Review of the Capital One Go Miles Visa



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

Summary - The Capital One Go Miles credit card has a reward program that will please a frequent flyer. Before we get to the exciting part, here is the run down on how you earn miles etc. You earn one mile for every dollar you spend. You can earn up to 8,000 miles a month or up to 50,000 miles in a calender year. Miles are valid for 5 years. You also get a signing bonus of 5,000 miles. What is most interesting about the Capital One Go Miles visa is the flexibility in redeeming miles for airline tickets. Most individual frequent flyer programs require you to earn 25,000 miles to redeem a roundtrip domestic flight with continental USA. Hence, redeeming miles for a New York to San Francisco flight is more worth it than say a new York to Boston Flight. (it still cost 25,000 miles). Furthermore, most frequent flyer program require you to purchase the tickets directly from the airlines.

With the Capital Go Miles Visa, you can buy your tickets from anyone, even online and discounted tickets and use your miles to redeem them. Your rebate payout turns out to be slightly higher than 1%. So if you manage to buy a cheap $100.00 ticket, all you need is 9,000. Furthermore, there is no seat restrictions and blackout dates. you can also earn cash rebates of 1% when you have accumulated 10,000 miles. You can also redeem miles for shopping merchandise and gift certificates. You can also donate miles to charity.

Fees - The Capital One Go Miles Visa charges an annual fee of $19.00. The APR is also resonable at Libor plus 8.74%. Bear in mind, that libor is lower than the Prime Rate. The grace period is also 25 days for purchases versus the more common 20 days for most credit cards.

Verdict - The Capital One Go miles visa has a great travel reward program that is has more value than many other reward programs. Frequent travellers who find specific airline credit cards costly (annual fees and APR) would want to consider this card.

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, you are not restricted to using a credit card company's travel agent and can get the best deals for yourself.

Positives
  • Great airline tickets reward
  • Cash Rebate reward


Negatives
  • Cap on number of miles you can earn



Capital One Go Miles Visa
Reward Benefits
Sign-on Bonus 5000 miles
Point Accumulation 1 point per $1 spent on purchases
Credit Limits Up to $20,000
Caps on Rewards 8000 miles per billing period and 50,000 per 12 billing peiod
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 $19.00
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 has been discontinued. We recommend the Blue Sky Credit Card instead as it has a very similar travel reward system.




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