Edited by: Chris Dong
& Stella Shon
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If you’re a military service member looking for simplicity in a credit card, the timing of today’s article featuring the Capital One Venture Rewards Credit Card could be perfect.
We’ll talk about all the features and benefits of the card, of course, but it’s worth noting at the onset the added value you’ll receive as a result of the Service Members Relief Act (SCRA) and the Military Lending Act (MLA). These acts were passed to help alleviate the financial burden our service members can face.
While the acts apply to a multitude of financial transactions, our focus is on how Capital One applies the laws to the Capital One Venture card — and the resulting benefits for the military member.
Let’s look briefly at the acts and how the benefits of the card can provide bottom-line value, specifically for service members.
Military service requires commitment, sacrifice, and even financial challenges.
To help alleviate some of those financial challenges, acts were passed that oversaw how credit granted to military members was managed by lenders.
Initially, financial transactions such as mortgages, car loans, payday loans, and even some student loans, came under the law. In 2017, credit cards were also included.
In brief, here’s how the laws apply to credit cards.
In terms of specifics for Capital One, the company grants military benefits to active-duty service members who qualify and caps interest rates at 4% on personal credit cards acquired prior to active duty.
Capital One does not waive annual fees for credit cards acquired during active-duty military service, only for those acquired while not on active duty. This is an important distinction for service members.
The benefits we’ll be discussing will apply to those cards during your active-duty service and for up to 1 year after.
One of the benefits of the Capital One Venture card for active-duty military members is the waiver of the $95 annual fee (rates & fees). The annual fee for a card that was acquired prior to active duty will be waived during your active duty service.
Earning rewards on your Capital One Venture card can be accomplished in several ways. Here’s how to maximize the earning potential of your card from day 1 after receiving your card.
Immediately after being approved for the Capital One Venture card, you’ll have the opportunity to earn a welcome offer. Welcome offers vary but you can normally count on a bonus worth more than $1,000.
For example, we value Capital One miles at 1.8 cents each, resulting in a 75,000-mile welcome bonus worth $1,350.
For our latest valuation, check out our credit card and miles valuations, which are updated monthly.
Before applying, check for the most recent welcome offer here.
Get 2x miles plus some of the most flexible redemptions offered by a travel credit card!
The Capital One Venture Rewards Credit Card is one of the most popular rewards cards on the market. It’s perfect for anyone in search of a great welcome offer, high rewards rates, and flexible redemption options.
Frequent travelers with excellent credit may benefit from this credit card that offers a lot of bells and whistles. And it offers easy-to-understand rewards earning and redemption.
Referring friends and family members can help you earn hundreds of dollars worth of Capital One miles each year. For each referral that is approved, you could receive up to 20,000 miles, worth approximately $360.
Spending on your Capital One Venture card is an easy way to earn Capital One miles. The card’s earning structure is also simple and easy to understand. Plus, you’ll always earn at least 2 miles per dollar spent on the card.
Here’s an example of how earnings can add up when spending on the Capital One Venture card:
The miles earned on your Capital One Venture card are not frequent flyer miles but flexible, redeemable rewards that can be redeemed in a variety of ways.
Here are the options you’ll have at redemption time:
The best value for your miles will be to transfer them to airline partners for award flights. We’ve put together some great suggestions for using your Capital One miles for maximum value.
Travel protections can provide assistance should something go wrong during your trip. Travel benefits can make your trip more comfortable and/or save you money.
Let’s review the travel protections and benefits you’ll find on the Capital One Venture card and the potential value you could receive.
Use your Capital One Venture card to reserve and pay for your entire car rental, decline the rental agency’s CDW/LDW coverage, and receive protection for damage and theft of the rental car. Coverage is secondary within your country of residence, but primary when renting abroad. Terms do apply and some countries are specifically excluded.
CDW/LDW coverage can cost ~$20 per day. If you were to rent a vehicle just 10 days a year, you could save approximately $200.
Pay for your entire common carrier ticket with your card and you could receive up to $3,000 if your luggage is lost or stolen. Coverage is secondary to other coverage, including airline compensation.
If you spend a lot abroad, foreign transaction fees can add up. Not so with the Capital One Venture card, as the card does not charge these fees (rates & fees). This benefit can be especially important for military members and their families.
Typically, foreign transaction fees are 3% of the total transaction. If you were to spend $1,000, you would be saving $30.
Use your Capital One Venture card to book your stay with the Lifestyle Collection and receive elite-style benefits. Benefits include an upgraded room, when available, an experience credit of up to $50, complimentary Wi-Fi, and early check-in/late checkout when available.
Book your hotel stay via Capital One Travel and earn 5x miles or redeem your miles, at a value of 1 cent each, to pay for your stay.
Receive a 1-car level upgrade, expedited vehicle pickup where available, and 25% additional Gold Plus Rewards Points with the complimentary Hertz Gold Plus Five Star status that comes with your card.
While you’ll pay 1 pre-negotiated discounted fee for a service call, the convenience of having 24/7 roadside assistance has value. The service call can include limited towing, jumpstart service, fuel delivery (not including the cost of the fuel), lockout service, standard winching, and the changing of an inflated spare tire.
Purchase security, also known as purchase protection, covers eligible items purchased with your card for up to 90 days from the purchase date, for damage or theft, up to $500 per claim.
Extended Warranty covers eligible items that have manufacturer’s warranties of 3 years or less for 1 additional year.
Log in to your online card account and select Capital One Offers from retail and service providers, make the required purchase, and receive a statement credit. Capital One Shopping is a browser extension that automatically searches for coupons and price comparisons when you’re shopping online.Hot Tip:
You do not need to be a Capital One cardholder to utilize the Capital One Shopping browser extension.
It should now be apparent that the Capital One Venture card has the potential to add value for an active-duty service member.
Let’s look at who might qualify for Capital One military benefits, some tips on how to apply for the Capital One Venture card, and how to request benefits once you’re approved.
Capital One does a thorough job of defining who qualifies for military benefits. You could receive benefits if you fall into any of these categories:
Military benefits for those listed above will apply to Capital One cards acquired prior to active-duty service. If you’re not on active duty, you may consider applying for a Capital One card. Here’s how to do that.
You may be approved for the Capital One Venture card with a credit score as low as 670 but we recommend a credit score of 700 or better to increase your chances.
If you want to find out your chances for approval without actually submitting an application for a Capital One credit card, use the risk-free CardMatch tool (the simplest option) or Capital One’s preapproval tool (which requires more information). Selecting either option will not result in a hard inquiry on your credit. The tools simply give you examples of cards for which you are most likely to be approved.
You’ll also want to check the Department of Defense database via the SCRA/MLA website to be sure your accurate current status is reflected in your record. This is the source Capital One uses to validate your status. If your spouse or eligible dependent is applying for a card, use the Defense Enrollment Eligibility Reporting System (DEERS) database to check their status.Hot Tip:
There is no charge to add authorized users to your Capital One Venture card. Consider adding an authorized user prior to your active-duty deployment for assistance with managing payments and other transactions at your request.
If you’ve acquired a Capital One credit card prior to active duty, you can request SCRA/MLA benefits during active duty by accessing your account online or contacting Capital One via mail, by fax, or in person.
If you are a qualifying service member with a Capital One credit card, you can apply for Capital One military benefits online. If you’re applying for spouse or dependent benefits, you must apply via mail, fax, or in person at a local Capital One branch.
You can request your benefits by mail by including a copy of your active-duty orders on official letterhead, your name, Social Security number, your active-duty start date, and the branch of service you are in. Mail this information to Capital One at this address:
Capital One, Attention SCRA Request, P.O. Box 30285, Salt Lake City, UT, 84130-0285
You can fax your request for benefits, along with the supporting documentation as listed above, to 866-516-4023.
To apply in person, bring your ID and supporting documents to a Capital One banking branch.
Regardless of how you apply, you can expect to receive a reply within 2 credit card billing cycles.Hot Tip:
You can request Capital One SCRA/MLA military benefits for up to 1 year after leaving active-duty service. Capital One military benefits can be applied retroactively.
Because of its premium travel benefits and higher annual fee (that is waived during active-duty military service), the Capital One Venture X card can deliver great value for a military member.
The Capital One Venture X card is an excellent option for travelers looking for an all-in-one premium credit card.
The Capital One Venture X Rewards Credit Card is the premium Capital One travel rewards card on the block.
Points and miles fans will be surprised to see that the Capital One Venture X card packs quite the punch when it comes to bookings made through Capital One, all while offering the lowest annual fee among premium credit cards.
Depending on your travel goals and preferences, the Capital One Venture X card could very well end up being your go-to card in your wallet.
Once again, remember that the card cannot be acquired during active-duty service to qualify for Capital One military benefits.
To learn more about the Capital One Venture X card and its benefits for military members, check out our in-depth article.Hot Tip:
While many major credit card issuers, including Chase and American Express, do not charge credit card fees for active-duty military members for cards acquired after September 2017, Capital One only waives fees for cards acquired outside of active-duty service.
For this reason, it can be more difficult to take advantage of military benefits with Capital One, although still advantageous if you qualify.
The benefit of having the Capital One Venture card is that the low annual fee, consistent earnings, and flexible redemption options make it a keeper beyond active-duty service.
For more on the best premium credit card options for active-duty military members, you’ll want to access our article highlighting cards that offer the best benefits available.
For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
Enrollment required through Capital One website or mobile app. Upon enrollment, eligible cardholders will remain at upgraded status level through December 31, 2024. Please note, enrolling through the normal Hertz Gold Plus Rewards enrollment process (e.g. at Hertz.com) will not automatically detect a cardholder as being eligible for the program and cardholders will not be automatically upgraded to the applicable status tier. Additional terms apply.
The information regarding the Capital One Venture Rewards Credit Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
The information regarding the Capital One Venture X Rewards Credit Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
The information regarding the Capital One VentureOne Rewards Credit Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
Yes, Capital One will waive all credit card fees for active-duty military members for Capital One cards acquired prior to active duty.
No, unfortunately, Capital One military benefits are only afforded to active-duty service members whose credit cards fall under the SCRA.
The Capital One Venture X card is the best credit Capital One offers due to the waiving of its high annual fee for active-duty military, elevated earning potential, flexible rewards, and premium travel benefits. If you acquire the card prior to active duty, you may receive Capital One military benefits during your active-duty service. Capital One does not waive the annual fee if the card is acquired during active duty.
Capital One will access the Defense Manpower Data Center to validate your military status. If the status cannot be confirmed, Capital One will send you a letter requesting a copy of your active-duty orders.
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UP's Bonus Valuation
This bonus value is an estimated valuation calculated by UP after analyzing redemption options, transfer partners, award availability and how much UP would pay to buy these points.