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Capital One Offers Miles For Checking, Too

If you’re racking up miles with your Capital One Miles credit card, you can add more to your stash by opening a Rewards Checking account at your local Capital One Bank.

This offer is available to residents of the eight states, and the District of Columbia, where Capital One Bank has brick and mortar branches — Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas and Virginia.

You can earn 5,000 bonus miles when you open a checking account with direct deposit – 1,000 miles for opening the account, another 4,000 for direct deposit.

Then you can earn another 5 to 10 miles each time you buy something with your debit card, pay a bill online or even get cash at an ATM machine.

On the first anniversary of opening your account you’ll receive another 1,000-mile bonus if you have made at least one debit card purchase during that year.

A $50 deposit is required to open an account, but there are no monthly fees the first year. After that, you can avoid a monthly fee of $8.95 if you maintain a daily balance at $1,500 or more.

The Capital One No Hassle Miles and Venture credit cards are two of our favorite reward cards – probably our absolute favorite travel reward cards.

One of the reasons we like them is that Capital One has an easy-to-follow formula to figure out how far your miles will go toward buying a ticket:

  • 15,000 are required for a ticket costing $150.00
  • 35,000 miles for tickets costing $150.01 to $350.00
  • 60,000 miles for tickets costing $350.01 to $600.00

For tickets costing more than $600, add two zeroes to the ticket price to figure out how many miles you’ll need. For example, if your tickets cost $725, add two zeroes (72,500) and that would tell you that you would need 72,500 to pay for those tickets.

You don’t have to have a Capital One credit card to get miles from the checking account, although this deal is clearly aimed at credit card holders.

As with similar offers, there’s plenty of fine print to read before hitting the “send” button on your application. Check out all the details.

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