Capital One VentureOne Rewards Credit Card Offer: Earn 40,000 Miles

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• The Capital One VentureOne Rewards Credit Card is now offering 40,000 miles after spending $1,000 on purchases within three months from account opening, worth at least $400 in travel.
• You can get even more value from your miles by transferring them to Capital One’s airline and hotel partners.
• There’s no annual fee, and the card also offers a 0% intro APR on purchases and balance transfers for 18 months (3% fee on the amounts transferred within the first 18 months), followed by a 19.24% – 29.24% Variable APR. 
• Read Insider’s guide to the best travel rewards credit cards.

As a no-annual-fee card, the Capital One VentureOne Rewards Credit Card is often overshadowed by its fancier siblings, the $95-annual-fee Capital One Venture Rewards Credit Card and $395-annual-fee Capital One Venture X Rewards Credit Card.

That doesn’t mean the Capital One VentureOne Rewards Credit Card isn’t a good card.  While it has a lower welcome offer and a slightly lower return on spending, it still earns Capital One miles you can redeem by transferring to airline and hotel partners, booking travel through the Capital One portal, and more.

Now there’s a reason to have a fresh look at the Capital One VentureOne Rewards Credit Card. It’s currently offering 40,000 miles after spending $1,000 on purchases within three months from account opening through links on Personal Finance Insider. That’s double the previous offer of 20,000 miles after meeting minimum spending requirements.

It’s also offering an outstanding 0% intro APR on purchases and balance transfers for 18 months (3% fee on the amounts transferred within the first 18 months), followed by a 19.24% – 29.24% Variable APR. This is one of the longest intro APR offers we’ve seen on a credit card that offers a welcome bonus and strong rewards. 

Here’s what to know about this offer on the Capital One VentureOne Rewards Credit Card to help you decide if you should apply.

We’re focused here on the rewards and perks that come with each card. These cards won’t be worth it if you’re paying interest or late fees. When using a credit card, it’s important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

Capital One Venture One offer: Earn 40,000 miles

Welcome bonus 

The welcome bonus of 40,000 miles after spending $1,000 on purchases within three months from account opening is worth $400 in statement credits toward travel booked with your card or through the Capital One Travel Portal. But if you transfer your miles to Capital One’s airline and hotel partners, you could get around $680 in travel, based on Insider’s points and miles valuations.

Earning miles

The Capital One VentureOne Rewards Credit Card has a straightforward earning structure, offering 5x miles for hotels and rental cars booked through Capital One Travel, and 1.25x miles on all other purchases. While the non-bonus spending rate is lower than that of the Capital One Venture Rewards Credit Card and Capital One Venture X Rewards Credit Card (both of which earn 2x miles outside of eligible Capital One Travel purchases), it’s not a bad rate for a no-annual-fee card.

Using miles

Transferring your miles to Capital One’s partners is usually the best way to redeem them. Because you can often get outsized value by transferring miles to partners, Insider pegs Capital One miles value at 1.7 cents each, on average.

The other options for using miles for travel get you a rate of 1 cent per mile. You can either book travel with miles directly through the Capital One Travel portal, or cash in your miles for statement credits toward eligible travel purchases made with your card within the last 90 days. 

Outside of transferring to partners and booking travel, you can redeem the Capital One miles you earn from the Capital One VentureOne Rewards Credit Card at checkout with Amazon or PayPal (0.8 cents per mile) or for cash back (0.5 cents per mile). Neither of these options is a good way to use your miles as they offer inferior redemption rates compared to booking travel.

Your miles won’t expire as long as your card is open and in good standing.

Introductory 0% APR

Opening a credit card with a 0% intro APR offer can give you the breathing room you need if you have big purchases that you need to pay for over time, or if you’re looking to complete a balance transfer from a different card to save on interest.

The Capital One VentureOne Rewards Credit Card now offers 0% intro APR on purchases and balance transfers for 18 months (3% fee on the amounts transferred within the first 18 months), then a 19.24% – 29.24% Variable.

It’s unusual to see an offer this long on a card that has a welcome bonus and earns rewards. For instance, most of the best balance transfer cards with welcome bonus offers have an intro period of up to 15 months; the top cards with balance transfer offers of up to 21 months don’t earn rewards at all.

Card benefits

As you might expect from a no-annual-fee card, the Capital One VentureOne Rewards Credit Card doesn’t come with a lot of bells and whistles. Still, it offers a few perks that are useful for travelers, including:

Combine rewards with other cards 

If you already have a Capital One credit card that earns miles, you can combine your rewards from the Capital One VentureOne Rewards Credit Card with those accounts. Having a Capital One miles-earning card (including the Capital One VentureOne Rewards Credit Card) also allows you to convert rewards from Capital One cash-back cards into miles. This includes cards like:

Keep in mind once you transfer rewards from Capital One cash-back credit card to a miles-earning card, you can’t transfer them back.

Should you consider the Capital One VentureOne?

If you don’t want to pay an annual fee but still want to earn Capital One miles, the Capital One VentureOne Rewards Credit Card is a solid choice, especially with its current welcome offer. While you won’t get the fancy perks that come with the Capital One Venture X Rewards Credit Card or the strong travel benefits of the Capital One Venture Rewards Credit Card, it’s still a good pick if your main motivation is earning Capital One miles.

That said, if you travel frequently, you may be better off with one of the other Venture cards, depending on the benefits you can use. Here’s a side-by-side comparison of all three cards to help you choose.

Be sure to read our comparison of the Capital One Venture and VentureOne, and our comparison of the Venture and Venture X for a closer look at what these cards have to offer.