How to Get $1,000 Free From Capital One

What's Hot

23 Upgrades Under $50 to Make Your House Look AwesomeAround The House

Trump Worth $10 Billion Less Than If He’d Simply Invested in Index FundsBusiness

Do This or Your iPhone Bill May SkyrocketSave

11 Places in the World Where You Can Afford to Retire in StyleMore

19 Moves That Will Help You Retire Early and in StyleFamily

What You Need to Know for 2017 Obamacare EnrollmentFamily

8 Things Rich People Buy That Make Them Look DumbAround The House

50 Ways to Make a Fast $50 (or Lots More)Grow

32 of the Highest-Paid American SpeakersMake

The 35 Two-Year Colleges That Produce the Highest EarnersCollege

5 DIY Ways to Make Your Car Smell GreatCars

Amazon Prime No Longer Pledges Free 2-Day Shipping on All ItemsMore

More Caffeine Means Less Dementia for WomenFamily

7 Household Hacks That Save You CashAround The House

5 Reasons a Roth IRA Should Be Part of Your Retirement PlanGrow

30 Awesome Things to Do in RetirementCollege

Beware These 10 Retail Sales Tricks That Get You to Spend MoreMore

9 Tips to Ensure You’ll Have Enough to RetireFamily

Looking for a credit card? Sign up for the latest promotion from Capital One and you can get a statement credit of up to $1,000.

One of my 5 Credit Card Predictions for 2012 was that we’d see a return of large sign-up bonuses. So far 2012 has brought us a mild winter and some rather unremarkable credit card promotions – until today.

This morning Capital One resurrected last year’s “Match My Miles” promotion with one called the “Double Miles Challenge.” Play your cards right (pun intended) and this deal is worth up to $1,000 as a statement credit toward any travel-related expense.

How it works

Last year I earned an easy $1,000 by applying for Capital One’s new Venture Rewards card.  This year, they have a slightly different twist on the promotion, but the same potential to earn a $1,000 statement credit. Here’s what you do…

Step 1: Get the Capital One Venture Rewards card. You can be a new or existing Capital One cardholder, as long as you don’t already have the Venture Rewards card. When I took advantage of this promotion last year, I simply called customer service and switched from another Capital One card to Venture Rewards. There was no credit check, and I immediately qualified for the promotion.

In short, you can participate unless you’re already a Venture cardholder. But apply soon because this deal expires when 1 billion miles are claimed or May 1, whichever comes sooner.

Step 2: Register for the challenge and submit a 2011 year-end summary from a competing travel rewards credit card.

Capital One will then give you two miles for every dollar you spent on that card, up to 100,000 miles.  For example, show them a statement proving you spent $30,000 last year on a competing rewards card, and they’ll credit you with 60,000 miles.  Show them you spent $50,000 and your reward is 100,000 miles.

Eligible rewards cards include all major cards offering rewards that can be redeemed for travel purchases (flights, hotels, rental cars, etc.)

Step 3: Spend a minimum of $1,000 on your new card within three months.

Step 4: Receive your miles and convert them into cash.  If you’ve got 100,000 Capital One miles, they’re worth $1,000 toward any travel-related expense.

Simply purchase any airfare, hotel, cruise, car rental, or vacation package with your new Venture Rewards card.  Then go to your account online and select the purchases you would like to be reimbursed for. It’s that simple!

If you feel a particular expense is travel-related and they say it’s not reimbursable, try asking someone in customer service to overrule the computers and issue a statement credit. I’ve heard this sometimes works.

The bottom line

To entice you into their Venture Rewards card, Capital One is giving you double miles for charges you made in 2011 on another company’s credit card.  And those miles are convertible into a statement credit of as much as $1,000.  In addition, as you’ll see when you check out the card, it’s a decent deal anyway, since cardholders earn 2 percent cash back as statement credits on all their spending.

“With this promotion we really want consumers to experience firsthand the value of earning double miles on every purchase, every day,” Capital One spokeswoman Sukhi Sahni told me. Sometimes, reality matches the hype.

As 2012 progresses, we’re bound to see more mega-sign-up bonus opportunities. But this first one out of the gate may actually be the winner.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!


Read Next: Sam’s Club Reveals Details of Black Friday, 5 Other Holiday Sales

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,720 more deals!