Interesting option. For a premium card, I don't think a $10K spending requirement is onerous, and in combination with their reputation regarding manufactured spending, it might be one way that Capital One thins out undesirable applicants up front. Capital One has had the opportunity to see the premium offerings from the other card issuers, including the mistakes made, especially by Citi and Barclays, but also by Chase and Amex. C1 has also had the chance to see how Amex first enjoyed success and then bungled the issue of access to Centurion Lounges. C1 may have learned enough to price the annual fee competitively while offering a suite of benefits that is mostly sustainable. I think we'll eventually--maybe in a year or two--see a rise in the annual fee since at $395, they have plenty of room for an increase without reaching the annual fees of the CSR and Amex Plat. I think we'll also eventually see some trimming of the benefits but not the gutting we've seen with Citi.
I've been waiting for a card that would convince me to apply with C1 for one of their travel cards. I have a very old, no annual fee card with them. With their recent changes in their miles program as well as the prospect of decent lounges, including at Dulles, a frequent departure point for me for international flights, the Venture X might finally convince me to apply.