Up to 100,000 bonus miles: Highest-ever Capital One Venture offer

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While 2020 has mostly been filled with a series of unfortunate events, things are at least starting to turn around on the credit cards rewards front.

Starting today, the Capital One® Venture® Rewards Credit Card is offering double its regular welcome bonus. You’ll receive up to 100,000 Capital One miles after meeting tiered spending requirements. This is the highest bonus we’ve ever seen for the card.

You can redeem Capital One miles at a rate of 1 cent each toward travel purchases, like airfare and hotels, as well as eligible restaurant delivery, takeout, and streaming service purchases. That means a 100,000-mile bonus is worth $1,000! It can even be worth more if you know the best ways to use Capital One miles, namely, leveraging Capital One transfer partners like Accor, Aeroplan and Avianca.

The only caveat is that the spending requirement to unlock this full bonus is a bit intimidating. But I’ll explain why that hardly matters at all. If you’ve been on the fence about applying for the Capital One® Venture, this limited-time offer should help you decide.

Use Capital One miles for just about anything travel-related — including cruises! (Photo by Galyna Andrushko/Shutterstock)

Capital One Venture limited-time 100,000 mile welcome bonus

For a limited time, you can earn earn 100,000 bonus miles after spending $20,000 on purchases within the first 12 months of account opening. Or you can still earn 50,000 bonus miles after spending $3,000 on purchases in the first three months. The opportunity to earn twice the bonus miles is welcome news.

Capital One stipulates that if you’ve had the Capital One Venture before, you’re not eligible for this bonus.

Also note that this card earns 5 miles per dollar on all food delivery and pickup orders with Uber Eats (ends January 31, 2021), and 5 miles per dollar on hotel and rental cars booked with the Venture account through Capital One Travel℠. It earns 2 miles per dollar on all other purchases.

Capital One miles can be redeemed for 1 cent each against any travel purchase, meaning this bonus is worth at least $1,000. It’s quite a simple way to redeem miles, just book whatever you’d like as normal (i.e. hotel, cruise, flight, rental car, etc.), and then you can wipe the purchase off your statement later.

However, you can also transfer the miles to over a dozen transfer partners like Avianca Lifemiles (great for booking Lufthansa first class), Air Canada Aeroplan (which has an enticing new award chart), Air France/KLM’s Flying Blue, JetBlue and more.

Capital One has a funky transfer ratio when moving your miles to partners (2:1.5 in most cases). So 100,000 Capital One miles would convert into 75,000 airline miles. Since we value Air Canada Aeroplan miles at 1.5 cents each, this bonus could potentially be worth more if you transfer it to the right airline — 75,000 Aeroplan miles are worth $1,125.

You can transfer Capital One miles to Avianca Lifemiles and book Lufthansa First Class with no fuel surcharges! (Photo by Zach Griff)

Is this bonus worthwhile?

“Twenty thousand dollars?!” you might be thinking. Yeah, that sounds like a ton of spending. But let’s get two things straight right away:

  • You can still open the card to easily earn 50,000 miles after spending $3,000 in the first three months. This is the standard card offer. If you decide later that you want to go for the full bonus, at least you have the option
  • $20,000 in spending is less intimidating than you might think. Remember, you’ve got a year to achieve it. If you put all your spending on the card, you’ll need to spend an average of $1,667 each month

There’s no question that the first tier of this card bonus is great — earn $500 in travel for meeting a very accessible spending requirement. But spending $17,000 more to earn another 50,000 miles is another story.

Here’s an easy way to think about this second-tier — you’re getting 5x miles on all purchases, on up to $17,000 in spending:

  • You’ll earn 50,000 miles after spending $17,000 (averaging 2.94 miles per dollar)
  • The card earns 2x miles per dollar on all purchases anyway

A flat 5x everywhere for all purchases is a pretty great deal! Just note that if you don’t end up reaching the full $20,000 in spending within the first 12 months, you’ll end up receiving only 2x for your purchases.

If you are able to spend $20,000 on the Capital One® Venture® Rewards Credit Card in the first year, you’d end up with at least 140,000 miles. 2x miles on $20,000 in spend would get you 40,000 miles plus the 100,000 mile bonus. Those 140,000 miles are worth a minimum of $1,400. Not too shabby.

If you’re still feeling intimidated, we have a giant list of creative ways to meet minimum spending requirements.

Who should apply?

The deal seems like a no-brainer, not to mention that the Venture comes a number of other travel benefits and perks. But there’s one big factor to keep in mind.

The fastest way to earn rewards for travel for is by earning credit card welcome bonuses. With $20,000 in spending over the course of a year, you could earn multiple bonuses with other cards. For example:

  • Chase Sapphire Preferred® Card – 80,000 Chase points after you spend $4,000 on purchases in the first three months of account opening. We estimate this bonus to be worth $1,360 in travel.
  • Hilton Honors American Express Aspire Card – 150,000 Hilton points after spending $4,000 on purchases within the first three months of account opening. We estimate this bonus to be worth $750 in hotel stays.
  • Marriott Bonvoy Boundless™ Credit Card – Earn 5 Free Nights after you spend $5,000 on purchases in the first 3 months from account opening.
  • Delta SkyMiles® Gold American Express Card – 50,000 Delta miles after you spend $2,000 on purchases within the first three months of account opening (offer ends Oct 28, 2020). We estimate this bonus to be worth $750 in flights.
  • The Platinum Card® from American Express – 60,000 Amex points after spending $5,000 on purchases with your new Card in the first three months of account opening. We estimate this bonus to be worth $1,080 in travel.

That’s $4,700+ in estimated travel for spending $18,000. The only downside to this angle is that you’ll have to apply for multiple credit cards throughout the year. If you’re not at a stage in your miles and points career where you’re comfortable doing this, opening the Capital One Venture shouldn’t push the boundaries of your comfort zone.

Bottom line

The Capital One Venture comes with 100,000 bonus miles after you spend $20,000 on purchases in the first 12 months of account opening. Or you can earn the 50,000 miles after you spend $3,000 on purchases in the first three months of account opening.

If you can put $20,000 of spending on the Capital One Venture in the first 12 months, then this offer is seriously worth considering. A 100,000-miles intro bonus with the Capital One Venture is an unheard-of deal and will net you a minimum of $1,000 in travel.

If, however, the full bonus prohibits you from opening other cards and meeting their spending requirements, it’s best to just aim for the card’s 50,000 bonus miles. That way your spending can be focused on other great welcome bonuses as they pop up. You can subscribe to our newsletter to ensure you never miss those improved bonuses — we’re always keeping an eye out for you.

Joseph Hostetler is a full-time writer for Million Mile Secrets, covering miles and points tips and tricks, as well as helpful travel-related news and deals.

Editorial Note: We're the Million Mile Secrets team. And we're proud of our content, opinions and analysis, and of our reader's comments. These haven’t been reviewed, approved or endorsed by any of the airlines, hotels, or credit card issuers which we often write about. And that’s just how we like it! :)

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