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Capital One is offering an incredible promotion for new applicants for their Venture Credit Card. They are matching the number of miles applicants have received through other airline credit cards, up to 100,000 miles. All you have to do is take a screen shot of your current total mileage balance and submit through their website. So essentially, if you have an American Airlines account regardless of the way you have earned the miles, you can go ahead and submit your account summary. Additionally, you can submit a statement as far as 6 months back in case you have just cleaned out your mileage balance booking an award ticket. This promotion ends May 13th or until 1 billion miles are given away.
Capital One will match from the following airline programs: Alaska, American, Continental, Delta, Frontier, Hawaiian, JetBlue, Spirit, United, US Airways, Virgin, Airtran (1000 miles in their program per credit), and Southwest (1200 miles in their program per credit). Click here to read additional terms and conditions.
All new applicants will also receive their typical promotion of 10,000 points after spending $1K within 90 days of opening the account. To receive the matching miles, you must meet the $1K requirements as well. Ultimately you will receive a total of $110,000 points – worth $110,000.
What are Capital One Points Worth? Capital One points work pretty simply. Book your travel flight, hotel stay, even taxi on your Capital One card and on the CapitalOne.com website you will select the items to be used by your earned points. Capital One will deduct the number of points needed for the travel related purchase and take the charge off your statement. Points can only be redeemed for travel related purchases. To figure out how many points a purchase is worth, all you have to do is multiple the total cost by 100 points. For example, for a $300 airline ticket, you will need to use 30,000 points. There is little strategy when redeeming your Capital One points – you get a redemption rate of $0.02 on all purchases. All purchases earn you 2 points $1.
Things to keep in mind:
- You can only submit a summary account from one airline
- You must submit your airline statement within 45 days from opening you account
- You will receive points and miles on your travel when redeeming your Capital One points
I have already applied for this card, been approved, and submitted my mileage statement from American Airlines. I then received an email stating that my 100,000 miles are on reserve until I hit the $1K spend. This is a great promotion in my opinion, especially, because the points can be used on any travel related purchase. Also, you do not need to worry about black out dates for redeeming awards. If you like redeeming for business class travel, however, this might not be the best redemption for you.
Feel free to ask any questions, as this promotion and credit card work differently than your normal airline/hotel credit cards.
UPDATED: This promotion has ended – refer to my latest post on the Capital One Credit Card