[Expired]Cap One 100,000 Mile Signup Bonus ("Status Match") for their Venture Card
Apr 8, 2011, 12:57 pm
#2251
Join Date: Feb 2007
Posts: 755
Mine posted too, 1k of charges posted to my account Tue, Wed I had the 10k bonus, and some time Fri between 4AM and 8AM west coast the 100k posted. (yes I was obsessively checking, I was worried those Hyatt certs would vanish).
I'm wondering if they do these in batches.
I'm wondering if they do these in batches.
Apr 8, 2011, 2:42 pm
#2252
Join Date: Feb 2009
Location: SFO
Programs: Grounded
Posts: 669
How long does it take to get the card? I've already been approved, got the promo code, and it even looks like they've marked the miles for matching. Yet, no card. It's been 2.5 weeks since my application now. Seems like a very long time to receive the card - AMEX, citi, and chase have all been pretty quick about it by comparison. Amex even sent my SPG card via UPS next day when the 30k thing was going on!
Apr 8, 2011, 2:47 pm
#2253
Join Date: Sep 2007
Location: Purgatory
Programs: Too many to list. Status is a half dozen.
Posts: 9,236
How long does it take to get the card? I've already been approved, got the promo code, and it even looks like they've marked the miles for matching. Yet, no card. It's been 2.5 weeks since my application now. Seems like a very long time to receive the card - AMEX, citi, and chase have all been pretty quick about it by comparison. Amex even sent my SPG card via UPS next day when the 30k thing was going on!
Successfully triple dipped this one.
With the wife's help. Was on my way to a quad when the game ended though.
Apr 8, 2011, 2:51 pm
#2254
Join Date: Jun 2010
Location: PDX
Programs: AA, AS, WN, Marriott, Hilton
Posts: 180
How long does it take to get the card? I've already been approved, got the promo code, and it even looks like they've marked the miles for matching. Yet, no card. It's been 2.5 weeks since my application now. Seems like a very long time to receive the card - AMEX, citi, and chase have all been pretty quick about it by comparison. Amex even sent my SPG card via UPS next day when the 30k thing was going on!
Apr 8, 2011, 3:01 pm
#2255
formerly known as daveland
Join Date: Oct 2003
Location: NY, NY, USA
Programs: Hyatt Globalist, Marriott LTP, Delta Platinum, Hilton Honors Diamond, Wyndham Diamond
Posts: 2,969
Got the full 100K, already have 112,000 + posted, and already redeemed for $352 in hotel stays from the first cycle. This was a sweet deal indeed!
Apr 8, 2011, 3:24 pm
#2256
Join Date: Jun 2007
Location: ORF
Programs: DL SM, AA, BA, WN, UA, SPG Gold, HH Gold, Marriott Gold, Hyatt
Posts: 263
Thump!
Apr 8, 2011, 4:09 pm
#2257
Join Date: Jan 2011
Location: LAX
Programs: Delta Silver, Marriott Gold, HH Diamond, Ex-UA Gold, Ex-AA Gold , Ex-SPG Gold, Peon everywhere else
Posts: 616
How is Cap1 going to make money from this
I was talking to the wife about this deal last night and we started wondering how CAP1 would make any money of this. I mean this is how I see it. Assuming all the miles have been awarded, and assuming all applicants qualified for 100K, that means that 10,000 accounts were awarded 100K. Now all that these new accounts have to is spend just $1,000 and get the miles. Let's assume that with the initial $1,000 spend, Cap1 makes about $40 (4% transaction charge, I'm guessing). So $40 times 10,000 new accounts is equal to $400,000. Now Cap1 has set aside 1 billion miles with a net worth of $10,000,000. If you take half of the initial $400,000 (remember you get back 2%), then Cap1 has just recouped $200,000. CAP1 still has to recoup $9,800,000. That means that all of the us would have spend around $50,000 in order for CAP1 to recoup the 1 billion miles. $50,000 times 2% (net for Cap1) equals $1000 times 10,000 new accounts equals $10,000,000. Of course there are a lot of assumption here but, I don't think Cap1 is going to make a lot money from this considering many here will dump the card after they spend the miles.
Apr 8, 2011, 4:44 pm
#2258
Join Date: Jan 2008
Location: Georgia
Programs: DL DM/2MM
Posts: 1,047
I was talking to the wife about this deal last night and we started wondering how CAP1 would make any money of this. I mean this is how I see it. Assuming all the miles have been awarded, and assuming all applicants qualified for 100K, that means that 10,000 accounts were awarded 100K. Now all that these new accounts have to is spend just $1,000 and get the miles. Let's assume that with the initial $1,000 spend, Cap1 makes about $40 (4% transaction charge, I'm guessing). So $40 times 10,000 new accounts is equal to $400,000. Now Cap1 has set aside 1 billion miles with a net worth of $10,000,000. If you take half of the initial $400,000 (remember you get back 2%), then Cap1 has just recouped $200,000. CAP1 still has to recoup $9,800,000. That means that all of the us would have spend around $50,000 in order for CAP1 to recoup the 1 billion miles. $50,000 times 2% (net for Cap1) equals $1000 times 10,000 new accounts equals $10,000,000. Of course there are a lot of assumption here but, I don't think Cap1 is going to make a lot money from this considering many here will dump the card after they spend the miles.
BTW, my 112,000 miles posted within 24 hours of my $1000 spend.
Apr 8, 2011, 7:39 pm
#2260
Join Date: Feb 2009
Posts: 3
I finally got the email confirming 100,000 miles reserved. That's a full 12 days since I uploaded.
Apr 8, 2011, 9:16 pm
#2261
Join Date: Jan 2011
Location: NYC
Programs: *G, UA Plat, Hertz Pres
Posts: 170
112k miles in my account, thanks OP!
Apr 8, 2011, 10:42 pm
#2262
Join Date: Feb 2008
Posts: 940
I was talking to the wife about this deal last night and we started wondering how CAP1 would make any money of this. I mean this is how I see it. Assuming all the miles have been awarded, and assuming all applicants qualified for 100K, that means that 10,000 accounts were awarded 100K. Now all that these new accounts have to is spend just $1,000 and get the miles. Let's assume that with the initial $1,000 spend, Cap1 makes about $40 (4% transaction charge, I'm guessing). So $40 times 10,000 new accounts is equal to $400,000. Now Cap1 has set aside 1 billion miles with a net worth of $10,000,000. If you take half of the initial $400,000 (remember you get back 2%), then Cap1 has just recouped $200,000. CAP1 still has to recoup $9,800,000. That means that all of the us would have spend around $50,000 in order for CAP1 to recoup the 1 billion miles. $50,000 times 2% (net for Cap1) equals $1000 times 10,000 new accounts equals $10,000,000. Of course there are a lot of assumption here but, I don't think Cap1 is going to make a lot money from this considering many here will dump the card after they spend the miles.
Cap1 will recoup some cost back from the annual fees they collect, though it may not be substantial. I still use my amex gold for airline purposes and gas purchases, but most of my other purchases are now being diverted to this card. Mostly, I think it's a market grab, and it's not too shabby that they signed up at least 10,000 new accounts in 2 months.
Apr 9, 2011, 1:17 am
#2263
Join Date: Feb 2009
Location: SFO
Programs: Grounded
Posts: 669
Agreed with an earlier poster. It's probably a grab for market share, and the bulk of probably goes into "marketing" expense. They've signed up at least 10,000 new customers (and some upgrades from existing customers) and they've gotten a lot of publicity. Prior to this promotion, I would not have considered capital one card. However, I'm now planning to keep and use this card as my primary card. I'll probably pay the annual fee too and cancel out my amex pr card for some key reasons: 1) MR rewards with continental is ending. 2) no forex fee on this card. 3) annual fee is only 55 or 65? with this card compared to 165? for the amex gold card. 4) flexible benefits
Cap1 will recoup some cost back from the annual fees they collect, though it may not be substantial. I still use my amex gold for airline purposes and gas purchases, but most of my other purchases are now being diverted to this card. Mostly, I think it's a market grab, and it's not too shabby that they signed up at least 10,000 new accounts in 2 months.
Cap1 will recoup some cost back from the annual fees they collect, though it may not be substantial. I still use my amex gold for airline purposes and gas purchases, but most of my other purchases are now being diverted to this card. Mostly, I think it's a market grab, and it's not too shabby that they signed up at least 10,000 new accounts in 2 months.
On the other hand, I'm almost certain to drop my TY Premier card to the free version because of Venture now. Compared to the grab bag of stupid or hard to use redemptions that TYP has, Venture sounds like a breeze. Buy travel anywhere and apply the credit later at 2%? Sounds way better than thankyou's crappy travel partner now that expedia's out.
On a happy note, my card arrived in the mail today! I guess 2.5wks was the right amount for them...
Apr 9, 2011, 7:59 am
#2264
Join Date: Mar 2011
Location: SAN
Programs: Delta Gold. Hilton Diamond. Hyatt Explorist.
Posts: 1,684
I was talking to the wife about this deal last night and we started wondering how CAP1 would make any money of this. I mean this is how I see it. Assuming all the miles have been awarded, and assuming all applicants qualified for 100K, that means that 10,000 accounts were awarded 100K. Now all that these new accounts have to is spend just $1,000 and get the miles. Let's assume that with the initial $1,000 spend, Cap1 makes about $40 (4% transaction charge, I'm guessing). So $40 times 10,000 new accounts is equal to $400,000. Now Cap1 has set aside 1 billion miles with a net worth of $10,000,000. If you take half of the initial $400,000 (remember you get back 2%), then Cap1 has just recouped $200,000. CAP1 still has to recoup $9,800,000. That means that all of the us would have spend around $50,000 in order for CAP1 to recoup the 1 billion miles. $50,000 times 2% (net for Cap1) equals $1000 times 10,000 new accounts equals $10,000,000. Of course there are a lot of assumption here but, I don't think Cap1 is going to make a lot money from this considering many here will dump the card after they spend the miles.
Apr 9, 2011, 1:27 pm
#2265
Join Date: Apr 2010
Posts: 109
I applied Monday and have heard nothing. No card, no letter, no email to even show that this ever happened, so I went ahead and called. Supposedly the card was mailed out today and I'll get the letter with it with pass code. I just had to know this even went though on their end.
I was/am thinking about using this as my everyday card. Right now we fly mostly domestic coach and this seems alot easier than trying to use points for that.
I just dont know if I can give up my SPG card (been buying coach tix and staying in nicer hotels) and especially AMEX. In doing this I probably spent more time on hold than I have in 10 years with AMEX. I spoke to 3 people - one I couldnt understand and seemed like she knew nada, one was rude, the last from the Rewards dept spoke well and was helpful. This program seems like it has some great benefits especially for budget travelers and I will give it some time. But I am one who has been nothing but happy with AMEX for a long time and am not sure I have the confidence in C1 yet.
I was/am thinking about using this as my everyday card. Right now we fly mostly domestic coach and this seems alot easier than trying to use points for that.
I just dont know if I can give up my SPG card (been buying coach tix and staying in nicer hotels) and especially AMEX. In doing this I probably spent more time on hold than I have in 10 years with AMEX. I spoke to 3 people - one I couldnt understand and seemed like she knew nada, one was rude, the last from the Rewards dept spoke well and was helpful. This program seems like it has some great benefits especially for budget travelers and I will give it some time. But I am one who has been nothing but happy with AMEX for a long time and am not sure I have the confidence in C1 yet.