Capital One Venture Card vs. Bank of America Premium Rewards Card

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Image of two credit cards depicting the Capital One Venture card vs. Bank of America Premium Rewards card.

Capital One Venture Card vs. Bank of America Premium Rewards Card

It’s no secret that the Capital One Venture card and the Bank of America Premium Rewards card are two of the best credit cards out there today. Whether you’re looking at travel cards specifically or rewards cards in general, they’re top options in both cases!

Of course, this raises the question, “how do you choose between two great credit cards?”

The Capital One Venture card and the Bank of America Premium Rewards card are quite similar in many ways. In fact, at first glance, it can be somewhat hard to tell exactly what sets them apart.

So, that’s where we here at Credit Liftoff come in.

In this comparative review, we’ll be helping you to figure out which of these cards is a better choice in your unique situation.

Now, without further ado, let’s get started!

The Similarities

Perhaps the most striking similarity between these two cards are their literally, exactly the same sign-up bonuses!

With either card, you’ll receive a one-time bonus of 50,000 miles (or “points”) after spending $3,000 within the first three months. That’s certainly a fair bit of spending, but it’s also a very valuable bonus.

Another clear similarity is the cards’ annual fees. Both are $95, although the Venture card waives this fee for the first year.

Neither the Venture Card nor the Premium Rewards card charges any foreign transaction fee.

Finally, both cards offer generous credit card travel insurance policies. You can learn more about what the Venture card offers in terms of travel insurance at the previous link, or discover more about the Bank of America Premium Rewards card here.

The Differences

Travel rewards are the key factor when analyzing the question of Capital One Venture card vs. Bank of America Premium Rewards card.

Though both the Capital One Venture card and the Bank of America Premium Rewards card offer generous rewards systems geared toward travel, this is also where the cards are most substantially different.

To begin, the Venture card offers two miles for every dollar spent, regardless of what the money’s spent on. Meanwhile, the Premium Rewards card offers two points on all travel and dining purchases, but just 1.5 points on purchases in other categories.

The Venture card, it’s also worth noting, is currently offering a generous ten miles per dollar spent at hotels.com.

Another key difference between these two cards comes into play when it’s time to actually use those rewards points.

Whereas the Premium Rewards card doesn’t distinguish between cash back and travel rewards, the Venture card cuts redemption value in half if you choose cash back instead of using miles on travel.

Finally, the last difference worth mentioning here is that the Premium Rewards card features additional benefits for Bank of America Preferred Rewards members. It’s possible for these cardholders to earn up to 75 percent more rewards points; you can click here to learn more about how it works.

Capital One Venture Card vs. Bank of America Premium Rewards Card: Final Thoughts

So, ultimately, which of these cards is the better deal?

Generally speaking, the Venture card offers better rewards rates, but these will get cut in half if you don’t use them on travel. Meanwhile, the Premium Rewards card features slightly lower rates but treats cash back and travel rewards in the same way.

Therefore, the Venture card is better for frequent travelers and the Premium Rewards card is better for those who want more flexibility.

That being said, these are both great cards at the end of the day. Whichever you choose, you’ve made a fine decision!

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