[Application link: 40,000 miles with $3,000 spend in 3 months]
Capital One changed the credit card landscape when they introduced Purchase Eraser to their No Hassle Rewards program in 2012. The tool allowed customers to erase previous transactions that fit under the broad umbrella of “travel” – taxis, visa fees or hotel dining count, as a few examples – and unlocked the previously restrictive nature of rewards programs.
And now, for a limited time, enjoy a bonus offer of 40,000 miles after spending $3,000 in the first three months. Here are the details:
- 40,000 No Hassle Rewards miles after spending $3,000 in three months
- 2 miles per $1 spent everywhere
- $59 annual fee (first year waived)
- No Hassle Rewards benefits (erase previous travel purchases or redeem miles for flights, hotels and more)
- No foreign transaction fees
- Approval difficulty: Moderate (675+ credit score with decent income)
- Churn status: Moderate (can be reapplied after around six months)
There are three aspects of the Venture credit card that make it a potential long-term choice:
- The first is Purchase Eraser. While many out there knock No Hassle Rewards as being a lesser option to the Ultimate Rewards (Chase) or Membership Rewards (American Express) programs out there, don’t count me among them. The Purchase Eraser means you can pay off a wide range of expenses you wouldn’t think of – things like ancillary airline fees, taxi rides or even passport/visa fees. And all at a mile-per-cent basis – so 40,000 miles would be $400 in miscellaneous expenses. While one cent per mile is generally not a good redemption level, the fact remains that $400 in flexible payments for $3,000 in every day spending is a 13% return – that shouldn’t be brushed aside. And, while some cards can give you over a 100% return, the flexibility to pay every day expenses here is key – no travel is required to see your savings.
The second aspect is the two miles earned on every dollar spent. Without getting too much into the weeds of it, two miles per dollar spent is about as good as you’ll get in the marketplace. And if paying off miscellaneous daily expenses is your goal, then look no further. But – and it is a big but – I should note that on a one-to-one basis an airline mile still holds considerably more value, especially for international routes and business or first class seats. The reason I say this is No Hassle Rewards does not offer transferability to airlines, which is rough, especially when compared to their rivals. All in all, getting two cents – two miles at one cent each – of value is about average.
With all of that said, there’s still the third aspect of the card to consider: the annual fee. $59 is much cheaper than just about every other rewards card out there; anywhere from 30% to 90% less depending on where you’re looking. Given the preference of many to have one staple credit card to supplement the occasional application, it is not difficult to see the value of your spending easily surpassing $59. And while this doesn’t quite match the value of the Chase Sapphire Preferred credit card, the cheaper price tag makes it an attractive option nonetheless.
The bottom line is flexibility and what that word means to you. If flexibility means transferring to a variety of airline or hotel programs, then this card is not for you. But, as I said above, if paying off every day expenses is your aim then the Capital One Venture card is worth considering, even long-term.
Or, if you’re like me, you may recognize a good opportunity to pair an airlines card with the Capital One Venture supplementing your every day travel spending – the options are endless. One thing is for certain: the 40,000-mile bonus offer is well above the normal 20,000 miles and you should heavily consider an application, no matter what your miles preferences are.
Application link and other useful information is included below:
Disclaimer: Photos credit to Capital One.