I’ve been giving the Capital One Venture X card a hard time lately. And honestly, I think it deserved some of it.
I’ve been having an ongoing internal conversation about whether it’s worth keeping a Capital One card. I’ve written about having second thoughts about Capital One cards, whether Capital One miles are worth earning on purpose, and even why Capital One would be the flexible points ecosystem I’d drop first if I had to give one up.
The obvious question is, after all that, why am I still keeping the Venture X?
I have to admit that’s a fair question. It’s the same thing I’ve been asking myself as I go through our cards and try to separate the ones we keep out of habit from the ones that still have a real job to do.
When the Venture X first launched, it was almost too easy to recommend. The annual fee was lower than many competing premium travel cards, the benefits were easy to understand, and the lounge access was unusually generous. For a while, it felt like Capital One had found the sweet spot between “premium travel card” and “not a full-time job to manage.”
But things have changed, and this is not the same card as when it launched.
The most noticeable change is lounge access. Capital One has tightened the rules for guests and additional cardholders. But how big of a dealbreaker is it really? Capital One doesn’t have many lounges, and almost all of them are in airports where there is at least one other lounge we can access.
To be honest, there’s not much there when it comes to the Venture X, and that’s why we canceled my wife’s Venture X but kept mine. Keeping two no longer made sense. Keeping one still does, but why?
It stays in my wallet because the parts I actually use still justify the annual fee.
The Annual Fee Is Still Easy For Me To Offset
Let’s get the math out of the way. The Venture X has a $395 annual fee.
That’s not a small amount, but it’s also not in the same category as some of the premium cards that have pushed annual fees much higher while handing you a long list of monthly credits to track just to break even.
With the Venture X, the math is still pretty simple.
The card comes with a $300 annual Capital One Travel credit and 10,000 anniversary miles each year, starting with your first anniversary. At a minimum, those anniversary miles are worth $100 toward travel. Those two items alone cover the annual fee.
But I’ve said before that just breaking even isn’t always a good enough reason to keep a card. If a card costs $395 and gives me $400 in value, that doesn’t automatically mean I should keep it. I could also just not pay the fee and keep the flexibility.
So how does the Venture X do more than break even?
2X Everywhere Still Has A Place
The Venture X earns 2X miles on every purchase. I’ll admit that’s not as exciting as a 5X or 10X bonus category, but it’s useful.
Not every purchase falls neatly into a bonus category, and for those expenses, earning 2X is often the best you can do. The Venture X is an easy fallback.
But 2X cards are common, and I could just as easily earn a different point currency. Here’s the reason I actually keep the card open.
Cell Phone Coverage Actually Matters To Me
I pay my cell phone bill with the Venture X, which gives me coverage if my phone is damaged or stolen, subject to the card’s terms and deductible.
That’s not the kind of benefit that gets people excited when they’re comparing premium travel cards. It’s not as fun as writing about lounges or fancy flights. But it’s practical, and that’s my wheelhouse.
When I looked at the best cards for cell phone protection, the Venture X wasn’t the card I’d recommend opening just for that benefit. A $395 annual fee would be a ridiculous price to pay only for phone coverage.
But if I’m already breaking even by keeping the card, using it for my phone bill makes sense. I get cell phone protection and earn 2X Capital One miles at the same time.
Admittedly, that isn’t enough on its own to justify keeping it. I can get phone coverage in any number of other ways, but it adds to the overall package.
There’s one more lesser-known perk of Capital One Travel that keeps me hooked.
Flight Disruption Assistance
The other reason I like having a Capital One card is its Flight Disruption Assistance.
I wrote before about whether the Venture X was worth keeping for this benefit alone, especially when booking cheaper flights through Capital One Travel. The idea was simple: if I’m looking at a cheap flight but worried about what happens if things go sideways, having another layer of protection can make that booking feel less risky.
I still prefer booking directly with airlines most of the time. But there are trips where using Capital One Travel makes sense, especially if I’m using the annual travel credit anyway.
Flight Disruption Assistance isn’t something I expect to use often. It’s not the headline reason to keep the Venture X, but, like cell phone protection, it’s one of those practical benefits that matters more when you actually need it.
What About Capital One Lounges?
I’m sure at least one of you is asking why I’m not counting Capital One Lounges as a reason to keep the card.
Sure, Capital One Lounges are still nice. I’ve had good experiences with them, like our visit to the club at DFW.
But Capital One has limited lounge access for guests, which is a dealbreaker when we’re traveling together. In addition, lounges are crowded and even nice lounges are no longer the oases they once were. And with the Venture X specifically, additional cardholders no longer get the same automatic lounge access value they once did.
So while lounge access is still a nice perk when it works out, it’s no longer the reason I keep the card.
I’m Not Spending $75,000 For Better Lounge Access
Let’s be clear about one thing: I’m not spending $75,000 on the Venture X just to unlock better lounge access.
There are too many other cards I’d rather put that spending on. And at this point, lounge access isn’t valuable enough to me to chase it that way.
I’m also not paying extra just so an additional cardholder can have lounge access. For some people, that may make sense. If you travel often enough and use Capital One Lounges regularly, the math could work.
For us, it doesn’t.
Final Thought
I’ve been harder on the Capital One Venture X lately, and I still think that’s fair. There have been a series of downgrades with not too many improvements to compensate for them.
Still, for me, the Venture X earns its place. The $300 Capital One Travel credit and 10,000 anniversary miles make it a break-even card to start. It’s the little things, like cell phone coverage and Flight Disruption Assistance, that add enough value to keep it.
It’s not a perfect card, but for some, it could be a great first premium travel card.
And even after all the complaining I’ve done about it, the Venture X still works for me.
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