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November 2022 will mark one year since Capital One launched its highest-end credit card product to date, the Capital One Venture X Rewards Credit Card. Since then, the card has gained traction with many travelers thanks to its extensive airport lounge network, generous annual credits (which defray the entire annual fee), solid earnings structure, strong travel insurances, and excellent opportunities to redeem points. Here’s why you should consider adding the Capital One Venture X Rewards Credit Card to your wallet, even if you already have another premium travel card.
A hefty welcome offer and generous annual credits
New cardholders are eligible to receive an introductory bonus on the Capital One Venture X Rewards Credit Card: Earn 75,000 bonus miles after spending $4,000 on purchases within the first three months from account opening.
While the card does carry an annual fee of $395, cardholders can get $300 in credits each calendar year when booking travel through Capital One Travel. Simply use the card to pay for a flight, hotel, or car rental through the booking engine, and days later a $300 credit will appear. This, in effect, drops the annual fee to $95. Then, starting on the first account anniversary—and each thereafter—cardholders get a 10,000 Miles Anniversary Bonus (valued at a minimum of $100). We’re already $5 in the black before even considering other card benefits.
Like its competitive set, the card grants a Global Entry or TSA PreCheck Credit once every four years (up to $120). But one feature that sets the Capital One Venture X Rewards Credit Card apart from its Amex and Chase cohort is Price Drop Protection. Flights booked through Capital One Travel are automatically monitored for price changes. If the price drops at any point after purchasing the flight, Capital One credits the difference to your card.
Airport lounge access
Holders of the Capital One Venture X Rewards Credit Card can enjoy airport lounges in the Priority Pass network, Plaza Premium lounges, and Capital One’s growing network of amenity-rich branded lounges.
Similar to most top-tier travel cards, the Capital One card provides Priority Pass Select membership that allows unlimited access to more than the 1,400 airport lounges in the Priority Pass network globally. Entrance is granted on the flight date, regardless of airline or class flown, with up to two guests complimentary. Priority Pass membership obtained through Capital One also grants credits at affiliate airport restaurants, cafés, and bars. At press time, there are 29 of these lounge alternatives where Priority Pass members receive a food and beverage credit of $28 to $32 per guest. (Note that Priority Pass membership through an American Express–branded credit card does not offer credits at Priority Pass’s lounge alternatives, while it does through Chase Sapphire Reserve.)
Moreover, Capital One is expanding into the airport lounge business with its own Capital One Lounges. While there are currently only two, located at Dallas–Fort Worth International Airport (DFW) and Washington Dulles International Airport (IAD), one more is expected to open in 2023 at Denver International Airport (DEN). With craft cocktails on tap, a gourmet grab-and-go deli, and even a fitness center, the Capital One Lounge at DFW blows other U.S. airport lounges out of the water (even Amex’s coveted Centurion Lounges). We can only hope future branded lounges will strive for such quality. Cardholders enter free of charge along with two complimentary guests per visit.
Earning and burning miles
The card’s earning structure is straightforward and valuable. You’ll earn:
- 10 miles per dollar spent on hotels and rental cars booked through Capital One Travel
- Five miles per dollar spent on flights booked through Capital One Travel
- Two miles per dollar spent on any other purchase
Because the card promises a minimum of two miles per dollar spent, you are earning bonus miles on every single purchase made. This is especially enticing to those who don’t want to bother figuring out which credit card to use for which purchase.
Once accrued, miles can be redeemed for gift cards with major brands like Amazon and Apple at a ratio of 1,000 points to $10 (e.g., 100,000 welcome bonus = $1,000 in gift cards) or redeemed for statement credits on travel at the same ratio. But we prefer to use the miles with the card’s transfer partners. Capital One’s rewards program includes 14 airline and 3 hotel transfer partners, with a transfer ratio of 1:1 for most, making it one of the top cards for mileage transfers. It’s quick and simple to transfer miles to airline- or hotel-specific loyalty programs (as needed) for business-class seats, suite upgrades, and more.
Insurances
The Capital One Venture X Rewards Credit Card also provides a full suite of complimentary travel insurance and shopping protection when charging specific purchases to the card. The card’s implicit travel insurances include:
- Auto Rental Collision Damage Waiver
- Travel and Emergency Assistance Services
- Trip Cancellation and Interruption
- Trip Delay Reimbursement
- $1,000,000 Worldwide Automatic Common Carrier Travel Accident Insurance
- Lost Luggage Reimbursement
Meanwhile, shopping protections include:
- One-year Extended Warranty Protection
- Return Protection
- Cellular Telephone Protection
Additional cardholders
Another great feature of the card is the fee for additional cardholders: $0 each for up to four users. That’s right, there’s no cost for four additional cardholders. Yet each gets individual access to Capital One lounges (with two guests apiece) as well as separate Priority Pass membership (including credits at Priority Pass restaurants). It’s almost too good to be true.
Takeaways on the Capital One Venture X Rewards Credit Card
The Capital One Venture X Rewards Credit Card is an excellent travel credit card that pays for itself through annual statement credits alone. Add to that lounge access, a rewarding earnings structure, flexibility in redeeming miles, implicit travel insurances, additional cardholder perks—plus an enticing 75,000-miles welcome offer—and arrive at a smart addition to your credit card portfolio, even if you already have other premium cards.
While the offers mentioned above are accurate at the time of publication, they are subject to change at any time, and may have changed or may no longer be available.
