Today we witnessed the launch of the new Capital One Venture X Rewards credit card, which is Capital One’s new premium credit card. I just applied for the card this morning and was immediately approved. I wanted to share my experience, and I hope OMAAT readers can share their application experience, so that we can get as many data points as possible.
The Capital One Venture X is worth applying, outright. Not only does the card offer a huge 100,000 mile welcome bonus plus a $ 200 vacation rental credit. Beyond that, in the long run, the $ 395 annual fee card offers $ 300 annual travel credit, 10,000 anniversary bonus miles, Capital One lounge access, Priority Pass membership, incredible benefits for authorized users, and more.
In this article, I wanted to go over everything you need to know to be approved for Capital One Venture X.
Capital One Venture X eligibility conditions
I know for some people in the travel space, the Capital One Venture X may be the first Capital One product they apply for. There are a lot of rumors about Capital One’s application restrictions, so let’s go over the basic eligibility requirements you need to know.
What are Capital One’s approval restrictions?
Capital One does not officially publish any restrictions on the approval of new cards.
Many suggest that you can only be approved for a Capital One card every six months (it doesn’t matter if it’s a personal or business card). However, there are several data points of people who are instantly approved despite having purchased another Capital One card more recently than this.
There has also been a rumor in the past that you generally cannot have more than two Capital One personal credit cards at a time (excluding co-branded cards). Many data points suggest this is no longer a policy so personally I wouldn’t put much weight on it as there are reports of people being approved while having more than two personal Capital cards. One.
There doesn’t appear to be any strict rules regarding the approval of the Capital One card in this case, which is great news.
What credit score do you need to be approved for Venture X?
There is no consistent rule of thumb for the credit score you need to be approved for Capital One Venture X, although I recommend that you have a credit rating in the “good” to “excellent” category. If you are considering applying for it. menu.
Personally, I probably wouldn’t apply if my credit score was below 700 and ideally I hope to have a credit score of 740 or above. That being said, some people with scores lower than that will likely be approved, and some people with scores higher than that will likely be rejected. There are many factors that go into approval – your income, your credit history, how much credit Capital One has already given you, etc.
Can you get the Venture X if you have the Venture?
Yes, of course you can. You are eligible for Capital One Venture X, including the welcome bonus, even if you own another version of Capital One Venture. Just ask for the card up front and hopefully you will be approved. While it is also possible to switch products, please note that then you would not be eligible for the new cardholder bonus.
Does Capital One turn people down with excellent credit?
There is a rumor that Capital One denies many people great credit because Capital One would want people who have balances and finance charges (after all, this is a way for card issuers to credit to earn money).
I cannot personally speak about it. I have certainly seen data points of people with excellent credit being denied Capital One cards, although the two Capital One cards I applied for were instant approvals (and I have excellent credit and I have no balance).
For the record, I heard from many readers with excellent credit this morning who received instant approval. Considering that this is an ultra-premium credit card, maybe the card is actually easier to get approved in some ways? I don’t know, I can only share my experience.
Does Capital One still pull from all three credit bureaus?
Capital One is one of the only card issuers to withdraw your credit from all three credit bureaus when you apply for a card. It still is, although I personally don’t see it as a big deal. Your score will usually be reduced by a few points temporarily when you apply for a card, and that really shouldn’t matter with how many bureaus your credit is drawn from. At least that’s my take – this restriction never really bothered me, although I know others feel differently.
What is the minimum credit line for Venture X?
The Venture X is a Visa Infinite card and Visa Infinite products have a minimum line of credit of $ 10,000.
What happens if you are turned down for the Venture X?
If you are not sure if you are approved for the Venture X, should you be concerned about being refused? Generally speaking, being refused a credit card is not a big deal at all. You can always reapply in the future, and it’s not like a denial is reported negatively on your credit score. The survey itself will instead show up on your credit report (and might temporarily lower your credit score by a few points), but that’s about it.
Capital One Venture X Application Guide
I applied this morning for Capital One Venture X and wanted to share my experience with the application process. The request took two minutes to complete. The first page asked for my name, date of birth and social security number.
The next page asked for my postal address, as well as my email address and phone number.
The next page asked for financial information including my employment status, income, monthly rent or mortgage, basic information about what type of accounts I have, how much I spend on credit cards, and if I usually have a balance (the latter two are optional, and I left them blank).
I was then asked if I wanted to add additional cardholders in case I was approved.
At this point I was asked to confirm that all of the information I had provided was correct and then my application was submitted – I was instantly approved, with a huge line of credit no less. Ford had the same experience, and god also instant approval. NS !
At the end of the line
Capital One Venture X is accepting applications starting today, and I’m delighted to have been instantly approved. This is simply a phenomenal new card, both in terms of the welcome bonus and in terms of ongoing benefits. The card offers annual benefits that more than justify the annual fee (a $ 300 travel credit plus 10,000 bonus miles), and on top of that, the card offers an impressive lounge access benefit.
More data points would be helpful, so if you applied for the Venture X, what was your experience like? Instant approval, denial or what? The more information OMAAT readers can share, the better!