Capital One Venture X Changes $300 Travel Statement Credit Into $300 Coupon

The $300 travel credit on the Capital One Venture X card is changing from being a statement credit to becoming a coupon you apply to your purchase at checkout on the Capital One booking portal. This is a slight devaluation for a few reasons:

• If you purchase a refundable ticket and cancel, you’ll get back the $300 coupon for future use. BUT you won’t be able to keep the $300 statement credit, as was previously  the case. (It should still be possible to bank the credit with an airline who offers such a cancellation policy.)
• We will no longer earn 5/10x on the purchase for that $300 charge since the cost is simply reduced as a coupon.
• The $300 in spend will no longer count toward your minimum spend requirement

Here’s what’s showing in the app (bolding my own):

What’s changed?

The $300 annual travel credit was previously delivered via statement credit. It will no longer be delivered as a statement credit as it is now directly redeemable through Capital One Travel.

How can I use my $300 annual travel credit?

Eligible Venture X primary account holders receive a $300 annual Capital One Travel credit available to use for bookings through Capital One Travel.

To use your credit, select the option to apply it at checkout when you’re ready to make your next purchase through Capital One Travel. The credit may be used in whole for a single purchase or in part over multiple purchases. You can view your annual travel credit and any other travel credits by navigating to My Travel Credits and Offers within Capital One Travel.

Each annual credit will expire on the next account open date anniversary. If the purchase using the credit is canceled, the credit will be restored if it is not expired. Rewards will not be earned on the credit. Your Venture X card account must be open and in good standing to receive or use the Credit.

Hat tip to reader fearthez