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Get Up to One Million Credit Card Miles When You Apply for a Mortgage with Capital One

one million

Are you looking to snag a boatload of credit card miles in a hurry? Well, you can score up to 1,000,000 simply by refinancing your mortgage, or by financing a new home purchase with Capital One.

From now until the end of the month, Capital One Venture and VentureOne credit cardholders who apply for a mortgage with Capital One Home Loans can earn a massive amount of bonus miles.

The amount of miles you can earn depends on the transaction type (purchase or refinance) and the loan amount. Bonus mile amounts range from 100,000 to 1,000,000 miles.

Worth Up to $10,000 in Free Travel


As you can see from the chart above, those who take out a loan up to the conforming limit will earn 100,000 bonus miles, regardless of transaction type. Those miles are worth one cent per mile when redeemed for travel purchases. So essentially $1,000 in free travel.

If you happen to take out a super jumbo loan for $1,500,001, you’ll earn one million miles, worth $10,000 in free travel.

Otherwise, refinances earn more bonus miles than purchases for loan amounts between $417,001 and $1,500,000.

If you don’t redeem the miles for travel, and instead opt for cold hard cash, you’re looking at redemption values that are cut in half.

So in the first example, just $500 in cash…for the second, $5,000 in cash, which is nothing to sneeze at.

There are also other redemption options like gift cards and merchandise that may earn something in between a half a penny per mile and one penny per mile.

If you’re interested, be sure to mention the promo code “GO BIG” when applying in-person or by phone (855-624-8550).

Should You Use CapOne to Get the Bonus?

I looked at their current mortgage rates and they were advertising a 30-year fixed at 3.75% with a 0.25%-point rebate. Their 15-year fixed is currently being advertised at 3% with a quarter-point charge.

While these rates appear to be in line with other competitors, it may be in your best interest (literally) to seek out other lenders as well to compare costs.

Sure, it’s great to take advantage of promotions if they can save you money, but you need to make sure they’ll actually save you money…

Don’t be lured in by a promo as small as $500 if it costs you more to take out a mortgage with them, or if the interest rate is higher as a result.

Conversely, if you have a giant mortgage that needs refinancing, a potential $10,000 travel rebate could be just the ticket for you if the interest rate and closing costs are favorable compared to other lenders.

Just be sure to do the math first and determine how you’ll redeem the miles so you know their true value.

Capital One Mortgage Promotion Rules

  • Must be Capital One Venture or VentureOne primary credit cardholder at time of mortgage application
  • Cannot be combined with other Capital One Home Loans promotions
  • Bonus miles aren’t available for online applications
  • Must call or apply in person and use promo code “GO BIG”
  • Not available on FHA loans, HELOCs, or home equity loans
  • Offer ends on March 31st, 2016
  • Card account must be in good standing to receive bonus
  • Bonus miles added to card account within 60 days of loan funding

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