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

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Don’t delay—take the Capital One Venture 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 to get 10x the Venture’s usual bonus!

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

How to get 100,000 bonus miles

Step one is to open a new Capital One® VentureSM Rewards Credit Card. Sorry Venture 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 Venture 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 points per dollar spent. For example, if you charged $35,000 on your Chase Sapphire 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 point, 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. Capital One 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. Points are unlimited and won’t expire for the life of your account.

But is the Venture worth it?

ABSOLUTELY. The annual fee is only $59—much lower than many cards of its caliber—and is waived the first year. The Venture accumulates rewards at a flat 2% rate on all purchases, which is the experience the Double Miles Challenge aims to emulate. And like any topnotch travel card, the Venture charges no foreign transaction fee, saving 3% on every out-of-country purchase.

Already got the Venture? Here’s another awesome signing bonus

The Chase Sapphire Preferred offers the most comparable signing bonus at 50,000 Ultimate Rewards Miles. Because miles are worth 25% more when booking travel through Chase, the bonus is $625 in rewards. While dwarfed by the Venture’s potential 100k bonus, the Sapphire’s offer is nowhere near as limited. We can’t promise it will be there forever, but it has been around awhile and continues raging strong.

The Sapphire’s ongoing rewards accumulate at 2% on travel and dining purchases and 1% everywhere else. The annual fee is considerably steeper at $95, but it’s waived the first year. Like the Venture, the Sapphire does not charge a foreign transaction fee.

Looking solely at signing bonuses, the Venture offers the better value if you charged more than $31,250 on your travel card last year. If you charged less, the Sapphire’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 Venture tends to yield higher rewards at a lower cost. But hey—either way, there’s nothing wrong with getting your bonus and getting out. Planning a summer vacation? Earn the signing bonus, spend it and, if you decide the card isn’t worth the price, close your account before the annual fee kicks in (but you didn’t hear it from us).