For the last few weeks I’ve been optimistically anticipating a repeat of the Capital One Venture promotion from last year in which Melissa and I were each able to pick up 100,000 points. Rumors had been going around that Capital One was going to do it again. However, the promotion is different this year and by different I mean disappointing. The actual promotion is the Venture Double Miles Challenge and even Alec Baldwin looks disappointed.
Last time around, approved applicants could send in a copy of their frequent flyer statement showing 100,000 miles in the account and BOOM…Capital One would match those points. This time, Capital One is going to require approved applicants to send in a year-end summary from their travel credit card and they will award 2 points for every dollar spent during the year. The switch to a spend-oriented promotion will make this a non-starter for most people. Maxing out the bonus would mean having put $50,000 on a single credit card in 2011. I’m pretty sure the most I put on any single card was $10,000 to meet a spending requirement and then I was on to the next card.
Bear in mind, the link to the promotional page above is not the final promotion, but it sure gives us a good idea how the deal will be run.
Update: Capital One has taken down the basic terms of the promotion, but you can still see them in the screenshot above.
Sadly, I think I’ll be sitting this one out. The promotion will likely start sometime between March 7th and 11th.
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