A new promotion from Capital One will double the miles for every dollar you spent on another travel rewards credit card last year.
For a limited time, Capital One is offering its Venture Rewards credit card with double rewards of up to 100,000 miles for new customers who used a travel rewards card in 2011.
Here's how it works: Let's say you spent $10,000 on a travel rewards credit card in 2011. To snap you up as a new customer, the Capital One is willing to give you 20,000 miles, or twice the rewards, on its Venture Rewards card.
To receive the bonus double miles, you must be approved for a Venture Rewards credit card, register for the challenge and provide a 2011 year-end summary for another travel rewards credit card, according to Capital One.
Additionally, new Venture Rewards credit card customers must spend $1,000 within 90 days of being approved for the card to get the bonus, according to Capital One.
The promotion will end May 1 or when 1 billion reward miles have been claimed, whichever comes first, according to Capital One.
"It's not a bad marketing ploy," says Bill McCracken, CEO of Synergistics Research Corp., an Atlanta-based marketing research firm for the financial services industry, of the Venture Rewards card promotion. "It definitely captures the attention of consumers who value mileage as rewards."
He says it's not unusual for travel rewards cards to entice new customers with bonus miles.
"The use of mileage multipliers is relatively common. Many times they're targeted to specific kinds of purchases," McCracken says.
What makes the Venture Rewards card offer stand out is that it rewards money spent on rival travel rewards cards, he says.
"That piece of it is very unusual," McCracken says. "That part of it is specifically for gaining market share."
Capital One did a similar promotion with its Venture Rewards card last year when it offered to match the rewards miles consumers had earned with rival airline credit cards.