Further clarification: 10k on the annual fee version would get $200 in travel credits. Those are redeemable in two ways: Either for travel purchases you made with that card in the past 90 days, or for travel purchases you make (after you have the travel credits, which they call "miles") through their special booking site.

While there are no "thresholds", you cannot redeem for anything except full charges, except in the case of airline fares bought within the last 90 days on this card. So, for example, if you have $200 in travel credits, and want to reserve a hotel for several nights and that costs over $200, it's useless. If you have $200 in travel credits, and want to reserve a future airline flight that costs over $200, it's useless. If you have a $205 hotel charge you made the card in the past 90 days, it's probably useless.

(By "useless", I mean you can't redeem until you go even more years and accumulate even more points, while paying the annual fee each year.)

This is in contrast, to, say, the Priority Club Select Visa, which has a $49 annual fee after the first year, but that's more than offset by a free hotel night voucher after the first year. If you can use that hotel voucher, and occasionally use the hotel points for other free nights, Priority Club points never expire. So even if you decide to cancel the card, the points will not be lost. (Whereas at Capital One the points stay with the card, so until you use them up, you cannot cancel the card, though you may be able to downgrade to a no-fee version and keep the points, since I think the no-fee version is a downgrade only the earning side, not redemption side.)

So it may depend not only on your travels and spending, but on how you use hotels, and on the size of your typical travel purchases, and on whether you care where you book your travel, which would be better for you.