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The Chase Sapphire Preferred and Capital One Venture are two of the most popular travel rewards credit cards—and both are currently posting their best-ever welcome offers for a limited time.
The Chase Sapphire Preferred is currently offering up to 80,000 bonus points after spending $4,000 in the first three months. With the Capital One Venture, you can earn 50,000 miles after spending $3,000 within the first three months, and an additional 50,000 miles after spending $20,000 in the first year for a total potential haul of 100,000 miles. Aside from their initial bonuses, though, each card extends an impressive array of travel and other benefits, and both allow cardholders to redeem their points in a variety of useful ways.
If you’ve been considering an application for either card during this extraordinary moment, here are the things to think about and how you can choose between them.
Which offer is better?
To start, let’s get those big numbers out of the way. At first glance, 100,000 miles might seem like a much better option than 80,000 points, but you’ve got to consider how much spending and time it takes to earn each card’s bonus, and then the potential value and uses for those rewards once you’ve earned them.
With the Chase Sapphire Preferred, you only have to spend $4,000 within three months to earn its entire offer. With the Capital One Venture, not only do you have to spend $3,000 within the first three months to earn 50,000 miles, but then you’ve got to make sure you hit $20,000 in purchases within the first 12 months to attain the other 50,000 miles. On one hand, you’ve got tons of time to complete all that spending. On the other, though, $20,000 is a lot more to lay out than just $4,000, so it might be a while before you earn the Venture’s full offer.
To put the relative value of these offers in the clearest context, let’s look at how much each would be worth when redeemed for travel. Sapphire Preferred cardholders who redeem their points for travel booked through the Chase Ultimate Rewards portal—including hotel stays, flights, cruises, and more—get a value of 1.25 cents per point. So the 80,000 points are worth $1,000. You can also redeem these points for cash back toward other purchases, including travel booked through other channels, at just one cent apiece. While that makes them easy to use, you’re cutting your value significantly by doing so.
Capital One Venture miles can be redeemed for travel at a rate of one cent apiece. Cardholders can do so either by redeeming miles directly for reservations made through Capital One Travel, or for statement credits toward travel purchases made with their card within 90 days of the transaction. For travel, then, this card’s offer is also worth $1,000.
The one major facet that sets them apart in this regard is that you’ve got a bit more flexibility when redeeming your Capital One Venture miles for travel since you can just use your card to make bookings as usual, and in a wider variety of travel-related categories, and then redeem points for the charge later. With the Sapphire Preferred, though, you have to book directly through Chase to get the most value, which means you’re limited to things like airline tickets, hotel rooms, cruises, vacation rentals, and some activities.
Annual fees
There’s not much competition here; both cards charge annual fees of $95, and neither waives them for the first year. So prepare to pay that with either option. As with any credit card’s annual fee, though, just be sure you’re getting as much value out of its benefits as it costs to carry every year.
Evaluating earning
The two cards differ dramatically in terms of how many points or miles they earn on various purchases, and this is likely to be another deciding factor between them.
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November 04, 2020 at 02:20AM
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Chase Sapphire Preferred vs. Capital One Venture: Comparing the Popular Travel Cards - Condé Nast Traveler
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