Capital One Go Miles/Go Cash cards and other solicitations

Unlike most airline-branded credit cards, Go Miles card from Capital One allows you to buy your own tickets on any airline, anytime with no blackout dates or seat restrictions. It has no annual fee. The price of the ticket determines the number of miles needed to redeem, so you're rewarded when you find cheaper fares. That means if you find a ticket for $100 it costs you just 9,000 miles (quoted from capitalone.com).

So, this is basically a cash back card that pays a little over 1% (1 + 1/9 of a percent, to be exact) toward airfare. You will earn 1 mile for every dollar spent on purchases, and you can redeem them for airline tickets using this formula: Lowest Available Published Fair x 90. You can also simply request cash at 1 cent per mile (1% cash back ). 9000 miles is the minimum to redeem ($90), but you can redeem it for $100 if you are buying airline tickets.

The standard offer comes with 5000 miles for your first purchase. However, I received an offer in the mail for 10,000 bonus miles at first anniversary and another 10,000 at second, as long as I spend at least $3,000 a year by the account opening anniversary date (but without first purchase bonus). The limits on mile accumulation are: 8,000 per billing period and 50,000 over 12 billing periods. Unused miles expire 60 months from the date they were earned.

If spending $6000 over two years on this card gets me 26,000 miles, redeemable at $0.0(1) per mile, it means 4.(814)% cash back untaxed and then 1.(1)% after that. I should subtract cash back I would earn from the card I would normally use; still, $289 on any airline for spending $6000 seems pretty good...

So, is this offer any good? It also includes 0% APR on purchases for six months. Minimum monthly payment is the greater of 3% of balance and $10. There is no BT fee, but the APR is currently 13.9% (variable; calculated as LIBOR + 11.84%).

Also, if you receive other targeted solicitations from Capital One, please post them here.

I received a targeted 0% balance transfer offer until July 2006 for the Capital One Go Miles card. I didn't see anything about free miles, but i wouldn't be able to make any purchases anyways since i was planning on doing BTs. I went ahead and applied online, even though i was rejected for the AT&T Universal Card (by Citi) 2 months ago -- i had large 0% balances on 3 other cards.

I figured i'd get rejected -- and even though the application said i could get a response within 60 seconds, i was told that my application was "accepted by the system" and that i would hear back in 5 to 7 business days. I just read that as "We're going to reject you, but we'll do it through the mail instead of immediately online." No probem -- I wasn't really expecting to be approved for this account. This was last weekend.

I just checked 3 other credit card accounts today -- they all received their payments from Capital One back on Tuesday -- $25000 in total! And the nice thing is that one of those paid credit cards gave me additional 0% "personal checks" (no fee) for me to use last month. That's an extra $9000 (my credit limit on that account) that i can park in ING until THAT 0% offer ends (in June 2005).

I like them, I have 3 cards of either GoMiles or MilesOne. Good card for foreign currency charges too (no additional fee beyond Visa/mc 1%), AFAIK there are no other 1%+ rebate cards out there that are good for this (besides the 10%, up to $25/mo MBNA worldpoints promo running through july). That plus other usual CapOne non-subprime card advantages on BTs etc. I think you could do better than 0% for 6mo on the promo though ... my Business GoMiles is currently in a 12mo 0% promo.

EugeneV said: if you receive other targeted solicitations from Capital One, please post them here.

Received offer, applied and approved for Go Miles cards. Terms:
0% BT until july 2006 - no BT or annual fee
9.9% APR
Double miles on purchase for first 6 months + 1 miles for every dollar spent
The catch:
Need to make one purchase per month (no minimum) for the first five billing periods. I'm going to do the $1 gas thing but either the CC companies are now wise up to my tricks of credit floating (ie. targeting certain people with new twists) or they're taking the game to the next level in general and see who can keep up. Oh well, I got the time to keep record and play the game.

I have an interesting offer for a Go Cash card.
Capital One offers me $100 at the end of the first two anniversary dates, if I spend at least $3000 per year. That's in addition to 1%. So effectively it's a 4.3% Cash Back card if I spend exactly $3000 on it.

EugeneV said: VagrTiger, looks like you got the Go Cash version of my offer in the OP. By the way, they pulled all 3 credit reports for me and then rejected my application. Reason #1: no BT requested with application!!! (They also mention high balances and too many recent credit inquiries). I will apply again. The offer has expired, but invitation code still pulls it up. I am even thinking to have my wife apply with the same code.

What is it with Capital One pulling all 3 reports, you'd think you were applying for a mortgage. This is one of the reasons I never accept their offers, that and hearing credit limits are low.

got that too.... this is why its best not to "opt out" from CC offers.... these are all invitation only!

that 4.3% card on $3k spending sure looks nice, hope they send that offer!

This plan is now available on their website:

80 miles/$1.00 of Ticket.
10,000 miles 1st anniversary, 10,000 miles second aniversary if you spend >= $3,000/yr.

Works out to be a little better than EugeneV's deal, and does not appear to be invitation only. Plus there's no extra foreign currency conversion fee!

Should I do it? I need a card for Europe for a month, and it seems to be good. Also, what is it mean by Roadside Assistance (under the More Information link)

http://apply2.capitalone.com/8463/8-767/index.jsp

View said: My wife got the Go Miles solicitation..I noticed that the card is a Visa Signature Card, which means the merchant fee is higher...wonder if there would be any negative impact.

Is there? There shouldn't be, right? Visa is Visa....


Also, by my 3 and half hour of research, this is just about the BEST miles card w/o Annual fees, right?

I guess I need to find a new card for Europe. Down to two weeks -- other than Capital One, any suggestions -- or am I stuck with my 2% extra Citi Dividends and Chase PerfectCard? Stupid Capital One!

I just called CapOne to check on my Go Miles card application status and it was approved. However, I asked an agent regarding 20,000 bonus miles for 2 anniversaries, they didn't see any information on that matter. Was given Capital One Go Miles phone # 877-497-8316 if I don't see anything in the benefits for 10,000 miels on the first anniversary and additional 10,000 on the 2nd one, call them back after 4-6 weeks of the first purchase if I still get nothing.

Meanwhile, on CapOne's home page, they've reduced bonus miles to be 5,000 miles instead of 20,000. The link in previous post still shows 20,000 but I'd print out a copy in case they need a proof from you.
http://apply2.capitalone.com/8463/8-767/index.jsp

I'm waiting for my Go Miles card to arrive hopefully in about 7 business days.

moooed said: Capital One has different telephone numbers for CC application. Wife got mail soliciation for 20000 bonus miles (2 anniversaries) with the phone number 1-800-708-4644.

I called this number to apply myself, but they would not accept my application without a reservation number and access code (which accompanied the mailing). They asked me to call 1-800-548-4593. However, the agent at this number new nothing of the 20000 mile offer, asked around, and no one else knew either.

I then called the number from the link mentioned above, 1-800-277-0987, and the agent knew about the offer and immediately read it back to me when I asked. I was approved, but have yet to receive my card. Those wanting to get in on this deal should probably go straight to this last phone number.

Very true.

Just got my card last night and confirmed about 20,000 bonus miles after each of the first two anniversaries, NOT after the first purchase. On top of that, each year one has to spend at least $3,000 to get 10,000 bonus miles. I just want to point this out, though I'm sure most peole will have no problem spending $250 on this card each month on average. Was just a little bit surprised by CSR's mentioning on this since I oversighted this little string attached.

BH

siclithat said:
http://apply2.capitalone.com/8463/8-767/index.jsp
This link doesn't work to pull up an application without the ?s= code afterwards. It does not appear to be person-specific. Would someone please post a complete link?

NoHassle miles -- earn double rewards (except 1 mile/dollar at warehouse clubs, discount stores and wire transfers.)

Redemption however sucks....125 miles/$, .8 redemption factor

No bonus miles

0% APR on purchases until April 2006

No annual fee

APR 13.9% (unsolicited offers on capital one site 9.9%)

All in all, NOT a good offer....it will take me over 6 years* just to earn the equivalent of 26,000 miles (spending 3K/yr, OP's example)...what a bad deal. Don't let 'double' (which they highlight in yellow) fool you.

*Assume 3000 spending, I will earn the equivalent of $48/yr (2 x .8 x 3000)/100, whereas OP will earn $289 (26000 x 1.11)/100

My math/brain is a bit tired and rusty.... Not a good deal right?

oops major mistake...6 instead of 10 years!! still not very good

I forgot to mention that husband got *THIS* offer in the mail. Don't know why such a bad deal is being offered and is worse than what's offered online to everyone else. Seems backwards doesn't it? All the float and BTing is starting to cost IMO.

BTW, redemption converter is 80 miles/$ for NoHassle miles according to their website and only after asking CSR what it would be for this offer did I find out it would be more -- 125!!

Thanks OP for starting this thread....otherwise I would have assumed it to be a better deal!! This makes the case to compare your offer with other offers online before accepting anything targeted.

One last thing....to be fair, reward pays 1.6% (double .8) vs. OP's 1.1%, so it could possibly be viewed as "better" but I still don't think so.