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Capital One Just Launched a Credit Card Signup Bonus Worth $1,000 in Rewards

Money.com logo Money.com 9/22/2020 Jason Steele
a close up of a logo: Capital-One-Venture-Credit-Card-Review © Courtesy of Capital One Capital-One-Venture-Credit-Card-Review

If you’re looking for a reason to consider applying for a new rewards credit card, the Capital One Venture Rewards is giving you a very good one. Or rather, it’s offering 100,000 reasons.

New applicants for the Capital One Venture Rewards card can earn 100,000 miles, worth $1,000 in rewards, when they use their card to spend $20,000 within a year of account opening. While that sounds like a lot, it works out to an average of $1,667 per month.

Even if that’s beyond your reach, you’ll still earn 50,000 bonus miles, worth $500, after spending $3,000 within three months of account opening. And while you might apply for this card mainly to earn the fantastic welcome bonus, you’ll probably want to keep it for its flexible rewards and benefits.

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Capital One Venture Rewards Card: Key Terms

  • Welcome Bonus: Earn 100,000 miles, worth $1,000 in rewards, when you spend $20,000 within a year of account opening. Or earn 50,000 bonus miles, worth $500, after spending $3,000 within three months of account opening.
  • Rewards: Earn 2x Capital One Miles on all purchases, with no limits.
  • Annual Fee: $95
  • APR: 17.24% – 24.49%

How the Capital One Venture Rewards Card Works

The Capital One Venture Rewards Credit Card offers you unlimited double miles for all purchases. Through January 31, 2021, you can also earn 5x miles on all food delivery and pickup orders with Uber Eats.

The points in Capital One’s rewards program are given as miles, which can be redeemed in several ways. Through the end of 2020, you can redeem miles for statement credits to pay for eligible restaurant delivery, takeout and streaming service purchases. Each mile is worth one cent. You can also use miles for statement credits towards travel purchases, or transfer rewards to airline miles or hotel points with 15 different travel partners.

Another benefit is a $100 credit towards the application fee for either Global Entry or TSA PreCheck. The card also includes auto rental insurance and extended warranty coverage. There’s a $95 annual fee for this card, and no foreign transaction fees.

Advantages

The welcome bonus, worth $1,000, is a huge advantage, but this card’s benefits go well beyond that. Double miles on all purchases is strong, and the temporary offer of 5x on Uber Eats is even better. It’s also great that Capital One now allows you to redeem your rewards for restaurant and streaming purchases. Although you might not be traveling much this year, it’s still nice to have the $100 credit towards the application fee for either Global Entry or TSA PreCheck, both of which are valid for five years once accepted.

Disadvantages

The chance to earn 100,000 bonus points is really attractive, until you realize that it requires $20,000 in spending over a year. Also, this card has a $95 annual fee. This is a competitive price for a premium rewards card, but there are still some people who will refuse to pay an annual fee. If this sounds like you, then you might want to consider the VentureOne card, also from Capital One. It has no annual fee, but offers 1.25 miles per dollar spent.

Alternatives

Chase Sapphire Preferred. Here’s another travel card that has both a great welcome bonus. New applicants for the Chase Sapphire Preferred card earn 80,000 points, after spending $4,000 within three months of account opening. This is enough for $1,000 worth of everyday rewards or travel booked through Chase. It offers double points on travel and dining, plus 3x points on Instacart and gas purchases and 5x points on some streaming services. There’s a $95 annual fee for this card.

Blue Cash Preferred® Card from American Express. This cash-back card offers new applicants a $250 statement credit after making just $1,000 in new purchases within three months of account opening. It offers 6% cash back on up to $6,000 spent each year at U.S. supermarkets, and unlimited 6% cash back for purchases from select streaming services. You also receive 3% back on gas and transit purchases. There’s a $95 annual fee for this card.

Capital One Savor Rewards. Here’s a premium rewards card that’s focused on food. Savor Rewards offers 4% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases. New applicants receive a $300 cash bonus afters spending $3,000 within three months of account opening. There’s a $95 annual fee for this card.

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Bottom Line

The Capital One Venture Rewards card is an extremely versatile card that’s now offering an exceptional welcome bonus. If you’re looking to earn rewards that you can use for dining and streaming purchases now, or to save up for future travel rewards, it’s certainly worth considering.

More From Money:

Best Rewards Credit Cards of 2020

Is the Chase Freedom Unlimited the Best Cash Back Card out There?

Best Cash Back Credit Cards of 2020

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