Question from a reader

This is a question from one of our readers……

“Sheldon, should I do this: A special offer for John Doe”

Thanks for being a Capital One® customer since April 1996. Because you’re a great customer, we’d like to offer you an additional account that rewards you with 1.25 miles per dolla…r on all of your purchases. Apply for the VentureOneSM card and you could enjoy features like
• 1.25 miles per dollar on every purchase, every day
• 0% intro APR on purchases until April 2012, 17.9% variable APR after that
• No annual fee
Plus, you can redeem your miles for flights, hotel rooms, car rentals, gift cards and more. Fly free on any airline, anytime with no blackout dates.

Here is my response…..

Before applying for that card I would make sure that it doesn’t change your uninterrupted credit line that you have had with them since 1996. That is a huge value to other credit card companies as you apply for other cards.

I personally would wait to apply for a card that is going to give you a bigger sign on bonus. I applied for an American Airlines Citi card six months ago that gave me enough frequent flier miles for three tickets inside the USA. That means that you could almost take your whole family to visit your sibling in Tennessee. New cards will come around that will offer you great bonuses and hopefully a good one comes out soon.

One downside to Capital One is that they check your credit with all three crediting agencies (Ouch). That means that your credit takes a hit on all three of the agencies. Most credit card companies will only hit one of the agencies as a hard pull, which will barely affect your credit score as it is only one inquiry with one of the crediting agencies.

Currently there is an offer from British Airways that expires tomorrow at midnight that offers 100,000 frequent flier miles. That is enough to take two people to Europe. That is a great deal and I see it as much more valuable than the card that you are being offered. You can apply for the Chase British Airways credit card at

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