Capital One Venture Business Card 150K Bonus: Two Earning Paths Compared — Which One Nets More Miles After the Qantas Transfer Bonus

Capital One dropped a 150,000-mile bonus on its Venture Business card right as a 20% transfer bonus to Qantas Frequent Flyer hits its final hours. The timing is almost suspiciously perfect. Stack them correctly and you can land Qantas Business Class Suites to Sydney for valuations that make most other programs look overpriced.

The offer expires June 8, 2026. You earn 75,000 miles after $7,500 spend in the first three months, then another 75,000 after hitting a total of $30,000 within six months. The $95 annual fee is barely noticeable when you're turning everyday spend into lie-flat seats.[[1]](https://frequentmiler.com/capital-one-spark-miles-rebranded-to-venture-business-up-to-150k-welcome-offer-up-to-100-in-new-credits/)[[2]](https://www.fool.com/money/credit-cards/articles/the-capital-one-venture-business-cards-150k-bonus-is-ending-soon/)

As of today, May 31, the 20% Qantas transfer bonus remains live until 11:59 p.m. Pacific. Capital One miles normally transfer 1:1. With the bonus, 100,000 miles become 120,000 Qantas points. Transfers post in 24-48 hours, so there's still time if you're quick.[[3]](https://www.joinkudos.com/blog/capital-one-miles-to-qantas-20-transfer-bonus-may-2026)

Two Paths to the Bonus Miles

Path 1: Quick and dirty. Spend the $7,500 fast, collect 75,000 miles immediately. Transfer those today at 1.2x and you walk with 90,000 Qantas points. Useful for a domestic AA first class jaunt or short-haul positioning, but it leaves money on the table for the big redemptions.

Path 2: Commit like an adult. Grind to the full $30,000 by the six-month mark. You end up with 150,000 Capital One miles plus the 2x earned on that spend (another 60,000 miles). Total: 210,000 miles. Transfer everything before the bonus expires tonight and you land 252,000 Qantas points. That's the move.[[4]](https://cardright.com/faqs-about-the-new-capital-one-venture-business-card-1500000-mile-bonus/)

The difference is stark. Path 1 gets you halfway to a Sydney suite. Path 2 funds nearly two one-ways in Business and still leaves breathing room for taxes or a positioning flight.

What Those Miles Actually Buy

Qantas prices its own metal US-Sydney Business Class around 96,000–108,000 points one-way depending on the exact route and availability. LAX-SYD often shows in the 108k range on Qantas metal. With the transfer bonus, that drops to about 90,000 Capital One miles. Cash fares routinely top $8,000–$10,000. Your effective cost per point starts looking ridiculous.[[5]](https://awardlocker.com/blog/how-to-fly-business-australia-points)

Tokyo is slightly more forgiving at roughly 82,000–98,000 Qantas points one-way from the East Coast on partners like JAL, or higher on Qantas routings. The bonus still shaves thousands off the requirement and opens doors when AA or JAL award space is thin.

Qantas Business Suites on the A380 to Sydney remain the star play. When space appears, these are the cabins that make the 15-hour flight feel like a cheat code. Availability has improved lately, but it still rewards those who can move fast when alerts hit.

Neither path is “easy” if your business expenses are modest, but the full $30k path is clearly superior. You’re not just chasing a sign-up bonus; you’re manufacturing a transfer that most cards can’t replicate at this scale. The 2x everywhere earning on the card during spend only sweetens it.

Yes, you could transfer to other partners without a bonus. The math doesn’t lie as sweetly. Qantas redemptions to Australia or Japan in these cabins deliver outsized value right now, especially while the 20% boost is breathing its last.

Apply for the Venture Business card today, hit the full $30,000 spend before the six-month clock runs out, and transfer every mile to Qantas before midnight Pacific. Two Business Suites to Sydney (or a round-trip plus buffer) will feel like the easiest win of 2026. Don’t half-ass the spend—finish the job.