Update: This was a limited-time promotion and is now over. The current offer on the card is:
Capital One® VentureSM Rewards Credit Card
- 10,000 bonus miles when you spend $1,000 in the first 3 months.
- Earn double miles on every purchase, every day.
- $59 annual fee waived for the first year.
- No foreign transaction fees.
Former offer details (again, it was limited time and is now over): Capital One just launched another 100,000 point sign-up bonus for the Venture Card. However, your sign-up bonus varies and is double the amount you spent on a competitor’s (Amex, Visa, Mastercard, Discover) travel credit card in 2011. So if you spent $50,000 on a single card last year – say the Amex Platinum card, they’ll give you 100,000 Venture miles after you sign-up and spend $1,000 within 3 months on your new Venture card. If you spent $20,000 on a card, you’d be eligible for 40,000 Venture miles ($400 in value). Per the T&C, spend on small business cards, debit cards, fleet cards, private label credit cards, corporate cards, prepaid cards and Capital One credit cards is not eligible.
This isn’t as lucrative as their offer last year where you just had to show that you had 100,000 miles/points in your accounts, but it could be good for people who hit that amount of spend on a single card last year. Venture miles can’t be transferred into any airline program, but they can be redeemed for any flight and you earn miles (inducing elite miles) on flights booked with Venture miles. Plus the $59 annual fee is waived the first year.
Capital One does pull credit reports from all 3 bureaus, but if you can gain the whole $1,000 in value from the sign-up bonus, it might be worth it. I like this deal because almost all of my past credit card offers have been with Chase, American Express and Citi so it’s nice to diversify a little bit. I don’t think I spent $50,000 on any single credit card last year, but I’m going to check and then debate whether I should apply. I try to get at least $600 in value from each credit card application, so I will likely pull the trigger on this one.
- Promotional miles available only to new Venture card customers that meet the eligibility criteria and whose applications are received before the promotion ends. Only one entry per person and per account. Customers who participated in the 2011 “Match My Miles Challenge” may be approved for a Venture card, but are not eligible for the Double Miles Challenge program.
- Minimum purchase required. Customer must make at least $1,000 in total net purchases using the new Venture card within 90 days of account opening.
- Limited time offer. Supplies are limited. A maximum of one billion total Venture miles will be issued as part of the Double Miles Challenge program. The promotion will end when one billion miles have been given away or May 1, 2012, whichever comes first. The end of the promotion will be announced on www.capitalone.com.
- Miles limits apply – maximum of 100,000 miles per account. Capital One will award 2 miles per dollar for up to $50,000 spent on purchases in 2011 on a single major US consumer travel credit card (Visa®, MasterCard®, American Express®, Discover® ). Spend on small business cards, debit cards, fleet cards, private label credit cards, corporate cards, prepaid cards and Capital One credit cards is not eligible.
- Registration and documentation required. Customers must obtain from the issuer of the eligible account and provide to Capital One a 2011 year-end summary as proof of yearly spend on the eligible account. A year-end summary is a summary of your annual transactions provided by your credit card issuer. Individual monthly statements are not acceptable.
- Customers must have a valid email address and access to a year-end summary for the eligible account to participate. Approximately 7-14 days after approval, new Venture customers will receive registration instructions at the email address provided on the credit application. Once the email is sent, customers must register within 7 days and submit their documentation within 30 days. Registration and/or documentation submitted after these timeframes will not be accepted. Documentation must indicate that the eligible account was held in the name of the new Venture card customer, and must be submitted at one time.
- Miles are reserved for customers once registration is complete, and are earned once documentation is provided and upon reaching the minimum purchase requirement. Miles are awarded within two (2) billing periods of when they are earned.
- All trademarks mentioned are the property of their respective owners. The listed payment card networks are not affiliated with Capital One, nor are they considered sponsors or cosponsors of this program.
For more information, visit the Capital One website.
Previous post: Update: My 100,000 United & Delta Mile Payday with Fidelity