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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!