Affiliate disclosure: This page has ads and no affiliate or referral links. The site earns from ads, from affiliate links on other pages (Amazon, Stay22, and others), and from an Amex referral link. Card issuers set their own terms and we don't control them, so check the issuer's site before applying. Card details were checked against the issuer's website as of Oct 6, 2026 and can change. How we make money.
The Chase Freedom Flex Credit Card is Chase’s everyday card, marketed as cash back, with rewards tracked as points and a rotating category that has to be activated each quarter.
Venture Rewards from Capital One earns miles you can use to book travel, cover a recent travel purchase, redeem for cash, or transfer to 15+ travel loyalty programs.
You'll often see this card called "Capital One Venture." Its product page calls it Venture Rewards from Capital One.
Below is how they differ on who each suits, the currency, earning, redemption, transfer access, and fees.
- $0 Freedom Flex annual fee
- $95 Venture Rewards annual fee
- Activate Flex’s rotating category each quarter
- 2X Venture Rewards miles per dollar on every purchase
Figures here follow the official Chase and Capital One pages as of October 6, 2026.
Our own free tracker, RewardTracker.io, lets you track two cards free; a one-time $10 unlock adds the rest of the catalog on that account.
At a Glance: Freedom Flex vs Venture Rewards
- Who each is for: the Chase Freedom Flex Credit Card is presented as cash back on everyday purchases, with a rotating category that changes by quarter and must be activated. Venture Rewards from Capital One is a miles-currency travel card.
- Currency: on Freedom Flex, Cash Back rewards are tracked as points, and each $1 in Cash Back rewards earned is equal to 100 points. On Venture Rewards the currency is miles, and rewards won’t expire for the life of the account.
- Earning: Freedom Flex lists 5% on up to $1,500 in rotating categories each quarter you activate, 5% on travel purchased through Chase Travel, 3% on dining including takeout and drugstores, and 1% on all other purchases. Venture Rewards lists unlimited 2X miles per dollar on every purchase and 5X on hotels, vacation rentals, and rental cars booked through Capital One Travel.
- Redemption: Freedom Flex points can go to cash, gift cards, travel, and pay with points. Venture Rewards miles can book travel, reimburse a recent travel purchase, or be redeemed for cash.
- Transfers: Chase’s agreement lets Freedom Flex points move only to another Chase card with Ultimate Rewards belonging to you or one member of your household. Capital One says you can "transfer your miles to your choice of 15+ travel loyalty programs."
- Fees: Freedom Flex lists an annual fee of $0 and no foreign transaction fee. Venture Rewards lists an annual fee of $95.
Real-World Examples
No-annual-fee everyday card
You want a no-annual-fee everyday card and will activate the rotating category each quarter, so the 5% line applies only in the quarters you activate. As of October 6, 2026, the Freedom Flex product page shows an annual fee of $0 and 5% cash back on up to $1,500 in rotating categories each quarter you activate.
The 5% line needs activation each quarter.
Cash-back redemption
You want cash-back-style redemption, or to combine points into another eligible Ultimate Rewards card in the household. The product page’s offer details list cash, gift cards, travel, and pay with points, and the agreement says you can combine points with your other eligible Chase cards that have Ultimate Rewards.
Flex points work within Chase’s Ultimate Rewards rules.
Transfers to airlines and hotels
On Chase's education page, Chase lists Sapphire Reserve, Sapphire Preferred and Ink Business Preferred as the cards that can transfer points to travel partners. Freedom Flex points can be moved to another Chase card with Ultimate Rewards that belongs to you or one member of your household.
Transfers on the Venture Rewards page
You want transfers described on the card’s own product page and accept the $95 annual fee. Capital One says you can "transfer your miles to your choice of 15+ travel loyalty programs."
Capital One transfer eligibility
Capital One's miles-transfer how-to (dated January 29, 2026) says: “before you can transfer rewards miles, you've got to have a Capital One travel rewards card or a Capital One business rewards card.” It lists the Venture card among the cards to consider.
Foreign transaction fees
Both cards’ product pages show no foreign transaction fee as of October 6, 2026.
Neither card charges a foreign transaction fee.
Who Each Card Is For
Chase Freedom Flex Credit Card
Per the official Chase Freedom Flex product page, the card is the Chase Freedom Flex Credit Card, presented as cash back on everyday purchases, with a rotating category that changes by quarter and must be activated.
Venture Rewards from Capital One
Per the official Capital One product page, the on-page product name is Venture Rewards from Capital One, and the page title is Venture Rewards Travel Card — Apply Today | Capital One. The page describes a miles-currency travel card.
The Chase Freedom Flex Credit Card is the everyday card, and Venture Rewards from Capital One is Capital One's $95 miles card.
For the closest sibling comparison, see Chase Freedom Unlimited vs Freedom Flex.
What Each Currency Is
- Freedom Flex: per the official Chase Freedom Flex with Ultimate Rewards Program Agreement (document code RPA0534, dated 09/11/2025), Cash Back rewards are tracked as points, and each $1 in Cash Back rewards earned is equal to 100 points.
- Marketing may say Cash Back. The points may be called points or Ultimate Rewards points. The same tracking sentence appears in the offer details on the Chase Freedom Flex product page.
- Venture Rewards: per the official Capital One product page, the currency is miles, and the page says rewards won’t expire for the life of the account.
How Each Card Earns Rewards
| Card | Earn rates |
|---|---|
| Chase Freedom Flex Credit Card | 5% cash back on up to $1,500 in rotating categories each quarter you activate. Plus 5% back on travel purchased through Chase Travel, 3% on dining including takeout and drugstores, and 1% on all other purchases. |
| Venture Rewards from Capital One | Unlimited 2X miles per dollar on every purchase, every day. 5X miles on hotels, vacation rentals, and rental cars booked through Capital One Travel. |
How the Freedom Flex rotating category works
- The offer details say you must activate your 5% Bonus Cash Back each quarter by the activation deadline.
- After $1,500 is spent on combined purchases in the quarterly bonus categories each quarter, earning goes back to 1% Cash Back rewards for each $1 spent, with no maximum.
- For October–December 2026, Chase lists Grocery Stores (excluding Walmart and Target), Dining and American Red Cross as the 5% categories, with activation starting September 15, 2026.
The Chase program agreement describes the same structure: 1% for each $1 spent, 3% total on drugstores and dining at restaurants including takeout and eligible delivery services, and 5% total on travel purchased through Chase Travel.
How Redemption Works
Chase Freedom Flex
- Per the program agreement, options may include cash, gift cards, travel, and pay with points for products or services made available through the program or directly from third parties.
- You can also combine points with your other eligible Chase cards that have Ultimate Rewards.
- The product page’s offer details say points don’t expire as long as the account is open.
Venture Rewards from Capital One
- Book a trip: use your miles to book flights, make hotel reservations and more.
- Get reimbursed: cover the cost of any recent travel purchase made with your Venture card.
- Redeem for cash: cash in your miles for a statement credit or a check.
- Transfer: the page says to transfer your miles to your choice of 15+ travel loyalty programs for even more flexibility (as of October 6, 2026).
Transfer Access on the Chase Side
- Per the official program agreement, you can move your points, but only to another Chase card with Ultimate Rewards belonging to you or one member of your household.
- Per Chase’s transfer-partners education page: “Sapphire Reserve, Sapphire Preferred and Ink Business Preferred are the cards that offer Chase cardmembers the ability to transfer points to travel partners.”
- The same page says it may also be possible to combine points across Ultimate Rewards accounts held by a single cardmember.
For the cards that page names, see Chase Sapphire Preferred vs Sapphire Reserve and Chase Ink Business Preferred vs Sapphire Reserve.
Transfer Access on the Capital One Side
- As of October 6, 2026, Capital One says you can "transfer your miles to your choice of 15+ travel loyalty programs."
- Per Capital One’s miles-transfer how-to (dated January 29, 2026): before you can transfer rewards miles, you've got to have a Capital One travel rewards card or a Capital One business rewards card.
- It lists the Venture card among the cards to consider.
For partners and ratios, see Capital One miles transfer partners. For a single pointer to the top-tier card, see the Capital One Venture X annual-fee post.
Annual Fee and Foreign Transaction Fee
| Card | Annual fee | Foreign transaction fee |
|---|---|---|
| Chase Freedom Flex Credit Card | $0 | None (pricing form) |
| Venture Rewards from Capital One | $95 | None ("No foreign transaction fees and no blackout dates") |
Chase's Pricing & Terms for Freedom Flex, linked from the card page, lists Annual Membership Fee None and Foreign Transactions None, accurate as of 9/22/2026.
Who Should Pick Which
Pick the Chase Freedom Flex Credit Card if…
You want the no-annual-fee everyday card, can activate a rotating category each quarter, and are using cash-back-style redemption or combining points into another eligible Ultimate Rewards card in the household.
Pick Venture Rewards from Capital One if…
You want 2X miles on every purchase, 5X on hotels, vacation rentals and rental cars booked through Capital One Travel, and transfers to 15+ travel loyalty programs, for a $95 annual fee.
For the Chase side of the transfer-access difference, see Chase Ultimate Rewards transfer partners.
TL;DR – Verdict
Pick Freedom Flex for a $0-annual-fee card with 5% rotating categories you activate each quarter; pick Venture Rewards if you want 2X miles on every purchase and transfers to 15+ travel loyalty programs for a $95 annual fee.
Frequently Asked Questions
Is the Freedom Flex better than the Venture card?
Pick Freedom Flex for a no-annual-fee card with quarterly 5% categories you activate; pick Venture Rewards for 2X miles on every purchase and miles transfers.
Are Freedom Flex rewards cash back or points?
Both. Marketing may say Cash Back, and the Ultimate Rewards Program Agreement tracks Cash Back rewards as points, with each $1 earned equal to 100 points.
Can Freedom Flex points move to another card?
Yes, but only to another Chase card with Ultimate Rewards that belongs to you or one member of your household. Chase lists Sapphire Reserve, Sapphire Preferred and Ink Business Preferred as the cards that can transfer points to travel partners.
Do I need a second Capital One card to transfer miles?
Capital One says that before you can transfer rewards miles, you need "a Capital One travel rewards card or a Capital One business rewards card," and the Venture page lists transfers to 15+ travel loyalty programs.
What are the annual fees?
As of October 6, 2026, Freedom Flex has a $0 annual fee and Venture Rewards has a $95 annual fee.
Do Venture Rewards miles expire?
The Capital One product page says rewards won’t expire for the life of the account. Freedom Flex’s offer details say points don’t expire as long as the account is open.