Capital One doubles down with Double Miles Challenge

Editor's Note:  This offer is expired and is no longer available.

Capital One recently launched a special offer for its Venture Rewards credit card through its 2012 Double Miles Challenge. Capital One® Venture® Rewards Credit Card is awarding 2 miles for every $1 spent during 2011 on any travel card you used to make purchases regardless of the card issuer.

To participate, new Venture customers simply register for the Challenge and fulfill the required conditions. First, the applicant must provide their 2011 year-end summary from another eligible travel credit card. Most major U.S. consumer travel rewards credit cards are eligible. Once approved, the cardholder must spend $1,000 on new purchases within 90 days of approval and then they will receive 2 miles for every dollar they spent on that other card last year (up to 100,000 miles).

As an example, in order to receive the full 100,000 miles, a new customer would have needed to spend $50,000 in 2011 on one or more eligible cards.

Each year-end summary may only be submitted once. The Double Miles Challenge is time sensitive and will expire once Capital One has given away one billion miles or until May 1, 2012 -- whichever comes first.

According to the terms of the offer, only the account holder on the year-end summary is eligible to participate. Authorized users are not eligible.

Ongoing rewards associated with the Capital One Venture credit card include 2 miles for every $1 spent on the card with the possibility of earning up to 15 more miles per dollar for shopping at Capital One's Perk Central retail network.

There are certain restrictions to the Double Miles Challenge. Customers are required to have a valid email address in addition to access to a year-end summary for the eligible account to participate. The Venture card carries a $59 annual fee which is waived the first year. Applicants who don't qualify for this offer will receive 10,000 bonus miles when they spend $1,000 within the first 3 months.