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In recent years, Capital One has made significant strides in making its travel credit cards more competitive against other major players such as Chase and American Express. On Thursday, the issuer took another step forward by announcing its very first premium credit card, the Capital One Venture X.
Venture X, which will have an annual fee of $ 395, will be open for applications starting November 9. Its benefits include $ 300 in annual statement credits for bookings made through the newly revived Capital One Travel portal, 10,000 bonus miles each year from the second year you have the card, up to $ 100 in credit for Global Entry or TSA PreCheck membership, free cell phone insurance, and perhaps most importantly, Priority Pass Select membership and free access to the issuer’s new airport lounge network, which opens its first location today ‘hui at Dallas-Ft. Worth airport.
The Venture X offers fewer benefits than other popular premium travel credit cards, but also a lower annual fee. âA lot of people don’t want to pay $ 500 to $ 600 for a credit card,â said Lauren Liss, senior vice president of premium products, rewards and partnerships at Capital One. âMany don’t want to take the time to follow all of the benefits. So we thought it was the right time to launch a new credit card.
Like its sister card, the Capital OneÂ® VentureÂ® Rewards credit card, the Venture X earns 2 miles for every dollar spent on anything you buy, plus a total of 5 miles for every dollar on flights booked through Capital One. Travel, and 10 miles per dollar on hotels and rental cars booked through Capital One Travel.
When Venture X launches, new cardholders will be able to earn 100,000 bonus miles after spending $ 10,000 on purchases in the first six months after opening the account. And for a limited time, as part of the signup bonus, cardholders will receive up to $ 200 in statement credits for vacation rentals like Airbnb and VRBO.
Miles earned with Capital One Venture X can be redeemed at the rate of 1 cent each for any travel purchase made with the card using the Capital One Purchase Eraser tool. At this rate, Venture X’s 100,000 bonus miles are worth $ 1,000 to travel.
Cardholders can also use miles to book flights and hotels with Capital One Travel at the same exchange rate. Capital One Travel offers additional features such as price protection and price forecasting technology, powered by Hopper’s forecasting algorithm.
But Venture X miles can also be transferred to any of the issuer’s 16 airline and hotel transfer partners for potentially even greater value. Most of these partners transfer at a 1 to 1 ratio, which means that for every 1,000 miles you transfer from the Venture X, you will get 1,000 points or miles in the airline’s loyalty program or of the corresponding hotel.
It takes more time and flexibility to book travel in this way, but it can result in significantly better exchange rates, especially for first class or business class flights. That’s why frequent flyer website The Points Guy values ââCapital One miles at 1.85 cents each, which would give the 100,000 mile bonus a value of $ 1,850.
Without a doubt, the two best perks of the new Capital One Venture X card are the $ 300 annual credit for reservations made through Capital One Travel and free access to Capital One’s new airport lounges.
If you can use the entire $ 300 credit on travel bookings each year – which shouldn’t be difficult given that Capital One Travel provides access to most flights and hotel rooms – that effectively cuts down the cost of the card at a reasonable $ 95, excellent value if you can use even some of the additional benefits of the card.
An overview of Capital One Travel’s flight price forecasting technology.
But there’s also the 10,000 bonus miles that all cardholders receive from the start of the second year you have Venture X, and every year after that. Those 10,000 bonus miles are worth $ 100 when redeemed through Capital One Travel or using the card’s âPurchase Eraserâ, which effectively covers the remainder of the $ 395 annual fee.
As for the transmitter’s new salon network, CNN Underscored got a preview of the first new salon in Dallas last month and came out extremely impressed with its excellent natural light, ingenious use of space, delicious cocktails and attention to detail. This is a major step up from competing lounge Amex Centurion, also located in Terminal D of DFW.
Venture X cardholders will have unlimited access to Capital One lounges starting three hours before their flight’s scheduled departure time. They can also bring two guests per visit at no cost, while additional guests will cost $ 45 each. Children under two can enter for free.
While the Dallas location is the only new lounge open to date, additional Capital One lounges are currently under construction at the Denver and Washington, DC Dulles airports, and more locations will no doubt follow. In the meantime, Venture X’s free Priority Pass Select membership gives you and two guests free access to more than 1,300 airport lounges and restaurants around the world.
The Venture X’s free cell phone insurance is also great. When you pay your monthly cell phone bill with your Venture X card and your cell phone is stolen or damaged, you are eligible for a refund for its repair or replacement, up to $ 800 per claim with a maximum of two claims. per 12 month period. There is a $ 50 deductible per claim.
Another cool feature of the Venture X is that, if you have family or friends that you want to add to your account, primary cardholders can add authorized users at no cost, and those authorized users will also have unlimited access to all Capital One Lounges, plus Priority Pass membership and cell phone insurance when paying their monthly cell phone bill with the card.
At first glance, the Capital One Venture X, combined with the new Capital One lounges, seems to make a great match.
With cards like the Chase Sapphire ReserveÂ® and Platinum CardÂ® from American Express regularly adding new features while increasing their annual fees, it’s somewhat refreshing that Capital One has chosen to create a premium card with a relatively low price tag. and an easy to use base. -use the elite perks that many travelers really want. While $ 395 might seem like a lot of money for a credit card, it’s a lot cheaper than the Chase Sapphire Reserve’s $ 550 annual fee or the Amex Platinum’s $ 695 annual fee, and it is. easy to essentially offset the full annual cost of the Venture X with its $ 300 annual travel credit and 10,000 anniversary bonus miles that start with the second year you have the card.
If there is one aspect of Venture X that is perhaps a little disappointing, it’s the inaugural sign-up bonus. While 100,000 miles are certainly not to be sneezed at, we’ve seen the same 100,000 mile bonus on the $ 95 Capital One Venture credit card at least twice over the past few years, and the minimum spend of 10,000. Venture X’s $ will not be easy. to meet lots of people who typically don’t spend more than $ 1,600 each month on their credit card.
Nonetheless, our first impression of the Capital One Venture X is certainly positive, and when it is accompanied by the impressive new Capital One Lounge in Dallas, we look forward to the launch of this new credit card on November 9, with the upcoming opening of additional airport lounges in the Capital One network.
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