Yet another bank is giving benefits to military cardholders under the auspices of the Servicemembers Civil Relief Act (SCRA). First I reported about how to get your American Express annual fees waived, and then I wrote about how to get your Chase annual fees waived, both under the benefits provided by the SCRA. Now I’ve found and gotten evidence for another bank that issues reward credit cards, that will waive your annual fee, this time Capital One.
Capital One offers several fixed value travel rewards cards, although not as many as the other banks, and none that I would recommend, although there is a recent interesting offer that piqued my interest. The Capital One Venture card normally offers a 20,000 point sign-up bonus, and gets 2 points/dollar spent on all purchases. All those points can be applied, at a rate of 1 point/cent, towards travel purchases, in the form of a statement credit. It can be used for any form of travel, be it flights, cruises, hotels, taxis, etc. In essence you’re getting 2% of your purchases towards travel purchases; as far as I know, the only better value from a fixed-value credit card is the Barclaycard Arrival, which offers 2.2% at a fixed value towards travel purchases. The $59 annual fee is waived the first year, or as long as we’re active duty for military members. There was just recently a Capital One Venture card out there with a 50,000 point sign-up bonus, (the link is right here), but that deal seems to be dead, I think it was out there only about a week. A year or two ago, there was a 100,000 sign-up bonus, so keep your eyes open for good deals.
Other than the Venture, I haven’t read about many enticing cards from Capital One. One of the nice things about them is that they all have waived foreign transaction fees, which is especially nice for military members. If any of you have better insight into Capital One cards, I’d love to hear them!
To get SCRA benefits, either send a secure message to them (like I did) asking for benefits under the SCRA, or call 1-855-227-1645 (1-855-CAP1-MIL). In a couple weeks you’ll receive a letter similar to the one below: