The Capital One Venture Rewards program only has one serious drawback that I’ve discovered so far – their customer service is horrible. I’ve had to call a couple of times about some issues, and I’ve had a very, very hard time understanding the phone representatives.
Otherwise, I’ve actually been quite impressed with the card, and I may actually end up keeping it when it is time to pay the annual fee.
Today I want to share how simple it is to redeem your rewards for travel that you’ve booked on your card.
This is one of my favorite ways to use rewards because I can scour the web for the best discount travel prices and then have Cap1 cover the expenses.
As an example, if I’m traveling between a couple of low cost cities, then I’d rather use my Venture Rewards instead of miles. Consider a fare between Denver and Los Angeles. You can snag a ticket at Southwest for $200 round-trip including taxes. You can even implement your own lowest fare guarantee with Southwest. That $200 reward would come after $10,000 of spending. However, if I were to use airline miles, it would require 25,000 miles for the same flight. That would be $25,000 worth of spending. This makes the Venture Rewards program (in this situation) 2.5 times more valuable.
Redeeming Capital One Venture Rewards Points is Simple
Interestingly, Wallet Blog includes the redemption process as the Achilles Heal of the Capital One Venture Rewards program. However, my experience was very positive.
Once you’ve signed into your account, just find the Rewards link on the top navigation menu.
Step #1: Click on ‘Redeem’
Step #2: Click on ‘Redeem for Previously Purchased Travel’ (in my opinion, the most economical use of points).
Step #3: Select the eligible transactions.
As a note, the eligible transactions will include any travel related purchases within 90 days. Capital One determines what does and does not count as an eligible travel transaction. However, from my experience, things like taxis, hotels, and airfare post. Car rentals are eligible, too.
You’ll notice that each mile is worth one penny. Since you get two points per dollar spent, you are essentially earning 2% cash back.
Step #4: Click on ‘Request Travel Credit’.
Within 3-4 days, the dollar value will be credited to your account.
It’s that simple!