Capital One VentureOne Rewards vs Rakuten American Express® Card
Side-by-side comparison
| Capital One VentureOne Rewards | Rakuten American Express® Card | |
|---|---|---|
| Annual fee | No annual fee | No annual fee |
| Welcome offer | 20,000 Miles | $100 Cash Back |
| Dining | 1.2x | 2x |
| Groceries | 1.2x | 2x |
| Gas | 1.2x | 1x |
| Travel | 1.2x | 1x |
| Streaming | 1.2x | 1x |
| Everything else | 1.2x | 1x |
| Est. yearly rewards* | $364 | $382 |
| Points type | Transfers to airlines & hotels | Transfers via Amex MR |
| Network | Visa | Amex |
*Estimated yearly rewards on typical household spending, every point valued at a flat 1 cent. Verified August 2026. See your own numbers in the calculator.
Welcome bonus and value over time
| Over time | Capital One VentureOne Rewards | Rakuten American Express® Card |
|---|---|---|
| Welcome bonus | 20,000 Miles | $100 Cash Back |
| To earn it | $500 in 3 months | $1,000 in 3 months |
| Est. first-year value* | $564 | $482 |
| Est. ongoing value / yr* | $364 | $382 |
This one splits by time horizon. In year one the Capital One VentureOne Rewards is ahead by roughly $82, thanks largely to its welcome offer. But the Rakuten American Express® Card earns more every year after, so if you keep it, it overtakes the Capital One VentureOne Rewards after about 6 years. Chasing the sign-up bonus and open to canceling before the second annual fee? Take the Capital One VentureOne Rewards. Planning to keep it for years? The Rakuten American Express® Card pulls ahead.
*First-year value counts the welcome bonus, estimated rewards, and annual credits, minus the annual fee; ongoing value is a typical year after. Every point at a flat 1 cent.
Perks, credits, and redemptions
| Perks | Capital One VentureOne Rewards | Rakuten American Express® Card |
|---|---|---|
| Lounge access | None | None |
| Annual credits | None | None |
| Points & redemptions | Transferable to airline & hotel partners | Transferable to airline & hotel partners |
The two are closely matched on perks and redemptions, so the welcome offer and everyday earning above are what should decide it.
Transfer partners and point value
Only the Capital One VentureOne Rewards earns transferable points. Its Capital One miles move to Air Canada, Avianca LifeMiles, Turkish, British Airways, and Emirates, where a point can be worth several cents on a premium-cabin redemption, far above its cash value. The Rakuten American Express® Card pays flat cash back, worth about a cent, so its ceiling is nearer a penny per point no matter how you redeem.
The verdict
On a typical year of household spending, the Capital One VentureOne Rewards earns about $364 a year in rewards and the Rakuten American Express® Card about $382, valuing every point at a flat 1 cent. The Capital One VentureOne Rewards has no annual fee, so its rewards are all profit. The Rakuten American Express® Card has no annual fee, so its rewards are all profit. Counting rewards and any credits, the Rakuten American Express® Card delivers more total value, about $17 a year more for a typical spender, mostly because it earns more where you spend most, on groceries and dining. Both earn transferable points rather than flat cash, so the deciding factor is whose transfer partners reach the airlines and hotels you would actually book. On the sign-up bonus, the Capital One VentureOne Rewards currently has the larger welcome offer. A welcome bonus is a one-time event, so weigh it apart from the ongoing rewards.
Pick the Capital One VentureOne Rewards if your spending leans toward gas, travel, streaming. Pick the Rakuten American Express® Card if your spending leans toward dining, groceries.