The no-annual-fee Capital One VentureOne Rewards Credit Card is a terrific option for thrifty travelers who shy away from annual-fee credit cards. The card offers a hearty welcome bonus and a simple rewards structure for ongoing spending, plus the miles you earn are easy to redeem. This means you don’t have to invest time learning about complicated award charts or face restrictions when you want to use your rewards to save on travel.

This card differs from the Capital One Venture Rewards Credit Card, which does have an annual fee and offers a higher rewards rate on purchases. Their similar names can be confusing.

Here are ways to make the most of being a Capital One VentureOne Rewards Credit Card customer.

Ways to maximize the Capital One VentureOne Rewards Credit Card

Earn the sign-up bonus

Despite having no annual fee, the card still has a valuable welcome bonus with a relatively low minimum spending requirement: Earn a bonus of 20,000 miles once you spend $500 on purchases within 3 months from account opening, equal to $200 in travel.

Earn bonus miles on every purchase

You’ll earn 1.25 miles per dollar on every purchase with no limit. Also, if you regularly use multiple credit cards to maximize the rewards you earn on each purchase, this card can come in handy when your alternate card only earns 1 mile per dollar on a purchase.

In addition, you'll earn 5 miles per dollar on hotels and car rentals booked through Capital One Travel.

Understand redemption options and airline transfer partners

You’ll get the most value for your Capital One miles by using them for travel via one of the following options.

Use miles for statement credit against travel purchases

Simply pay for travel with your card, then redeem miles for statement credit for some or all of the cost within 90 days from the date your travel purchase posts to your account. There’s no minimum redemption amount and miles are worth 1 cent each this way. That means 10,000 Venture miles can offset $100 of an eligible travel purchase.

Any expense that Capital One codes as "travel" is eligible for redemption, including airfare purchases, hotel stays, rail lines, car rental agencies, limousine services, bus lines, cruise lines, taxi cabs, travel agents and timeshares. Using miles this way means you won’t have to worry about blackout dates or limited award availability.

Book travel through the Capital One travel center

The Capital One rewards travel center offers flights, hotels and rental cars booking options. You can pay upfront with your miles at a rate of 1 cent per mile. What’s more, if your travel transaction includes taxes, surcharges and fees, your points can cover those — you won’t need to pay out of pocket.

Transfer miles to partners

Cardholders may be eligible for transferring Capital One miles to 15+ select airline and hotel partners. Then, you can book an award directly through the external loyalty program.

Be sure to request eligibility for transfers after 10 days of your account opening. According to a NerdWallet analysis, Capital One miles are worth up to 1.4 cents when transferred to a partner.

Use your card when renting automobiles

Pay for your next rental car with your Capital One VentureOne Rewards Credit Card and decline the optional auto insurance at checkout. This card will automatically cover your rental for damage due to collision or theft.

Keep the no-annual-fee card active to build your length of credit

Having a no-annual-fee card isn’t just beneficial for avoiding another out-of-pocket expense. It can also help build your credit history and boost your credit score. That’s because the calculation for your credit score includes the average of how long all of your card accounts have been open.

As a result, if you open a no-annual-fee card like this one, there will likely be a positive impact on your credit score over the long term (assuming you maintain a strong payment history and don’t have any other credit blunders).

Consider purchasing CFAR travel insurance coverage

When booking flights in the Capital One Travel portal, cardholders can pay a small upfront fee for Cancel For Any Reason insurance coverage. This allows customers to cancel flights booked on Capital One Travel for any reason up to 24 hours before their first scheduled departure and receive most of their ticket cost back.

The bottom line

Since you’ll pay a $0 annual fee for the credit card, it can be relatively easy to get value from the Capital One VentureOne Rewards Credit Card. To make the most of it, take advantage of the card’s welcome bonus and use it to earn bonus miles on all purchases. The miles you earn with this card are easy to redeem to offset travel purchases using the Capital One Purchase Eraser or by booking through the Capital One travel center. Don't forget to swipe this card for your next rental car purchase, either.