Capital One just announced its first-ever miles transfer bonus. You receive a 100% bonus transferring Capital One miles to Emirates Skywards through March 24 at 11:59 p.m. EST.

Capital One Venture Rewards Credit Card accountholders normally transfer points 1:2 into Emirates. With this bonus it’s 1:1 That’s actually great because the card earns 2 points per dollar on all spend. So you’re getting a return of 2 Emirates Skywards miles per dollar that’s been spent.

Bear in mind that Emirates prices awards largely based on distance flown, with business class generally double coach and first class triple coach. That makes long haul first class expensive (though shorter flights in business are a comparable value). They also add surcharges to redemption tickets which can be quite high for certain destinations.

The key takeaway for me though is that Capital One sees itself in the transfer bonus game, so base transfer rates aren’t all we can expect. Capital One shares,

This promotion is the first of the year, so that we can continue to deliver exceptional value to our customers. Limited-time offers like the Emirates Skywards miles transfer bonus will be another major perk for Venture account holders to take advantage of.

Capital One Venture Rewards Credit Card‘s miles transfer to Aeromexico, Air Canada Aeroplan, Air France KLM, ACathay Pacific, Avianca, Emirates, Etihad, EVA Air, Finnair, Hainan Airlines, Qantas, Qatar, and Singapore Airlines (KrisFlyer)

Capital One says they “plan to continue to add more travel loyalty partners on an ongoing basis.” (Emphasis mine.)