When does the Capital One Venture make sense?

[dangerously_caffeinated]

Hey all - 

First post here on myFico but long time lurker. My background - filed BK (CHP 7 4/20/18) burned WF, Chase, Discover and C1. I currently have:

C1 QS ($2350 CL) 

Mercury card ($2350 CL)

Opensky Secured that I just closed this month that had $300

a brand new C1 SavorOne ($1,000 CL).

I know there are many options out there that are better than C1 when it comes to rewards cards, however I am years away from obtaining any Chase/AMEX/Citi card. I acutally just tried with Chase for the Freedom Flex this past month but was denied after further review, I thought banking with them might save me - guess it's too early. 

My question is - Would the Venture make sense to my situation? I am looking for a travel card to add to my portfolio, and with my current SavorOne and QS I can transfer my rewards to the Venture for added value. I am aware that the Venture doesn't have a domestic airline as a partner anymore (RIP Jetblue) however, my understanding is that with some of C1's partners you can book flights with Delta or American etc etc. so I don't necessarily see the need for a direct domestic partner. With the new point system of C1 adding more 1:1 partners it feels more worth while as well. I also have zero Visa cards - I would like to add one for Costco shopping, the Venture killing two birds with one stone. The venture is also appealing for its ease of use - 2% flat on any/every purchase. 

If I decided to go with a Venture, I don't intend on having it as my main travel card forever. Ideally, I would really like to get a better tier card - Chase CSP as an example but that is years away. Can you downgrade from the Venture to the V1 eventually or would I need to PC to a completely different card?

EDIT: Scores are all around 650ish - 670.

Thanks!

[greatscott85]

This is a great question! Your thoughts are very succinct. Just curious, have you looked at PenFed? I'm not sure how they are post BK, perhaps someone else might. But if you can, I'd argue that the Pathfinder is a better travel card, no AF with Access America checking (I swear I DO NOT work for PenFed haha), need an EQ 750 to get it. If not PenFed, can you get in with Navy Federal? The Flagship MAY be possible. If not, grab another card, then PC to Flagship or get the second card after 6-12 months.  

C1 does have the prequal site, may want to check beforehand. I've heard it's not always accurate but it's decent. The newness of the SavorOne may preclude you from the Venture, not 100% sure. Also, there is some kind of 2 card limit combination that may preclude you. The prequal site usually says.  

[dangerously_caffeinated]

Thanks for the reply! I realized I left my scores off the post (edited to include now 650ish - 670). Based off your post, I wouldn't qualify for the PenFed card. I realize this might sound completely rude, and I hope it doesn't come off that way - however, I'd rather not get into the business of having to open a new checking account. In terms of Navy fed (and maybe PenFed?) I was under the impression that I needed to either be in the military or have direct family in order to access those accounts?

Last time I checked, perhaps a week ago or so I was prequalified for the Venture. However, just wanted to make sure my logic made sense and needed a little confirmation bias from people on what they would do if they were in my shoes

[SUPERSQUID]

You will have to wait 6 months to apply for another cap1 card. if that savor is from now then you have to let 6 months go by until you apply for the venture.

Remember cap 1 is a triple hp

[Anonymous]

PenFed has an open membership now, maybe give them a shot, I just recently got approved for the PCR and Gold with a 707 EQ score SL ~3k. No need to open a checking account unless you want the full 2% CB on the PCR. Only thing is you have to open a savings account for membership.

[MrDisco99]

Until recently I would've said the Venture is just another 2% card and its annual fee means it only makes sense the first year.  However, now that it has more 1:1 partners, it's a little more interesting.  FlyingBlue points can be very useful for booking flights on Delta.  2x transferrable points is still not awesome for $95 AF but it's better than just 2% cash.

I would expect you'd be able to downgrade the Venture to a V1.  All depends on Cap1's weird PC system, though.  I had to cancel my Savor last year because they wouldn't let me downgrade to the S1, but the Savor and S1 seem to be specifically disallowed for PCs for some reason.

[greatscott85]

@dangerously_caffeinated  That's not offensive! . We are all just helping each other make sound decisions with maximum output   

I know the ansgt of many accounts! Joining NFCU is pretty loose these days! Others would know more on the qualifications. 
@Anonymous Good call!

[SUPERSQUID]

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@Anonymous wrote:

PenFed has an open membership now, maybe give them a shot, I just recently got approved for the PCR and Gold with a 707 EQ score SL ~3k. No need to open a checking account unless you want the full 2% CB on the PCR. Only thing is you have to open a savings account for membership.

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Do you have a bk on your reports?

[Anonymous]

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@SUPERSQUID wrote:

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@Anonymous wrote:

PenFed has an open membership now, maybe give them a shot, I just recently got approved for the PCR and Gold with a 707 EQ score SL ~3k. No need to open a checking account unless you want the full 2% CB on the PCR. Only thing is you have to open a savings account for membership.

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Do you have a bk on your reports?

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No bk but two old C/Os, both paid

[longtimelurker]

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@greatscott85 wrote:

This is a great question! Your thoughts are very succinct. Just curious, have you looked at PenFed? I'm not sure how they are post BK, perhaps someone else might. But if you can, I'd argue that the Pathfinder is a better travel card, no AF with Access America checking (I swear I DO NOT work for PenFed haha), need an EQ 750 to get it. If not PenFed, can you get in with Navy Federal? The Flagship MAY be possible. If not, grab another card, then PC to Flagship or get the second card after 6-12 months.  

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Neither of those cards allow transfers to partners though, right?   Which is the positive of the Venture (otherwise, as said, it's an overpriced 2% card after the first year).   Re Pathfinder, I found a review that says: "You'll get the most out of your rewards if you redeem for travel — an average value of 1.7 cents per point, according to a PenFed representative."

I saw the same claim for the Penfed Platinum Rewards Visa and wasn't able to see values anything like that.   Anyone had better luck?