I just received an e-mail about the Capital One Venture Card matching miles promotion from a reader that I’ll call Jason. In it, he wrote:
I applied for the Capital One Venture Card back when you first talked about their “matching miles” promotion. I got the card, spent $1000, and have already received the 100k in matching miles. Thanks!
He also sent a screenshot as proof. In the interest of space and privacy, I’ve trimmed it down to just the relevant part and blacked out his partial account number.
As you can see, he now has a mileage balance of a little more than 112k miles. I didn’t ask, but I believe that the excess miles (over the 100k) include the 10k signup bonus for new customers as well as the miles he has earned for his spending thus far.
In case you missed it when I first talked about it, Capital One is offering to match the mileage balance from your existing frequent flyer credit card up to 100k miles. All you have to do is submit proof of your mileage balance and then spend $1k with your new Venture card in the first three months. This offer is good through May 13, 2011 but the mileage match is limited to a cumulative total of one billion miles.
Going forward, you earn 2 “miles” for every dollar spent, and you can redeem them on penny per point basis for airfare, hotels, or car rentals – or you can trade them in for gift cards or cash back.
At a value of $0.01/mile, this promo is worth up to $1100 in bonuses, and Jason was able to get the full amount. Not too shabby for a single credit card application. And yes, you get to keep your existing miles in your other account.