Chase Sapphire Preferred vs. Capital One VentureOne Rewards credit cards: Which is better? (2023)

FAQs

Chase Sapphire Preferred vs. Capital One VentureOne Rewards credit cards: Which is better? ›

In the Chase Sapphire Preferred versus the Capital One Venture Card battle, the Chase Sapphire Preferred comes out ahead of the Capital One Venture Rewards. On paper, it offers a more valuable sign-up bonus, better travel protections and superior redemption options.

We generally recommend Chase over Capital One if you want to maximize your earning potential. You can earn high rewards rates for different types of purchases with multiple Chase credit cards. And then you can combine your rewards on one of the Chase Sapphire cards for a higher travel redemption rate.

Chase Sapphire Preferred 2023: Sapphire Shines a Bit Brighter. Both are solid choices, but the Chase Sapphire Preferred boasts higher point values and travel protections. Sara Rathner is a NerdWallet travel and credit cards expert.

The Chase Sapphire Preferred® Card is hard to get because you'll need good to excellent credit to have a chance at getting approved. Unless your credit score is 700 or higher and you have a lot of income, it will be difficult for you to get approved for Chase Sapphire Preferred.

To qualify for the Capital One Venture Rewards Credit Card, you'll likely need to have a good credit score of at least 670, although having a higher credit score would only improve your chances of approval.

Capital One and Chase are well-respected financial institutions and both ranked amongst GOBankingRates' Best Banks of 2023. Where Chase offers a sign-up bonus for certain checking accounts and many account options, Capital One comes through with no fees for your bank accounts as well as high interest rates.

Generally, you'll need to have a credit score of at least 700 in order to qualify for the Chase Sapphire Preferred® Card.

25,000 Capital One miles are worth an average of $175, depending on how you redeem them. Capital One miles are worth the most when redeemed for travel, but you can also redeem for a statement credit, a check or gift cards, among other options.

It's generally recommended that you have two to three credit card accounts at a time, in addition to other types of credit. Remember that your total available credit and your debt to credit ratio can impact your credit scores. If you have more than three credit cards, it may be hard to keep track of monthly payments.

What salary do you need for Sapphire Preferred? ›

We recommend that your annual income be at least $30,000 or higher before applying for the Chase Sapphire Preferred card.

The Chase Sapphire Preferred income requirement is at least $30,000 per year, based on user reports. Chase doesn't publicly disclose the Sapphire Preferred Card's income requirements, but they are required by law to consider a new cardholder's ability to make the minimum monthly payments on their assigned credit line.

There are a few factors that Chase looks at before approving the Chase Sapphire Preferred® Card. One of the most important factors is your credit score. You also need to be under Chase's 5/24 rule. If you've applied for 5+ credit cards in the last 24 months, you will not be approved.

It's possible to get the Capital One Venture with a credit score in the mid-600s. But, you may need to be a current Capital One member or have a high income to be approved with fair or good credit. For the best approval odds, you may wait until your score is at least 750.

However, there's no official minimum income amount required for credit card approval in general. It varies by credit card company and from individual card to card. For example, the Capital One Venture Rewards Credit Card requires at least $425 more in income per month than you...

Capital One Venture Rewards Credit Card

Highest reported credit limit: $58,000, according to a member on the myFICO forums. This is another Visa Signature card, so the minimum credit limit is reportedly $5,000.

The most common reasons Capital One may decline a credit limit increase request include: Your credit card account is not old enough. You've received a credit limit increase in the last six months. You've been past due on your account in the last several months.

The benefits of Capital One credit cards include several types of travel insurance, cell phone protection, and price protection. These benefits are mostly found on the top-tier Capital One credit cards, though many more Capital One credit cards have rental car insurance and emergency card replacement.

Reduction of ownership stake

The primary disadvantage of VC is that entrepreneurs give up an ownership stake in their business. Many a time, it may so happen that a company requires additional funding that is higher than the initial estimates.

Why not approved Capital One? ›

A credit card issuer has to make sure you have enough income to make the required payments for your card. If you don't have enough income to make the minimum payments, you might not be approved.

The Capital One Platinum Credit Card is a solid choice for people looking to build credit. You won't earn rewards or have access to many perks, but it will help you learn to manage your credit effectively. Beyond helping you to build your credit, this card doesn't have much to offer.

Highest “Points” Credit Limit: $500,000

The cards with the highest overall credit limits, Chase Sapphire Reserve® and Chase Sapphire Preferred® Card, are points cards, so they win this category as well.

Bogdan Roberts, Credit Cards Moderator

The Chase Sapphire Preferred credit limit is $5,000, at a minimum. But some cardholders can get a credit limit higher than that. Plenty of Chase Sapphire Preferred cardholders report limits of at least $10,000, and some say they have a limit of $20,000 or more.

That's $1,000 when you redeem through Chase Ultimate Rewards^®. Our #1 recommended beginners rewards card featuring a 80,000-point signup bonus after you spend $4,000 on purchases in the first 3 months from account opening. This card comes with great benefits and earns valuable Ultimate Rewards points.

What are Capital One rewards worth? Capital One miles are worth 1 cent each when redeemed for travel, 0.8 cents each when redeemed for gift cards and 0.5 cents each when redeemed for cash back. That means 20,000 Capital One miles are worth $200 in travel or $100 in cash back. Travel Purchases: 1 cent per mile.

60,000 Capital One miles are worth an average of $420, depending on how you redeem them. Capital One miles are worth the most when redeemed for travel, but you can also redeem for a statement credit, a check or gift cards, among other options.

Earn 75,000 Bonus Miles With the Capital One Venture Card

Before we dig in, to unlock the 75,000 bonus miles, new cardholders will need to spend $4,000 on the card within the first 3 months of opening their account. By Upgraded Points' valuations, 75,000 bonus miles equate to a cash value of around $1,350.

Having too many open credit lines, even if you're not using them, can hurt your credit score by making you look more risky to lenders. Having multiple active accounts also makes it more challenging to control spending and keep track of payment due dates.

Key takeaways: There isn't a set number of credit cards you should have, but having less than five credit accounts total can make it more difficult for scoring models to issue you a score and make you less attractive to lenders.

Is it better to cancel a credit card or keep it? ›

Canceling a credit card can shorten the average age of all accounts, which can negatively affect your score. If your score has already dropped due to other negative items, such as late payments or large debt balances, it's probably best to keep the account open instead of closing it.

The card also offers up to a $100 reimbursement every four years for the application fee for NEXUS, Global Entry or TSA PreCheck, which can let you sail through customs or security lines on your next trip.

Yes, credit cards do check your income when you apply. Credit card issuers are required by law to consider your ability to repay debt prior to extending a new line of credit. So, listing your annual income is a requirement on every credit card application.

Q: How long does it take to get the Chase Sapphire Preferred Card? A: It typically takes seven to 10 business days for a new Chase Sapphire Preferred Card to arrive after you're approved. However, Chase may offer expedited one- to two-day delivery of your card upon request.

This is a relatively new Chase rule, but an important one: You cannot receive a Sapphire sign-up bonus if you've already received a bonus from either version (Preferred or Reserve) within previous 48 months. It's important to note it's 48 months or 4 years from the receipt of the statement with the bonus on it.

The Chase 5/24 rule is an unofficial policy that applies to Chase credit card applications. Simply put, if you've opened five or more new credit card accounts with any bank in the past 24 months, you will not likely be approved for a new Chase card.

Is a $10,000 credit limit good? Yes a $10,000 credit limit is good for a credit card. Most credit card offers have much lower minimum credit limits than that, since $10,000 credit limits are generally for people with excellent credit scores and high income.

Two Cards Per 30 Days

Chase generally limits credit card approvals to two Chase credit cards per rolling 30-day period. Data points conflict on this but a safe bet is to apply for no more than two personal Chase credit cards or one personal and one business Chase credit card every 30 days.

For a credit card application, you will need to report your gross income, which is your annual salary before taxes and other deductions. Your net income is the amount you get in your paycheck after those deductions.

In general, Chase credit cards aren't the easiest to get since most require a good or excellent credit score for approval (700 or more). Most of those requirements are pretty standard, although some credit card companies offer cards to people with lower scores.

What FICO score does Capital One use? ›

Capital One appears to pull from any of three major credit bureaus: Experian, Equifax and TransUnion. Though all evidence is limited to anecdotal data, Capital One does seem to rely on specific bureaus in some states, though this is not a guarantee.

You can get a Capital One Quicksilver credit limit of $10,000 if your credit score and overall creditworthiness are good enough. You will need at least good credit (a credit score of 700+). But the higher your credit score is, the better are your chances of getting a $10,000 credit limit.

As long as you meet the credit score requirement and a few other requirements, it's not hard to get a Capital One credit card. As with all credit cards, you'll need to have a steady income and be at least 18 years old. You'll also need to have an SSN.

Capital One also has a hard-and-fast rule when timing your applications. You're only able to get approved for one card every six months. This lumps personal and small-business cards together.

There is no general starting credit limit for Capital One credit cards. Your credit limit will be based on your creditworthiness once your application has been approved.

Automatic credit limit increase to $500 after making your first 5 monthly payments on time is for card holders that are on the capital one credit steps program.

Capital One Venture Credit Limit

Since the Capital One Venture is a Visa Signature card, your minimum credit limit will be $5,000. Well-qualified applicants mentioned their credit limit was as high as $30,000. Other applicants with credit scores between 700 and 750 were assigned limits of at least $10,000.

Cardholders in good standing (e.g. good credit score, consistent on-time payments) may also receive an automatic credit limit increase once or twice a year. If requesting an increase from Capital One, approval can happen immediately or could take up to 30 days to process.

Yes, it is good to have a Capital One credit card because these cards offer low or no annual fees, generous rewards, 0% APR deals, and no foreign transaction fees. Capital One credit cards are also available to all types of consumers, including students, business owners and people with bad or limited credit.

The bottom line: JPMorgan Chase is the largest bank in the country and offers a robust menu of services and products. It provides mortgages, auto loans and one of the broadest selections of credit cards in the industry. And its website experience can compete with that of online-only banks.

Does Capital One build credit faster? ›

Yes, Capital One cards help you build credit, as long as you use your card responsibly and pay your bill on time every month. Most Capital One credit cards are especially good for building credit as they are free to use, and your account information gets reported to the three major credit bureaus monthly.

As long as you meet the credit score requirement and a few other requirements, it's not hard to get a Capital One credit card. As with all credit cards, you'll need to have a steady income and be at least 18 years old. You'll also need to have an SSN.

Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.

Capital One Financial Corporation is an American bank holding company specializing in credit cards, auto loans, banking, and savings accounts, headquartered in McLean, Virginia with operations primarily in the United States.

Overall, if you're choosing between Chase and Bank of America, the better option for you will really depend on your personal banking needs and preferences. Both are big banks with thousands of branches and tens of thousands of ATMs. Chase offers a wider variety of accounts, though it is lacking in IRA options.

The Capital One Platinum Secured Credit Card is available to consumers who have a bank or credit union account and a Social Security number. This is the easiest credit card to own because it caters to consumers with limited or poor credit.

The most common scoring models produce credit scores that range from 300 to 850, the highest credit score possible. Within that range, there are smaller number ranges—representing everything from a poor score to an excellent one—that you can use to gauge where your credit scores stand.