Capital One Venture Matching Miles – Followup

This is just a quick followup to the Capital One Venture Card offer that I mentioned last week. In case you missed it, Capital One is matching your 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 and the mileage match is limited to a cumulative total of one billion miles.

Earlier today, a reader e-mailed me with the following question:

I have more than 100, 000 miles with the AmEx Delta SkyMiles card. Do I keep those and get an additional 100, 000 miles in my Venture card account? Or do the AmEx miles somehow get transferred to Venture to become 200, 000?

This is a great question, and Capital One actually addressed it in their FAQs:

What happens to my existing airline credit card miles? Nothing. They’re still yours, we’re only matching them. Your existing miles are not affected by this promotion. We’re confident that you’ll want to stick with Venture once you experience the great features and benefits, like double miles on every purchase, every day.

In other words, there’s no real risk to this offer… You keep your existing miles, plus you get a matching amount in your Venture card account. Not only that, but new Capital One customers also get an additional signup bonus of 10k miles.

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4 Responses to “Capital One Venture Matching Miles – Followup”

  1. Anonymous

    I tell all my clients to stay away from credit cards unless they absolutely must use them. I do bank with Capital One though.

    This is a good deal though for all active credit card users.

  2. Anonymous

    I’ve got the same concern. I suspect there will be a lot of unhappy people when the find out the billion miles are gone and they are left with nothing.

  3. Anonymous

    Sanjay, I just found this offer and was worried about the promo hitting the cap before I received my miles. Unfortunately (or fortunately), I got the VentureOne card (no annual fee with 1.25 miles per dollar) just three months ago, and would need to wait 3 more months before switching to the Venture card.

  4. Anonymous

    I applied to this per your original post. Thanks! Apparently, this promo is capped to 1 billion miles, which if you do the math will be 10,000 approved applicants, if they all claim the full 100k miles. It may seem like a lot of miles, but if interested, I would recommend applying sooner rather than later.

    There are other forums where this promo has spread and from everything I’ve read, its a really good offer. It is being marketed during the NCAA bball tourney as well.

    Hopefully there isn’t a situation where Capital One reaches the quota and suckered a pool of people into applying and denied full matching of mileage.

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