Chase Freedom Unlimited vs. Capital One Venture Rewards Credit Card [Detailed Comparison]

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.

* 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.

The Freedom Unlimited card earns rewards initially as Ultimate Rewards points and the Capital One Venture card earns Capital One miles.

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:

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:

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.

The Capital One Venture card offers the option to do a transfer directly to Capital One’s transfer partners, while the Freedom Unlimited card requires you to have a more premium Chase card in order to facilitate the transfer to one of Chase’s transfer partners. Premium Chase cards include those with an annual fee, such as the Chase Sapphire Preferred card, Chase Sapphire Reserve card, and Ink Business Preferred card.

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.
• Lounge Access— Enjoy 2 visits each year to Capital One Lounges or Plaza Premium Lounges worldwide.
• 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.

Additionally, you’ll want to learn about Chase’s 5/24 rule, Freedom Unlimited card requirements, and Capital One Venture card requirements before applying for either card.

Foreign Transaction Fees

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.