Capital One is the latest card issuer to offer an elevated welcome bonus on one of its cards, the Capital One® Venture® Rewards Credit Card. Eligible new cardholders can earn up to a 100,000-mile bonus, which you can redeem for a statement credit to cover food delivery, streaming services and more — thanks to Capital One extending the time frame for these redemption options.
CNBC Select breaks down how you can earn the new welcome bonus offer and the extended time period for select reward redemptions.
New Venture cardholders can earn 100,000 bonus miles after spending $20,000 on purchases within the first 12 months of account opening. This is double the amount of miles as the prior 50,000-mile bonus, which required you spend $3,000 within the first three months. This new bonus offer is broken up into two tiers.
Here’s how it works:
If the elevated bonus is out of reach, you can still earn the normal 50,000 bonus miles after spending $3,000 on purchases within the first three months of account opening and forgo the additional 50,000 bonus miles. Just earning half of the bonus is a good idea if it’s a stretch for you to spend $20,000 within 12 months. After all, any rewards you earn aren’t worth falling into debt and incurring interest charges.
And if you don't spend $3,000 within the first three months, you can still qualify to earn 100,000 miles if you spend $20,000 within 12 months.
This new offer is open to new applicants. Existing or previous Venture cardholders may not be eligible for this offer. And while this is a limited-time offer, there's currently no end date.
5X miles on hotel and rental cars booked through Capital One Travel℠, 2X miles per dollar on every other purchase
100,000 bonus miles when you spend $20,000 on purchases in the first 12 months from account opening or earn 50,000 miles if you spend $3,000 on purchases in the first 3 months
N/A for purchases and balance transfers
17.24% to 24.49% variable on purchases and balance transfers
3% for promotional APR offers; none for balances transferred at regular APR
Back in April, Capital One introduced new ways for its travel credit card holders to redeem miles. New redemption options included food delivery, takeout, streaming services and phone services, depending on whether you have a consumer Venture or VentureOne card or a business Spark Miles card. The temporary adjustments were originally planned to end on September 30, but they have been extended through December 31, 2020.
Here’s the breakdown of the Capital One miles redemption options, broken down by the card you have:
You can redeem miles for eligible food delivery, takeout, streaming services and phone services in the same way you redeem miles for travel purchases with Purchase Eraser. Redemptions made through Purchase Eraser can only be applied to purchases made within the past 90 days. Learn more about how to redeem Capital One miles for food delivery, takeout, streaming services and phone services.
Information about the Capital One® cards has been collected independently by CNBC and has not been reviewed or provided by the issuer prior to publication.