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Details in this Milepoint thread.
Capital One offers a 10,000 ‘mile’ signup bonus for their Venture Card. But they’ve added a huge kicker — they will match up to 100,000 miles you currently have in another program. So if you have an account with one of several airlines that has 100,000 miles in it, when you spend $1000 on their Capital One Venture card within 3 months they’ll give you the usual 10,000 miles plus 100,000 miles.
Since it’s a ‘match’ they’ll give you whatever your current balance is, even if it’s less than 100,000 miles of course.
Now, Capital One “miles” are really just credits towards the purchase of airfare, a point is worth a penny’s worth of travel. I don’t really like this for my regular credit card spend. They advertise 2 points per dollar spent on the card, but that’s really a 2% rebate for travel. Me, I like my airline miles. And even if what I wanted was just to redeem for domestic coach flights, I would take a 2% cash back card instead of this card which restricts how you can spend that 2% (to travel).
That said, it’s a decent enough no fee card which comes with no foreign currency transaction fees.
And the 110,000 miles I’ll get when I sign up and meet the minimum spend will be $1100 in paid travel. Same deal for my wife. Between the two of us we should net $2200 in paid airfare just for each signing up for the credit card.
The offer is valid through May 13, 2011, or until they’ve given away a billion miles through the match program.
It’s the first time I’ve ever considered applying for a Capital One card, and I’ll certainly jump on this bonus, though I don’t know how much more than the minimum spend for the bonus I’ll want to put on it.