Should You Open a Capital One Venture X Rewards Card in 2024?

The Capital One Venture X Rewards Credit Card is one of the most potent travel credit cards on the market (see rates and fees). It's packed with so many perks, it's hard to even say them all in one breath. A massive welcome offer, an anniversary bonus, a $300 annual travel credit, a $100 reimbursement on Global Entry or TSA Precheck, double the miles on travel booked through Capital One, access to airport lounges, plus much, much more (see rates and fees; regular APR of 19.99% - 29.99% (Variable)).

It's one of those cards that makes you think, "Why don't I have this?" Until you look at the annual fee -- $395 -- and realize those perks come at a steep price.

With tons of free travel credit cards out there, it's worth asking if the Capital One Venture X Rewards Credit Card is a good deal in 2024. To cut a long story short, I'd say if you travel frequently enough, this card packs a hefty punch. Here's why.

The Capital One Venture X Card pays for itself

You don't have to do much to make the Capital One Venture X Rewards Credit Card pay for its annual fee. Capital One gives you 10,000 miles on your credit card's anniversary (worth $100 toward travel), plus a $300 annual travel credit redeemable through Capital One's travel portal. That's $400 to use for travel -- $5 more than the card's fee (see rates and fees).

This differs from many annual fee credit cards. Most require you to spend over a certain threshold to earn more than the fee is costing you. For example, if you pay $95 for a card that earns 2% back, you'd have to spend $4,750 to balance out the annual fee. Sometimes these cards may also try to add value by tacking on subscriptions you might never use, like a year of Instacart+.

In contrast, the Capital One Venture X Rewards Credit Card gives you the card's value upfront -- that is, as long as you're okay using Capital One's portal. If so, you get exactly what this card is designed for: rewards to help you travel.

Potentially more lucrative than other Capital One travel cards

The Capital One Venture X Rewards Credit Card is just one of several travel cards offered by Capital One. It has the highest annual fee, but then again -- it could be potentially more lucrative.

Take, for example, the Capital One Venture Rewards Credit Card (see rates and fees). This card has a $95 annual fee, earns 2 miles per $1 spent, and comes with a generous welcome offer. Although the fee is $300 cheaper than the Capital One Venture X Rewards Credit Card, it lacks the $300 travel credit and 10,000 bonus miles, both of which could rank it lower in terms of rewards earned.

Let's say you spend $20,000 per year on a Capital One card, be it the Capital One Venture Rewards Credit Card or Capital One Venture X Rewards Credit Card. Both cards earn 2 miles per $1, which would generate 40,000 miles. Assuming $0.01 per mile (which is the standard rate), this would be equal to $400 toward travel.

Now, for those who have the Capital One Venture Rewards Credit Card, you would have to subtract your $95 annual fee from your earnings. So, in the end, your card would earn about $305.

Not bad for a credit card.

In contrast, the $300 travel credit and 10,000 bonus miles effectively nullify the Capital One Venture X Rewards Credit Card's annual fee (see rates and fees). So the $400 in rewards would go straight into your pocket. In sum, you've earned about $100 more than Capital One Venture Rewards Credit Card cardholders, even though you paid a bigger annual fee.

To be sure, the Capital One Venture Rewards Credit Card and Capital One Venture X Rewards Credit Card cards would cost you roughly the same for the first year. That's because the 10,000 bonus miles won't arrive until your Capital One Venture X Rewards Credit Card's anniversary. But if you plan on using a travel card for the long term, the Capital One Venture X Rewards Credit Card could end up generating more rewards.

Should you open a Capital One Venture X Card in 2024?

Definitely compare your credit card options before deciding which one to get. Although this card has a lot of value, it may not have all the right perks for you, especially if you don't want to limit yourself to booking travel through Capital One's portal. That said, this card offers enough value to offset the annual fee, plus it can earn you enough to more than pay for your next big trip.