For months we have been hearing rumors that the famed Capital One 110,000 point offer from 2011 will be making a return this year. Many people proclaimed it to be the best miles and points promotion of 2011. Last year the offer came out during “March Madness”, and all signs point to that happening again this year. I didn’t get in on this deal last year for many reasons, but was strongly considering jumping in this year if the offer came back. Last year the offer awarded up to 110,000 points if you had a frequent flyer account that had 100,000 miles in it. That equates to $1,100 in travel – what makes that even better was that you could use it to pay for travel and still earn miles and points for the travel. So, it was a double-dip of sorts. You were able to stretch your points even further by getting Hyatt gift cards at a rate better than 1 cent per point, but that very lucrative option has since been taken away. However, while the 100,000 point offer is making a return this year, it looks like it won’t be quite as lucrative for most of us on this go-round.
It seems like the offer will be returning within the next week or so, but this time it might be based on the amount spent on a travel credit card in 2011. Last week I saw some info at www.getmymiles.com. The website wasn’t fully operational, and likely was not intended for “public consumption”, but it absolutely pointed toward the bonus being tied to credit card spending instead of a balance in a frequent flyer mileage account. I’m pretty sure I saved a screen shot of that info before they changed it, but with no less than four computers being used in my house right now (I’m having a computer identity crisis), I don’t know which computer I stored it on. However, The Man of a Thousand Places also took a screen shot that is posted on his site, so instead of having a screen shot scavenger hunt, I thankfully was just able to look at his post.
Last week the website said the following:
- Spend $1000 on your Capital One Venture Rewards within 90 days of approval and earn up to 100,000 points.
- You have to submit your 2011 year-end statement from a rewards credit card and you will be awarded 2x points per dollar spent. So, it seems logical that $50,000 spent on an eligible travel credit card would earn you 100,000 points.
The website has since been changed to display this shot shown below. I actually like that they are kind of having fun with those of us who are stalking the website early. They do seem to confirm that the promo will be back, but that it will be different this time around. That matches the conclusions drawn from the information that was displayed on the previous website (and the phone conversations that some of have had with Capital One CSRs).
The most I spent on any one credit card in 2011 was a little over $25,000 on my Continental OnePass Plus card (so that I could get the 10,000 miles bonus). Since Capital One has a reputation for pulling credit reports from all three credit bureaus for one application, I will likely be sitting this one out if all I will get for the promo is a little over 50,000 points. Of course, it is entirely possible that the promo will be different than what is currently speculated, but you will find me on the sidelines if it is based on the spending from one travel credit card for 2011.
You can read about the speculation on Milepoint and Flyertalk. According to rumors in both of those threads, previous Venture card holders will not be eligible, and there will not be a business card version of this offer – but again, who knows for sure. I’m sure you will see much more about this offer in the coming days. What do you think? If the rumors are true, will you be going for it this year or sitting on the sidelines with me?