Finally Approved For The Capital One Venture Card
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Ive applied for A LOT of credit cards over the last 6 years. However, one credit card company had always turned me down Capital One. Despite a good income, mid-700s or higher credit score, and a solid track record of on-time payments, I just couldnt get approved for a Capital One credit card. With the Capital One Venture Card bumping up their sign-up bonus to 75,000 points and adding 12 transfer partners, I decided to try again fingers crossed!
** Please note that the 75,000 point offer from the Capital One Venture Card has expired
Capital One Application Rules
There’s one Capital One application rule that applies to all its credit cards: You can’t make more than one application every six months.
After you apply for a Capital One card, you need to wait at least six months before applying for another, regardless of whether Capital One approved you or not. A high credit score won’t get you around this restriction.
Capital One also has rules about the maximum number of Capital One cards you can have and the minimum income requirements for its cards. The tricky part is these rules vary depending on the Capital One card you want.
Here’s what this means:
- With some cards, such as the Capital One Venture Rewards Credit Card, you’ll be ineligible if you already have five or more Capital One cards. With others, you’ll be ineligible if you have two or more Capital One cards.
- Minimum income requirements: For some of its cards, Capital One requires that your monthly income exceeds your rent or mortgage by at least $425. For others, your monthly income must be at least $800 greater. Note that Capital One reserves the right to deny your application for insufficient income even if you meet these requirements.
You can find the exact rules for the card you want on Capital One’s site. Just visit the card’s page, go to the “Rate and fee information” section, and then scroll down to “Additional Disclosures & Terms and Conditions.”
No Foreign Transaction Fees
When you travel internationally, watch out for foreign transaction fees. Most travel credit cards no longer charge this 3% hidden tax on international transactions, but there are still some that do. Rest assured, the Capital One Venture Card does not charge foreign transaction fees.
Before you travel with a credit card, contact customer service or search their website to ensure that you wont be charged foreign transaction fees.
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Boost Your Chances Of Getting Approved
If you dont get prequalified for the Capital One card you want, it does not mean you wont be approved. In many cases, you can still qualify for the card via a traditional application. But for those looking to protect their credit score from the effects of a hard pull in case of rejection, you might consider boosting your approval odds before you apply. Heres how:
Capital One Spark Cash Plus
Best for small businesses
- This card is best for: Small business owners looking to earn high cash back rewards without keeping track of spending categories.
- This card is not a great choice for: People who may not have the cash flow in their business to cover the annual fee.
- What makes this card unique? Small business owners can earn unlimited 2 percent cash back on all purchases, making it a bit easier to earn consistent rewards on business expenses. Theres also the opportunity to earn cash bonuses with certain terms and conditions.
- Is the Capital One Spark Cash Plus worth it? For small businesses with the cash flow to handle an $150 annual fee, the Capital One Spark Cash Plus is a great way to earn consistent and high cash back rewards on purchases. If youre looking to earn some of the cash bonuses but youre worried about the spending requirements, there may be other cards on the market that offer a different set of rewards that better fit your needs.
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How We Picked The Best Capital One Credit Cards
We analyzed Capital Ones credit cards to identify the top products in popular credit card categories. The criteria considered in our analysis include:
- Rewards program: We considered whether a cards base rewards program was competitive for its category to assess long-term value. We also factored in any sign-up bonuses that might sweeten offers in the short-term.
- Special features: For , we considered whether there were unique features, such as the ability to increase your credit limit after a series of on-time payments, that could prove helpful to someone who is trying to establish or repair their credit history. For rewards credit cards, we considered whether there were ancillary benefits, like extended warranties or travel assistance, that might add more value.
- Rates and fees: We considered whether an annual fee was justified by a cards rewards program, unique features or less stringent credit requirements. We also factored in whether the cards purchase, balance transfer and/or penalty annual percentage rates were competitive for its card category.
Many of Capital Ones cards are well-suited to a general audience, so, ultimately, the right card for you will hinge on what youre looking to use it for. If youre still torn between a few offers, check out this guide to choosing a credit card.
Choose The Right Card For You
From blackout-free travel to super-modern bistro-banks, there are many great reasons to apply for a Capital One credit card. Not to mention the companys longstanding reputation among credit card issuers and the fact that it is one of the largest issuers in the world. While it can be nerve-wracking to see the message that your application needs further review, a pending application is better than an instant denial.
Many people have reported being approved after calling their issuer to provide missing information or otherwise clarify or verify application data. If you do end up being denied for the Capital One card you were after, changing issuers might be all you need to successfully qualify for a great card. Whichever route you take, always compare your credit options to ensure you get the best terms and options that fit your personal spending habits.
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Best Capital One Credit Cards
Capital One boasts “no-hassle rewards” and no foreign transaction fees on any of its cards. In contrast, many other card issuers still impose onerous 3% foreign transaction fees on many of their productsespecially those with no annual feeswhich can add up fast if you use those cards when traveling. Check out the best cards Capital One has to offer.
;; Partner Offers
Should You Apply For The Capital One Venture Card
If you love the flexibility of Citi ThankYou points, American Express Membership Rewards, and Chase Ultimate Rewards, youll love the Capital One Venture Card.
It is a straight-forward program that allows you to earn 2x points everywhere, then cash in the points for travel without blackout dates or transfer to 12 partner airlines.
The annual fee is waived the first year, so thats a no-brainer. To me, the only question is if youre spending enough on the credit card to justify paying the $95 annual fee the second year. If you are, keep it. If not, downgrade it to the no-annual-fee Capital One VentureOne Card.
What are your thoughts on the Capital One Venture Card? Do you have one? If not, does adding the 12 airline transfer partners make you want to apply? Let me know in the comment section below.
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Capital One Savor Cash Rewards Credit Card: Best For Dining
- Welcome bonus: $300 bonus when you spend $3,000 in the first three months
- Rewards: 4 percent cash back on dining, entertainment and popular streaming services, 3 percent at grocery stores and 1 percent on everything else; plus, earn 8 percent back on purchases from Vivid Seats through Jan. 31, 2023
- Annual fee: $95
If eating out is one of your biggest spending categories, then this card is sure to be a lucrative option. The Capital One Savor Cash Rewards Credit Card earns an impressive and unlimited 4 percent cash back on dining and entertainment, which means that you can earn rewards on every takeout and delivery splurge. Plus, the card now earns an additional 4 percent cash back on select popular streaming services and 3 percent back at grocery stores.
The Savor card also comes with a welcome bonus of $300 when you spend $3,000 in the first three months, which is a nice additional perk. You do have to pay a $95 annual fee, so if youre looking for a similar card without the added charge, the Capital One SavorOne Cash Rewards Credit Card is another great option.
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The Consumer Just Starting Out
If you have thin or fair credit, Capital One offers multiple cards to choose from. The Capital One Platinum is a good choice for the consumer with fair credit, while the Capital One Secured accepts consumers who have no credit history. Also, the Journey Student Rewards card is a great starter option, and all come without an annual fee.
Capital One Ventureone Rewards Credit Card
Best for no annual fee travel rewards
- This card is best for: Anyone who wants a no annual fee travel rewards card with an attainable sign-up bonus to boost your first-year earnings.
- This card is not a great choice for: Those who want a higher rewards rate for specific bonus spending categories.
- What makes this card unique? The Capital One VentureOne Rewards Credit Card is a simple, low cost travel card that allows you to earn miles on your daily purchases and boost your earnings with an attainable sign-up bonus .
- Is the Capital One VentureOne Rewards Credit Card worth it? This card is a strong choice for those looking to earn a modest amount of miles while avoiding paying an annual fee. However, those with good credit may see better value from a higher-tier Capital One card or another one of the top travel rewards cards.
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Can You Be Denied A Secured Credit Card
Usually, the biggest obstacle to getting a secured credit card is coming up with the refundable deposit that acts as collateral in case you don’t pay your bill.
Most deposits are around $200, and if you want a higher credit limit, you’ll need to deposit more money. The;First Tech® Federal Credit Union Platinum Secured Mastercard®, for instance, allows cardmembers to deposit as much as $25,000 to receive an equivalent line of credit.
But even if you have the money for a deposit, you can be denied a secured card if your credit profile is deemed too risky to a lender. Each lender, or card issuer, has a set of standards as to what an ideal borrower looks like. This includes your , your income and your current and former debts. If you have a long history of late or missing payments, delinquent accounts and/or bankruptcy, a prospective lender will have a harder time taking a chance that you’ll be a reliable borrower.
In this case, the lender may say no and you’ll need to rely on other means to build your credit history.
The Seeker Of Convenience
Want a cash back card that you dont have to think about to get great rewards back? The Quicksilver and QuicksilverOne cards have the same across-the-board cash back offer, although the QuicksilverOne has an annual fee and no sign-up bonus in exchange for only recommending fair credit.
Compare Quicksilver cards
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Benefits Of The Capital One Travel Rewards Program
The Capital One travel rewards program offers a decent amount of flexibility when it comes to earning miles. Capital One offers the Venture Rewards and VentureOne Rewards as travel card options. Seeing as they arent co-branded cards, or affiliated with certain hotels or airlines, you wont be limited to one brand. Plus, youll earn a flat rewards rate for every purchase no rotating bonus categories, no problem.
If you are interested in transferring your points, Capital One offers many miles transfer partners. Here is a list of some of the airline transfer partners:
- Singapore KrisFlyer
Here are a few other perks:
- You can redeem miles for travel, gift cards or as a statement credit for travel booked in the past 90 days on your Capital One card.
- Redemption also includes spending on Airbnb.
Lets break down Capital Ones travel cards, the Venture and the VentureOne using a few examples:
How Do I Get Cash From A Capital One Credit Card
You can do a cash advance by calling Capital One customer service, ask for a pin and then pull cash out against your allocated credit line. Be aware that cash advance interest rates and fees can be costly.
The information related to Capital One Quicksilver Cash Rewards Credit Card, Capital One® Savor® Cash Rewards Credit Card, Secured Mastercard® from Capital One, Capital One Spark Cash for Business, Capital One® Spark® Classic for Business, Capital One Spark Miles for Business and Capital One® Spark® Miles Select for Business has been independently collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication.
The Capital One Spark Cash for Business card may no longer be available.
These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.
Advertiser Disclosure: The products that appear on this site may be from companies from which ValuePenguin receives compensation. This compensation may impact how and where products appear on this site . ValuePenguin does not include all financial institutions or all products offered available in the marketplace.
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Start Good Credit Habits Early
From car loans to rent to credit cards, staying current on the money you owe and always paying on time can help you build good credit. And credit card companies look at your payment history when they consider your application.
Avoiding late credit card payments isnât the only good credit habit worth starting early though. Consider these tips too:
How To Check Your Capital One Credit Card Application Status
When you apply for a Capital One credit card, you might not receive an immediate decision, although some decisions are issued within 60 seconds. If you dont get an immediate decision, you might want to check your Capital One credit card application status.
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Applying for a;;is relatively easy and can be done online in just a few minutes. To apply, you need to provide your name, your Social Security number, your date of birth, and your address. You will also have to provide your estimated gross annual income, and perhaps information about your checking or savings account.
When you apply for a;, whether its from Capital One or another company, a few things happen. First, the company has to verify your identity. Once thats done, you may receive a decision on your application within a minute online. If you dont, that doesnt mean you were denied.
The card company will likely look closer into your credit history, paying particular attention to your payment history and the amounts you owe on other cards.
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Prequalify On Capital Ones Website
You can also prequalify for a credit card from Capital One on their website. As with the CardMatch tool, youll need to provide some personal information including your name, address, and Social Security number. Youll also need to provide information about your income, expenses and employment status. The lender will then let you know if youre preapproved for any Capital One credit cards.
Global Entry Or Tsa Precheck Reimbursement
I like that this is one of the few credit cards with an annual fee of less than $100 that provides a Global Entry or TSA PreCheck reimbursement. I hate waiting in lines, so getting Global Entry or TSA PreCheck is an absolute must if you travel more than a couple of times a year.
Normally, only premium credit cards with annual fees of $400 like the American Express Platinum Card or Citi Prestige offer this benefit.
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Here Are Some Things To Consider Before Adding Or Becoming An Authorized User On A Credit Card Account
If youâre considering becoming an authorized user or adding one to your account, you might have a few questions about how it works and how it could affect your credit.
As with most things involving credit, the answers can depend on a number of factors. This article will break down some of those factors and offer things to consider about authorized users to help you decide.