Capital One 100,000 Mile Double Mile Challenge is Here! [Expired]

Capital One 100,000 Mile Double Mile Challenge is Here! [Expired]

Million Mile SecretsCapital One 100,000 Mile Double Mile Challenge is Here! [Expired]Million Mile Secrets Team

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But there’s nothing to get excited about unless you’re a big spender who can prove that you spent tens of thousands of dollars on a single credit card.

Yesterday, I was optimistic that I’d be able to take part in Capital One’s upcoming promotion, but here’s why I’ll be sitting this out this year.

  • I’m ineligible for the Double Miles challenge because I took part in last year’s “Match My Miles Challenge.”
  • You have to spend $50,000 on a credit card in 2011 not including a business credit card or corporate credit to get matched to 100,000 miles.
  • You have to submit a year end statement from ONE credit card.  You can’t submit statements from more than one credit card.

The Terms and Conditions also say that spending  on small business cards, debit cards, fleet cards, private label credit cards, corporate cards, prepaid cards and Capital One credit cards are not eligible.

Capital One will match $1 of spending in 2011 on your existing travel card with 2 Venture Reward miles with a cap of 100,000 miles after spending $1,000 within 3 months on the card.

So you could get 100,000 Venture miles for spending $50,000 in 2011.

Capita One’s Venture miles can be redeemed for travel (1 cent per mile) and other merchandise from the Capital One online store.  So 100,000 miles is $1,000 towards travel expenses.  Just keep in mind that Capital One pulls your credit from all 3 bureaus which isn’t necessary bad since most banks don’t pull credit reports from TransUnion.

Perhaps Capital One won’t run out of their Billion miles by May 1, 2012.  But if they do, it means that they’ve acquired new card members who collectively spent $500 million on their credit cards in 2011!  This is certainly a much better thought out promotion to reach their business objectives than last year’s offer.  But not an easy way for us to earn miles!

Bottom Line:  This is a good deal if you can get 100,000 miles from Capital One which can be redeemed for $1,000 in travel.  I wouldn’t apply if I wasn’t able to get at least $600 or more from this promotion.  Keep in mind that Capital One usually pulls your credit report from all three credit bureaus.

I’m ready for the next mega credit card offer!

A big Hat Tip to all the readers who sent me information about the promotion and kept me up-to-date on the latest developments!

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So, I may have done a no-no. I applied and got approved for the Capital One. But now I am reading about 3 hard pulls. What does this mean for future credit card applications? I was planning to do the personal and business southwest and some of the hilton cards.

Million Mile Secrets

@Alex - I mean that you can get reimbursed for your paid travel expenses.

@KT - For most folks, a TransUnion pull shouldn't matter, because in most states only Barclay's uses TransUnion. Here's a" title="Credit Bureaus" target="_blank" rel="nofollow">post on credit bureaus.

@Tammy Horvath

Thanks. Just curious as to what they were handing out in regards to interest rates. I am not applying this go round because I don't want 3 credit pulls though.

@Corinne I got an interest rate of 16.9% APR for purchases and transfers and 24.9% for cash advances. I had an Experian credit score of 765. I hope this helps you. It only took 2 1/2 weeks for my miles to post. (I was approved for my card on March 9th) As soon as I hit the minimum spend of $1,000, they went right in my account.

Does anyone know if they reimburse for RCI travel? It is a timeshare company.

Do you mean convert my paid expense into miles expense post factum?


Whats the best way to redeem Capital One venture miles? On their website or is there a better way?


Million Mile Secrets

@Tammy Horvath - Isn't it great when the points post to your account?

- You can redeem them on the website, or you can spend on travel expenses and then ask Capital One to reimburse you for that spending. For example, if you pay for a $100 car rental using your Cap 1 Card, you could call or ask for a credit online to cover that $100 expense.

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