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Capital One's premium credit card, the Capital One Venture X rewards Credit Card, was launched today. Just this morning, I applied for the card and was approved immediately. I shared my experience because I thought it would be helpful for other OMAAT users to have their own.
The Capital One Venture X is a worthwhile application, straight and simple. The card offers a huge welcome bonus of 100K mile and a $200 vacation rental credit. The card's $395 annual fee includes a $300 travel credit, 10K anniversary bonus points, Capital One Lounge access, Priority Pass membership, amazing authorized user perks and many other benefits.
This post will cover everything you need to know to get approved for Capital One Venture X.
Capital One Venture X eligibility criteria
For some in the travel industry, Capital One Venture X could be their first Capital One product. There are many rumors about Capital One’s application restrictions. Let's look at the basics of eligibility.
What are Capital One's approval restrictions and what can they do?
Capital One does not publish any restrictions regarding the approval of new cards.
Many people suggest that you can only get one Capital One card approval every six months. It doesn't matter if it's personal, or business. There are a few data points that show people getting approved instantly even if they have received another Capital One card in the past.
In the past, there was a rumor that you can't have more Capital One personal credit cards than one at once (excluding cobrand cards). Many data points suggest that this policy is not in place anymore. Personally, I don't believe that it is. There have been reports that people were approved for Capital One cards while they had more than two.
This is wonderful news because it doesn't appear that there are any strict rules regarding Capital One card approval.
What credit score is required to get Venture X approval?
Although there is no set credit score that will get you approved for Capital One Venture X credit cards, I recommend that you have a credit score of at least "good" to "excellent" if you plan to apply.
Personally, I wouldn't apply if I had a credit score below 700. In the ideal world, I would like to have a credit score of 740. However, approvals will not be given to everyone with scores below 700. Those with higher scores will be rejected. Approval depends on many factors, including your income, credit history, and how much Capital One has extended credit to you.
If you have Venture, can you get Venture X?
Yep, you sure can. Even if you are eligible for Capital One Venture X (including the welcome bonus), even if your Capital One Venture is not the same, you can still apply. You can apply for the card by applying straight. It is possible to change your product, but you won't be eligible for the bonus.
Capital One will not accept people with good credit.
Capital One is rumored to deny credit cards to people with good credit. Capital One wants people with balances and finance charges. This is one of the ways credit card issuers make their money.
Unfortunately, I cannot speak for myself. There have been some instances where people with good credit were denied Capital One cards. However, both Capital One cards that I applied for were approved immediately. I have excellent credit and do not have a balance.
Anecdotally I have heard of many readers with great credit who were approved instantly. Perhaps the ultra-premium card makes it easier to get approved. I'm not sure, but I can share my experiences.
Capital One still draws from all three credit bureaus
Capital One is the only card issuer that pulls credit information from all three credit bureaus before you apply for a credit card. This is still true, but I don't think it's a major issue. When you apply for a credit card, your score will be affected temporarily. It doesn't really matter how many bureaus you have accessed. This is my opinion, at least. I have heard others express different opinions.
What is the minimum credit limit for Venture X?
Venture X is a Visa Infinite Card. Visa Infinite products require a minimum credit limit of $10,000.
What happens if Venture X is denied?
Should you be concerned about being denied if you aren't sure if your application will be approved for Venture X? It's not a major problem to be denied for a creditcard. It's possible to apply for another credit card in the future. Also, a denial will not affect your credit score. The inquiry will be reported on your credit report, which could temporarily lower credit scores a few points. But that's it.
Capital One Venture X application guide
This morning I applied for Capital One Venture X and wanted to share my experiences with the application process. It took only two minutes to complete the application. On the first page, I was asked to provide my name, birth date, and social security number.
Next, I was asked to provide my postal address details and my phone number.
Next, I was asked for financial information. This included my employment status, monthly rent or mortgage payment, basic information about which accounts I have and how much I spend on credit card. I also provided information about my finances.
Then, I was asked if I would like to add more cardmembers in case I am approved.
After I confirmed that I had provided accurate information, my application was submitted. I was approved instantly with a large credit line. Ford also had this experience and was approved instantly. Woot!
Bottom line
As of today, Capital One Venture X accepts applications. I am thrilled to have been approved immediately. This card is amazing, both in terms the welcome bonus and the ongoing perks. Annual perks are worth the cost of the card, including a $300 travel credit and 10K bonus miles. The card also offers lounge access.
You would need more data to be helpful. For example, if you applied for Venture X, how was your experience? Do you get instant approval or denial? The more information OMAAT readers share, the better!
