Capital One Venture Card

Guide to Capital One Venture Card in Canada

The Capital One Venture card is currently one of the most exceptional Visa cards in the Canadian Credit market. This is due to the high rewards rates on every purchase, you can earn 2 miles per $1 dollar spent on everything using Capital One Venture card in Canada.

With a big sign-up bonus, high rewards, flexible reward redemption, this card is worth it. You can redeem miles at 1 cent per piece for credit on your statement against any travel purchase. P.S. all amounts indicated in this article are in Canadian dollars.

There are no restrictions on airline cards, when you travel, which airline you travel with or which hotel you lodge in. You can enjoy a one-time sign-up bonus of 50,000 miles once you spend $3,000 on purchases in the space of three months of opening an account. This sign-up bonus is worth $500 in travel, this card is suitable for people looking for travel rewards that are easy to earn, and have a hassle-free redemption process.

Capital One also offers the VentureOne Card, which has no annual fee and offers 1.25 miles per dollar spent on purchases. This card has a sign-up bonus of 20,000 worth $200 in travel statement credits upon enrollment within three months after spending $1,000. The Capital One Venture Card and the VentureOne card shares almost the same features, the reward miles can be redeemed in the same way.

Capital One Venture Card Application Process

To apply for this card, click here. You will be required to fill a form and provide the following details:

  • Full name
  • Date of birth
  • Social Security Number (SSN)
  • Contact Information
  • Phone number
  • Email address
  • Employment status
  • Annual income

Capital One Venture Card Approval

To get approval for Capital One Venture card, you must possess a good to excellent credit score. If you already have a Capital One card, you can upgrade your account rather than filling out a new application. Bear in mind that you won’t be open to a sign-up bonus if you choose this option.

Once approved, you’ll receive your Capital One Venture card, credit line and welcome package by mail within 7 to 10 business days. Your application will be further evaluated upon approval to determine your full credit line.

Generally, this process takes several days. You will be notified by mail of your credit line within 7 to 10 business days.

Features of Capital One Venture Card

The Capital One Venture card stands out for offering cardholders exceptional reward rates, bonuses, flexible redemption, etc. Some of the features of this card include:

  • Annual fee

There is no annual fee required for the first year of signing up, subsequently; you’ll be required to pay $95 annually.

  • Credit score

You must possess a good/excellent credit score to qualify for this card, ranging from 700 and above.

  • High Reward

Earn unlimited 2 miles per $1 on every purchase you make using your card. The good thing about the mile reward is they do not expire and there are no limits to how many miles you can earn.

  • Sign Up Bonus

Enjoy a one-time 50,000 miles bonus upon sign-up once you spend $3,000 on purchases within 3 months of signing up, worth $500 in travel.

  • Interest Rate

Capital One Venture card has an ongoing APR of 17.24%-24.49% variable APR.

  • Travel Insurance

You get travel accidental insurance for no fee when you charge your travel booking to your card. Also included in this package is rental car coverage, and 24/7 travel assistance services if your card is stolen or missing.

If you are involved in a car-related emergency and need a jump-start, a tire change, or a tow, the Capital One Venture card offers a service that can help you find a merchant that can help you

The Capital One Venture travel insurance covers you in case of any serious accidents caused by a travel provider. It also covers damaged luggage and does not cost any extra fee.

  • Statement Credit

You get up to $100 application fee for Global Entry or TSA Pre-check, this credit is only available once every four years.

  • Extended warranty for eligible goods

Qualifying goods you purchase with the Capital One Venture card will be eligible for extra warranty protection at no cost.

Other features of this card include:

  • No foreign transaction fee
  • Flexible rewards redemption
  • Balance transfer – 3%

How to Earn Miles on Capital One Venture Card

Earning miles on Capital One Venture Card is an easy task, which is one of the reasons the card is beneficial to people who do not want to spend a lot swapping credit cards in and out for different types of retailers.

With this card, you will earn 2 miles per dollar you spend on purchases using your card. What this means is that you will be getting 2-2.8 cents in travel for every dollar in purchases, with no annual rate.

You will also earn five miles per dollar spent on hotels and rental cars booked on Capital One Travel for a return of 5-7 cents in travel for every dollar spent on purchases.

These easy miles reward make Capital One Venture card one of the most outstanding cards for everyday spending. The card is easy to use, you earn while using also. A card like this helps you clear out all those extra points on your statement and ensure you are not in debt.

Redeeming Capital One Venture Card Reward

You can redeem your miles reward for the following:

  • Book Travel

You can use your miles reward to book travel via Capital One at a rate of 1 cent per mile. You can also use the Capital One Purchase Eraser to redeem your miles rewards as a statement credit toward any of your past travel purchases.

To get this done, sign in to your Capital One account, and click on your reward balance. You will be provided with an option to “Redeem Travel Purchases,” this offer is also known as the “Purchaser Eraser.” You can then choose which travel purchases you would like to use your miles reward to pay for.

To redeem your miles reward with the Purchase Eraser, you must have made reservations within the last 90 days. Afterward, your account will be credited within two to three business days after the redemption.

You can also credit your miles reward to purchases made directly from travel providers like car rental companies, cruise operators, airlines, and hotels. You can also redeem miles to purchases from other travel companies like tour operators and travel agents.

  • Statement Credit

Your miles reward can be used as a statement credit against travel purchase at a rate of 1 cent per mile. Note Gift Card

You can redeem your miles reward for gift cards, the redemption rate ranges between 1-1.25 miles per 1 cent.

  • Cash

Your miles reward can be redeemed for cash which comes in the form of an account credit or a check mailed to you. Note that Cash redemption is not always advisable as it is only worth half the value for travel.

  • Donation

You can choose to donate your miles rewards via the Capital One No Hassle Giving Site. Capital One is in partnership with the Network for Good to distribute your 100% donation to the charity cause of your choice.

  • Transfer

You can transfer your miles rewards to another cardholder. The transfer allows you to share miles reward to your family and friends, which they can use to offset any statement. The good thing with the transfer is, Capital One does not charge any fees to transfer your miles reward to any cardholder.

  • Transfer to Partner Airline Program

You can choose to send your miles reward to Capital One Airline partners. Miles value depends on the transfer airline partner and the process in which you redeemed the transferred miles. Capital One currently has 15 partner airlines, Emirates, JetBlue and Singapore Airline’s transfer ratio is 2-to1, other partners include:

  • Air Canada
  • Air France
  • Aeromexico
  • Alitatlia
  • Hainan
  • Cathay Pacific
  • FinAir
  • Avianca
  • Etihad
  • EVA
  • Qantas
  • Qatar Airways

Which Card Is Better Venture Or Venture One?

The Capital One credit card has two versions; one of the credit cards has an annual fee while the other has no annual fee. The Capital One Venture Card has a $95 annual fee after the first year which is free.

This card earns you 2x miles per $1 spent on purchases. While the Capital One VentureOne card, on the other hand, has no annual fee attached to it and earns cardholders 1.25 miles per $1 spent on purchases. You earn more rewards faster on the Capital One Venture card than with the VentureOne card.

Adding Users To Your Capital One Venture Card

You can add an extra authorized user to your account by contacting the number at the back of your credit card. Bear in mind that to add an authorized user, you must be the primary cardholder, secondary cardholder, authorized signatory/company officer or additional business owner.

The Capital One Venture card is one of the best travel cards out there. It offers a simple reward earning program that is targeted for cardholders who put all their spending on one card. if you are a frequent traveler, then the Capital One Venture Card is a must-have.

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