LINK


IBD note: I found an apparently working application for Capital One Visa Signature card on Capital One website that mentions 20,000 bonus miles. The problem is that Visa Signature card is not on the list of current Capital One products. I do not know if the bonus is still valid and if you can still be approved for Capital One Visa Signature card. You may need to contact Capital One customer service to find this out.

Anyway, assuming that the application and the bonus are still valid, you should be able to get 10,000 bonus miles after your first anniversary as a card holder and 10,000 miles after your second anniversary. You will need to spend with the card at least $3000 a year to be eligible for the anniversary bonuses. $6000 spent for two years will bring the total number of miles at the end of the second year to 32,000 (at 2% rate at ?select merchants?). You should be able to exchange 30,000 miles for two $150 air-ticket discounts or exchange 32,000 miles for $160 statement credit at the exchange rate of 0.5%. Capital One may do such exchanges in increments (10K, 150K, 200K, etc)... I am not very familiar with its reward program.

Again, proceed with a caution or contact Capital One to verify the 20,000 bonus miles offer.


Terms from Capital One website:


Questions and Answers about the No Hassle Miles card program

Q: How can I earn bonus miles?
A: You will be credited 10,000 bonus miles after your first anniversary as a cardholder and 10,000 additional bonus miles after your second anniversary as a cardholder assuming that for each year: 1) you make at least $3,000 in purchases each year, and 2) your account is kept in good standing.

Q: How many miles do I need to earn a ticket?
A: That depends on how much your ticket costs, but with No Hassle Miles you can get a free ticket starting with just 15,000 miles.

Sample Redemption Chart
Miles

Free Ticket
15,000 Saver (tickets up to $150)
35,000 Standard (tickets from $150.01 to $350)
60,000 Super (tickets from $350.01 to $600)
100x the ticket price Unlimited (tickets more than $600)



Q: How does the No Hassle Miles card work with cash back?
A: Each dollar you spend in purchases with your card earns you 2 miles per dollar at select merchants and 1.25 miles per dollar on all other purchases. Once you've accumulated 20,000 miles, you can redeem your miles for $100 cash back.