A quick update - I got my card three weeks after applying. Nice welcome package, and very good description of all coverages. My credit limit is more than ample (low credit limits were the most common complaints against Capital One when the card was first introduced). The welcome bonus posted immediately after the first purchase. One welcome surprise is that your mileage balance is updated and can be applied towards redemptions as soon as each charge posts - no waiting for statements in order to access your rewards!