Capital One announces 100,000-mile bonus for new Venture cardholders

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Capital One has announced an updated sign-up bonus for new Capital One® Venture® Rewards Credit Card cardholders—and it’s the card’s biggest one yet.

As of Sept. 22, 2020, new Venture cardholders can receive a limited-time sign-up bonus of up to 100,000 miles after spending $20,000 on purchases within the first 12 months of account opening.

Sign-up bonus details

The sign-up bonus is split into two offerings, with the overall awards cap at 100,000-miles:

  • Earn a 50,000-mile bonus when you spend $3,000 on purchases within the first 3 months of account opening
  • Earn up to a 100,000-mile bonus when you spend a total of $20,000 on purchases within the first 12 months of account opening

Essentially, after you meet the 50,000-mile bonus, spending an additional $17,000 over the course of your first 12 months doubles your sign-up bonus earnings to 100,000 miles.

A look at the Venture card

As a refresher, the Venture card offers an unlimited 2X miles on every purchase, making it one of the best flat-rate travel credit cards available. You’ll pay a $95 annual fee, but Capital One’s wealth of travel partners, variety of flexible mile redemption options and travel-specific statement credit-earning opportunity make it a great card for casual travelers.

There’s also a handful of limited-time offers available to Venture cardholders, including:

  • An unlimited 5X miles on Uber Eats food delivery and pickup through Jan. 31, 2021
  • Unlimited 5X miles on hotel and rental cars booked through Capital One Travel
  • Ability to redeem past eligible delivery, takeout and streaming service purchases for statement credit (extended through Dec. 31, 2020)

Though the Venture’s sign-up bonus takes the headline, the card’s extension on redeeming for a statement credit toward eligible food delivery, takeout and streaming services is great news for those not keen on traveling quite yet.

“I’m glad they’re offering a good substitution for getting valuable rewards on everyday items for at least another three months,” says Ted Rossman, industry analyst at Bankrate. “I have been using this feature regularly and appreciate that it’s available even more widely than their description suggests…”

Per Rossman, he’s been able to use the feature toward a cable, internet and home phone subscription, cell phone plan and purchases at a farm stand.

What the new sign-up bonus means for you

“Capital One is looking to attract those high-income, high-credit, heavy spenders,” Rossman says. “Spending $20,000 on a card in a year is a lot. For those who can, Capital One is willing to give them a lofty bonus.”

According to Rossman, these kinds of tiered sign-up bonuses haven’t fared well in the past for cards, but they do bode well for issuers looking to stave off credit card churning.

“The bar is high… It feels like a good strategy for the current climate, however,” he says.