Maybe you got a special offer for the Capital One No Hassle Miles Ultra for Professionals but when I go to Capital One's Website this card shows the following redemption schedule:

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

So the only way you get 1 cent per mile is if the tickets you buy are over $600. Otherwise you will be getting less then 1 cent per mile and quite possible .6 - .75 cents per mile which works out to be less then a thankyou point mile which for flights is usually worth about 1.5 - 1.75 cents per mile unless you get a ticket that is perfectly priced at the maximum cap.

Personally I prefer the thankyou network to the capital one product but there may be some instances where the capital one card is more worthwhile: (1) you want a completely free ticket meaning you do not pay any taxes and fees which your points would cover since they issue you a credit back to your credit card versus the ThankYou Network which charges you taxes (2) if capital one lets you redeem the points for all tickets purchased ie: if you and your wife each bought a ticket for $295 including taxes as one purchase so it showed up as $590 and capital one let you redeem 60,000 points for this purchase rather then charging each ticket the 35,000 miles per dollar. I am not sure if capital one can see each ticket price individually or if they only see the total charge.

But still I prefer the thankyou network because even though they have made some changes over the last 18 months capital one continually changes their no hassle rewards program.

Also, it depends on what airlines you travel as the thankyou network fixed flight point option is not available for JetBlue, Virgin America, Spirit, and Southwest so if you want to redeem free tickets for these airlines then clearly the Capital One Card is better.

In addition, you may want to look at the Citi Platinum Amex card which offers 3 ThankYou Points per dollar on all purchases and 5 thankyou points per dollar at gas stations, grocery stores, and drugstores for the first 24 months after you sign up for the card and the annual fee for the 1st year is waived then it is $99 per year. You also get 15,000 thankyou points after you spend $300. After 2 years with the card you could then convert to premier pass elite since this card would be more beneficial then the Citi Platinum Amex but it is a great deal for the 1st 2 years as you can amass up to 150,000 points per year which you would. Also, if you do any online shopping you can earn addiitonal thankyou points through the online shopping portal and if you bank with citibank can earn thankyou points for having accounts with them.