Comments

  1. says

    I still have had trouble finding and being accepted for a credit card that offers miles without the rest of the agreement (like interest rates) being completely unacceptable.

    • Craig says

      Liz,
      Very good point. I’ve never had a cc balance so I don’t even look at things like the interest rate. However, this card wouldn’t be for people who plan to have a balance.

  2. Ian says

    Hi Craig,
    Enjoy your website. I am a Capone card holder and they offered me to ‘upgrade’ to the Venture card. The customer service agent told me that they will not do a hard pull on my credit reports because I have a history with them and they will use that history to decide on my eligibility for the Venture card. This sounds good so far.
    The card I have now with them has no annual fee but the Venture card has a $59 annual fee. They offer 2 points per dollar spent on the new card. Their points are not the same as miles on other programs. They simply divide the number of points you have by 100 and the result is the number of dollars they allow you to spend on a flight. For example a domestic flight with most of the airlines in 25,000 miles, this can take someone from Boston to San Diego and back. To pay for a flight like that often will cost more than $300 which would equate to 30,000 of the points on the Venture card. The good thing is they do not have blackouts or any restrictions, any flight you purchase will be covered by the points, the flight paid with miles might have seat restrictions and limited availability.
    The other issue I have with the Venture card is how they determine what amount of miles to match? I have 2 frequent flyer accounts with well over 100,000 miles but currently do not have any credit cards associated with them. I have had credit cards in the past but they are now cancelled. I have a credit card with Delta Skymiles but only 60,000 miles in the account, most of which were not from the credit card but from other activities. The terms and conditions are consfusing. The customer service rep told me that I just need to send in my statement with one of the airline programs which I have more than 100,000 miles with and they will match them. The terms of the promotion seem to indicate that I needed to earn the miles with a credit card.
    The third issue is the billion miles. That amounts to only 10,000 new cards where they match 100,000 miles (or points). This is not that many accounts when there are 300,000 million people in the country.

    Any comments?
    Ian

    • Craig says

      Ian,
      Yes, if you already have a card that they will upgrade there will not be a credit pull, that is correct.
      In order to justify the annual fee you’d need to be sure you’re getting a least that much value. I think the question to ask is how do you usually use your reward points and how much do you usually spend on tickets. If you were to charge 20,000 on a Starwood AMEX you could get 25,000 points on most airlines. With this card you would get $200 worth of flights. Ultimately, the question is would you rather have 25,000 points or $200. I think I’d rather have the points because they have more potential value. But, yes you do lose out on flexibility.
      I’ve got my match and all I did was submitted my American Airlines statement. No proof of credit card usage or ownership was required.
      Your third issue is the biggest one. If you are going to do it I would to it TODAY before the miles run out. If I were in your shoes I’d do it in a second because you might not get the points (if they are already given out) and lose out on $59 annual fee (you can just ask to go back to your other card if you don’t want to keep paying the fee). However, you may just end up with $1,000 worth of free travel. Worth the risk in my books.

      • Craig says

        Sorry. It should be $400 worth of travel with Venture Rewards. At that number I’d take $400 worth of travel over 25,000 points if I were planning to fly domestic.

  3. Ian says

    I just found out from another customer service rep that I am not eligible for the bonus miles promotion because I am upgrading. This of course after I already switched to the new card. I am in process of reversing the entire transaction because I am only interested in the bonus miles and not in the new program. I also lost half the value of my rewards as they were cash rewards and were converted to the new program which is miles and as miles they can be cashed out at 50% of the value.
    I have decided to cancel everything I have with Capital One and close all accounts with them and never to do business with them again.

    • Craig says

      Ian,

      That has got to be so frustrating.

      I’ve heard a lot of negative feedback about Capital One and I’m sorry that your experience matches the experience of so many.

      It’s annoying how much companies will do to get customers and how little they will do to keep customers.

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