If you hold any Capital One mileage cards.... get out NOW! Before November 1 at least! They are moving everyone into their new program... No Hassle Miles which should be called No Value Miles! There is no option to opt out.

Under the new No Hassle Miles reward program it will cost a rediculous 35,000 miles to get a free domestic ticket with only a max value of $350! That is terrible, and unless you get max value out of your ticket, you will be earning LESS than 1% on your rewards.

After Nov. 1 you will earn 1.25 miles for every dollar plus a 3,000 mile bonus. This does minimize some of the sting, since you will get miles more quickly, however, your CURRENT miles will be severely devalued. . It is wise to redeem any miles you have now.... Quick!

Ready to get out?! If you can, book an air ticket before the end of the month. Currenly you use miles based on the equation -> Total cost * 80 = total miles required. So if you book now, you will only spend 24,000 miles for a $300 ticket. After the end of the month the same ticket will cost you.... 35,000 miles. that is terrible.

If you are not ready to book a ticket, you may consider turning your miles into cash ASAP. You can do so at a 1% ratio. So 25,000 miles gets you $250. Starting Nov. 1 you will only get $200. Terrible! Under the new program you will never get more than 1% of the value of your current miles, so it is very wise to get out now!

Some no annual fee programs to consider.... Citi PremierPass, Discover Miles card, MBNA World Points, or a Chase Miles card.

What a terrible way to treat your customers Capital One!