Capital One Venture X vs. Chase Sapphire Reserve: Which premium card reigns supreme?

For years, the dominant players in the premium card market were The Platinum Card® from American Express and the Chase Sapphire Reserve®.

That changed dramatically when Capital One disrupted the market with the launch of the Capital One Venture X Rewards Credit Card in late 2021, offering competitive benefits at a lower annual fee of $395 (see rates and fees).

You might be one of the many Sapphire Reserve cardholders contemplating a switch to the Venture X. Or perhaps you're searching for your first premium travel rewards card.

Today, we’ll analyze the benefits and drawbacks of each card to assist you in determining whether the Capital One Venture X or the Chase Sapphire Reserve is the right choice for you.

Comparison of Capital One Venture X and Chase Sapphire Reserve

*Upon enrollment, which can be done via the Capital One website or mobile app, eligible cardholders will retain their status level for the duration of the offer. Please note that enrolling through the standard Hertz Gold Plus Rewards process (e.g., at Hertz.com) will not automatically identify a cardholder as eligible for this program, and cardholders will not be automatically upgraded to the corresponding status tier. Additional terms apply.

Welcome offer for Capital One Venture X vs. Chase Sapphire Reserve

The Venture X features an attractive welcome bonus of 75,000 bonus miles after you spend $4,000 within the first three months of opening your account.

On the other hand, the Sapphire Reserve provides 60,000 bonus points after you spend $4,000 within the first three months of opening your account.

According to TPG's July 2024 valuation, Chase Ultimate Rewards points are valued slightly higher than Capital One miles due to their more advantageous transfer partners — we estimate Ultimate Rewards points are worth 2.05 cents each, whereas Capital One miles are valued at 1.85 cents each.

Based on these valuations, the welcome bonus of 75,000 miles for the Capital One Venture X is valued at approximately $1,388, while the Sapphire Reserve's bonus of 60,000 points is worth about $1,230.

Winner: Capital One Venture X. Its more valuable welcome bonus gives this card an advantage.

Benefits comparison: Capital One Venture X vs. Chase Sapphire Reserve

Let’s explore what elevates these cards to the premium category.

To begin with, both cards come with a $300 annual credit. However, the Venture X's credit is less versatile, as you must book all travel through the Capital One travel portal to qualify for reimbursement. In contrast, the Sapphire Reserve automatically reimburses any travel-related purchases up to the $300 limit, regardless of whether they were booked directly with Chase. I have received reimbursements for tolls, parking meters, and even subways in other countries through Chase's travel credit.

Both cards provide Priority Pass membership for the primary cardholder and up to two guests.

Both issuers are also venturing into the lounge space themselves. Capital One Lounges are currently operational at Dallas Fort Worth International Airport (DFW), Dulles International Airport (IAD), and Denver International Airport (DEN). The Venture X grants access to the primary cardholder and several authorized users.

Chase is expanding its network of airport lounges, currently featuring six open locations with more planned for the future.

Both cards also offer additional benefits that may not significantly influence potential applicants. However, these perks are valuable to consider if you choose to apply for either card. For the Sapphire Reserve, this includes a complimentary 2-year Lyft Pink All Access membership (to be activated by Dec 31, 2024).

With the Venture X, you'll receive a 10,000-mile anniversary bonus each year upon card membership renewal.

Moreover, both cards are Visa Infinite cards, offering extensive travel and purchase protections.

Winner: Tie. While the Chase Sapphire Reserve's $300 travel credit is considerably more flexible and includes access to two domestic Chase lounges, the Capital One Venture X provides 10,000 bonus anniversary miles and entry to three Capital One lounges in the U.S.

Comparing rewards earning with Capital One Venture X vs. Chase Sapphire Reserve

The Venture X allows you to earn 10 miles per dollar on hotels and car rentals, and five miles per dollar on flights booked through Capital One Travel. In contrast, the Sapphire Reserve offers 10 points per dollar on hotels and car rentals, and five points per dollar on flights booked through Chase Travel.

Based on our valuations, the Venture X provides an 18.5% return on hotel and rental car bookings made through Capital One's portal, while the Sapphire Reserve offers over a 20% return on similar bookings through Chase's portal.

While the Venture X provides straightforward earning at 2 miles per dollar on all other purchases, the Sapphire Reserve delivers greater rewards with 3 points per dollar on all other travel (booked outside of Chase Travel) and dining expenses.

Frequent travelers will likely benefit more from the bonus categories of the Sapphire Reserve compared to the flat-rate earning of the Venture X.

Winner: Chase Sapphire Reserve. It presents bonus categories beyond just travel portal bookings.

Comparing reward redemption options with the Capital One Venture X vs. Chase Sapphire Reserve

The Venture X and Sapphire Reserve both have their most valuable redemption option in transferring points to travel partners, but there are additional ways to utilize your rewards with either card.

Both Capital One miles and Chase Ultimate Rewards can be redeemed at a flat rate on their respective travel portals.

With the Sapphire Reserve, your points have a 50% higher value for travel booked through the Chase portal, making them worth 1.5 cents each. While this is not as beneficial as transferring points to Chase's partners, it remains a useful option if you're having difficulty finding available award flights.

In contrast, the Venture X provides fixed-rate travel redemptions at just 1 cent per mile. Although this can be applied to any travel charges made on the card, it is still significantly lower.

Additionally, both the Venture X and Sapphire Reserve include less appealing redemption options, like gift cards and cash back.

Winner: Chase Sapphire Reserve. Its fixed-value redemption option is 50% more rewarding.

Transferring rewards with the Capital One Venture X vs. Chase Sapphire Reserve

Maximizing your hard-earned points and miles is best achieved by transferring them to airline partners. Both cards boast a robust list of transfer partners that simplify the redemption process. With the Sapphire Reserve, you can transfer your Ultimate Rewards points at a straightforward 1:1 ratio. In contrast, while the Capital One miles program primarily features partners that transfer at 1:1, some have less favorable ratios.

Chase provides access to 14 airline and hotel transfer partners, including Air Canada Aeroplan, Air France-KLM Flying Blue, and United MileagePlus, among others. On the other hand, Capital One boasts over 15 transfer partners, featuring notable names like Turkish Airlines Miles&Smiles, Avianca LifeMiles, and Etihad Guest.

As a cardholder of the Sapphire Reserve, I’ve regularly transferred my points to various partners to maximize their value. Recently, I took advantage of a transfer bonus to Aeroplan, allowing me to book a business-class ticket for just 58,000 miles on Swiss, flying from Zurich to Los Angeles.

Winner: Tie. While Capital One has a greater number of transfer partners, not all transfers convert at a 1:1 ratio.

Should I choose the Capital One Venture X or the Chase Sapphire Reserve?

If you prioritize broader earning opportunities and a flexible travel credit, the Sapphire Reserve is an excellent option. However, if you prefer a lower annual fee (see rates and fees) and reside in a city with a Capital One Lounge at its airport, then the Venture X is an ideal choice.

Bottom line

The Venture X and the Sapphire Reserve each have their unique advantages and drawbacks, making it difficult to determine a clear winner. However, if you’re looking for a lower annual fee, the Venture X is an excellent choice—especially if you're comfortable using the travel portal to access its many benefits. Conversely, for those who prefer booking directly with travel suppliers, the Sapphire Reserve might be the better pick, albeit with a steeper $550 annual fee.

For additional information, be sure to read our comprehensive reviews of the Capital One Venture X and the Chase Sapphire Reserve.

Some benefits for Capital One products featured on this page may be offered by Visa® or Mastercard® and can differ by product. Please refer to the relevant Guide to Benefits for more information, as terms and exclusions may apply.