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Captial One Bank Rewards Checking Account

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capitalone bank rewards checking accountCapital One Bank is now offering a rewards checking account with only a $50 opening deposit. The checking account is only available in states where Captial One Bank has branch locations. The states include, New York, New Jersey, Connecticut, Louisiana and Texas.

One can earn airline miles on this account by using a debit card, writting checks or paying bills online. The rewards you earn never expire.

Earning Airline Miles

  • 10 miles for every debit card purchase
  • 10 miles for every electronic bill payment transaction via Online Bill Pay and recurring pre-authorized payment (up to 10 transactions per month)
  • 5 miles for all other customer-initiated withdrawal transactions (up to 10 transactions per month)
  • Anniversary bonus of 1000 miles each year the checking account is open and has had at least one debit card purchase transaction in the previous year
  • Direct deposit bonus for new accounts. Customers will receive a one-time bonus of 4000 miles when the first direct deposit transaction posts to the new checking account

Using Airline Miles

  •  15,000 miles are required for tickets up to $150.00
  •  35,000 miles are required for tickets from $150.01 up to $350.00
  •  60,000 miles are required for tickets from $350.01 up to $600.00.
  • For tickets over $600.00 in value, the required number of miles will be determined by multiplying the cost of the ticket by 100 (ex. $768 ticket requires 76,800 miles).
  • The number of miles required to redeem for non-air travel redemptions will vary by rewards product

You can start the rewards checking account application online but you have to visit a branch to complete the application.

Capital One Bank Rewards Checking Account Application

Author: Robert Till
January 14th, 2009