Home » Travel » Capital One Venture Rewards Card vs. Bank of America Premium Rewards Credit Card

Capital One Venture Rewards Card vs. Bank of America Premium Rewards Credit Card

Capital One Venture Rewards Card vs. Bank of America Premium Rewards Credit Card

*Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer. This site may be compensated through a credit card issuer partnership.

This article was last updated Jul 30, 2019. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.

If you want to earn credit card rewards but don’t want to keep track of multiple cards and categories, you might want to think about adding either the Capital One® Venture® Rewards Credit Card or the Bank of America® Premium Rewards® Visa® credit card to your wallet. The first offers miles and the second offers points, but both can help you earn and redeem rewards for travel.

First, let’s compare the two at a glance. Then we’ll dive into the specifics of each card to help you evaluate which is better for your needs and spending patterns.

In this article:

Capital One® Venture® Rewards Credit Card vs. Bank of America® Premium Rewards® Visa® credit card at a Glance

Both cards charge comparable annual fees and offer similar signup bonuses. Neither card charges a foreign transaction fee, which is good if you plan to use your card abroad.

Capital One® Venture® Rewards Credit Card Bank of America® Premium Rewards® Visa® credit card
Annual fee $0 intro for first year; $95 after that $95
Regular purchase APR 17.49% - 24.74% (Variable) 17.74% - 24.74% Variable APR
Rewards 2 Miles per dollar on every purchase, every day 2 points for every $1 spent on travel and dining purchases, 1.5 points per $1 spent on all other purchases
Signup bonus One-time bonus of 50,000 miles once you spend $3,000 on purchases within 3 months from account opening, equal to $500 in travel 50,000 bonus points – a $500 value – after you make at least $3,000 in purchases in the first 90 days of account opening.
Foreign transaction fee None None

Let’s take a look at both cards individually to weigh the pros and cons of each.

Capital One® Venture® Rewards Credit Card Pros and Cons

  • One-time bonus of 50,000 miles once you spend $3,000 on purchases within 3 months from account opening, equal to $500 in travel

  • 2 Miles per dollar on every purchase, every day

  • Earn unlimited 10x miles on hotels when you pay with your Venture card at hotels.com/venture

Highlights
  • Enjoy a one-time bonus of 50,000 miles once you spend $3,000 on purchases within 3 months from account opening, equal to $500 in travel
  • Earn 2X miles on every purchase, every day. Plus earn 10X miles on thousands of hotels, through January 2020; learn more at hotels.com/venture
  • Named 'The Best Travel Card' by CNBC, 2018
  • Receive up to $100 application fee credit for Global Entry or TSA Pre✓®
  • Fly any airline, stay at any hotel, anytime; no blackout dates. Plus transfer your miles to over 12 leading travel loyalty programs
  • Miles won't expire for the life of the account and there's no limit to how many you can earn
  • No foreign transaction fees
  • $0 intro annual fee for the first year; $95 after that

See additional details for Capital One® Venture® Rewards Credit Card

More Info

Pros

Unlimited rewards. 2 Miles per dollar on every purchase, every day.

Signup bonus. One-time bonus of 50,000 miles once you spend $3,000 on purchases within 3 months from account opening, equal to $500 in travel

Annual fee waived the first year. $0 intro for first year; $95 after that

No foreign transaction fee. When traveling abroad, you can use this card without worrying about a foreign transaction fee. There is None.

Purchase Eraser. Use this card to book travel via whatever travel website, travel agent or other travel resource you like. Then, go to capitalone.com or call the Capital One Reward Center and redeem your miles for an account credit against the cost of your purchase.

Credit for Global Entry or TSA PreCheck. Use your Capital One® Venture® Rewards Credit Card to cover the application fee for Global Entry or TSA PreCheck for a credit of up to $100. You can get this credit once every four years, as long as your account is in good standing.

Transfer your miles. Capital One allows miles earned on the Capital One® Venture® Rewards Credit Card to be transferred to 15 partner airlines for more flexibility.

Cons

Limited travel benefits. The Capital One® Venture® Rewards Credit Card offers travel accident insurance, 24-hour travel assistance services, and auto rental collision damage waiver. However, it’s lacking perks like trip delay reimbursement and baggage delay coverage.

Bank of America® Premium Rewards® Visa® credit card Pros and Cons

  • 50,000 bonus points – a $500 value – after you make at least $3,000 in purchases in the first 90 days of account opening.

  • 2 points for every $1 spent on travel and dining purchases, 1.5 points per $1 spent on all other purchases

  • Get up to $200 in combined airline incidental and airport expedited screening statement credits

Highlights
  • Receive 50,000 bonus points - a $500 value - after you make at least $3,000 in purchases in the first 90 days of account opening
  • Earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points per $1 spent on all other purchases
  • If you're a Bank of America Preferred Rewards member, you can earn 25%-75% more points on every purchase
  • No limit to the points you can earn and your points don't expire
  • Redeem for cash back as a statement credit, deposit into eligible Bank of America® accounts, credit to eligible Merrill accounts, or gift cards or purchases at the Bank of America Travel Center
  • Get up to $200 in combined airline incidental and airport expedited screening statement credits + valuable travel insurance protections
  • No Foreign Transaction Fees
  • Low $95 annual fee

See additional details for Bank of America® Premium Rewards® Visa® credit card

More Info

Pros

Unlimited rewards. 2 points for every $1 spent on travel and dining purchases, 1.5 points per $1 spent on all other purchases.

Broad definition of “travel.” Here’s how the card’s terms and conditions explain what’s eligible for the travel rewards rate:

“Travel includes: airlines, hotels, motels, timeshares, trailer parks, motor home and recreational vehicle rentals, campgrounds, car rental agencies, truck and trailer rental, cruise lines, travel agencies, tour operators and real estate agents, operators of passenger trains, buses, taxis, limousines, ferries, boat rentals, parking lots and garages, tolls and bridge fees, tourist attractions and exhibits like art galleries, amusement parks, carnivals, circuses, aquariums, zoos and the like. Purchases from some merchants that provide travel-related goods and services will not be eligible, like in-flight goods and services, and duty-free airport purchases.”

Signup bonus. 50,000 bonus points – a $500 value – after you make at least $3,000 in purchases in the first 90 days of account opening.

No foreign transaction fee. When traveling outside the United States, you can use this card and not have to fret about a foreign transaction fee. There is None.

Up to $200 in travel statement credit rewards. You can get an airline incidental statement credit of up to $100 for qualifying purchases such as seat upgrades, baggage fees, in-flight services, and airline lounge fees. In addition, you can get a statement of up to $100 every four years to go toward an application fee for Global Entry or TSA Precheck.

Preferred Rewards. If you’re a Bank of America Preferred Rewards member, you can get 25% to 75% more points on every purchase. This program has three tiers based on how much you have in qualifying combined balances in your Bank of America banking and/or Merrill investment accounts.

With the maximum level bonus (Platinum Honors), when using the Bank of America® Premium Rewards® Visa® credit card you can earn up to 3.5 points for every $1 on travel and dining purchases and up to 2.625 points for every $1 on other purchases.

However, this program might be out of reach for some cardholders. The lowest tier (Gold) requires a minimum of $20,000 in qualifying balances.

Travel benefits. If you’re a frequent traveler, these perks are likely to come in handy:

  • Trip delay reimbursement
  • Trip cancellation/interruption reimbursement
  • Baggage delay reimbursement
  • Lost luggage reimbursement
  • Travel and emergency assistance services
  • Emergency evacuation and transportation coverage
  • Auto rental collision damage waiver
  • Roadside dispatch program
  • Access to the Visa Signature Luxury Hotel Collection
  • Concierge Service

Learn more about Getting Proof for a Trip Delay or Cancellation Coverage Claim

Cons

Annual fee not waived. Some cards that charge an annual fee will waive it for the first year — which adds value to the rewards you earn, especially when combined with a good signup bonus — but the Bank of America® Premium Rewards® Visa® credit card does not waive its $95 annual fee.

Can’t transfer points. There’s no option with the Bank of America® Premium Rewards® Visa® credit card to transfer rewards points to airline or hotel loyalty programs.

Should You Have Both Credit Cards?

Probably not. Having to recoup the $0 intro for first year; $95 after that annual fee on the Capital One® Venture® Rewards Credit Card plus the $95 annual fee on the Bank of America® Premium Rewards® Visa® credit card means you’re likely to end up with fewer net rewards on either card than if you just focused on using one.

The Bottom Line

If you like a flat rate reward amount on every $1 spent, the Capital One® Venture® Rewards Credit Card could be what you’re looking for. With the Bank of America® Premium Rewards® Visa® credit card, you get a higher rewards rate for travel and dining purchases, and a lower rewards rate for everything else.

The Capital One® Venture® Rewards Credit Card is also a good option if you like the Purchase Eraser feature. Being able to book travel anywhere and then submit it for an account credit can make booking your trip a more convenient experience. However, know that rewards earned with the Bank of America® Premium Rewards® Visa® credit card can also be redeemed for statement credit.

That said, the perks that come with the Bank of America® Premium Rewards® Visa® credit card make it a better overall card for someone who travels extensively. Knowing that Bank of America has your back if your trip gets delayed or your luggage gets lost can give you some peace of mind as you travel. Plus, the wide range of things considered that fall under the travel category when using this card gives you an opportunity to earn more points on more of your spending.

In addition, the chance to increase the points you earn when using the Bank of America® Premium Rewards® Visa® credit card via the Preferred Rewards program gives this card extra value.


Recommended Posts: