Review of the Capital One Go Miles Ultra

The Capital One Go Miles Ultra was last reviewed on 14th February 2005

Summary - The Capital One Go miles Ultra is a step up from the Capital One Go Miles Visa. The annual fee is higher at $39.00 ($20.00 more). For this, you get the following extra benefits.

1. You get to earn double miles on travel (including airfare, hotels and car rentals) for the first year.
2. You earn unlimited miles.
3. You get more redemption options.

The APR is low and the same as the Go Miles Visa at Libor plus 8.74%. You also get the benefits of the Go Miles reward program. The main highlight of the Go Miles program is the travel rewards. Most airlines which require 25,000 miles for an internal domestic roundtrip flight and require you to book through the particluar airlines or through the credit card's travel agent. Under the Go Miles program, you buy the ticket (from anywhere, even the internet) and you use your miles to redeem them. Hence, if you find a $100.00 ticket, you only need 9,000 miles (rebate payout of slightly more than 1%). You also get cash rebate, shopping benefits. You can also redeem miles to contribute to 529 college savings plan.

Verdict - The Capital One Go Miles Ultra is a good reward credit card. The ky differentiating factor for this card is that they allow you to use any travel agent to book your travel itinery, then use your miles to save money. This is so much more flexible than other reward credit cards, which require you to use their "in-house" travel agents. The downside of this card is that you have to pay an annual fee, considering that most credit cards do not charge any annual fee any more.

Update - The Go Miles Visa has been discontinued and replaced by a slightly different card and reward program called the Capital One No Hassle Miles. For those who like the reward system, we recommend the Blue Sky Credit Card from American Express instead. This card allows you to use any travel agent (oofline or online) to book your travel items. You can then get rebates visa a credit statement for these. Hence, like the Go Miles Ultra, you are not restricted to using a credit card company's travel agent and can get the best deals for yourself. The Blue Sky, unlike the Go Miles card have no annual fee as well.

Capital One Go Miles Ultra Visa
Reward Benefits
Sign-on Bonus 5000 miles
Earn double points on travel, like airfare, hotel, car rentals for first year
Point Accumulation 1 point per $1 spent on purchases/td>
Credit Limits $5,000-$30,000
Caps on Rewards Earn unlimited miles
Expiration 5 years
Travel and Insurance Benefits
Up to $250,000 Travel accident insurance
Auto rental insurance
Travel and Emergency assistance
Other Benefits
Concierge service
Purchase security
Extended purchase protection plan
24/7 customer service
Cost/Fees/Interest rates
Introductory rate No introductory APR
Annual Fees $39.00
Purchase APR Libor plus 8.54%
Balance Transfer APR Libor plus 8.54%
Cash Advance APR Libor plus 18.44%
Penalty/Default Rate APR 19.80%
Min Finance Charge $0.50
Grace Period 25 days
Balance Calculation Method Average Daily Balance (including new purchases)
Balance Transfer Fee none
Convenience checks fee 4%, min $5.00
Cash Advance fee 3% min $5.00
Foreign Currency Conversion fee 2%
Over-the-credit-limit fee none
Late Payment fee $29.00 - less than $1000
$35.00 - more than $1000

The Capital One Go Miles Ultra has been discontinued. We recommend the Blue Sky Credit Card instead as it has a very similar travel reward system.

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