My Capital One Credit Card Strategy (2022)

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Taking advantage of the best welcome bonuses, spending categories, and card perks are some of the things that can be done to maximize your credit card rewards.

I wanted to share my Capital One card strategy for 2022. I wrote about my card strategies in separate posts.

Capital One is a card issuer where my feelings have changed a lot as Capital One has gotten more competitive. Capital One is the card issuer with which I spend the most, whereas a few years ago I didn't have any.

A summary of my strategy, a rundown of what you need to know to be approved for a Capital One card, and which Capital One card I'm most interested in applying for are all included.

Restrictions on applying for Capital One cards?

There are some application restrictions for issuers cards. Capital One has the least restrictions.

• 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

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 for more information.

Which Capital One cards do I have?

I only have four Capital One cards.

How do I use my Capital One cards?

I think Capital One has the best credit cards for everyday spending because they have no caps and no foreign transaction fees. Capital One's airline and hotel partners can receive these rewards at a 3:1 ratio. I spend more on Capital One credit cards than any other card.

It's for context.

There are seemingly different reward 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

I have three cards that earn 2x points and I want to explain how I justify them.

The Venture X pays for itself

I spend the most on the Capital One Venture X since it has no foreign transaction fees. I value Capital One miles at 1.7 cents each and the card has a 3.4% return on spending.

The Capital One Venture X has a yearly fee. It costs a lot to use a credit card. Thanks to all the perks, the card pays for itself. The card offers a $300 annual travel credit and 10,000 anniversary bonus miles, which I think is more than $400.

The card also offers a Priority Pass membership, Plaza Premium lounge access, and so much more. The math works out on this card.

Deciding between the Spark Miles & Spark Cash Plus

The decision for me is between the annual fee of $95 and the annual fee of $150. 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

Since they are a bit redundant, I will probably keep one card and not the other. I don't know which to 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 $200 cash bonus if you spend $200,000 on the card annually (though I don’t quite spend that much on the card)

I don't know if I'll keep the Capital One Spark Miles for Business or not.

The SavorOne is highly underrated

Capital OneOne Savor is my newest credit card, and I will be using it a lot. There is value in holding onto cards in the long run and it is ideal to do that with a no annual fee card. That's the reason I plan to keep this card.

There is a partnership between Capital One and the ride hailing service. You can receive a complimentary membership and 10% cash back with the offer through November 14, 2024.

My other Capital One cards are perfect for everyday spending and I am excited to have a Capital One card with bonus categories. The Capital One Venture X is complemented by this.

Which Capital One cards do I most want?

The Capital One SavorOne was the only Capital One card I kept an eye on. I am happy with my Capital One card portfolio since I have that card. I am sure there is another Capital One card that will interest me in the future.

Bottom line

Capital One has become more popular in the points world due to the constantly improving points currency. The Capital One Venture X is my personal card and the Capital One Spark Cash Plus is my business card. Capital One offers 2x transferable points per dollar spent.

I am excited to finally have the Capital One SavorOne card, which has some bonus categories that aren't found on other Capital One cards.

Which Capital One credit card strategy is best for you?