CAPITAL ONE VENTURE ONE APPROVAL!!

[Mike1014805]

Yesterday I decided to apply for the Capital One VentureOne Rewards Card, and got a 7 to 15 day message. I immediately thought I was denied. About 5 minutes later, I received an email asking me to submit documentation for verification. I submitted the documents, and 3 hours later received an email saying I was approved for $5,000.

I'm shocked, because my Fico 8 Experian score was a 682, Transunion was a 697 and Equifax was a 664. I also have chargeoffs on my report from last year as well when I joined a debt management program. 

The approval email says I get a sign on bonus of 60,000 miles if I spend $3,000 in the first 3 months. I had a few of questions about this:

I was curious, does anyone know how to redeem the miles? I've never had a travel card before.

I also read you can exchange it for cash instead, is that true?

My last question, can I ask for a higher limit before they send my card, or should I just accept the 5,000 and consider myself "lucky" that I was approved?

[coreyb80]

Congrats on the approval! 

Personally, unless you need more, I would just sit tight, use the card, and shoot for a CLI down the line.

[cashorcharge]

That’s terrific!  Congratulations on your Cap 1 approval!! 👏🏼🎉🍾

[Sub16610]

Congrats on your Cap One Venture approval! 

[M_Smart007]

Congratulations on the Venture approval!

[JLRDC909]

Congratulations on your C1 approval. The best way (IMO) to use it is to wipe out travel charges. Purchase eraser can be used erase off charges. I did it recently. Have about 60,000 Venture miles and I used it for $600 worth of a hotel stay. 

[Rebuild2019]

Congratulations 🎊🎈🎉 on your Venture One Approval.

[Aim_High]

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@Mike1014805 wrote:

 ... Capital One VentureOne Rewards Card ...  approved for $5,000.

I was curious, does anyone know how to redeem the miles? I've never had a travel card before.

I also read you can exchange it for cash instead, is that true?

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Congrats on your VentureOne card approval, @Mike1014805! 

You said Capital One Venture ONE but it sounds like you may have been approved for the regular Venture card instead?  They are two products with different SUBs and different earnings rates.  The SUB you mentioned of 60K miles is for the Venture card, not Venture ONE.  With the Venture, you'll have a $95 AF but you also earn 2 miles per dollar instead of 1.25 miles per dollar on the Venture ONE. 

Venture miles can be redeemed in several ways. Yes you can redeem for cash back, but that's a poor method of redemption since points are worth only 1/2 ccp that way.  Your best methods of redemption are for travel, where you'll typically earn 1 ccp or sometimes more.  You can also redeem for gift cards for 0.8 ccp to 1.0 ccp.  Capital One has their "Purchase Eraser" where you can apply points for account credit against any travel charges posted to your account within the past 90 days.  You can also book travel through their travel portal and use points.  Finally, you can also transfer your points at various ratios to partner airlines or hotels.  Depending on how you value those partner points and how you choose to redeem them, you may get more (or sometimes less) than 1 ccp.  But transferring may help you to magnify the value you're getting per dollar spent if you're careful.   Capital One has made several changes to their partners and the transfer rates, but I think the list below may be the most current.  The ratios are One Capital Miles : Partner miles. 

Keep in mind that just with the major worldwide travel alliances (One World, Star, Skyteam), you may be able to book travel on other airlines within that alliance from one partner.  So if you transferred to British Airways for example, which is a ONE WORLD member, you could book travel on Alaska Airlines, American Airlines, Iberia, Quantas, Cathay Pacific, Japan Airlines, and several others. 

Transfer partner	Transfer ratio	Transfer time
Aeromexico	1:1	Instant
Air Canada	1:1	Instant
Air France - KLM	1:1	Instant
Accor Hotels	2:1	One business day
Avianca	1:1	Instant
British Airways	1:1	Instant
Cathay Pacific	1:1	Five business days
Choice Hotels	1:1	TBD: new partner
Emirates	1:1	Instant
Etihad	1:1	24-hour turnaround
EVA	2:1.5	36-hour turnaround
Finnair	1:1	Instant
Quantas	1:1	24-hour turnaround
Singapore	1:1	36-hour turnaround
TAP Portugal	1:1	Instant
Turkish	1:1	Instant
Wyndham Hotels	1:1	Instant

[Mike1014805]

I'm assuming purchase eraser is a tool used to get credit for a purchase used for travel? I also read that 1 mile is equivalent to .01 in value. 

[gdale6]

Grats on your new Venture 1 card!!