cities and more than 148 countries”
Getting unlimited free visits for myself and “guests” seems extremely generous and not believable to me at this point. I can find no other information source to confirm from the dozen or so articles I’ve read about this card tonight.
Perhaps your CapitalOne contact has more to say(?)
Hi Lee. It is true. You can add up to 4 authorized users to your card at no additional cost. And each user gets their own lounge membership.
“Nick Serati November 16, 2021 at 7:17 am; Wrote:
Hi Lee. It is true. You can add up to 4 authorized users to your card at no additional cost. And each user gets their own lounge membership.”
I won’t add any authorized users to my account but if I did I understand it can be up to four users each with their own lounge membership. What I’m speaking about is the occasional guest(s) I may bring into a Priority Pass Lounge. Are theses guests (not authorized card users) getting complementary access as well? What don’t see is how many guests not authorized card users are getting access by entering with me. I hope I’m making sense. I’m speaking strictly about Priority Pass Lounge access not the new CapitalOne Lounges as currently they are few and far in between.
Each cardholder will be allowed to bring up to two guests with them on each lounge visit. That is true whether you are visiting a Priority Pass lounge or one of the new Capital One Lounges. There is no requirement that these guests are authorized users. But for example, if you and a significant other who was an authorized user on your card account went to a lounge, assuming you had both activated your Priority Pass memberships, you could bring a total of 4 guests with you (2 each). Hopefully this makes sense.
Thanks Nick for being Capital One’s FAQ answerer! I couldn’t find the answer to my specific question(s). Where was your source so I can stop bothering you 🙂
Every Priority Pass membership includes up to two guests per user. This isn’t specific to Capital One. And as far as the Capital One Lounge access goes, this post has more info.
Useful information Nick, thanks!
Here’s my story on approval…
-Filed BK7 in July 2016, spotless credit history ever since using cards whenever possible paying off balance before statement cycles.
-October 2018 approved for Capital One Platinum with $800 credit line, increases every four months
-October 2019 upgraded Platinum to Venture with $5000 credit line, increases every six months to $19K
-November 2021 requested upgrade from Venture to Venture X, approved with credit line and 19.99% APR remaining the same.
-Experian FICO is 665, income at $100K +
-I occasionally run pre-quals on premium travel cards, AMEX, CSP, Citi, and each time I have ZERO offers.
-I carry four credit cards with credit lines averaging $15K each.
Because with Capital One requesting an upgrade is a soft inquiry, I took a no risk chance. When making the request by phone, the customer service representative seemed surprised that I was approved for the upgrade.
That being said the criteria in qualifying for the Venture X card is perplexing, however an upgrade for existing Capital One cardholders may be an easier path.
Hope this helps!
Hate Capital One. They denied me twice now. Too many revolving account. Score above 800. Pay in full every month. At 5/24 but very few inquiry in the past year except a car loan. They obviously don’t want valued customers. I will continue to give my business to Chase and AMEX.
Hi Nick, thank you for this post, I had an almost identical experience today! Do you have any updates? Did you receive the letter and try reconsideration again?
Hey Eduardo. I did receive my letter in the mail. The reason for the denial stated “too many accounts.” This seems inconsistent with others I know who were approved. I called the reconsideration line and it was mostly useless. I was told my app would be reviewed again, and earlier this week I received another letter stating I was not approved for the same reason.
Oh, that’s a bummer. I have 20+ credit cards and am at about 5/24. I wonder if it would make any difference to close a couple of accounts and reapply when I’m below 5/24. I also wonder if I should not have answered the optional questions…
Anyway, thank you again!
They don’t make $ when you don’t carry a balance. They make $ on merchant fees, 3 to 5% of 4k minimum w/in 3m and annual fee. 75k points is $750, but so is your earning power. With no balance, you’re not profitable.
Hi, is my assumption correct that this is only eligible to people residing in the US ?
That is correct