You can earn a bonus worth $750 in travel with Capital One Venture. Here’s what you need to know

Summer is upon us. As you’re looking forward to your vacation, it might be a good time to start earning rewards to fund your next one.

The Capital One Venture Rewards Credit Card can help with that. For a limited time, it offers an introductory bonus worth $750 in travel. For a mid-tier travel credit card charging $95 in annual fees, that’s pretty generous. Plus, the card provides solid long-term value too, thanks to its statement credit perks and double rewards on all purchases.

The issuer currently doesn’t provide an end date for this offer. If you’re interested in travel rewards, it might be wise to hurry — or not, depending on whether the Venture is a good card for you to begin with. Here’s how to determine that, as well as everything else you need to know about the new bonus offer.

What you need to know about the Capital One Venture bonus offer

With the current offer, the Capital One Venture Rewards Credit Card gives you 75,000 miles ($750 when redeemed for travel) once you spend $4,000 on purchases within the first three months of account opening.  That’s a total of $750 worth of travel in first-year value.

To earn the bonus 75,000 miles, you’ll need to spend about $1,333 monthly in the first three months. That may seem like a hefty spend requirement, but it’s in line with intro bonuses on other similar cards. For instance, the Chase Sapphire Preferred® Card also charges a $95 annual fee and offers 60,000 bonus points after you spend $4,000 on purchases in the first three months with the card. The bonus is worth $750 when you redeem it through Chase Travel℠.

This will give you a taste of what luxury credit cards typically provide. For example, the Capital One Venture X Rewards Credit Card offers an annual $300 Capital One Travel credit, but it also charges an annual fee of $395.

Should you take advantage of the bonus offer?

The Capital One Venture is Bankrate’s best travel card for flat-rate rewards. It earns 5X miles on hotels, vacation rentals and rental cars booked through Capital One Travel and and 2X miles on all other purchases. You can use your rewards to book travel through the issuer’s portal, cover recent travel purchases or transfer miles to Capital One’s travel partners (potentially at a higher value).

Cardholders also receive up to a $120 credit for Global Entry or TSA PreCheck, two government programs allowing for faster airport security screening. Another perk is a $50 experience credit when you book a hotel through Capital One’s Lifestyle Collection.

For $95 per year, this is a solid offer. And the $750 in value you can get with the current bonus offsets the annual fee 7 times over. You could say the card pays for itself for a whole decade.

Still, you want to make sure the Capital One Venture is the right choice for you before you submit your card application. For instance, the card may be worth it if:

• You’re an occasional traveler. If you don’t travel enough to justify a triple-digit annual fee, the Capital One Venture can be a great alternative to more premium travel cards.
• You prefer simplicity. All your purchases will earn at least 2X miles per dollar. You’ll get the same 1-cent-per-point value whether you book travel through the issuer’s portal or a third-party site. For those who value simple and flexible travel rewards, it doesn’t get better than that.
• You maximize rewards. If you’re all about getting the most out of your credit cards but have no flat-rate rewards card yet, the Capital One Venture can take that spot. This way, you’ll always earn more than 1 cent per dollar on your purchases.

On the other hand, you might want to skip the shiny new offer if:

• The spend requirement would be too challenging for your budget. Avoid spending just for the sake of earning rewards. The right offer for you shouldn’t impact your spending habits.
• You want to redeem rewards outside of travel. While Capital One gives you such redemption options, your miles might lose a lot of their value. For example, redeeming for cash back only gets you 0.5 cents per mile.
• You prefer to transfer credit card rewards. Capital One has transfer partners, but you might get a better deal with a different issuer. According to Bankrate valuations, American Express Membership Rewards and Ultimate Chase Rewards points have an estimated value of 2 cents per point. To compare, we value Capital One miles at 1.7 cents per mile.

The bottom line

If the Capital One Venture looks like a good fit for you, now might be the perfect time to apply. The intro offer is generous, and you get a portion of it just for being a cardholder. Make sure to learn more about the card’s benefits before you send your application — it’s always best to make a fully informed decision.