Capital One 100,000 Mile Signup Bonus ("Status Match") for their Venture Card

Discussion in 'General Discussion | Miles/Points' started by gleff, Mar 9, 2011.  |  Print Topic

  1. gleff
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    gleff Co-founder

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    Read on, it's actually a 110,000 mile signup bonus, worth $1100 towards paid, mileage-earning travel.

    It's Capital One's Venture "Match My Miles" Challenge
    http://www.capitaloneventure.com/#/Welcome

    And it's up on the CapitalOne.com home page as well.

    After credit card approval you'll need to submit proof of your current mileage account balance, then spend $1k on the card within 90 days and they'll match your account balance up to 100,000 miles. (Competing statement must be received within 45 days of account opening.)

    They've capped the matching program at "one billion miles." I suppose it's an open question how long that'll last but we should be good for a month. Though the offer also ends May 13.

    It's unclear if you have to show you've earned 100k miles from a co-branded credit card or if you have to have 100k miles in your account. It almost certainly has to just be the latter, since the FAQ says what you have to do to receive the miles is "Reserve your miles by registering online and submitting proof of your airline miles within 45 days of being approved for the Venture card." (emphasis mine.) Elsewhere they reference 100,000 credit card miles but I suspect that's just their marketing pitch to conflate credit card miles with miles.

    They will 'match' Alaska, American, Continental, Delta, Frontier, Hawaiian, JetBlue, Spirit, United, US Airways, and Virgin. They'll also match Airtran (1000 miles in their program per credit) and Southwest (1200 miles in their program per credit).

    There's also a 10,000 point account opening bonus that you'll get after qualifying spend as wel, so it's really a 110,000 mile signup bonus.
    So for folks who have a mileage account with 100k miles in it, they can get an $1100 credit towards paid airfare by signing up for this card.

    Now, it's not a terrible card for someone who wants to earn domestic airfare for their credit card spend. I'd still recommend a good 2% cash back card instead for such a person. That's not my goal.

    But as far as proprietary points programs go, with the past Thank You Points devaluation, this one isn't terrible since all spend earns 2 points per dollar and with each point worth ~ a penny that's a 2% rebate towards travel. And of course Capital One pioneered no foreign currency fees.

    I'll definitely sign up for this card, and I'll meet their minimum spend requirement. The extent to which I put additional spend on the card, however, is a different question entirely.
     
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  2. Spangenberg
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  3. arkleseizure
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    arkleseizure Silver Member

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    Hmm...not a fan of the credit pull trifecta, but this seems like a hell of a deal. So...tempting...
     
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  4. booyaa
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  5. booyaa
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    Now I'm thinking this only applies to miles earned in one given statement within the past 6 months.
     
  6. gleff
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    gleff Co-founder

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    Nah, I believe the statement will just have to show your account balance.
     
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  7. worldtraveller2
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    worldtraveller2 Silver Member

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    Bummer: read on
    This is the only Credit Card I have ever been turned down for:

    We couldn't approve you for the Capital One® Credit Card and we'll follow up in writing within a couple of weeks to explain the specific reasoning behind our decision.

    score: 990
     
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  8. rrgg
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    rrgg Silver Member

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    Never thought I'd be excited by capital one
     
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  9. xp0
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    xp0 Silver Member

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    Ha - me too!

    Just applied and was approved. Now to sign up the wife as well.
     
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  10. scotty00
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    Agreed. Having each report pulled would be a bummer, but like you said, it's a great deal.
     
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  11. deant
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    deant Milepoint Guide

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    The question I have is that Capital specifically says they will match miles earned via a mileage earning CREDIT CARD. How would Capital know how many miles in your account were earned from a credit card?
     
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  12. Force
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    Force Active Member

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    It's a great deal if there is one pull. Not so great for three hard pulls. For example, with three hard pulls, one can get 75K AA, 50K CO and 50K DL.
     
  13. booyaa
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    booyaa Silver Member

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    Exactly. Just checked my Delta AMEX, Citi AA Visa and AMEX, and Chase CO MC, unless I'm missing something, each statement only reports the miles earned within that period.

    Unless by statement they mean the actual airline program statement (I know they used that term, but their wording in this whole thing seem inconsistent), which makes referring to the airline rewards cards they match to kind of pointless
     
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  14. Westsox
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    Just got approved for the card. I guess it helps that I do not currently have a Capital One product.

    Thanks for the link gleff. The $1,100 was just too much to leave laying on the table. I am sure I will not have any trouble spending that on airfare. Now to get my wife balance up to 100,000 in one of her accounts by the end of the promotion so she can take advantage of this offer as well.
     
  15. xp0
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    xp0 Silver Member

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    Why do you say they do three hard pulls?
     
  16. arkleseizure
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    arkleseizure Silver Member

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    True and those would be way more valuable...except I've drained those wells for now. And at least being spread out, its unlikely that the 3 pulls makes too much of a difference in future apps (most of my pulls are EQ anyways). Guess I'll do my car loan app then this card! Oh boy...
     
  17. arkleseizure
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    arkleseizure Silver Member

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    Capital One generally pulls from each of the 3 credit bureaus, not just one.
     
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  18. xp0
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    The Venture website reports "Use miles for travel or use miles for gift cards, charity donations, merchandise, any more"

    Anyone have experience with buying gift cards? Merchandise? How do these miles work with those ...
     
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  19. Westsox
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    Westsox Gold Member

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    T&C posted above by booyaa - the 5th bullet point states "complete a form and submit a current airline rewards program statement as proof of your existing rewards/miles".
     
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  20. gleff
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    gleff Co-founder

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    Indeed, not a credit card statement.
     
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  21. gpapadop
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    gpapadop Silver Member

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    In and approved. Now should I do it for the wife too...I never dreamed the day would come that I will be getting a Capital One cc!!
     
  22. A5Globetrotter

    A5Globetrotter Active Member

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    Aside from being approved, is there anything I am missing? If you got the Citi AAdvantage bonus recently (75k+), is this not a slam dunk?
     
  23. xp0
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    xp0 Silver Member

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    Apparently someone with a "990" credit score was denied above. *Shrugs* I was approved and I dont think my Credit Score is 990.
     
  24. newhousejim

    newhousejim Active Member

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    Can anyone confirm what bureau(s) that they used?
     
  25. noel
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    noel Silver Member

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    I just don't know if I can get past how much I despise capital one.

    though this is the best reason i've seen so far.
     

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