In the world of travel rewards cards that earn fully transferable rewards, there are very few no-annual-fee options. Most require you to hold a second card with an annual fee in order to access transfer partners. Even rarer in this space are cards with flat earning rates.
Luckily, both Capital One and Citi offer a no-annual-fee option. The Capital One VentureOne Rewards Credit Card and the Citi Double Cash® Card (see rates and fees) both have flat-rate earning structures.
Let’s compare the two and see how they stack up against each other.
Comparing the Capital One VentureOne vs. the Citi Double Cash
| Citi Double Cash | VentureOne | |
|---|---|---|
| Welcome offer | Earn $200 cash back after spending $1,500 on purchases in the first six months from account opening. | Earn 20,000 bonus miles after spending $500 on purchases within the first three months from account opening. Plus, new cardholders will receive a $100 Capital One Travel portal credit to use in their first cardholder year upon account opening (no spending is required to receive the credit). |
| Earning rates |
|
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| Notable benefits |
|
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| Foreign transaction fees | 3% | None |
Capital One VentureOne vs. Citi Double Cash welcome offer
New VentureOne cardholders can earn 20,000 bonus miles after spending $500 on purchases within the first three months from account opening. Plus, new cardholders will receive a $100 Capital One Travel portal credit to use in their first cardholder year upon account opening (no spending is required to receive the credit).
Based on TPG’s November 2025 valuations, this welcome offer is worth up to $470 when including the value of both the miles and the portal credit.
Meanwhile, new applicants for the Citi Double Cash can earn $200 cash back after spending $1,500 on purchases in the first six months from account opening. This cash back is given in the form of 20,000 Citi ThankYou Rewards points.
According to TPG’s November 2025 valuations, this welcome offer is worth $380.
Winner: VentureOne, as its welcome offer is worth slightly more and requires a third of the minimum spending.
Related: The best credit card welcome bonuses of the month
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Capital One VentureOne vs. Double Cash benefits
Neither card offers extensive benefits like those found on its more expensive counterparts. However, the VentureOne does have a slight upper hand. With the VentureOne, you’ll receive benefits like:
Plus, if you live near a Capital One Cafe, you can receive 50% off beverages when you pay with your card. I’ve personally been to the Portland cafe every day this past week to get my caffeine fix. I certainly can’t complain about a matcha under $4.
Meanwhile, with the Citi Double Cash, benefits are more limited. You’ll receive access to Citi Entertainment, plus common no-annual-fee benefits like $0 liability fraud protection and identity-theft protection.
It’s important to note that the Double Cash card charges foreign transaction fees, making it a less favorable option for use abroad.
Winner: VentureOne. Its benefits are more robust than the Double Cash’s, and it doesn’t charge foreign transaction fees.
Related: Why you may want a cash-back card
Earning rewards with the Capital One VentureOne vs. Citi Double Cash
Both cards earn flat-rate rewards on every purchase. With the VentureOne, you’ll earn at least 1.25 miles per dollar spent on all purchases. This is a 2.3% return based on TPG’s valuations.
On the other hand, with the Citi Double Cash, you’ll earn at least 2% back on all purchases (1% when you buy and 1% when you pay). Cash back is provided in the form of Citi ThankYou points, which equate to a 3.8% return based on TPG’s valuations.
Also, both cards earn 5% or 5 miles per dollar spent in rewards on select purchases made through each issuer’s respective travel portal, but the Citi Double Cash takes the slight edge as you can earn bonus rewards on attractions, plus hotels and rental cars.
Winner: Citi Double Cash. You’ll earn more on nonbonus spending.
Related: Comparing flat-rate with bonus-category cash-back credit cards
Redeeming rewards with the Capital One VentureOne vs. Citi Double Cash
Both cards allow you to redeem rewards in similar ways.
With the VentureOne, you can redeem miles for a statement credit on travel purchases or on travel booked through Capital One Travel at a rate of 1 cent per mile. You can also redeem miles for:
However, these redemption methods all provide a value of less than 1 cent per mile, something I don’t recommend. Cash-back redemptions are worth just 0.5 cents per mile, and all the other redemption options are worth 0.8 cents per mile.
Additionally, with the VentureOne, you can redeem rewards at checkout on Amazon and on Capital One Entertainment.
The Citi Double Cash has similar redemption options, including
- Booking travel through the Citi Travel portal
- Cash back
- Charitable donations
- Gift cards
- Shop with Points
You can redeem ThankYou points for cash back through the Citi Travel portal. Using Shop with Points yields a redemption value under 1 cent per point. Redeeming points for gift cards can occasionally yield a higher return than 1 cent per point. I would avoid these options, besides cash back or travel, altogether.
However, transferring rewards with either card will maximize their value.
Winner: Citi Double Cash, as rewards can be redeemed for cash back at a rate of 1 cent per point.
Related: Cashing in Capital One miles? How to get the maximum value when redeeming miles
Transferring rewards with Capital One VentureOne vs. Citi Double Cash
Transferring rewards to travel partners allows you to maximize your rewards with either card. Both issuers have solid rosters of travel partners, including options in Oneworld, SkyTeam and Star Alliance.
With the VentureOne, you’ll have access to Capital One’s lineup of 15-plus transfer partners, including Air Canada Aeroplan, Air France-KLM Flying Blue and Japan Airlines Mileage Bank. Most partners have a 1:1 transfer ratio.
I recently added the VentureOne to my wallet and am intrigued by one of its newer partners: I Prefer Hotel Rewards. I’m planning on transferring miles to that program to book a few hotels for an upcoming trip to India.
Meanwhile, with the Citi Double Cash, you’ll have access to Citi’s expansive roster of 22 transfer partners, including popular ones like American Airlines AAdvantage, Air France-KLM Flying Blue and Singapore Airlines KrisFlyer.
Transfer ratios are reduced by 30% with the Double Cash (typically 1:0.7). If you want access to the full transfer ratio, you’ll need to hold a card like the Citi Strata Premier® Card (see rates and fees).
If your redemption strategy is solely to transfer rewards to partners, the VentureOne may be a better option despite earning less on purchases.
When you factor in the reduced transfer ratio on the Double Cash, you’re effectively getting a 2.7% return with the Double Cash compared to a 2.3% return on the VentureOne, based on TPG’s November 2025 valuations.
Winner: VentureOne, since you can transfer to most partners at a full 1:1 ratio.
Related: Best ways to redeem Citi ThankYou Rewards points
Should I get the Capital One VentureOne or the Citi Double Cash?
If maximizing rewards earning is your goal, opt for the Citi Double Cash, as it offers a higher baseline earning rate on all purchases.
However, if you value travel perks and having no foreign transaction fees, the VentureOne is the better choice, especially for those who travel abroad or want full 1:1 ratio transfer access without paying an annual fee.
Bottom line
Adding a no-annual-fee, flat-rate rewards card can be a great addition to any credit card setup, as you guarantee you’ll earn more than 1% in rewards on every purchase. Even if you’re looking for simplicity, with no need to remember bonus categories, or only want to carry one card, the Capital One VentureOne and Citi Double Cash are both solid options.
And since both cards have no annual fee, you could add both to your wallet, earning two easy welcome bonuses and diversifying your rewards currencies.
To learn more, read our full reviews of the Capital One VentureOne and Citi Double Cash Card.
Apply here: Citi Double Cash Card
Learn more: Capital One VentureOne Rewards Credit Card
