Capital One Venture vs. Capital One VentureOne: Which is the best for your needs?

Capital One offers several pairs of cards with similar names but slightly different rewards, perks and annual fees. The Capital One Venture Rewards Credit Card (see rates and fees) and Capital One VentureOne Rewards Credit Card (see rates and fees), for example, are both travel rewards cards, but that's where the similarities end.

Frequent travelers looking to receive some of the benefits found with luxury travel cards, will find more value with the Venture card. VentureOne is a better choice for consumers who want to avoid an annual fee while taking advantage of special financing.

Capital One states on its website that both cards are for people with excellent credit, which is defined as someone who has never declared bankruptcy or defaulted on a loan; hasn't been more than 60 days late on any credit card, medical bill or loan in the last year; and has had a loan or credit card for three years or more with a credit limit above $5,000. If you fall within this description, you have the best chance of qualifying for one of the Venture cards.

Below, CNBC Select reviews both cards, so you can choose the one that provides the most benefit for your spending habits.

The Venture card has a $95 annual fee (see rates and fees), while the VentureOne card has no annual fee (see rates and fees). Before you choose a card, it's important to do the math to see which card makes the most financial sense for your lifestyle. While $95 pales in comparison to other travel rewards cards with annual fees up to $695, it's still something to consider.

Venture cardholders receive a statement credit worth up to $100 for a Global Entry or TSA PreCheck® application, valid every four years. This perk can help effectively cancel out the annual fee, but only once every four years.

Otherwise, you would need to spend approximately $4,750 a year to break even on the fee by earning enough rewards. But if you have other credit cards that charge an annual fee, you might not want to add another to your wallet.

Both cards offer a flat-rate rewards program, which means all purchases earn the same amount of rewards. The VentureOne card earns unlimited 1.25X miles per dollar on every purchase, while the Venture card earns a higher 2X miles per dollar on all spending.

As an added perk, both cards also offer 5X miles per dollar on hotel and rental cars booked through Capital One Travel.

CNBC Select used the $22,126 sample budget to break down how much money you could earn (less than annual fee) if you optimized using each card over the course of five years.

We found you could earn an estimated $2,931 after five years with the Venture card, which is $1,232 more than the VentureOne card's $1,699. These estimates incorporate the miles earned from the welcome bonus.

While the five-year estimates we've included are derived from a budget similar to the average American's spending, you may earn a higher or lower return depending on your consumer habits.

Both cards allow you to redeem rewards in a variety of ways, from travel to statement credit to gift cards. Cardholders can redeem rewards for travel in two ways: as a statement credit for past travel purchases or to book future travel through Capital One's rewards center. Keep in mind statement credit redemptions must be made within 90 days from the date your travel purchase posts to your account.

Miles can also be transferred to over 15 travel partners including Qatar Airways, Aeromexico and Air France KLM.

The Venture card offers a larger bonus than the VentureOne card.

Venture cardholders can earn 75,000 bonus miles once they spend $4,000 on purchases within the first 3 months from account opening.

The VentureOne card offers 20,000 miles once you spend $500 on purchases within 3 months from account opening, equal to $200 in travel.

Both cards offer many of the same perks with a few differences. Here's a breakdown of the perks offered by both cards:

Consumers with either card can benefit from:

• No foreign transaction fees*
• Extended warranty protection
• Exclusive access to premier culinary, music and sports events

* Venture Rewards (see rates and fees); VentureOne (see rates and fees)

Venture Rewards cardholders enjoy these added perks**:

• Up to $100 credit for Global Entry or TSA PreCheck application fee every four years
• Purchase Assurance
• MasterRental Insurance

**Benefit available to accounts approved for the World Elite Mastercard product, subject to terms, conditions, and exclusions in the World Elite Mastercard Guide to Benefits. See Account Terms or Application Terms for more details. Terms, conditions and exclusions apply.

VentureOne cardholders enjoy these added perks***:

• Auto rental collision damage waiver
• Purchase protection

***Terms, conditions and exclusions apply.  Refer to your Guide to Benefits for more details.

Capital One Venture Rewards Credit Card vs. Chase Sapphire Preferred® Card

If the Venture card doesn't fit your needs, the Chase Sapphire Preferred® Card also offers a wealth of perks with a $95 annual fee. Cardholders of the Sapphire card earn 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases and 1x on all other purchases. That means you can earn more rewards on other non-travel-related purchases beyond the 2X miles per dollar you get with the Venture card. You also get a $50 annual Chase Travel Hotel Credit.

Capital One VentureOne Rewards Credit Card vs. Wells Fargo Autograph℠ Card

When comparing travel rewards cards with no annual fee, the Wells Fargo Autograph℠ Card stands out as a strong competitor to the VentureOne card. You also earn a sizable welcome bonus of 20,000 cash rewards when you spend at least $1,000 on purchases within the first three months of account opening. Aside from that, cardholders of the Autograph card get unlimited 3X points on travel, restaurants, gas, transit, streaming services and phone plans and unlimited 1X points on all other purchases.

Pros

• Generous welcome bonus - The Venture card offers 75,000 bonus miles once they spend $4,000 on purchases within the first 3 months from account opening, which is higher than what the VentureOne Card offers.
• More premium benefits - While the Venture card offers most of the same perks as the VentureOne card, you can also enjoy up to $100 credit for Global Entry or TSA PreCheck application fee every four years and 2X per dollar on all spending.

Cons

• Annual fee - The Venture Card comes with a $95 annual fee (see rates and fees), whereas the VentureOne card does not charge an annual fee (see rates and fees).

Pros

• No annual fee - Unlike the Venture card, the VentureOne card does not come with an annual fee (see rates and fees).
• Generous welcome bonus - The VentureOne card comes with a solid welcome bonus of 20,000 miles once you spend $500 on purchases within 3 months from account opening.

Cons

• Less benefits than the Venture Card - While the VentureOne card doesn't charge an annual fee (see rates and fees), it offers a lesser rewards program than the Venture Card and also doesn't come with a Global Entry/TSA PreCheck application fee credit.

The Venture Rewards credit cards offer similar rewards programs and nearly identical card benefits, but differ in the amount of miles you earn per dollar spent and annual fee.

If you're looking to earn the most rewards, the Capital One Venture Rewards Credit Card (see rates and fees) is the better option with 2X miles on all spending versus the Capital One VentureOne Rewards Credit Card (see rates and fees) offer 1.25X miles. Plus if you fly often, you can benefit from a credit up to $100 for a Global Entry or TSA PreCheck application fee once every four years.

However, if you don't want to pay an annual fee, the VentureOne card (see rates and fees) is a better fit since the Venture card has a $95 annual fee (see rates and fees).

Despite the Venture card's annual fee, it's worth pointing out that the average American would still net approximately $1,232 more in rewards than the VentureOne card (see rates and fees).

While both of these cards are good options for travelers, there are alternative options that may be a better fit for your needs. Check out CNBC Select's round up of the best travel credit cards. If travel isn't one of your major expenses, you might want to consider our lists of the best cash-back credit cards and best rewards credit cards.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every personal finance article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of financial products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.