The Chase Sapphire Preferred Card and the Capital One Venture Credit Card both have made a few waves in the ocean of rewards credit cards recently. Both earn flexible points, have comparable annual fees and charge no foreign transaction fees.

However, are these two cards really that similar? Let’s go over their differences and similarities to help you decide which choice suits your needs best.

Chase Sapphire Preferred CardCapital One Venture Credit Card
Welcome bonus: 80,000 points after spending $4,000 in 3 monthsWelcome bonus: 50,000 miles after spending $3,000 in 3 months / 100,000 miles after spending $20,000 in 12 months
2X per dollar spent on travel and dining
5X per dollar spent on Lyft rides (through March 31, 2022)
1X per dollar spent in all other categories
2X per dollar spent on every purchase
5X per dollar spent on hotels and car rentals made through Capital One Travel
5X per dollar spent on Uber Eats (through Jan. 31, 2021)
13 transfer partners15 transfer partners
Points are worth 1.25 cents when redeemed via travel portalPoints are worth 1 cent when redeemed via travel portal
Complimentary DoorDash DashPass membership for 1 year (activate by Dec. 31, 2021)TSA Precheck/Global Entry enrollment fee reimbursement
Primary car rental insuranceSecondary rental car insurance (primary for car rentals made in a foreign country)
No foreign transaction feesNo foreign transaction fees
Annual fee: $95Annual fee: $95

Welcome Bonus

Chase Sapphire Preferred Card

The Chase Sapphire Preferred credit card is offering 80,000 points to new cardholders who sign up for the card and spend $4,000 in the first three months. The welcome bonus is worth $1,000 when redeemed for travel through the travel portal.

Capital One Venture Credit Card

The welcome bonus on the Capital One Venture Card is tiered. You’ll earn 50,000 miles after spending $3,000 on the card in the first three months. If you continue using the card and spend $20,000 within 12 months, you’ll earn 100,000 miles worth $1,000 when redeemed for travel.

Bonus Categories

Chase Sapphire Preferred Card

With the Chase Sapphire Preferred card, you’ll earn 2X Ultimate Rewards points per dollar spent on travel and dining. You’ll also earn 5X points on Lyft rides taken through March 31, 2022. All other purchases earn 1X point per dollar.

Capital One Venture Credit Card

The Capital One Venture Card is taking a simpler approach to earning rewards. You’ll earn 2X Venture miles on every single purchase you make, no matter the category. You’ll also earn a couple of bonuses: 5X miles per dollar spent on Uber Eats (through Jan. 31, 2021) and 5X per dollar spent on hotel rooms and rental cars booked via Capital One Travel portal.

Rewards’ Value

Chase Sapphire Preferred Card

Rewards earned with the Chase Sapphire Preferred credit card are worth 1.25 cents when redeemed through the Ultimate Rewards Travel Portal. These points can be redeemed in any amount toward anything found in the Expedia-powered portal, such as airfare, hotel rooms, cruises, rental cars and activities.

Ultimate Rewards also can be redeemed for statement credit toward any purchase after the fact at a rate of 1 cent apiece.

Capital One Venture Credit Card

Venture Miles earned with the Capital One Venture Card can be used as a Purchase Eraser toward any travel purchase made in the last 90 days directly with a travel provider, be it an airline, a hotel chain or a cruise line. You can even use points toward vacation rentals booked on Airbnb or VRBO, which isn’t an option for Chase cards.

There’s no minimum redemption amount, unless you redeem for partial credit. In this case, a minimum of 2,500 miles must be used.

You can also book new travel through the Capital One Travel portal the same way you’d use the Chase Travel Portal. In both cases, miles are worth 1 cent apiece.

If you’re looking to redeem rewards for cash back or a statement credit, the value of your miles drops to 0.5 cent each. We don’t advise redeeming Venture miles this way.

Transfer Partners

Besides redemptions made in respective travel portals, rewards earned with both credit cards can be transferred to select airline and hotel loyalty programs. Transferring your points is a good way to increase their value.

Chase Sapphire Preferred Card

Ultimate Rewards points earned with the Chase Sapphire Preferred credit card can be transferred to 13 partners consisting of 10 airlines and three hotel chains. Points must be transferred in increments of 1,000.

Airlines

Transfer Ratio

Aer Lingus AerClub

1,000:1,000

Air France/KLM Flying Blue

1,000:1,000

British Airways Executive Club

1,000:1,000

Emirates Skywards

1,000:1,000

Iberia Plus

1,000:1,000

JetBlue TrueBlue

1,000:1,000

Singapore Airlines KrisFlyer

1,000:1,000

Southwest Airlines Rapid Rewards

1,000:1,000

United MileagePlus

1,000:1,000

Hotels

Transfer Ratio

IHG Rewards Club

1,000:1,000

Marriott Bonvoy

1,000:1,000

World of Hyatt

1,000:1,000

Say what you will, but Chase has a solid list of transfer partners with Southwest Airlines, United Airlines and World of Hyatt being the most valuable. It’s easy to extract value beyond 1.25 cents per point by booking expensive flights (think premium cabins) or five-star properties. All points transfer 1:1 and post instantly.

Capital One Venture Credit Card

Venture Miles earned with the Capital One Venture Credit Card can be transferred to 15 partners, including 13 airlines and two hotel chains. You must transfer at least 1,000 miles with the option to add increments of 100 miles afterward.

Airlines

Transfer Ratio

Aeroméxico Club Premier

2:1.5

Air Canada Aeroplan

2:1.5

Air France/KLM Flying Blue

2:1.5

Alitalia MilleMiglia

2:1.5

Avianca LifeMiles

2:1.5

Cathay Pacific Asia Miles

2:1.5

Emirates Skywards

2:1

Etihad Guest

2:1.5

EVA Infinity MileageLands

2:1.5

Finnair Plus

2:1.5

JetBlue TrueBlue

2:1.5

Qantas Frequent Flyer

2:1.5

Singapore Airlines KrisFlyer

2:1

Hotels

Transfer Ratio

ALL Accor Live Limitless

2:1

Wyndham Rewards

2:1.5

Although Capital One partners with more programs, not all are as familiar to a U.S.-based traveler, not to mention the transfer rates aren’t the best. You will have to put in a bit of work to find the best redemptions, but it can be done. Just make sure to compare portal costs to mileage costs. A couple of programs worth taking a look at are Air France/KLM Flying Blue and Avianca LifeMiles.

Other Card Benefits

Chase Sapphire Preferred Card

DoorDash DashPass Membership

The Chase Sapphire Preferred card comes with complimentary one-year DoorDash DashPass membership for members. The DashPass perk waives delivery fees on orders of at least $12 and reduces service fees.

The membership normally costs $9.99 per month, but it’s free with the Chase Sapphire Preferred credit card. Just activate the benefit by Dec. 31, 2021, link your card and enjoy free food deliveries.

Auto Rental Collision Damage Waiver

The Sapphire Preferred card includes primary auto rental collision damage waiver protection. Make sure to decline the rental car company’s insurance at pick-up, and Chase will cover damage or theft costs in the event of a collision or carjacking. Rental periods of up to 31 days are covered.

Capital One Venture Credit Card

TSA Precheck / Global Entry Enrollment Fee Reimbursement

Use your Venture card to pay for enrolling in either TSA Precheck ($85) or Global Entry ($100) and receive a statement credit back on your card once every four years. Many credit cards on the market offer this benefit. If you’re already enrolled in one of the trusted traveler programs, feel free to pay someone else’s enrollment fee.

Auto Rental Collision Damage Waiver

Primary cardmembers are eligible for the collision damage waiver insurance and are covered for damage or theft of a rented vehicle. Rental periods of up to 15 days domestically and up to 31 days internationally are covered.

If you don’t already have car insurance, the benefit offers primary coverage. If you pay a car insurance premium, then the card benefit only covers your deductible, and the rest will go on your personal insurance. International car rentals qualify for primary coverage.

Which Card Is Right for You?

Before the Capital One Venture Credit card added transfer partners, the Chase Sapphire Preferred credit card was a clear winner. However, now that partner programs are in play and the Purchase Eraser is still an option, the Venture card is a contender.

Although the earning rate of double points on all purchases with the Venture card seems better at first glance than double points on some purchases with the Sapphire card, don’t let it fool you.

Chase has more useful transfer partners, and transfer rates are 1:1. Venture’s transfer rates are reduced, and you end up losing out on the conversion. If the goal is to fly in business class and stay at luxury hotels, you’re better off transferring Ultimate Rewards points to a Chase partner and booking a mileage flight or an award stay.

However, Purchase Eraser available to the Capital One Venture Card members can come in handy when you’re looking to wipe out travel purchases that can’t be booked with points, such as Airbnb stays or train tickets.

The way we see it, both cards earn rewards fit for specific situations, so holding these two cards at the same time wouldn’t be strange.

Final Thoughts

Because both credit cards are strong in their own realm, they both have a place in your wallet. To avoid being a victim of the Chase 5/24 rule, make sure to sign up for the Chase Sapphire Preferred first. If you can only get one, take a look at your redemption preferences and let the value drive your choice. In the end, you can’t go wrong with either option.