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Card offer matches air miles

By Lucy Lazarony · Bankrate.com
Monday, March 14, 2011
Posted: 1 pm ET

A new travel rewards card promotion from Capital One will match the rewards miles that you've already earned with an airline credit card.

For a limited time, Capital One is offering its Venture Rewards credit card with up to 100,000 free reward miles for new customers with airline rewards miles.

To cash in on the free travel miles, a new customer must submit proof of their existing air miles on any of 13 eligible airline credit cards and spend at least $1,000 on the card in the first three months after opening the account. New Venture card customers who spend $1,000 in the first three months also will receive 10,000 bonus miles in addition to any matched miles.

Capital One will match a new customer's existing air miles one-for-one with Venture rewards miles. This offer is open to new Venture and new Venture for Business card customers approved during this promotion.

The promotion will end May 13, 2011 or when one billion miles have been matched, whichever comes first, according to a press release from Capital One.

With the Capital One Venture Rewards card, you earn two rewards miles for every dollar you spend with the card. The rewards miles can be redeemed on any airline at any time without blackout dates or restrictions. The miles never expire and there is no limit on the miles you can accumulate, according to Capital One.

In addition to airfares, Venture Rewards card miles may be redeemed for travel purchases such as a hotel room, car rental or cruise.

Cardholders can opt to redeem Venture miles after their travels. Miles may be redeemed within 90 days of a travel purchase posting to a Venture card account.

The card's $59 annual fee is waived for the first year. The Venture Rewards card is targeted to consumers with excellent credit, according to the Capital One website.

Several credit card issuers are using rewards cards to entice new customers.

The Bankrate.com site makes it easy to compare rewards cards and frequent flier cards and to search for a new credit card based on your credit score.

For information on cash-back rewards credit cards, check out Bankrate's 2011 Credit Card Rewards survey.

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