Here’s why the Venture X and Amex Gold are the only two cards I carry in my wallet

Like many TPG enthusiasts, I've fallen for credit cards with annual fees, but I stick to just two for my everyday spending.

The Capital One Venture X Rewards Credit Card and the American Express® Gold Card are my favorites. What keeps me loyal to these cards? Let’s delve into the reasons.

Goodbye to earning just 1 point per dollar

Capital One made headlines with the launch of the Venture X in late 2021, combining many premium travel perks from The Platinum Card® from American Express and Chase Sapphire Reserve® into a card with a significantly lower annual fee of $395.

The Venture X offers a simple 2 Capital One miles for every dollar spent on most eligible purchases. This translates to a 3.7% return in Capital One miles according to TPG's August 2024 valuations. You’ll also earn 5 miles per dollar on flights and 10 miles per dollar on hotel and rental car bookings, provided you make these reservations through the Capital One Travel portal to qualify for these rewards.

I frequently use my Venture X for everyday categories that typically earn no more than 1 mile per dollar. This includes spending at pharmacies, home improvement stores, and for car maintenance.

In addition to these purchases, a significant portion of my out-and-about expenses occurs at grocery stores and restaurants. The Amex Gold rewards 4 Membership Rewards points for every dollar spent at U.S. supermarkets (up to $25,000 per year, then 1 point per dollar) and restaurants (up to $50,000 per calendar year, then 1 point per dollar)—resulting in an impressive 8% return in Amex points based on TPG's August 2024 valuations.

By using the Amex Gold for grocery and dining expenses and the Venture X for all other purchases while out, I’ve left the days of earning just 1 point per dollar behind.

Justifiable annual fees

The Capital One Venture X carries an annual fee of $395. I can hear your thoughts — ouch.

While no one enjoys paying annual fees, the benefits of the Venture X far outweigh the cost for me. You can check the full list of benefits, but here are my top picks along with their estimated value:

• Credit: An annual $300 credit for bookings made through Capital One Travel ($300).
• Anniversary bonus: 10,000 bonus miles each year on your account anniversary, starting with your first ($185).
• Lounge access: Free access to Priority Pass and Capital One lounges ($150).
• Authorized users: You can add multiple authorized users at no cost; they receive the same guest access as the cardholder at Capital One Lounge and Priority Pass ($100).

I estimate these four perks to be worth over $700, clearly offsetting the annual fee. Additional noteworthy benefits of the card include cellphone and travel protections, plus up to $120 Global Entry or TSA PreCheck fee credit.

The Amex Gold has an annual fee of $325 (see rates and fees), and here are my top benefits:

• Up to $120 annual dining credit: Receive up to $10 in monthly statement credits when you use the Amex Gold Card at participating dining partners, such as Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment is necessary.
• Up to $120 in annual Uber Cash: Earn up to $10 in Uber Cash monthly for Uber Eats and Uber rides within the U.S. You must add the card to the Uber app to access this benefit. Enrollment is necessary.
• Up to $100 in annual Resy credits: Get up to $50 bi-annually in statement credits when you use your Amex Gold at a restaurant participating in Resy. Enrollment is necessary.
• Up to $84 in annual Dunkin' credit: Earn up to $7 in monthly statement credits when you pay at Dunkin' with your Amex Gold. Enrollment is necessary.

I value these benefits at over $400, which easily exceeds the annual fee, allowing me to come out ahead, just like with the Venture X.

No foreign transaction fees

This is a straightforward point, but it’s worth mentioning. Neither of these cards incurs foreign transaction fees, which is crucial for me. While many merchants abroad don’t accept Amex, the Venture X is issued by Visa — a more dependable option (see rates and fees for the Amex Gold).

In comparison to the Venture X, the Chase Sapphire Reserve earns an additional point on dining and travel. However, if you can overlook that, the Venture X is an excellent choice for international travel.

Valuable transfer partners

Now for the exciting part: using your credit card points.

Last year, I transferred 63,000 Capital One miles to Etihad Guest for a trip to Australia in American Airlines Flagship First. The cash price for this ticket often exceeds $10,000, providing fantastic value for my miles.

But the excitement didn’t end there. Recently, American Express provided a 25% transfer bonus with Air France-KLM Flying Blue. By transferring just 52,000 Amex points, I secured a one-way business-class flight from Adolfo Suárez Madrid-Barajas Airport (MAD) to Los Angeles International Airport (LAX) on Air France.

After these recent redemptions, I’m now focusing on increasing my Amex point balance. My goal is to redeem 55,000 points for a one-way ticket in ANA's new first class to Japan. To book this award, I’ll be checking for available award space and then transferring points to Virgin Atlantic Flying Club, which offers this sought-after redemption opportunity.

For more inspiration, check out our guides on optimizing Capital One miles and American Express Membership Rewards points.

Bottom line

As two of the leading rewards credit cards available, the Venture X and Amex Gold are excellent choices to have in your wallet. I use my Amex Gold for dining and grocery purchases, while I rely on my Venture X for almost everything else. (I also carry a hotel cobranded card for stays, but only when I anticipate needing it.)

While other cards might offer an additional point or two for gas or Uber rides, the straightforward earning rates and generous rewards of these two cards create a winning combination in my wallet.

For further details, read our comprehensive reviews of the Venture X and Amex Gold.

For the Capital One products mentioned on this page, some benefits may be provided by Visa® or Mastercard® and can vary by product. Please refer to the respective Guide to Benefits for further details, as terms and exclusions apply.