A two stage dispensing cap (20) for a carbonated beverage container (50) has a flip top (22) which is hingedly connected to a collar (40). The collar is rotatable on the container. The cap, upon rotation of the collar (40), is first opened into a venting position wherein the flip top (22) vents the pressurized contents of the container (50) but remains locked partially closed. Continued rotation of the cap releases the locked flip top (22) to allow the container to be fully opened. A set of cams (55, 56) on the container neck work in conjunction with annular beads (52, 54) to first allow partial opening of the flip top (22) into the venting position and then allowing it to fully open.