It's safe to say the new 100,000-mile bonus on the Capital One® Venture® Rewards Credit Card is an attention-getter. Since Venture miles are worth $0.01 each, this limited-time offer is worth an impressive $1,000. But the bonus amount is not the only thing that stands out -- there's also a $20,000 spending minimum to qualify.
Technically, this travel credit card has two separate bonus offers: 50,000 miles for spending $3,000 on purchases in three months, and another 50,000 miles for spending $20,000 in 12 months.
The first part shouldn't be too tough, but $20,000 in a year can be a high bar for some consumers. If you want to grab this bonus and you're worried you won't spend enough -- even if you put all your purchases on your Capital One card, there are some smart ways to meet the requirement.
Track your progress every month
You don't want to reach month 11 with your Capital One® Venture® Rewards Credit Card just to find that you're only halfway to spending $20,000. That's why you should record how much you spend each month. It'll also help you nab those first 50,000 miles.
You'll be able to see whether your normal purchases will get you over the line. To reach $20,000 within 12 months, you need to spend $1,667 per month.
If you won't hit that mark with your typical monthly credit card purchases, you'll need to find ways to spend more, without overspending. Fortunately, that's not as difficult as it sounds.
Prepay your bills
Many monthly bills can be paid in advance. Here are a few examples:
- Utilities, such as electricity, gas, or water
- Cell phone service
- Insurance, such as auto insurance and health insurance
- Cable, TV, and internet service
If necessary, you can pay off future bills early to reach the spending minimum. Just make sure that you'll still be able to pay off your credit card balance in full so you don't get hit with interest charges.
Put shared bills on your credit card
Group expenses are an easy way to pump up your credit card spending. Going out for dinner and drinks with friends? Pay the tab with your card, and then have them repay you in cash or through payment apps. You can do the same thing if you share bills with roommates. Offer to make the payment, and then have them pay you back.
Of course, you should only do this with people you trust not to stiff you.
Buy gift cards
Stocking up on gift cards is another option that lets you turn future purchases into today's spending. You can buy gift cards with retailers you frequent, such as grocery stores, Walmart, Amazon, or anywhere else you like to shop. Don't forget to check the expiration policy on gift cards to see how long you'll have to use them.
Pay your rent or mortgage
Landlords usually won't let you pay your rent by credit card, and the same is true with mortgage lenders. However, there is a workaround in the form of bill payment services. Plastiq is one popular option that offers credit card payments for practically any type of bill you have.
Plastiq charges a 2.85% transaction fee if you use it to pay your rent or mortgage. Remember though that the Capital One® Venture® Rewards Credit Card earns 2 miles per $1 on every purchase, and you can redeem Venture Miles at a rate of $0.01 each towards travel. Since you get 2% back on each transaction, a 2.85% transaction fee only costs you 0.85%.
While purchases without any fees are still better overall, this is a simple way to make one of your biggest bills count towards the $20,000 spending minimum.
Pay your taxes
Whether you're paying quarterly or you have a big tax bill in April, you can put your tax payments towards your Capital One card's sign-up bonus.
There is a fee to pay taxes with credit cards, but it's only 1.87% through the Pay1040 payment processor. The 2% you get back from the Capital One® Venture® Rewards Credit Card means you'll still come out slightly ahead.
Scoring 100,000 bonus miles
A $20,000 spending requirement over 12 months is certainly on the high side compared to most sign-up bonuses. However, theCapital One® Venture® Rewards Credit Card's 100,000-mile bonus is well worth it, considering it's one of the largest offers on the market. And if you take the right approach, you should be able to reach $20,000 in purchases without overspending.
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