This is a good news/bad news situation.  The good news is that the Capital One Venture card 100,000 point promo is indeed back, but the bad news is that for many of us it won’t be quite as lucrative as last year.  Turns out that most of the rumors are true – in order to earn the full 100,000 points, you must have spent $50,000 on a single “travel rewards” credit card in 2011.  You will then be awarded 2x points for each dollar you spent on that card in 2011, up to 100,000 points.

Here are the details, straight from Capital One (the bolding is mine):

  • 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.
  • New account holders that do not participate in the Double Miles Challenge program will be eligible for 10,000 bonus miles if they make at least $1,000 in total net purchases using the new Venture card within 90 days of account opening. Existing account holders that upgrade to Venture are not eligible for this bonus.

The most I spent on a card in 2011 was about $28,000, so while 56,000 points ($560 dollars for travel) is nice, I’m not going to go for it right now.  It would require three credit inquiries (Cap One pulls from all three bureaus), and since I just got two new cards in February, I’m not really looking to go for another card right now.  If I were ready for another credit card application, it could well be worth it for $560, but I’m going to pass this time.  If it were for $1000, that may be a different story.  It is important to remember that since these Capital One points have a fixed value of 1 cent a piece, they aren’t nearly as valuable as others points such as Chase Ultimate Reward points, Starwood Preferred Guest points, and Membership Reward points.  While some redeem those other types of points for only 1 cent a piece, my family often gets 2 – 4 cents (or more) value from many of those points, so when you hear 50,000 or 100,000 points from this offer, just be aware it isn’t apples to apples when comparing it to other credit card sign-up bonuses.  Still, 100,000 points from this offer is certainly good, especially since you can use it to “buy” travel that earns miles and points.

Personally I think that unless you have $25,000 of spending on an eligible card, and can get at least 50,000 points, I don’t think this deal is worth it for three credit inquiries.  That is a subjective call, of course, but that is my recommendation.  However, if you have more than $25,000 charged on an eligible card, then you have to evaluate how lucrative this offer is for your family.  It is still a very good deal if you can get close to the 100,000 point mark!

Disclosure:  This is not a credit card offer that I receive a commission for….just in case you were curious.  ;)

Posted by Mommy Points | 18 Comments

18 Responses to “100,000 Points Capital One Venture Promo Launched”

  1. Lindsay says:

    We spent $50k+ on a regular bank-issued Mastercard (with only 1% cash back or gift cards, very sad!) last year.

    Does anyone know if they’ll match that, or does it have to be on an airline or hotel-branded card?

  2. mommypoints says:

    It does not seem to have to be on an airline or hotel branded card – according to posts starting around #291 in this thread, as long as your card earned rewards it was eligible. http://www.flyertalk.com/forum/milesbuzz/1295938-merged-cap-one-match-back-2012-a-20.html

  3. CatJo says:

    There are a couple of reports of instant denials for those who’ve had many credit inquiries over the past year, even if it’s been >6 months since their last applications. Not good, taking a hit of 3 inquiries for this and then being denied!

  4. Gabriel says:

    Anybody know if the Chase Freedom card qualifies?

  5. Billy Mumphrey says:

    I’m going to pass on this one. I only sign up for credit cards hawked by TV icon Alec Baldwin. Stay thirsty my friend.

  6. Babs says:

    You mention that Capitol One pulls from all three bureau’s. Do you have list by any chance on which bureau’s each card (Starwood Amex, Chase, Citibank, etc.) pulls from? That would be so nice to have tucked away somewhere…

  7. Kathy says:

    I spend $51K on my American Express Delta Platinum Business Card. It is listed with my name as the “owner”. Business cards are ineligible for the match. That stinks!I may have taken advantage of this. Maybe it wasn’t meant to be…

  8. DeanT says:

    Cash back cards do not seem to be eligible for the match. From their questions and answers:

    All major U.S. consumer travel rewards credit cards are eligible (Visa®, MasterCard®, American Express®, and Discover® ). Travel rewards cards include all credit cards that earn rewards that can be redeemed for travel purchases (flights, hotels, rental cars, etc.).

  9. Trentswanson says:

    Should also include value of elite qualifying miles and not having to struggle to find award availability as part of the value equation. May be enough to offset the 3 bureau hard pull even at less than $50k spend

  10. Nancy says:

    How are people getting around the exclusion if you particated last year, no go this year. I would think the majority participated last year. Reasonable offer for newbies.

  11. Heather says:

    Babs: The credit card companies pull different credit bureaus in different states or even regions of states, or sometimes pull a different bureau at the end of the month than they did in the beginning of the month. You will find personal reports on credit pulls on http://www.creditboards.com, but it isn’t updated as frequently as I would like. If you sign up for a pay credit monitoring service, you can make guesses from your own credit history. My experience in Seattle wouldn’t help you much.

    I passed on the Match your Miles offer last year, and have regretted it. Now I would have jumped at last year’s terms, but I do not qualify for much under this year’s terms so will pass. I’ll go for another Ultimate Rewards card in another month instead.

  12. MJL says:

    This isn’t even on TOP of a standard 10K offer? Boo Hiss.

  13. luckedout says:

    I am embarrassed to admit that I spent $48k on travel last year on AMEX (business card). However, I already have the venture card. :( I didn’t even get the good promo last year. I originally got the card to use when I travel internationally as it has zero foreign transaction fees….I also cont. to keep it for that reason….and zero annual fee. Any other card I should look at with these features?

    • mommypoints says:

      @Nancy, I am not sure if people are getting around that this time.
      @MJL, I know! Last year was too good to be repeated I guess!
      @luckedout, the Chase Sapphire Preferred has no annual fee the first year, no foreign transaction fee, and is my current favorite personal card. The New Ink Bold also is fee free the first year and has no foreign transaction fee. Either of those are great choices. More details here.

  14. kay says:

    i am thinking cash back cards would be eligible from reading those same terms-due to the fact that some cash back cards use a reward program that allow you to get cash OR purchase certs for rental cars and other things.

    • mommypoints says:

      @kay, yeah from what I have read on message boards, they are being pretty lenient on what personal cards qualify – when in doubt, call and see what they say.

  15. CanadianMillionMiler says:

    @luckedout – You mentioned the Venture Card you have has no annual fee, if this is not just for the first year it means that you must be having the Venture One card (the gold card). If this is the case, you can upgrade it to the blue Venture card which has $59 annual fee but earns you 2 points per $1. You will be eligible to go for the 100K double miles challenge and net $960 – the annual fee (not waived for the first year if you were to upgrade). If you don’t mind the 3 credit pulls and confident that you will get approved, you will get the first year waived. Good luck!

  16. [...] as aggressive this year as last, but then again, the offers haven’t been as amazing. (The Capital One Venture and Chase’s British Airways offers were probably the biggest in terms of total opportunity. [...]

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