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Added September 21, 2011 from: Joe Taylor Jr.
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Answered By Joe Taylor Jr.:

Capital One offers a number of credit cards that are designed for travelers who want to collect frequent flier miles and travel rewards. Unlike typical airline credit cards, Capital One's offerings typically let you earn points or miles that you can redeem at multiple travel partners.

Instead of trying to hit a redemption level of 25,000 or 40,000 miles, like most frequent fliers, Capital One cardholders can use their accrued reward points and miles just about anywhere, anytime. Capital One's programs reflect the changes the travel industry has gone through over the past few years. Many of us already use travel buying websites to find the best possible deals, and with the Capital One® Venture® Rewards Credit Card, you can redeem your points for any travel arrangements.

The bank's most flexible airline credit card lets you earn "miles" with an exchange rate of 100 miles to the dollar. You'll earn two miles for every dollar you spend on purchases, no matter where you use the card. Right now, new cardholders can earn a one-time signup bonus of 20,000 bonus miles after spending $2,000 on purchases on the card within the first three months from account opening. There is an introductory annual fee of $0 for the first year; $59 after that. 

There's also a version of the card without an annual fee. With the Capital One® VentureOne® Rewards Credit Card you can earn 1.25 miles per dollar on purchases made with the card. This card also carries the one-time signup bonus mentioned above. This card is pretty good for the traveler who wants a "set it and forget it" card that will accommodate flexible travel planning.

Capital One's travel reward programs don't carry blackouts or restrictions, but you've still got to be careful about how you redeem your points or miles. First, make sure you leave enough headroom on your credit limit to cover the cost of your airfare. Capital One's "Purchase Eraser" online redemption system lets you choose a qualifying purchase from your statement for you to receive reimbursement, so you'll need to float that expense for at least a few days. Second, your airfare purchase follows the same rules as if you were paying cash, so beware any nonrefundable fares or other restrictions imposed by your chosen airline. Happy travels!

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