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Christine ran her own business developing and managing insurance and financial services. This stoked a passion for points and miles and she now has over 2 dozen credit cards and creates in-depth, deta...
Chris is a freelance writer and editor with a focus on timely travel trends, points and miles, hot new hotels, and all things that go (he’s a proud aviation geek and transit nerd). Formerly full time ...
Kellie’s professional experience has led her to a deep passion for compliance, data reporting, and process improvement. Kellie’s learned the ins and outs of the points and miles world and leads UP’s c...
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Having a rewarding credit card to pay for purchases made on a daily basis makes economic sense, especially if you’ll be getting a return on what you buy.
Today, we’ll be looking at 2 popular cards with simple earning structures with elevated flat-rate rewards on every purchase made.
The rewards earned on the Chase Freedom Unlimited® and the Capital One Venture Rewards Credit Card are also flexible rewards — with the Capital One Venture card getting the slight edge — that give you exciting options at redemption time.
Either card could serve well as an everyday spending card but one card might be a better fit, depending on spending preferences and whatever else is in your wallet.
Up next, we’ll walk through everything you’ll need to know to determine which may be the best overall card for your situation.
Freedom Unlimited Card vs. Capital One Venture Card — Overview
We’ll cover the features and benefits in more detail shortly, but first, let’s look at an overall comparison of the Freedom Unlimited card and Capital One Venture card side-by-side.
Here’s how the cards stack up when comparing their attributes.
INTRO OFFER: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
Earn 75,000 miles when you spend $4,000 on purchases in the first 3 months.
Earning Potential
5% cash-back on travel purchased via the Chase Ultimate Rewards portal
5% cash-back on Lyft rides through March 2025
3% cash-back on dining and at drugstores
1.5% cash-back on all other purchases
5x miles on car rentals and hotels booked via Capital One Travel
2x miles on all other purchases
Redemption Options
Redeem for travel via Chase Ultimate Rewards at a rate of 1 cent per point
Combine points with a premium Chase card* and redeem for travel via Chase Ultimate Rewards at a rate of up to 1.5 cents per point
Combine points to a premium Chase card* to then transfer to airline and hotel partners
Redeem for cash, a statement credit, gift cards, shopping with select retailers/service providers, Pay Yourself Back, charitable donations
Redeem for travel via Capital One Travel
Transfer miles to airline and hotel partners
Statement credits, gift cards, shopping with Amazon, checkout with PayPal
Travel Protection and Benefits
Car rental insurance
Baggage insurance
Travel and emergency assistance services
Car rental insurance
Lost luggage reimbursement
Roadside dispatch
Global Entry or TSA PreCheck fee reimbursement
2 complimentary visits per year to Capital One Lounges or Plaza Premium Lounges
No foreign transaction fees
Shopping Protections and Benefits
Purchase protection, extended warranty
DoorDash, Instacart+, and Gopuff benefits
Chase Offers
Shop through Chase
Purchase security
Warranty manager service
Capital One Offers
Annual Fees and Authorized Users
$0
Authorized Users: $0
$95
Authorized Users: $0
Additional Benefits
0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 20.24% - 28.99%
N/A
* Premium Chase cards include those with an annual fee, such as the Chase Sapphire Preferred® Card, Chase Sapphire Reserve®, and Ink Business Preferred® Credit Card
The Value of a Welcome Bonus Offer
Once you’re approved for either the Freedom Unlimited card or Capital One Venture card, you’ll have the opportunity for increased earnings via a generous welcome offer. These bonus offers give you the unique opportunity to earn cash-back or miles in an amount above and beyond the normal rewards-earning rate.
Welcome offers fluctuate, so you’ll want to review the most current offer before applying for any card. Here are the most current offers for our featured cards:
Bottom Line: Both the Freedom Unlimited card and Capital One Venture card come with welcome offers that allow the opportunity to earn additional rewards or miles worth hundreds of dollars once you’re approved for either card.
Earning Potential
Both the Freedom Unlimited card and Capital One Venture card make it easy to consistently earn rewards on purchases you make every day as well as on travel purchases. Both cards also offer an elevated flat earnings rate on every purchase.
Additionally, you’ll find bonus-earning categories on each card that earn a greater level of rewards. Here’s how the cards compare in the earnings category:
Earning Category
Freedom Unlimited Card
Capital One Venture Card
Travel
5% cash-back on travel purchased via the Chase Ultimate Rewards portal
5% cash-back on Lyft rides (through March 2025)
1.5% cash-back on all other travel
5x miles on car rentals and hotels booked via Capital One Travel
2x miles on all other purchases including travel
Dining and Drugstores
3% cash-back
2x miles
All Other Purchases
1.5% cash-back
2x miles
The Freedom Unlimited card offers 5% cash-back earnings on travel via its associated Chase Ultimate Rewards portal while the Capital One Venture card limits 5x miles earnings to just car rentals and hotels via Capital One Travel. You’ll earn 2x miles on flights purchased via Capital One Travel and all other travel regardless of where it is purchased.
If you spend a lot on dining and at drugstores, you’ll have better earnings with the Freedom Unlimited card. If you have elevated expenses in non-bonus categories, the Capital One Venture card has the edge with 2x miles versus 1.5% cash-back.
To help determine which card would work better for your spending mix, you can estimate your annual expenditures in each category and apply the earnings rate to those categories. We estimate the potential value of Chase Ultimate Rewards at 2 cents each and Capital One miles at 1.8 cents each (when utilizing airline and hotel transfer partners). An estimated expense calculation can help determine which card might earn the most rewards for your spending.
Keep in mind that while earnings levels are important, the value you actually receive for your rewards will depend on which redemption option you select.
Let’s continue and talk about the actual value at redemption time.
Bottom Line: Both the Freedom Unlimited card and Capital One Venture card have similar earning structures with elevated earnings on travel purchased via the cards’ travel portals. The Freedom Unlimited card offers 3% cash-back on dining and drugstore purchases and 1.5% on all other purchases, while the Capital One Venture card has 2x earnings on all other purchases.
Redemption Options
The Freedom Unlimited card and Capital One Venture card both earn rewards that offer flexible options at redemption time. Redemption options are as important as the value of the rewards you’ve earned.
Here’s a breakdown of your choices at redemption time for both of our featured cards — and an estimated value for each option:
Redemption Option
Freedom Unlimited Card
Capital One Venture Card
Travel
Redeem points for travel for 1 cent each via the Chase Ultimate Rewards portal
Redeem points for a statement credit at 1 cent each for previously purchased travel
Combine points with a premium Chase credit card and redeem for travel via Chase Ultimate Rewards at up to 1.5 cents each
Combine points with premium Chase credit cards then transfer to airline and hotel partners for potentially even greater value
Transfer miles to airline and hotel partners to redeem for award flights and free hotel nights
Redeem miles for travel via Capital One Travel for 1 cent each in value
Redeem miles for a statement credit at 1 cent each to offset previous travel purchases
Additional Redemption Options
Cash, transfer to bank account, shopping with select retailers, Pay Yourself Back, charitable donations
Statement credits, gift cards, shopping with Amazon, redeem via PayPal
Both the Freedom Unlimited card and Capital One Venture card allow you to redeem points for 1 cent each for travel via the cards’ associated travel portals. However, the best value for redeeming rewards may be realized by transferring rewards to airline or hotel partners — and then redeeming them for award flights or free hotel nights.
You can redeem Capital One miles for a statement credit to redeem against previous travel purchases (from the previous 90 days). Similarly, you can do the same with the Freedom Unlimited card. Both offer a point value of 1 cent each for this redemption.
The better card for you at redemption time will depend on your preferences (and whether you have a Chase premium card).
Bottom Line: The Capital One Venture card allows you to transfer miles earned on the card directly to airline and travel partners. The Freedom Unlimited card requires that you have a Chase premium card such as the Chase Sapphire Preferred card or the Chase Sapphire Reserve card in order to utilize transferring to airline and hotel partners.
Travel Protections and Benefits
Travel protections help provide coverage during your travels and can even save you money. Here are the travel protections and benefits you’ll find on both the Freedom Unlimited card and the Capital One Venture card:
Auto Rental Collision Damage Waiver or Auto Rental Insurance
For the Freedom Unlimited card, simply reserve and pay for your rental car with your card, decline the rental agency’s CDW/LDW coverage, and receive protection against damage and theft. The coverage is secondary within your country of residence and primary in most other countries. Secondary means that you must first file a claim with any other applicable insurance while primary coverage kicks in immediately without this requirement.
For the Capital One Venture card, use your card to rent an eligible vehicle and you may be covered for physical damage and theft of the vehicle.
Roadside Dispatch
For the Freedom Unlimited card, if you become stranded roadside, just 1 call and 1 pre-negotiated service fee can get you back on the road. Services can include limited towing, lockout service, changing of an inflated spare, emergency fuel delivery, jumpstart service, and standard winching.
For the Capital One Venture card, take advantage of 24-hour toll-free dispatch to help with services like towing, fuel delivery, and more at pre-negotiated rates. Just note that you are responsible for any and all costs incurred
Baggage Insurance or Lost Luggage Reimbursement
For the Freedom Unlimited card, pay for your ticket and baggage fees with your card and receive coverage for up to $3,000 if your checked or carry-on luggage is lost, damaged, or stolen.
For the Capital One Venture card, you may be eligible for reimbursement due to theft or misdirection
The Capital One Venture card has these additional travel protections and benefits:
Capital One Venture Card
Global Entry or TSA PreCheck Reimbursement — Pay for your application or renewal fee with your card and receive reimbursement as a statement credit.
No Foreign Transaction Fees — The Capital One Venture card can accompany you during your travels as it does not charge foreign transaction fees.
Shopping Protections and Benefits
Shopping protections and benefits can provide coverage if something goes wrong with an eligible purchase, save you money when making a purchase, or provide added convenience.
Here are the shopping protections you’ll find on both the Freedom Unlimited card and the Capital One Venture card.
Purchase Protection or Purchase Security
For the Freedom Unlimited card, if an eligible item you purchase with your card is damaged or stolen, you could receive reimbursement or replacement/repair of the item. Coverage is valid for 120 days from the date of purchase with coverage of up to $500 per item. Maximums and restrictions apply.
For the Capital One Venture card, eligible purchases are replaced, repaired, or reimbursed for the first 90 days.
Extended Warranty or Warranty Manager Service
For the Freedom Unlimited card, you’ll receive an extra year of coverage for eligible items purchased with your card that have U.S. manufacturer’s warranties of 3 years or less.
For the Capital One Venture card, this benefit provides you with valuable features to help manage, use, and even extend warranties of items purchased with your card
Here are the additional shopping protections and benefits you’ll find on each individual card:
Freedom Unlimited Card
Introductory APR — 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 20.24% - 28.99%
DoorDash DashPass— Receive a 3-month complimentary membership plus 9 additional months at a 50% discount.
Instacart+ Benefits — Activate the offer by July 31, 2024, and receive a free 3-month membership plus a $10 statement credit each quarter.
Gopuff Benefits— Receive a $10 monthly Gopuff credit through December 31, 2023.
Chase Offers — Log in to your online Chase card account and add bonus offers from retailers/service providers to your card to earn additional cash-back.
Shop through Chase — Log in to the Ultimate Rewards dashboard and earn additional cash-back rewards when you make your online purchase from a list of select merchants.
Capital One Venture Card
Capital One Offers — Log in to your online Capital One card account, shop online with an advertised merchant, and earn a statement credit for your purchase.
Annual Fees and Authorized Users
While the Freedom Unlimited card is easy on the wallet with a $0 annual fee, the Capital One Venture card charges an annual fee of $95.
There is no charge to add authorized users to either card.
Everything Else You Need To Know
Qualification
It is recommended to have a good to excellent credit score to qualify for either the Freedom Unlimited card or the Capital One Venture card. According to Experian, one of the nation’s 3 major credit bureaus, a good score is considered 670 to 739, a very good score is 740 to 799, and an excellent score is 800, or above.
The Freedom Unlimited card and Capital One Venture card, depending on creditworthiness determined by the issuer, can be issued as a Visa Signature card or a Visa Platinum card. The level of benefits will differ if issued as a Visa Platinum card.
Note that the Freedom Unlimited card charges a 3% foreign transaction fee on the total amount of every foreign purchase. The Capital One Venture card does not charge a foreign transaction fee.
Disclaimer
Our article does not include all of the features and benefits available with each card, just key ones for comparison purposes. We’ve also abbreviated descriptions and not included all terms and conditions. Additionally, offers and benefits do change, so be sure to review any current card information before applying and access each card’s Guide to Benefits for additional details.
Final Thoughts
The Freedom Unlimited card and Capital One Venture card are both excellent choices for an everyday spending card. The better card for you will depend on if you have, or will have in the near future, a premium Chase card and whether you’re comfortable paying an annual fee.
Since the Capital One Venture card charges a $95 annual fee, you’ll need to receive at least that amount in extra value over the Freedom Unlimited card. The generous welcome offer on the Capital One Venture card could add enough value in the first year of card membership.
If you have a large number of expenses that do not fall into bonus categories, the Capital One Venture card, even with the annual fee, could be a better choice as it offers 25% more earnings on those purchases (2x miles vs. 1.5% cash-back).
The Freedom Unlimited card earns rewards that are easily redeemed for cash-back. The Capital One Venture card offers statement credits for travel purchases (from the previous 90 days) but the cash redemption option yields just 0.5 cents per point. And, while not the best redemption value for points earned on the Freedom Unlimited card, if cash-back is important to you, the card is a much better choice with 1 cent in value for each point redeemed for cash-back.
You can’t go wrong with either card if selecting a product that best rewards your spending mix, has redemption options that reflect your preferences, has an annual fee you’re comfortable with (or no annual fee), and comes with additional benefits you can use.
For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
The information regarding the Chase Freedom Unlimited® was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
Featured Image Credit: Faces of Travel via Adobe Stock
Frequently Asked Questions
Both cards offer elevated earnings on travel and elevated earnings on everyday purchases. The Freedom Unlimited card does not charge an annual fee, while the Capital One Venture card charges $95.
The Capital One Venture card does not charge foreign transaction fees while the Freedom Unlimited card does. Meanwhile. the Freedom Unlimited card is better for cash-back redemptions while the Capital One Venture card allows rewards transfers directly to airline/hotel partners.
Both cards offer a generous welcome bonus but the Capital One Venture card is normally higher.
The better card for you will be the one that rewards your spending mix, matches your tolerance for an annual fee, has redemption options you prefer, and has additional benefits you can actually utilize.
Yes, it is possible to redeem Capital One miles for cash but it is not good value. You will receive just 0.5 cents per mile for a cash redemption.
Redeeming miles for statement credits for previously-purchased travel (within 90 days) results in a value of 1 cent each, and transfers to travel partners can offer much greater potential value.
Yes, but there’s a catch. While you cannot transfer points earned on the Freedom Unlimited card to airline or hotel partners directly, you can do so if you hold a premium Chase Ultimate-Rewards earning card, such as the Chase Sapphire Preferred card, Chase Sapphire Reserve card, or Ink Business Preferred card.
Combine points earned on the Freedom Unlimited card with points from any of these cards, then transfer to airline and hotel partners.
Yes, the Capital One Venture card charges an annual fee of $95.
It’s recommended to have a good to excellent credit score, which is generally considered 670 to above 800, before applying for the Freedom Unlimited card. You will also need sufficient income to make minimum monthly card payments.
Christine ran her own business developing and managing insurance and financial services. This stoked a passion for points and miles and she now has over 2 dozen credit cards and creates in-depth, detailed content for UP.
Disclaimer: Any comments listed below are not from the bank advertiser, nor have they been reviewed or approved by them. No responsibility will be taken by the bank advertiser for these comments.
2 comments
AK
April 25, 2023
Isn’t that a wrong comparison of the two products ? A fair comparison is Chase Sapphire Preferred vs C1 Venture (both have AF of $95) or Chase Freedom Unlimited vs C1 Quick Silver (both which are free) and have 1.5% earnings.
2 comments
AK
April 25, 2023
Isn’t that a wrong comparison of the two products ? A fair comparison is Chase Sapphire Preferred vs C1 Venture (both have AF of $95) or Chase Freedom Unlimited vs C1 Quick Silver (both which are free) and have 1.5% earnings.
Chris Hassan
April 25, 2023
We like to compare many different cards, including the ones you mentioned. You can find that first comparison you mentioned here: /credit-cards/capital-one-venture-x-card-vs-chase-sapphire-preferred-card/
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