I previously wrote about the process of approval for both personal and business Venture X cards (https://awardcracker.com/my-capital-one-venture-x-approval-after-two-failed-attempts/). While Venture X business is a “Charge Card”, it is not as generous as the Amex Charge Cards (e.g., business Platinum or Gold) when it comes to approving large purchases.
Confirm Purchasing Power
You must confirm your intended purchase amount for the day by using the tool either online or on the smartphone Capital One app (see image below).
I was denied after trying a $10K purchase approval, but got approved for 8K and I used the Venture X for purchasing $7500 worth of goods.
When I tried the tool again the next day for 5K, I was immediately denied (see image) until I paid off all my pending transactions.
Making a Bank Payment
After submitting the bank payment, it will not erase the pending balance immediately (compared to Amex & Citi), but will be applied immediately towards the purchasing power.
Capital One posts rewards miles crazy fast
Soon after paying the posted amount of $7500, I received Capital One miles (15K) in the account very fast.
After Meeting 30K Spend Requirements
Venture X business is restrictive with total daily spending limits and it made several business owners upset who have the need to spend more than 10K per day. It did not make much difference in my situation and I was able to meet the spending relatively fast (https://awardcracker.com/new-changes-to-simon-mall-gift-cards/).
Venture X Business Bonus Rewards
Conclusion
Venture X business card has $30,000 spending requirement, but also earns 210,000 valuable Capital One points. The card has $300 travel credit along with a 10,000 points annual bonus similar to the personal Venture X and easy to keep for long-term. I ordered a Priority Pass for this card to try out airport restaurant access where available.