Please note this site has financial relationships with American Express and this post may contain affiliate links. Read my Advertiser Disclosure policy here to learn more about my partners.
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. 😉