One of the big announcements in the world of credit cards today was the introduction of new benefits for the Capital One Venture card. Specifically, the Capital One Venture Rewards card will have a Global Entry fee credit every 4 years. While this is an often overlooked benefit from credit cards, as it is available with many cards these days, I can’t imagine a life without TSA PreCheck.
While this is a pretty generic upgrade, and a positive one at that, I wanted to take this time to talk about how this changes my outlook on the Capital One Venture card. If you’ve even just browsed my site, you’ve probably noticed a trend (…Chase…). But as I was reading about this newly upgraded card, it did intrigue me.
First, let’s look at what the card offers
- Global Entry credit every 4 years (as of July 12, 2018)
- 50,000 bonus miles after $3,000 spent in the first 3 months after account opening
- 2x miles on every purchase
- $95 annual fee, waived the first year
- 10x miles when booked through hotels.com/venture
- Rental car coverage
- Purchase protection
On the surface, this card seems pretty straightforward. There is a good sign-up bonus (at least competitive), and the daily earning is really above average when compared to other premium travel rewards credit cards.
If we are dissecting this new benefit, the Global Entry credit adds $25 a year ($100 credit every 4 years). From a value perspective, this obviously does not make the card incredibly more lucrative, but I do think it’s a good move on Capital One’s part to make it more competitive in the marketplace. Unfortunately, for someone who travels frequently, TSA PreCheck is almost a given now.
Does this make the card more appealing in my eyes?
Ultimately, though, I don’t think this changes the cards value much in my eyes. Here are some of the reasons I believe
- The Global Entry/TSA Precheck credit is something that you see on so many other cards, that it unfortunately only makes this card more on par for the course.
- The value of the miles you earn with the Venture card don’t compete with the other main credit card currencies on the market right now (i.e. Chase Ultimate Rewards or AMEX Membership Rewards)
- For the same price you pay for this card, there are many other cards on the market with better value
So no, I don’t think this benefit really changes anything for me. If you are someone who has the card, and doesn’t have Global Entry/TSA Precheck, it is an awesome value add. But I don’t think I’m going to be dropping everything to go get this card.
Unless Jennifer Garner wants to try and prove me wrong 😉
What would you get instead?
While not to get too off topic, I wanted to mention that I think there is a pretty obvious alternative for the Capital One Venture Rewards credit card. The Chase Sapphire Preferred credit card has a $95 annual fee waived the first year, 2x points on travel and dining, and access to the Chase Ultimate Rewards travel portal and its 13 travel partners.
A lot of people that I talk to that have a Venture card like to argue the low annual fees and the far higher earning benefits — to which I’d argue the outsized value that one Chase UR point has against a Capital One mile. Check out one of my (too) many posts lauding the Chase Ultimate Rewards program.
I would be interested to hear what other Capital One supporters may have to argue about this card, though — am I missing something?