Around this time last year, Capital One came and had a 100,000 Capital One Venture Rewards signup bonus.
It just came back. You can view the landing page here.
But the way to earn the 100,000 miles is completely different.
Last year (expired offer) if you signed up for, were approved, and spent $1,000 in the first 90 days, you were eligible for up to a 100,000 mile match. You could submit select frequent flyer mileage statements, and Capital One would match up to 100,000.
Now (current offer) if you sign up for, are approved, and spend $1,000 in the first 90 days, you will be eligible for up to a 100,000 mile match. You’ll be asked to submit a year end credit card summary statement, and Cap1 will match up to 100,000 at a 2 Venture Rewards miles for every $1 charged on your credit card in 2011.
- If Tommy were to submit a year end credit card statement from 2011 with $20,000 worth of spending on that card, he’d receive a match of 40,000.
- If Sally were to submit a year end credit card statement from 2011 with $50,000 worth of spending on that card, she’d receive a match of 100,000.
Obviously, it’s much harder to get the 100,000 mile match this year.
The offer is set to expire on May 1st, 2012 or when they match 1 billion miles.
Should You Sign up for the 100,000 Matching Capital One Venture Rewards Promotion?
- You can only submit one statement for matching. The match is not for total spending across credit cards. It is only for one credit card. You can view the FAQ section to see what types of cards are eligible for matching.
- Venture Rewards miles are not air miles. These are Capital One’s own mileage system. Each mile has a 1 penny value. How the system works is that you can reimburse any travel related expenses up to the number of rewards you have. If you had 20,000 miles and spent $200 on plane tickets, you could use your rewards to get $200 on your credit. This effectively makes the purchase free.
- Capital One does pull from all three credit agencies. Typically when you sign up for a card, they’ll pull from only one.
- The normal sign up bonus for this card is 10,000 miles. Thus, you’ll need to be sure you have a card with at least $5,000 worth of spending for this to be a better than normal offer. Still, I wouldn’t sign up for a card only with a $100 value bonus (if it was just for the bonus).
- The card is a solid rewards option. Every dollar you spend will earn two Venture Rewards miles. If you don’t like to deal with the hassle of finding award seats, then a card like this could be valuable to you. I’d personally try to find a cash back credit card that has mileage transfer options, but getting 2% back on your purchases is a solid option.
- The card has an annual fee of $59.
- There is no foreign currency exchange fee.
Personally, I think you should only consider this offer if you have a card with at least $25,000 worth of spending in 2011 (that would get you 50,000 Venture Rewards miles which is worth $500). If you do have a card with $50,000 worth of spending, I would definitely sign up for this offer.
To sign up for the Capital One Venture Rewards card or get more details, click here.