My Capital One Credit Card Strategy (2023)

My Capital One Credit Card Strategy (2023)

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There are lots of aspects to maximizing your credit card rewards, including taking advantage of the best welcome bonusesspending categories, and card perks.

Sometimes I think it’s interesting to break down credit card strategies by card issuer, so in this post I wanted to share my current Capital One card strategy. In separate posts I wrote about my Amex card strategy, Chase card strategy, and Citi card strategy.

Capital One is a card issuer where my feelings have evolved significantly, as Capital One has gotten more competitive in the transferable points space. Several years ago I didn’t have any Capital One cards, while now Capital One is the card issuer with which I spend the most.

Here’s a rundown of what you need to know to be approved for a Capital One card, a summary of my strategy, and then which Capital One card I’m most interested in applying for.

Restrictions on applying for Capital One cards?

All cards issuers have some application restrictions in place to get approved for cards. Among card issuers, Capital One has the fewest consistent restrictions, though:

  • Capital One doesn’t really have any consistent rules on being approved for cards, other than that you can typically earn the bonus on a card once
  • Capital One sometimes pulls credit from all three bureaus, though that shouldn’t be a big deal one way or another, in my opinion
  • Applying for Capital One business cards shouldn’t count as a further card toward Chase’s 5/24 limit, if that’s a consideration

For more of a sense of what it’s like to be approved for cards, see my guide to Capital One Venture X approval, my guide to Capital One Spark Cash Plus approval, and my guide to Capital One SavorOne approval.

Which Capital One cards do I have?

While I have well over two dozen credits, I “only” have four Capital One cards:

Capital One cards earn me great travel rewards

How do I use my Capital One cards?

Capital One has the best credit cards for everyday spending, in my opinion, given that several cards earn 2x Capital One miles per dollar spent, with no caps and no foreign transaction fees. These rewards can then be transfered to Capital One’s excellent airline & hotel partners, mostly at a 1:1 ratio. That’s why I spend more on Capital One credit cards than any other cards.

For context:

For some context on those seemingly different rewards currencies:

  • Venture and Spark miles are virtually identical, as they can be used in the same way, and can be pooled
  • Capital One cash back can be converted into Capital One miles in conjunction with a card earning those miles, at the rate of one cent per mile; this means that 2% cash back on the Capital One Spark Cash Plus can get me 2x Venture or Spark miles, and that 3% cash back on the Capital One SavorOne can get me 3x Venture or Spark miles

As you can tell, I have three cards earning 2x transferable points (one personal and two business), so let me share a bit more about how I justify these cards.

The Venture X pays for itself

As mentioned above, I spend the most on the Capital One Venture X, since you can’t beat earning 2x transferable points per dollar spent with no foreign transaction fees. I value Capital One miles at 1.7 cents each, so to me the card offers a 3.4% return on spending.

The catch, theoretically, is that the Capital One Venture X has a $395 annual fee (Rates & Fees). That’s a lot to pay for a credit card. Fortunately the card more than pays for itself, thanks to all the great perks. On the most basic level, the card offers a $300 annual travel credit and 10,000 anniversary bonus miles, which I value at more than $395.

And that’s only the start, as the card also offers a Priority Pass membership, Plaza Premium lounge access, amazing authorized user perks, and so much more. There’s simply no question that the math works out on this card.

The Capital One Venture X offers lounge access

Deciding between the Spark Miles & Spark Cash Plus

The tougher decision for me is between the $95 annual fee ($0 for the first 12 months) Capital One Spark Miles for Business (Rates & Fees), and the $150 annual fee Capital One Spark Cash Plus (Rates & Fees). While one is a points earning card and the other is a cash back card, for my purposes the cards earn the same rewards, as I can convert the cash back into miles.

So when the annual fees are due on these cards, I’ll likely keep one but not the other, since they’re a bit redundant. Which will I keep?

  • The Capital One Spark Miles for Business has the benefit of having an ongoing annual fee that’s $55 lower
  • The Capital One Spark Cash Plus has the advantage of being a charge card (so it has no pre-set spending limit), and the card also offers a $150 cash bonus if you spend $150,000 on the card annually, which more than wipes out the annual fee

So I need to figure out what I’m going to do there. If I can meet the spending bonus on the Capital One Spark Cash Plus then I’ll probably keep that, while if I can’t, I’ll probably keep the Capital One Spark Miles for Business.

The SavorOne is highly underrated

The no annual fee Capital One SavorOne (Rates & Fees) is one of my newest credit cards, and it’s one that I’m using quite a bit. First of all, there’s value in holding onto cards in the long run, as it can help your credit score, and it’s ideal to do that with a no annual fee card. So that alone is a reason I plan to hold onto this card.

What makes me most excited about this card is the partnership between Capital One and Uber. Through November 14, 2024, you can not only receive a complimentary Uber One membership, but you can also receive 10% cash back with Uber and Uber Eats, which is huge.

On top of that, I’m excited to have a Capital One card with great bonus categories, as my other Capital One cards are just ideal for everyday spending. This is a phenomenal complement to the Capital One Venture X.

The Capital One SavorOne offers Uber perks

Which Capital One cards do I most want?

For quite some time, the Capital One SavorOne was the only Capital One card on my radar. Now that I have that card, and I’m actually pretty happy with my Capital One card portfolio. Capital One’s card portfolio has been evolving at a rapid pace, so I’m sure there’s another Capital One card that will interest me sooner or later.

I now have a Capital One card earning bonus points on dining

Bottom line

Capital One is a card issuer that has become increasingly popular in the points world in recent years, thanks to the constantly improving transferable points currency. As it stands, the Capital One Venture X is the personal card that I spend the most on, while the Capital One Spark Cash Plus is the business card that I spend the most on.

I’m also excited to have the Capital One SavorOne, which offers fantastic perks with Uber, and also offers some bonus categories that you won’t find on other Capital One cards.

What’s your Capital One credit card strategy?

Conversations (12)
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  1. Matt Guest

    I find it totally hilarious that you have a picture of Arches National Park with a caption about Uber. I suppose there are Ubers in Moab but there have to be more cost effective ways to see Arches. But please don't take down or stop using the pic, I love Arches and love seeing it on your blog!

  2. misterpoppins Member

    Ben, I’d love to hear about your general points strategy. Do you earn all your points through organic spend? Manufactured spending? Are you a churner?

    I’m a relatively new reader so maybe I’ve just missed you talking about this elsewhere.

  3. Kenny Guest

    My Capital One strategy? Accept that I can't play in their reindeer games, at least for the time being.

    I had been away from the credit card application game for a good 3+ years before this summer, and then went for the Venture card, and was denied for too many revolving accounts supposedly with my loan history (my loan history being car loans I paid off and a current mortgage in good standing). Pay my...

    My Capital One strategy? Accept that I can't play in their reindeer games, at least for the time being.

    I had been away from the credit card application game for a good 3+ years before this summer, and then went for the Venture card, and was denied for too many revolving accounts supposedly with my loan history (my loan history being car loans I paid off and a current mortgage in good standing). Pay my balances off every month, with a credit score in the 800s. Tried reconsideration, and they told me they would have to pull my credit again just to have them look again at my application. Hard to refrain from laughing while on the phone with them at that point. I then decided to stick with the other issuers.

    I guess the good news was that I was then 0/24 and could jump back in to applying for Chase cards again.

  4. MM Guest

    Note that SavorOne Uber 10x earning is only for domestic Uber going forward. Just received email from cap1. Quite a devaluation for those using Uber on worldwide travels.

  5. Liz Guest

    I HATE Capital One. They used to send so much mail (unsolicited offers) that at one point I heard they accounted for 1% of all US mail. Not sure if that was rumor or true but somehow seems right to me.

    I finally decided to try and get this Venture card about 2 years ago because it was so hyped and I figured I give them a chance as I have NEVER had any cards...

    I HATE Capital One. They used to send so much mail (unsolicited offers) that at one point I heard they accounted for 1% of all US mail. Not sure if that was rumor or true but somehow seems right to me.

    I finally decided to try and get this Venture card about 2 years ago because it was so hyped and I figured I give them a chance as I have NEVER had any cards with them and have a pristine credit score.

    1) They did HARD pulls on all 3 credit agencies
    2) They turned me down for the Venture card
    3) They offered me some USELESS card I wasn't interested in

    So let's recap here. Clearly they were not concerned about me as a credit risk as they offered me a credit card. But they saw the other credit cards I have and quickly realized I would not be carrying a balance. Translation = Not a customer Capital One wants.

    That is the LAST time I will waste credit pulls on Capital One and I will discourage anyone I know from ever applying for ANY card from them.

    I want to vomit when I see bloggers promoting their cards. I think there should be a disclosure that CO will not approve people who are unlikely to run credit balances.

    1. Ron Sigal Guest

      I never carry a balance and I was approved for Venture X

  6. Medium spender Guest

    They give you $150 on $150,000 in spend? If you have $150k in spend on one card you're probably not worried about $150 annual fee. ... but I guess every penny counts.

  7. JasonB Gold

    I love the Venture X/SavorOne combo. Not sure why either of the Spark cards are needed since they don't out earn the Venture X. I'd sign up if they have a nice bonus, or I suppose if you have legitimate business spend you need to keep separate from your Venture X.

  8. PH Guest

    Re the SavorOne, Uber GCs are very often (and in my case always) available at a 10% discount, and occasionally available at a 20% discount (I load up in the latter case). Likewise, I have two Uber accounts and it seems that at least one of them is always offering 1-4 months of Uber One for free. The other bonus earn categories on the SavorOne are not that interesting considering the other cards I hold,...

    Re the SavorOne, Uber GCs are very often (and in my case always) available at a 10% discount, and occasionally available at a 20% discount (I load up in the latter case). Likewise, I have two Uber accounts and it seems that at least one of them is always offering 1-4 months of Uber One for free. The other bonus earn categories on the SavorOne are not that interesting considering the other cards I hold, so SavorOne isn't worth burning a 5/24 slot for me... The Venture X on the other hand...

    1. Derek Guest

      I would consider the Savor One if I were you. Honestly I think people compare that card wrong. To me it's a competitor to the Amex Gold. The card gives 3x dining, groceries, streaming, entertainment and can transfer to the Cap 1 Venture and Venture X with no annual fee. I was on the fence because of no SUB but it's been worth it in the long run.

      Personally I like the combination of...

      I would consider the Savor One if I were you. Honestly I think people compare that card wrong. To me it's a competitor to the Amex Gold. The card gives 3x dining, groceries, streaming, entertainment and can transfer to the Cap 1 Venture and Venture X with no annual fee. I was on the fence because of no SUB but it's been worth it in the long run.

      Personally I like the combination of Savor One, Venture (not x), Amex Blue Business, Amex Green and Freedom Unlimited and Ink Preferred. It gives you entry into all the important programs with a floor of 2x (or 1.5 for UR) all with low annual fees.

  9. Natenate Guest

    What are the transfer rules for CapOne "miles"? Can you transfer to a family member like Chase UR points?

    Also $150k in annual spending is quite a lot -- I'm now curious about your total annual CC spending if you are debating that.

    Unrelated question -- do you mainly redeem for saver awards?

    1. Ben Schlappig OMAAT

      @ Natenate -- I shared Capital One's transfer rules here:
      https://onemileatatime.com/guides/transfer-combine-share-capital-one-miles/

      You can transfer your points to anyone else with a Spark or Venture miles, and then they can transfer to a travel partner. However, you can't transfer your Spark or Venture miles directly to someone else's frequent flyer account.

      And yes, I redeem almost exclusively for saver awards. :-)

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Ben Schlappig OMAAT

@ Natenate -- I shared Capital One's transfer rules here: https://onemileatatime.com/guides/transfer-combine-share-capital-one-miles/ You can transfer your points to anyone else with a Spark or Venture miles, and then they can transfer to a travel partner. However, you can't transfer your Spark or Venture miles directly to someone else's frequent flyer account. And yes, I redeem almost exclusively for saver awards. :-)

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Matt Guest

I find it totally hilarious that you have a picture of Arches National Park with a caption about Uber. I suppose there are Ubers in Moab but there have to be more cost effective ways to see Arches. But please don't take down or stop using the pic, I love Arches and love seeing it on your blog!

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Ron Sigal Guest

I never carry a balance and I was approved for Venture X

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