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The Points Guy believes that credit cards can transform lives, helping you leverage everyday spending for cash back or travel experiences that might otherwise be out of reach. That's why we publish a variety of editorial content and card comparisons: to help you find a great card to turn your goals into reality.
Our site may earn compensation when a customer clicks on a link, when an application is approved, or when an account is opened with our partners, and this may impact how or where these products appear. While we don't cover all available credit cards, our editorial team creates and maintains all of the analysis of these cards, and our content is not influenced nor subject to review by any credit card company, bank or partner prior to (or after) publication. Please view our advertising policy and product review methodology for more information.
Reviews
Capital One Venture Rewards vs. Capital One VentureOne: Which should you venture toward?
Emily Thompson specializes in beginner content as a credit cards editor. She taps into her prior experience as a high school English teacher to help others demystify credit scores and unlock experiences that credit card rewards can make possible.
Stella is a full-time writer with expertise in credit cards, points and miles, and all things travel. She is a journalism graduate of the University of North Carolina, Chapel Hill and previously worked as a copywriter at JetBlue Airways and as a credit cards writer at LendingTree.
also contributed to this story
February 28, 2025 • 9 min read
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Editorial note: This is a recurring post, regularly updated with new information and offers.
Quick summary
Two popular travel rewards cards are compared, one with a modest annual fee and another without any annual fee.
Both cards offer transferable miles, access to travel protections and similar redemption options, including transfers to over 15 travel loyalty programs.
The card with the annual fee provides higher earning rates, additional statement credits and premium travel benefits, while the no-annual-fee option stands out for offering transferable miles without extra cost.
Choosing between the two depends on whether you prioritize maximizing travel perks or avoiding annual fees.
What to consider
The no-annual-fee card allows transfers to travel partners, a rare feature for cards in its category.
The card with the annual fee includes statement credits for expedited security programs and hotel experiences, which can offset costs for frequent travelers.
TPG's February 2025 valuations place the value of these miles at 1.85 cents each.
What you'll miss from the article
A detailed side-by-side breakdown of earning rates, benefits and redemption strategies to help you select the best fit for your travel habits.
Generated by AI with support from our editorial team.
Editorial disclaimer: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.
Over the past few years, the Venture card family has only improved, largely due to its valuable transfer partners, improved transfer ratios and the continued expansion of Capital One’s airport lounge network.
Yet despite the similar names and the identical redemption options, these two cards are geared toward different types of travelers. Below, we break down the differences to help you decide which is better for you.
Capital One Venture Rewards vs. Capital One VentureOne comparison
Card
Capital One Venture Rewards Credit Card
Capital One VentureOne Rewards Credit Card
Welcome bonus
Earn 75,000 bonus miles after spending $4,000 on purchases within the first three months from account opening.
Earn 20,000 bonus miles after spending $500 on purchases within the first three months from account opening.
Annual fee
$95
$0
Earning rates
5 miles per dollar on hotels, vacation rentals and rental cars booked through Capital One Travel
2 miles per dollar spent on all other purchases
5 miles per dollar on hotels and rental cars booked through Capital One Travel
1.25 miles per dollar spent on all other purchases
Redemption options
Redeem miles as a statement credit to cover the cost of eligible travel purchases or redeem miles directly for new bookings through Capital One Travel
Miles also transfer to 15-plus travel loyalty programs
Redeem miles as a statement credit to cover the cost of eligible travel purchases or redeem miles directly for new bookings through Capital One Travel
Miles also transfer to 15-plus travel loyalty programs
Additional perks
Up to $120 in statement credits for Global Entry/TSA PreCheck application fee
Access to hotel bookings through Capital One’s Lifestyle Collection
$50 experience credit to use at Lifestyle Collection properties
Travel Assistance Services
Travel accident insurance
Extended warranty protection
Auto rental collision damage waiver
No foreign transaction fees
Travel Assistance Services
Extended warranty protection
No foreign transaction fees
World Elite Mastercard benefits
As you can see, there are some notable differences between the two, so let’s take a deeper dive into each category.
Capital One Venture Rewards vs. Capital One VentureOne welcome bonus
New Capital One VentureOne Rewards cardholders can earn 20,000 bonus miles after spending $500 within the first three months of account opening.
TPG's February 2025 valuations peg Capital One miles at 1.85 cents each, making this bonus worth $370.
New Capital One Venture Rewards cardholders, on the other hand, can earn a much higher 75,000 bonus miles after spending $4,000 on purchases within the first three months of account opening.
According to TPG's valuations, this bonus is worth $1,388.
Winner: Venture Rewards. Its welcome bonus is significantly more valuable than that of the VentureOne.
Capital One Venture Rewards vs. Capital One VentureOne benefits
It's not typical to get many benefits on cards without an annual fee, so the travel and warranty protections on the Capital One VentureOne Rewards are nice to see. Plus, you won't have to pay foreign transaction fees when using this card abroad.
However, the real benefit that sets the VentureOne apart from other no-annual-fee cards is the ability to transfer the miles it earns to Capital One’s full range of transfer partners.
The Capital One Venture Rewards also comes with some valuable travel access and protections, including an auto collision damage waiver and travel accident insurance.
Cardholders will also receive a credit for Global Entry/TSA PreCheck and a $50 experience credit to use at Lifestyle Collection properties. For a card with a $95 annual fee, it's nice to see multiple statement credits included.
Winner: Venture Rewards. Its statement credits for Global Entry/TSA PreCheck and the Lifestyle Collection make it the clear winner.
Earning miles on the Capital One Venture Rewards vs. the Capital One VentureOne Card
Both the Capital One Venture Rewards and the Capital One VentureOne Rewards earn Capital One miles. Regardless of which card you choose, you can feel confident knowing you’re earning valuable rewards on each purchase without worrying about which category it falls under.
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Both cards earn an impressive 5 Capital One miles per dollar on hotels and rental cars booked through Capital One Travel. The Venture Rewards also earns 5 miles per dollar on vacation rentals.
On all other purchases, the Venture Rewards earns 2 miles per dollar, while the VentureOne earns 1.25 miles per dollar.
Winner: Venture Rewards. It earns around 38% more than the VentureOne on everyday purchases, plus bonus miles on vacation rentals.
You can also redeem your miles for a statement credit for eligible travel purchases or use them to book through Capital One Travel. Finally, you can redeem your miles for cash back or gift cards. These options won't provide as much value as transferring your miles to partners.
Winner: Tie. Both cards earn transferable Capital One miles and have the same redemption options.
TPG contributing editor Matt Moffitt especially appreciates the option to transfer his miles to Avianca LifeMiles for premium-cabin redemptions on United to Australia.
With so many options, you’re sure to find a valuable transfer partner that fits your travel habits and goals.
Winner: Tie. Both cards have the same transfer options.
Should I get the Capital One Venture Rewards or the Capital One VentureOne?
If you’re focused on avoiding annual fees, the Capital One VentureOne Rewards is worth adding to your wallet for its unique ability to earn transferable miles. However, if you don’t mind paying an annual fee, you’ll get more value from travel benefits and higher earning rates with the Capital One Venture Rewards.
How to upgrade from the Capital One VentureOne to the Capital One Venture Rewards
If you have the Capital One VentureOne Rewards and want to product change to the Capital One Venture Rewards, you can contact customer service to see if you're eligible to upgrade. You'll likely be able to do so if you have a solid payment history with your initial card.
However, keep in mind that you'd be able to reap the benefits of the Venture Rewards' welcome bonus if you applied for the card outright instead of upgrading your VentureOne. If you elect to product change, you could be missing out on some value.
Both the Capital One Venture Rewards and the Capital One VentureOne earn valuable transferable miles and provide travel perks while keeping annual fee costs low. As far as no-annual-fee cards go, you’ll have difficulty finding another one that offers as much value as the VentureOne does with its transferable miles.
Still, the Venture Rewards card has more than enough perks to offset its $95 annual fee. Both are excellent cards and which is a better fit for you will come down to your personal priorities.
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
