Capital One Venture X vs. Chase Sapphire Reserve: Which premium card comes out on top?
For years, the unquestionable leaders of the premium card market were The Platinum Card® from American Express and the Chase Sapphire Reserve.
That all changed when Capital One shook up the industry with its debut of the Capital One Venture X Rewards Credit Card in late 2021 — undercutting both of its rivals by offering competitive perks at a lower $395 annual fee (see rates and fees).
Perhaps you're one of the many Sapphire Reserve cardmembers who has considered switching to the Venture X. Or maybe you're on the hunt for your first premium travel rewards card.
Today, we'll break down the card benefits and drawbacks below to help you decide whether the Capital One Venture X or the Chase Sapphire Reserve is better for you.
Capital One Venture X vs. Chase Sapphire Reserve comparison
| Feature | Capital One Venture X | Chase Sapphire Reserve |
|---|---|---|
| Annual fee | $395 (see rates and fees) | $550 |
| Welcome bonus | Earn 75,000 bonus miles after you spend $4,000 in the first three months of account opening | Earn 60,000 bonus points after you spend $4,000 in the first three months of account opening |
| Earning rate |
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| Statement credits |
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| Other card benefits |
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*Upon enrollment, accessible through the Capital One website or mobile app, eligible cardholders will remain at upgraded status level through December 31, 2024. Please note, enrolling through the normal Hertz Gold Plus Rewards enrollment process (e.g., at Hertz.com) will not automatically detect a cardholder as being eligible for the program, and cardholders will not be automatically upgraded to the applicable status tier. Additional terms apply.
Capital One Venture X vs. Chase Sapphire Reserve welcome offer
The Venture X offers a lucrative welcome bonus of 75,000 bonus miles after you spend $4,000 in the first three months of account opening.
Meanwhile, the Sapphire Reserve offers 60,000 bonus points after you spend $4,000 in the first three months of account opening.
TPG values Chase Ultimate Rewards points slightly higher than Capital One miles due to its superior transfer partners — we estimate that Ultimate Rewards points are worth 2.05 cents apiece. In comparison, Capital One miles are worth 1.85 cents apiece.
According to these valuations, the Capital One Venture X's welcome bonus of 75,000 miles is worth about $1,388, while the Sapphire Reserve's bonus of 60,000 points is worth $1,230.
Winner: Capital One Venture X. The higher-valued welcome bonus gives this card an edge.
Capital One Venture X vs. Chase Sapphire reserve benefits
Let's talk about what makes these cards truly premium.
For starters, there's a $300 annual credit on both cards. However, the Venture X's credit is less flexible since you'll have to book all travel on the Capital One travel portal in order to receive reimbursement. Meanwhile, the Sapphire Reserve will automatically reimburse for any purchases under the "travel" umbrella up to the $300 limit — and they don't have to be booked directly with Chase. I have had tolls, parking meters, and subways in other countries reimbursed as part of Chase's $300 travel credit.
Both cards offer Priority Pass membership for the cardholder and up to two guests. However, the Sapphire's access includes Priority Pass restaurants and spas, whereas you're limited to just lounges with the Venture X.
Both issuers are also getting into the lounge game themselves. Capital One Lounges are currently open at Dallas Fort Worth International Airport (DFW), Dulles International Airport (IAD), and Denver International Airport (DEN). The Venture X includes access for the primary cardholder as well as a number of authorized users.
Chase also has its own growing network of airport lounges, with locations currently open in Boston Logan International Airport (BOS) and Hong Kong International Airport (HKG), as well as a terrace in Austin-Bergstrom International Airport (AUS).
Both cards also come with ancillary benefits that won't necessarily move the needle for prospective applicants. Still, these perks are all worth taking advantage of if you decide to apply for either card. For the Sapphire Reserve, these include a complimentary 2-year Lyft Pink All Access membership (activate by Dec 31, 2024) and one year of complimentary Instacart+ (through Dec. 31, 2024) with a statement credit of up to $15 each month through July 2024.
With the Venture X, you'll get a 10,000-mile anniversary bonus each year of card membership renewal.
Additionally, both cards are Visa Infinite cards and provide high-level travel and purchase protections.
Winner: Tie. While the Chase Sapphire Reserve's $300 travel credit is much more flexible and offers two domestic Chase lounges, the Capital One Venture X comes with 10,000 bonus anniversary miles and access to three Capital One lounges within the U.S.
Earning rewards with the Capital One Venture X vs. Chase Sapphire reserve
The Venture X offers 10 miles per dollar on hotels and car rentals and five miles per dollar on flights booked through Capital One Travel. Meanwhile, the Sapphire Reserve earns 10 points per dollar on hotels and car rentals and five points per dollar on flights booked through the Chase Ultimate Rewards portal.
According to our valuations, the Venture X offers an 18.5% return on hotels and rental cars booked through Capital One's portal, whereas the Sapphire Reserve offers a return of around 20% on hotels and car rentals booked through Chase's portal.
While the Venture X offers simplicity, with 2 miles per dollar on all other purchases, the Sapphire Reserve offers higher returns by offering 3 points per dollar on all other travel (booked outside of Ultimate Rewards) and dining purchases.
Frequent travelers will likely earn more with the Sapphire Reserve's bonus categories than they will with the Venture X's flat-rate earning structure.
Winner: Chase Sapphire Reserve. It offers bonus categories beyond travel portal bookings.
Redeeming rewards with the Capital One Venture X vs. Chase Sapphire Reserve
The most valuable redemption option with the Venture X and Sapphire Reserve is to transfer points to travel partners, but that's not the only way to use your rewards on either card.
Capital One miles and Chase Ultimate Rewards can both be used for flat-rate redemptions on each respective issuer's travel portal.
With the Sapphire Reserve, your points are worth 50% more toward any travel booked through the Ultimate Rewards portal, making your points worth 1.5 cents apiece. While this isn't as rewarding as transferring your points to Chase's transfer partners, this redemption option is useful if you have trouble finding award space.
Meanwhile, the Venture X offers fixed-rate travel redemptions at just 1 cent per mile — and while this can be applied to any travel purchase you charge to the card, it's still notably lower.
Both the Venture X and Sapphire Reserve also offer less lucrative redemption options, such as gift cards and cash back.
Winner: Chase Sapphire Reserve. The fixed-value redemption option is 50% more lucrative.
Transferring rewards with the Capital One Venture X vs. Chase Sapphire Reserve
Transferring rewards to airline partners is the best way to maximize those hard-earned points and miles. Both airlines offer an impressive list of transfer partners that make redeeming rewards a no-brainer. With the Sapphire Reserve, you can transfer your Ultimate Rewards points at a simple 1:1 ratio. On the other hand, the Capital One miles program has partners that transfer at a 1:1 ratio for the most part, but there are a few exceptions that transfer at a less favorable ratio.
Chase offers 14 airline and hotel transfer partners, which include Air Canada Aeroplan, Air France-KLM Flying Blue and United MileagePlus, to name a few. Meanwhile, Capital One has 15-plus transfer partners, and some notable names include Turkish Airlines Miles&Smiles, Avianca LifeMiles, and Etihad Guest.
As a Sapphire Reserve cardholder, I have consistently transferred my points to transfer partners to redeem them for maximum value. I recently transferred points to Aeroplan to book a business-class flight for 70,000 miles on Lufthansa to fly home from Munich to Los Angeles.
Winner: Tie. Despite Capital One having more transfer partners, not all transfers occur at a 1:1 ratio.
Should I get the Capital One Venture X or Chase Sapphire Reserve?
If you value broader earning potential and a flexible travel credit, the Sapphire Reserve is a good choice. On the other hand, if you prefer paying a lower annual fee, and live in one of the cities whose airport has a Capital One Lounge, the Venture X (see rates and fees) is perfect.
Bottom line
Both the Venture X and the Sapphire Reserve have their own strengths and weaknesses, so it's impossible to generalize which card comes out on top. However, for a much more manageable annual fee, the Venture X is a fantastic offering — if you don't mind using the travel portal to unlock many of the benefits on the card. For those who prefer to book directly with travel providers, the Sapphire Reserve is likely the better option for you — but at the cost of a higher $550 annual fee.
For more details, check out our full reviews of the Capital One Venture X and the Chase Sapphire Reserve.
Apply here: Capital One Venture X Rewards Credit Card
Apply here: Chase Sapphire Reserve
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.