@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Hex wrote:
I just noticed that the Cap1 Venture Card offered on the capital one site offers 50,000 bonus miles for $3K spend in the first 90 days with AF of $95. I was just pre-qualified and approved for 40,000 bonus miles with the same spending requirement and AF of $59. I didn't realized that there is more than one offer out there and wanted to share the info with everyone.
What justifies the annual fee increase? An extra $100 on the signup bonus which is limited to travel isn't worth it IMO.
They literally added $36 to the annual fee to give you... Nothing.
For $95 a year I can get the Citi TY Premier, Chase Sapphire Preferred, AMEX Blue Cash Preferred, or Everyday Preferred... All of which are way better than Capital One's offering and can transfer to partner programs. Capital One, instead of improving their weak, outdated offerings (1.5% QS, 2x $95 with no transfer partners Venture) they're making them worse.
The Amex Blue Cash Preferred and Everday Preffered give you membership points. I would take the 500 dollar travel reimbursement credit over 25k MR any day of the week. Also you would have to get both to get 50k in sign up bonuses. And Every day Preffered doesn't waive fee first year. But as you can get a 2 percent cash back card over this card with no annual fee I think it makes zero sense to keep this card past year one.
I'll take the 15,000 MR points plus 4.5x, 3x, 1.5x on all purchases rather than 2x fake miles per purchase.
I'd also rather have 6%, 3%, 3%, 1% over 2x fake miles any day.
@For those who want to keep a card for more than one year (most people) these two AMEX cards make more sense than the Venture @ $95/year.
The Citi TY Premier squashes this card with it's no first year AF, and esentially 3.75x, 2.50x, and 1.25x categories when redeeming travel through Citi's portal, or you can transfer them out at 3x, 2x, 1x and it's still likely a better deal with the 30,000 to 50,000 points sign up bonus.
The 50,000 miles I bet is a temporary sign up bonus that'll go back to 40,000 after the dust settles from everyone being angry about the AF hike. Raising the AF is going to do nothing for them other than encourage more chruning, make them experience more AF waiver requests, and that's about it... It doesn't make the card seem more desirable for the average card holder. My boss has had this card for years and he said he's dropping it when I told him about the AF hike, and I bet others who know credit cards will follow suit.
There is no way the Everyday Preferred is as good as this card.
With your assumption of 15k bonus ( I would go for the 30k bonus but since your brought up the 15k bonus)
With 15k MR points which I would say are much less valuable than the Venture points as you can't use them for any travel. But for sake of argument say they are worth 1 cent each both.
Amex 150 dollars Cap One 500 dollars
-95 first year fee no fee first year
so right now before any spending the Cap One is up 445 dollars
Cap One gives you 2 percecnt on everything.
So lets say I spend 12000 on groceries, 1000 on gas and 30000 on other spending. Amex only gives 3 percent on first 6k of groceries than no bonus. So no benefit to Amex.
Amex Cap One
groceries 240 240
gas 20 20
misc 300 600
total $615 $1360
If you want to get the max 30k bonus (which is what I would do) for amex that would make Amex $765 vs Cap One $1360.
MR points can be used for travel... They transfer to hotel partners, Delta, Jet Blue, etc. They're worth more than one cent per point when you transfer them.
It gives 4.5x on groceries for the first $6,000 per year, and then 1.5x, each point worth more than 1 cent each. I would say that's a significant benefit to AMEX.
Again, I was speaking from the prespective of someone who will keep the card past the first year.
Your math is incorrect --
- 240/month for grocery spending is 4.5x (220) = 990 points (1.5 cent per piece for example) = $14.85 in value, so basically 6.18% back.
- 20/month on gas station spending is 3x (20) = 60 points (1.5) = $0.90 in value, so basically 4.5% back.
- 300/month misc spending is 1.5x (300) = 450 points (1.5) = $6.75 in value, so basically 2.25% back.
The Venture is worse besides the signup bonus.
You are certainly not using my math that is your issue. The 240 is not grocery spending a month it is how much you would get back using the card, I didn't realize your got 50 percent multiplier with 30 purchases a month. And Amex points are worth less than a cent when used for Hotels. Worth maybe a penny a point for rental cars. Perhaps a penny a point to Delta but not really as you can't use them a penny a point for any flight you want. And with Jet Blue transfer the normal transfer rate a MR point is worth like .8 Jet Blue Points. So depending on where you are flying you will get less than a penny a point from them. A lot of the Amex Gift Cards dont' give you 1 cent per MR point.
I would say Venture are much more valuable as you can use on any type of travel you want. And 1 point = 1 cent.
Using your rates
Groceries 12000 a year
Gas 2000 a year
misc 30000 a year
Groceries (270 dollars + 90 dollars = 360 dollars a year vs 240 dollars a year on the Venture.
Gas 60 dollars amex 40 dollars
Misc: 450 dollars vs 600 dollars
360 + 60 + 450 = 870 dollars
240 + 40 + 600 = 880 dollars
If you care only maximum value and not bonuses than just get a Citi Double Cash (2 percent on everything), a Cap One Savor (3 percent dinning). NFCU Amex ( 3 percent groceries) and Bank of America 3 2 1 ( 3 percent gas) and not have to pay any annual fees and have straight cash. If 5000 of your misc was dining it would give you:
$1070 under the same scenario and you would have zero annual fees. But really bonus chasing is the way to go you will never be able to match rewards that someone gets bonus chasing with cards that don't give bonuses. . And the Venture is a better bonus chasing card now.
