When it comes to unnecessarily complicated deals, this one’s a winner! The Capital One Venture Rewards credit card is offering their standard 10,000 mile sign-up bonus after spending $1,000 within three months, plus they’re willing to match your mileage balance in any given airline mileage account, up to 100,000 miles. Now there are several interpretations of this, as the verbiage suggests that only miles earned through credit card spend would qualify (in other words, you would need to prove 100,000 miles earned through credit card spend), though the practical interpretation seems to be that mileage in an airline account qualifies.
The other asterisk here is that the offer is good through May 13 or until they have given away a billion miles through the match program. A lot of people are worried about that, given that you won’t know until after you’ve applied and you’re approved whether you qualify, though I have a hard time imagining that over 10,000 applications will be approved that quickly, and that each of those people has 100,000 miles in one of their accounts to show for the offer.
As far as the actual redemption opportunities for the card goes, these aren’t traditional miles we’re talking about. Instead, each of these “miles” is good towards the purchase of travel at a rate of one cent per mile. In other words, the sign-up bonus here is up to $1,100 in “credit” towards travel purchases, including airline tickets, hotels, etc., all of which are eligible for mileage/points accrual.
(Tip of the hat to Gary)