Capital One offering 100,000 miles

I am not sure how these companies plan to make money, but now Capital One is offering 110,000 "miles" for signing up and spending $1,000 on a "Venture" credit card in the first 3 months.  I say "miles" because Capital One is not aligned with any airline.  Instead, you basically get $1,100 to spend on travel.  There's a regular 10,000 "mile" bonus for spending $1,000 plus--for a limited time--an additional 100,000 "mile" bonus.  This second bonus is a little complicated to get.  According to View from the Wing, you need to already have an airline rewards card and be ready to show Capital One your airline rewards statement showing more than 100,000 miles.

You should know that this offer is capped at 1 billion bonus miles for all participants (i.e. the first 10,000 people who sign up), and the annual fee of $59 is waived for the first year.  The card earns two miles per dollar spent, so it could be a keeper if you don't already have one of the 2% cashback cards, which are a dying breed.  I am not a Capital One customer, but I have always envied that their cards don't add any sneaky foreign exchange fees when racking up charges abroad.

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