Last fall, Capital One finally launched its first-ever premium travel credit card: the Capital One Venture X Rewards Credit Card. It went live on Nov. 9, 2021.
And that means many travelers who raced to open the new Venture X card are suddenly staring down the same decision: Should they renew it for another year? At $395 annually, it's vastly cheaper than its primary competitors: The Chase Sapphire Reserve® clocks in at $550 each year, while the Platinum Card® from American Express carries an even heftier annual fee of $695 (see rates & fees).
Still, an annual fee of nearly $400 is big enough to scare many travelers off … especially when there's not an eye-popping welcome bonus on the table for year 2. Whether to renew, downgrade, or cancel is a personal decision – there's no one-size-fits-all answer.
But among the many benefits of the Venture X Card, two perks can easily help you not just offset the annual fee in year 2, but come out ahead.
Click Here to learn more about the Capital One Venture X Rewards Credit Card.
Two Venture X Benefits, $400 of Value
Do you spend $300 on travel each year?
Let's be honest: You opened a premium travel credit card and you're reading this website. You almost certainly do.
In that case, it might make sense to look at the Venture X card as having an annual fee of only $95.
$300 Annual Travel Credit
Each year you hold the card, you get a $300 travel credit to use towards any flight, hotel, or rental car that you book through the Capital One Travel Portal.
So long as you're booking your travel through the Capital One travel portal and paying with your Venture X Card, Capital One will automatically reimburse you up to the $300 limit each and every year. Bookings directly with airlines, hotels, or rental car agencies will not qualify. Still, that's easy enough to use up whether you book a rental car, a boutique hotel, or even book flights through Capital One's portal.
Read our step-by-step guide to using the Capital One Travel Portal to see how you can put this credit to use!
This annual credit resets every year after you renew and pay the annual fee. Put it to use, and your annual fee of $395 looks more like $95. If you're the type of person who spends $300 or more a year on travel, this alone could make the Venture X Card a no-brainer – and a far better option than the longtime standard Capital One Venture Rewards Credit Card.
But here's where it starts to get even more interesting…
Earn 10,000 Venture Miles Each Year You Renew Your Card
Right now, you can earn 75,000 miles in your first year with the card after spending $4,000 in the first three months of membership. Since you earn at least 2x Venture miles on every dollar you spend, you end up with somewhere around 83,000 miles after you meet the spending requirement.
That's huge. But what about in year two and beyond?
Starting in your second year with the card, Capital One will give you 10,000 Venture Miles each year after paying your renewal fee. This mileage bonus happens each and every year you hold the card. Since nobody has received this bonus yet, it isn't yet clear how quickly these points will post, but we would imagine it happens pretty immediately once your annual fee has been paid.
These 10,000 miles are worth a minimum of $100 if used to cover travel purchases with miles, or even through Capital One Travel. But you can likely get much more value out of them by using the stable of Capital One transfer partners.
Related Reading: 9 Unique Ways to Use Capital One Miles for Travel
Doing the Math
Add up just those two benefits, and you've got at least $400 in value (if not more) towards travel to use each year starting in your second year with the card.
Remember that once-daunting $395 annual fee? So long as you plan to spend money on travel each and every year you hold the card, you can come out ahead by $5 just from those two ongoing benefits alone. And if you aren't spending that much money on travel, I would argue that Venture X probably isn't the best fit anyway.
No other premium travel card comes close to providing such an easy avenue to come out ahead. And that's before you get to the other benefits of the Venture X Card.
Full Benefits of the Capital One Venture X Rewards Credit Card
- New members earn 75,000 Capital One Venture Miles after spending $4,000 on the card in your first three months of card membership
- Annual $300 travel credit to use for Capital One Travel bookings on flights, hotels, or car rentals
- Complimentary access to the Capital One Lounges, plus two free guests on each and every visit
- A Priority Pass and Plaza Premium lounge membership, which will get you and two guests into 1,200-plus other airport lounges around the globe
- Use $100 credit for either TSA PreCheck or Global Entry once every four years. Membership in both programs is good for five years
- Get 10,000 bonus Venture miles each year after renewing your card, starting in year 2
- Earn 10x miles on hotels and rental cars and 5x miles on flights booked via the Capital One Travel portal
- Earn 2x miles on all other spending
- Complimentary Hertz President’s Circle status
- Coming Soon: Access to Premier Collection Hotel bookings with VIP-like benefits
- Primary Rental Car Coverage
- Lost Luggage Reimbursement
- Trip Delay Coverage, Trip Cancellation, and Interruption Coverage
- Add up to Four Authorized Card Users at no additional cost. Each user gets their own lounge membership
- $395 annual fee
Click Here to learn more about the Capital One Venture X Rewards Credit Card.
Our Analysis
We get it: No matter how it compares to its competitors, a $395 annual fee seems steep.
But that annual fee is a mirage. So long as you plan to spend $300 on some combination of flights, hotels, and rental cars each year, the annual fee is more like $95. Add in the 10,000-mile anniversary bonus you get when you renew for your second year of card membership, and you can get $400 of value for a card that only costs $395. When you add in all the other benefits it provides, we think its a no brainer – even if you only travel a handful of times each year.
Right now, you'll earn 75,000 Capital One Venture Miles after spending $4,0000 in the first three months of card membership. Since the Venture X card earns at least 2x miles on every dollar you spend on the card, you'll end up with 83,000 miles after you meet the required spending. That's at least $830 towards travel – and potentially much more if you use certain Capital One airline and hotel transfer partners.
But remember, credit cards are serious business. If you can't meet the $4,000 spending requirement in the first three months to earn the big bonus, you shouldn't try. Racking up debt with a high-interest rate will never be worth the travel rewards you can potentially earn.
But if you can meet this spending requirement responsibly, this card is worth a serious look if more travel is your goal.
Bottom Line
As long as you're traveling regularly, Capital One will provide you with a total of $400 in travel credits and miles each and every year – or much more in year one with a huge welcome bonus. Considering the card only costs $395 each year, you'll come out $5 ahead on just two benefits the card offers.
Add in the huge welcome bonus, up to $100 credit for TSA PreCheck or Global Entry, lounge access, and more, and we truly think the card is a no-brainer for many travelers.
If you grabbed the Venture X card last fall when it first launched, make sure you do the math when making a decision on whether or not to renew it for a second year.
Click Here to learn more about the Capital One Venture X Rewards Credit Card.
Which lounge at MSP qualifies with this card?
Specifically, does the Escape Lounge?
The PGA lounge is the only Priority Pass Option at MSP. Escape Lounge can only be accessed with Amex Platinum Card or the Delta Reserve Card (if flying Delta).
I just opened this card and have already received the $300 travel credit and $200 Airbnb credit for trip I was planning at the end of January. Received both credits within 2-3 days of booking. I can’t wait to use the lounge access! We currently only travel a few times a year but it’s already worth it. Working toward the sign up bonus points for more value.
MSP needs to get a “real” lounge that is part of the Priority Pass network. The PGA lounge does not cut it. Until it does, MSP travelers will not see much utility from this Priority Pass lounge membership.
Does the Priority Pass benefit require an admission fee to enter lounges? Or are these complimentary visits?
complimentary visits for you and up to two guests. The same is true with the Capital One Lounges.
I have a Venture X card and booked a over $600 stay in the portal. It has been 6 weeks and I still haven’t received the credit. I have called several times and they continue to tell me it can take 1-2 billing cycles for the credit to be applied. Customer service has said that the purchase on the portal does meet all the qualifications. Has anyone else had this experience? Compared to the Chase Sapphire Reserve this card has not met my expectations.
No one who has put $300 spend on the card with Cap1 travel from Sept 10th to now has received the credit. It’s up in limbo
@Mark, I’m glad to know it’s not just me. The long delay in receiving the credit will definitely impract my decision on whether to renew the card.
We have turned the VentureX card into our number one card. Dropping the AMEX Platinum. When they raised the fee I took a look and could still make it work financially, but when they dropped the free guest at the lounges and can’t even guarantee access to the lounge for myself . . . that did it. The AMEX Platinum is becoming more of a lifestyle card with discounts at gyms I don’t even want to use. I don’t want to have to look for a perk. I want to know what they are and use them. With the AMEX Platinum, I feel like I am clipping coupons.
Just to clarify: Does the Priority Pass benefit continue successive years? Or is it only for the year you originally sign up as a new member?
Lounge access is valid for as long as you hold the card.
With which airline(s) does one ultimately want points? Which cards can transfer points to those airlines? That’s the proper direction of the logic. As opposed to “this is a great card, get it” only to ask oneself what to do with the points. Get this concept down, then start looking at cards.
If someone is a Jet Blue fan, this card is a non-starter.
Same experience with getting the travel credit, as well as the anniversary bonus. I’ve also called customer service and been handed the same lines. At least they honored the SUB, which is the only reason I’m above water on this card. It’s already removed from my wallet. Will leave it open for now to see if they honor their commitment, but no longer in my rotation. Take a look at their travel partners…easy to find with other cards that actually provide the benefits they say they will.
I am in the same boat as everybody else on here. I haven’t received the travel credit nor 10k miles for the 2nd year. I have called customer service but the answer is unclear. I will wait a little more before canceling the card.