Mommy Points made my day just now when I read that the Capital One offer might be coming back.
You can read about the original offer on View From The Wing.
If you’re lazy, here’s a brief summary. You signed up for the Capital One card and sent them a copy of your statement from a mileage or points account (preferably one where you have 100,000 points). Spend $1,000 and they would match however many points you had in that account. So, a balance of at least 100,000 points plus $1,000 spend on the card netted you 110,000 points.
As Gary points out, these points aren’t as valuable as some currency. But, he did manage to turn them into some sick amount of Hyatt gift cards. I don’t remember the total amount, but it was enough to stay in an over-the-water bungalow at Park Hyatt Maldives.
Stay tuned. Capital One “capped” this offer at the first billion points handed out, and the offer was fulfilled in less than a month IIRC.