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Limited Time Offer: Capital One Venture Double Miles Challenge 2012: Earn 100,000 Miles

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Don’t delay—take the Capital One® Venture® Rewards Credit Card Double Miles Challenge 2012 and earn 100,000 bonus miles before time runs out! This is a VERY limited opportunity to earn a quick $1,000 in travel rewards. Capital One is only giving away 1 billion miles and enforcing a strict May 1st deadline. Last year, the miles ran out well before the stated deadline, so take action quickly!

Update March 30th, 2012: The Double Miles Challenge is over, however, the Capital One® Venture® Rewards Credit Card is still an amazing card – check out the details here!

How to get 100,000 bonus miles

Step one is to open a new Capital One® Venture® Rewards Credit Card account. Sorry  vets—the Double Miles Challenge is only open to new signers. Additionally, you’ll only be able to participate if you held a major travel credit card in 2011. If you meet both requirements, you’re eligible for the fattest signing bonus known to man.

The Capital One® Venture® Rewards Credit Card is awarding double points on purchases made with competitor travel cards in 2011. You simply provide a year-end summary for your current travel rewards card, and Capital One awards 2 miles per dollar spent. For example, if you charged $35,000 on your Chase Sapphire Preferred® Card last year, Capital One will give you 70,000 No Hassle Miles. The maximum exchange is $50,000 charged for 100,000 bonus miles.

The only other stipulation is you must spend $1,000 within the first 3 months of signing. That’s pretty standard of any signing bonus, though generally you’ll have to spend more for bigger bonuses.

How much are 100,000 miles worth?

No Hassle Miles maintain a fairly typical redemption value at a penny per mile, meaning a 100,000 sum is equivalent to $1,000 in travel rewards. Even if you only charged $25,000 last year, you can still obtain a $500 bonus. No Hassle Miles can be redeemed for cruises, vacation packages, flights on any airline, stays in any hotel and car rentals at any service without restrictions or blackout dates. Miles are unlimited and won’t expire for the life of your account.

But is the Capital One® Venture® Rewards Credit Card worth it?

ABSOLUTELY. For one thing, it’s inexpensive to carry over the long haul. Its annual fee is: $0 intro for first year; $59 after that. The Capital One® Venture® Rewards Credit Card accumulates rewards at a flat 2 miles per dollar spent on all purchases, which is the experience the Double Miles Challenge aims to emulate. And like any topnotch travel card, the Capital One® Venture® Rewards Credit Card charges no foreign transaction fee, saving 3% on every out-of-country purchase.

Already got the Capital One® Venture® Rewards Credit Card? Here’s another awesome signing bonus

The Chase Sapphire Preferred® Card offers the most comparable signing bonus: Earn 40,000 bonus points when you spend $4,000 on purchases in the first 3 months from account opening. Because points are worth 25% more when booking travel through Chase, the bonus is worth $500 in rewards. While dwarfed by the Capital One® Venture® Rewards Credit Card’s potential 100k bonus, the Chase Sapphire Preferred® Card’s offer is nothing to sneeze at. We can’t promise it will be there forever, but it has been around awhile and continues raging strong.

The Chase Sapphire Preferred® Card’s ongoing rewards accumulate at 2 points per dollar spent on travel and 1 point per dollar spent everywhere else. It charges an Introductory Annual Fee of $0 the first year, then $95.  It does not charge a foreign transaction fee.

Looking solely at signing bonuses, the Capital One® Venture® Rewards Credit Card offers the better value if you charged more than $31,250 on your travel card last year. If you charged less, the Chase Sapphire Preferred® Card’s bonus is worth more. Of course, if you plan on sticking with your new chosen card, you’ll also want to weigh ongoing rewards and annual fees. Generally, the Capital One® Venture® Rewards Credit Card tends to yield higher rewards at a lower cost.