In the world of travel rewards cards that earn fully transferable rewards, there are few options with no annual fee. Most require you to have a second card and pay an annual fee to access transfer partners. Even rarer in this space are cards with fixed yields.
Fortunately, both Capital One and Citi offer no-annual-fee options. Capital One VentureOne Rewards Credit Card and Citi Double Cash® Card (See Rates and Fees) Both have a fixed-rate revenue structure.
Let’s compare the two and see how they stack up against each other.
Capital One VentureOne vs. Citi Double Cash
| Citi Double Cash | Entrepreneurship No.1 | |
|---|---|---|
| Welcome offer | Earn $200 cash back when you spend $1,500 in purchases within the first six months of account opening. | Earn 20,000 bonus miles when you spend $500 within three months of account opening. Additionally, new cardholders will receive $100 in Capital One Travel portal credit to use during the first year of account opening (no purchase required to earn points). |
| Yield |
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| Significant benefits |
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| foreign transaction fees | 3% | without any |
Capital One VentureOne and Citi double cash welcome offer
New VentureOne cardholders can earn 20,000 bonus miles when they spend $500 in purchases within the first three months of account opening. Additionally, new cardholders will receive $100 in Capital One Travel portal credit to use during the first year of account opening (no purchase required to earn points).
Based on TPG’s November 2025 valuation, this welcome offer is worth up to $470, which includes the value of miles and portal points.
Meanwhile, new applicants to Citi Double Cash can earn $200 cash back when they spend $1,500 in purchases within the first six months of account opening. This cash back comes in the form of 20,000 Citi Appreciation Rewards points.
This welcome offer is worth $380 based on TPG’s November 2025 valuation.
winner: VentureOne’s welcome offer is slightly more expensive and requires one-third of the minimum spend.
Related: The Best Credit Card Welcome Bonuses This Month
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Capital One VentureOne vs. Double Cash Benefits Comparison
Neither card offers as wide a range of benefits as the more expensive cards. VentureOne does have a slight upper hand, though. With VentureOne, you will receive the following benefits:
Plus, if you live near a Capital One cafe, you can get 50% off drinks when you pay with your card. I personally have been going to Portland Cafe every day for the past week to get my caffeine fix. I certainly can’t complain about matcha for under $4.
At the same time, with Citi Double Cashthe benefits are more limited. You’ll get access to Citi Entertainment, plus the usual no-annual-fee benefits like $0 liability fraud protection and identity theft protection.
It’s worth noting that the Dual Cash Card charges a foreign transaction fee, which makes it less advantageous when used abroad.
winner: Entrepreneurship 1. Its benefits are more powerful than Double Cash, and there are no foreign transaction fees.
Related: Why you might need a cash back card
Earn rewards with Double Cash with Capital One VentureOne with Citi
Both cards earn flat-rate rewards on every purchase. With VentureOne, you’ll earn at least 1.25 miles per $1 spent on all purchases. Based on TPG’s valuation, that’s a 2.3% return.
On the other hand, with Citi Double Cashyou’ll earn at least 2% back on all purchases (1% back on purchase, 1% back on payment). Cash back is provided in the form of Citi Thank You Points, which equates to a 3.8% return based on TPG’s valuation.
Additionally, both cards earn 5% or 5 miles per dollar spent on select purchases through each card issuer’s respective travel portal, but Citi Double Cash has a slight edge because you can earn additional rewards at attractions, hotels, and rental cars.
winner: Citi doubles cash. You’ll earn more through non-bonus payouts.
RELATED: Flat-Rate vs. Bonus Category Cash Back Credit Cards Compare
Redeem rewards with Capital One VentureOne and Citi Double Cash
Both cards allow you to redeem rewards in a similar way.
Through VentureOne, you can redeem your miles for statement credits on travel purchases or travel booked through Capital One Travel for 1 cent per mile. You can also redeem miles for:
However, these redemption options are all worth less than 1 cent per mile, so I don’t recommend them. Cash back redemptions are valued at just 0.5 cents per mile, and all other redemption options are valued at 0.8 cents per mile.
Additionally, through VentureOne, you can redeem rewards at checkout on Amazon and Capital One Entertainment websites.
this Citi Double Cash There are similar redemption options including
- Book travel through Citi Travel portal
- cash back
- Charitable donations
- gift card
- Points shopping
You can redeem ThankYou points for cash back through the Citi Travel portal. Shopping with points yields a redemption value of less than 1 cent per point. The return on redeeming points for gift cards can sometimes be higher than 1 cent per point. Other than cash back or travel, I would avoid these options entirely.
However, using either card to transfer rewards will maximize their value.
winner: With Citi Double Cash, rewards can be redeemed for cash at a rate of 1 cent per point.
Related: Cashing in a Capital Mile? How to get the most value when redeeming miles
Double cash transfer rewards with Capital One VentureOne with Citi
Transferring rewards to a travel partner allows you to maximize your rewards with either card. Both issuers have a solid roster of travel partners, including Oneworld, SkyTeam and Star Alliance.
With VentureOne, you’ll have access to Capital One’s lineup of more than 15 transfer partners, including Air Canada Aeroplan, Air France KLM Flying Blue and Japan Airlines Miles Bank. Most partners have a 1:1 transfer ratio.
I recently added VentureOne to my wallet and became interested in one of their new partners: I Prefer Hotel Rewards. I am planning to transfer miles to this program to book a few hotels for my upcoming trip to India.
At the same time, with Citi Double Cashyou’ll have access to Citigroup’s extensive roster of 22 transfer partners, including popular partners like American Airlines AAdvantage, Air France-KLM Flying Blue and Singapore Airlines KrisFlyer.
Double cash reduces the transfer ratio by 30% (usually 1:0.7). If you want to get the full transfer ratio you need to have a card e.g. Citi Strata Premier® Card (See Rates and Fees).
If your redemption strategy is simply to transfer rewards to partners, VentureOne may be a better choice, albeit with less revenue from purchases.
Based on TPG’s November 2025 valuation, when you factor in the reduced Double Cash transfer rate, you could actually earn a 2.7% return on Double Cash, compared to VentureOne’s 2.3% return.
winner: VentureOne because you can transfer to most partners at a 1:1 ratio.
Related: The Best Ways to Redeem Citi Appreciation Rewards Points
Should I get Capital One VentureOne or Citi Double Cash?
If maximizing reward income is your goal, select Citi Double Cashas it provides a higher baseline yield on all purchases.
However, if you value travel benefits and no foreign transaction fees, VentureOne is the better choice, especially for those traveling abroad or who want the full 1:1 ratio of transfers 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’re guaranteed to earn over 1% in rewards on every purchase. Even if you’re looking for simplicity, don’t need to remember bonus categories, or just want to carry one card, Capital One VentureOne and Citi Double Cash are both great choices.
Since both cards have no annual fees, you can add them to your wallet to easily earn two welcome bonuses and diversify your rewards currency.
To learn more, read our full reviews of the Capital One VentureOne and Citi Double Cash Cards.
Apply here: Citi Double Money Card
Learn more: Capital One VentureOne Rewards Credit Card
