Capital One Venture Double Miles Challenge: The Fine Print Explained

by on March 9, 2012

Want to find out exactly how to get the 100,000 miles promised by the Capital One Venture’s Double Miles Challenge? Does your cash back card qualify for rewards? Can you still participate if you already have the Capital One VentureOne? If you have questions about the promo, read on: the nerds have answers.

Update March 30, 2012: Unfortunately, NerdWallet is no longer able to offer the Venture Double Miles promotion. The Venture’s still an amazing offer, though, delivering long-term value with a solid 2 miles per $1 spent. Check out our review of the Venture Rewards!

The basics

For a full description of the Double Miles Challenge, read our first blog post on the promo. Otherwise, here’s a quick refresher: As a signup bonus for the Capital One Venture Rewards, they’ll 2 No Hassle Miles per $1 spent on your travel card last year, up to 100,000 miles paid out.

There’s a deadline, though. Capital One ends the promo once it’s given out 1 billion miles or on May 1st, whichever comes first. In last year’s Match My Miles Challenge, the miles were gone in a heartbeat, so act quickly. Here are the specs on the Venture:

  • Earn 2 No Hassle Miles per $1 spent anywhere, a 2% rewards rate
  • Redeem those miles as a statement credit against any travel expense
  • No foreign transaction fee
  • $59 annual fee waived the first year

How do I get the bonus?

  • Apply for and be approved for the Venture, of course
  • Register online for the Double Miles Challenge within 7 days receiving an approval email
  • Send in the 2011 year-end statement from your qualifying travel card within 30 days of getting Capital One’s email (you can’t send in 12 monthly statements)
  • Spend at least $1,000 on the card in the first 90 days

And you’re done!

What is a qualifying credit card? The 2011 card must give rewards that can be redeemed for travel purchases (hotel loyalty points, rental cards, airfare, and so on). It must be a non-Capital One consumer credit card issued by AmEx, Discover, Visa or MasterCard.

Examples of cards that don’t qualify: business credit cards, corporate cards, debit cards, prepaid cards, those non-network credit cards that can only be used at a certain store or gas station.

Do bonuses count? Nope. Last year, they let you use signup bonuses towards their Match My Miles Challenge. This year, they’ve wised up, and they’ll just double your spending on your travel card.

What if I have a cash back card? We’ve gotten conflicting reports. Mostly, it’s that you’re out of luck. But one agent I spoke to says that if you redeem your rewards for cash back and then use the money to pay for travel, no dice. But if you earn your points and redeem them for travel, that will count towards the challenge. For example, if you use the rewards on your Chase Freedom to book travel through the Ultimate Rewards tool, the rewards used there (and only there) will be eligible.

What if I already have a Capital One card? You can still participate, as long as the 2011 card isn’t from Capital One, and you haven’t applied for a card within 45 days. And of course, you’re ineligible if you’re already a Venture Rewards cardholder, though you’re fine if you have the VentureOne.

Can I use multiple credit cards? Nope, just one, so choose the one with the most miles earned.

Convinced?

Capital One® Venture® Rewards Credit Card
Capital One Venture Rewards Credit Card
Apply Now

on Capital One's
secure website

starstarstarstarstar
  • Earn unlimited 2X miles on every purchase, every day
  • Enjoy a one-time bonus of 20,000 miles once you spend $2,000 on purchases within the first 3 months, equal to $200 in travel
  • Fly any airline, stay at any hotel, anytime
  • Travel when you want—no blackout dates
  • Miles don't expire
  • No limit to the miles you can earn
  • No foreign transaction fees
  • No annual fee for the first year; $59 after that
thumbsupPros
  • High rewards rate
  • No foreign transaction fee
thumbsdownCons
  • Has annual fee
Annual Fee Signup Bonus APR , Variable* APR Promotions
$0 intro for first year; $59 after that Enjoy a one-time bonus of 20,000 miles once you spend $2,000 on purchases within the first 3 months, equal to $200 in travel. 13.9% - 20.9% (V) Purchase: None
Transfer: None

(P.S. Still have questions? Leave ‘em in the comments below and we’ll get back to you.)

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