How Capital One’s latest bonus will change my financial strategy for 2020
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Extra cash burning a hole in your pocket? Capital One will hold it for you — and throw in some extra dough to boot.
A few weeks ago, I woke up to an email in my inbox informing me that I could earn up to $1,000 for maintaining a qualifying balance in a high-yield savings account. That’s even before factoring in the interest I’ll earn at 1.8% APY on any balance amount.
The offer doesn’t appear to be targeted, based on TPG’s tests, so you can get in on the savings too. But you’ll have to act quickly: This promotional sign-up bonus ends Dec. 31, 2019.
Here’s what you’ll need to do:
- Open a 360 Performance Savings account before Jan. 1, 2020, using the promotion code SAVE1000.
- Deposit at least $10,000 into the account within 10 days of opening the account (initial funding period), and maintain a daily balance of $10,000 or more for the following 90 days.
- You’ll earn a $200 bonus for maintaining a daily balance between $10,000 up to $149,999.99 through the first 90 days following the initial funding period. You will not receive a bonus if your daily balance decreases below the $10,000 threshold at any point during the first 90 days following the initial funding period.
- You’ll earn a $1,000 bonus for maintaining a daily balance of $150,000 or more through the first 90 days following the initial funding period. You will receive a $200 bonus if your daily balance dips between $10,000 and $149,999.99 at any point during the first 90 days following the initial funding period.
Capital One’s high-yield savings account APY isn’t the absolute highest on the market, but it’s up there; my Barclays high-yield savings account offers the same 1.8% APY, while online banks like Ally typically offer slightly higher rates that may break the 2% mark, depending on factors including account balance.
I’m a relatively new Capital One cardholder, mostly because I’ve always associated the brand with Samuel L. Jackson, Jennifer Garner, Alec Baldwin and not much else. Over the last two years, that impression has shifted quite a bit as the company has added increasingly competitive perks, benefits and discounts for its customers.
Then came another big game changer: Capital One announced that Rewards Miles could now be transferred to 15 airline partners. This move singlehandedly catapulted TPG’s value of Capital One Reward Miles from 1 cent to 1.4 cents apiece in our monthly valuations guide, since airline miles can be redeemed at outsize value.
Now with this sign-up offer coupled with the 1.8% APY on its high-yield savings account, Capital One may well win more of my business in 2020 — not just on the credit card side, but on the cash side as well. At the very least, Capital One is now holding $10,000 of my life savings in its high-yield savings account until March 6, 2020 — at which point I’ll have $10,200 in the bank.
Featured photo by Getty Images.
Welcome to The Points Guy!
Earn 90,000 bonus miles after you spend $3,000 in purchases on your new Card in your first 3 months. Offer ends 8/3/2022.
With Status Boost™, earn 10,000 Medallion Qualification Miles (MQMs) after you spend $25,000 in purchases on your Card in a calendar year, up to two times per year getting you closer to Medallion Status. Earn 3X Miles on Delta purchases and purchases made directly with hotels, 2X Miles at restaurants and at U.S. supermarkets and earn 1X Mile on all other eligible purchases. Terms Apply.
- Limited Time Offer: Earn 90,000 bonus miles after you spend $3,000 in purchases on your new Card in your first 3 months. Offer ends 8/3/2022.
- Earn up to 20,000 Medallion® Qualification Miles (MQMs) with Status Boost® per year. After you spend $25,000 in purchases on your Card in a calendar year, you can earn 10,000 MQMs up to two times per year, getting you closer to Medallion® Status. MQMs are used to determine Medallion® Status and are different than miles you earn toward flights.
- Earn 3X Miles on Delta purchases and purchases made directly with hotels.
- Earn 2X Miles at restaurants worldwide including takeout and delivery in the U.S., and at U.S. supermarkets.
- Earn 1X Miles on all other eligible purchases.
- Receive a Domestic Main Cabin round-trip companion certificate each year upon renewal of your Card. Payment of the government imposed taxes and fees of no more than $80 for roundtrip domestic flights (for itineraries with up to four flight segments) is required. Baggage charges and other restrictions apply. See terms and conditions for details.
- Enjoy your first checked bag free on Delta flights.
- Fee Credit for Global Entry or TSA PreCheck® after you apply through any Authorized Enrollment Provider. If approved for Global Entry, at no additional charge, you will receive access to TSA PreCheck.
- Enjoy an exclusive rate of $39 per person per visit to enter the Delta Sky Club® for you and up to two guests when traveling on a Delta flight.
- No Foreign Transaction Fees.
- $250 Annual Fee.
- Terms Apply.
- See Rates & Fees