I have the card and have already redeemed a $500. certificate towards my current cruise. It takes 86,000 pts. for a free cruise for 2 for 7 days in an interior cabin. It would take 100,000 pts. for an ocean view.
IMHO, it is better and easier to redeem the pts. for a certificate rather than on a cruise.
It takes 9,000 pts. for a $200 cert., 23000 pts. for $500 and 46,000 for $1000. One point is $1.00 I use the card for everything possible, the car insurance, dentist, groceries, etc. The main thing is to keep it paid off every month. That way the freebies are really free. It is like they pay me to cruise and I sure can't refuse that deal!!
There are limits on sailing dates, ships, room choices, etc. with the free cruise. With the certificate, I can find my own TA, ship, sailing date, cabin, etc. and book at my leisure.
The only thing I don't like is that when you call to redeem the pts., they give you a long, long number to write down. There is no written certificate or anything to print off. They reassure me that it is sent directly to Carnival. Just be sure your TA knows it is CapitalOne as MBNA has a similar program.