100,000 mile Capital One bonus challenge 2012 – What you need to know
Capital One is back with a 100,000 mile bonus possible for new applicants of its Capital One Venture Rewards credit card. And despite Alec Baldwin’s transgressions on an American Airlines flight in December, he is back as the face of the double miles challenge.
Last year’s bonus offer was a bonanza — they would double the miles in just about any frequent flyer account up to 100,000 miles total.
This year the offer has changed.
It’s called the Double Miles Challenge and it’s going to be a little tougher for the average person to get the full 100,000 mile bonus. Why? They are now only doubling your 2011 total credit card spend on a single travel rewards credit card, up to a total of 100,000 miles. Last year they just doubled whatever amount of miles you had sitting in your account.
So this year, if you spent $25,000 in 2011 on one of your travel credit cards, Capital One will give you 50,000 miles for opening a new Capital One Venture Rewards account. You need to have a credit card statement showing you spent $50,000 on a rewards credit card last year to get a shot at the full 100,000 mile bonus. Not a lot of us spent that much on a single credit card last year. But remember there is no minimum to the match, so for example if you only spent $15,000 on a single travel credit card last year, you’ll be eligible for a 30,000 mile bonus
Here are the specifics on what you need to consider:
- This is only valid for first time applicants for the Capital One Venture Rewards card. If you already have a card, or earned an introductory bonus from one prior, you are not eligible for this.
- You will need to spend $1,000 on your new Capital One Venture Rewards card within 90 days of account opening to get the bonus
- Only consumer travel credit cards are eligible for the spending base. Corporate, business, debit, or other cards don’t qualify.
- About 7-14 days after your account is approved, you will be sent instructions to upload or fax your 2011 year-end statement from a travel rewards credit card that includes the spending you want matched in miles, and doubled
- The offer expires May 1, 2012, or when one billion miles are matched, whichever is sooner
- If you are trying to upgrade and existing Capital One account the bonus will not be applied
Should you apply for this offer?
The Capital One Venture is a very good entry level airline credit card. It earns double miles on all purchases and each mile is worth $0.01 toward travel purchases. It’s a good return on your spending, though it is fixed at the $0.01 per mile level. If you’re creative with a traditional airline credit card you can achieve much higher values per dollar.
This is as good of a bonus offer as you will get on the Capital One Venture Rewards card. The base offer is 10,000 miles after $1,000 in spending within 3 months. So…if you have a credit card statement from 2011 that has over $10,000 on it you could get double the typical bonus, or 20,000 miles.
We’d prefer that you apply if you are able to submit a statement that shows you spent $25,000 or more last year on a single travel rewards credit card. That way you’ll be getting a healthy 50,000 or more mile bonus, worth $500 or more. The top bonus mile offers from other credit cards are hovering around 50,000 miles right now.