Not sure of where to place this, so I’ll put it here…

I’m looking at a current Capital One No Hassle Rewards checking promo and wondering if this is a good way to tackle things.

-2,000 points for opening an account
-8,000 points for setting up a monthly direct deposit of $1,000 or more
-$200.00 account credit after 3 months of said direct deposit
-Receive 20 points per purchase with my debit card (Double Rewards)
-Receive 10 points per ATM transaction (Double Rewards)
-No fees or minimum balance required, provided that I maintain a monthly direct deposit of $1,000.00
-Free next-day account transfers

So after a few months, I’d have 10,000 points and $200.00. I have an iPhone attachment that allows me to swipe credit cards as payment at a rate of $.03 per transaction. My account is set to deposit funds in my current checking account.

Theoretically, I could swipe my Capital One debit card for $1.00 a total of 6,667 times and break even with the $200.00 account credit I received. At 20 points per swipe, that gives me 133,340 points. Added to the points I got at the initial sign-up, that’s 143,340 points. That translates to a travel credit of $1,433.40, which I would then use for 2 tickets to STT for my 15 year anniversary next June and save my miles for a family vacation. Over a year, that averages to 18 swipes per day.

I know that it may be a little work, but it seems like a pretty decent ROI. I could have my paycheck deposited into my Capital One account, setup a transfer to my main account and simply recycle my own money back to myself.

Am I missing something? Capital One confirmed that there is no cap to how many times I can use my debit card. My credit features also has no set cap. I am unable to open several credit cards to get miles/points and am looking for a decent work-around.