If you do not want to pay an annual fee, check Discover Miles card with a similar offer. You will not get double miles though.


LINK

You get 12,000 miles if you make one purchase every month during the first year. You can exchange 10,000 miles for $100 travel credit or $50 statement credit (see here). Terms of a similar business credit card show that you can also exchange 10,000 miles for a $100 gift card ( see here). I assume this is applicable for this personal credit card too. The net value of the bonus after subtracting the $60 annual fee is $40.

You can also see some info about tavel reward redemption here.


Terms:

TERMS OF 12,000 BONUS MILES OFFER: Earn 1,000 Bonus Miles each calendar month you make a purchase for 12 months from the date your account is opened, with a cap of 12,000 Bonus Miles. We are not responsible for merchant delays in processing transactions. This promotional offer is in addition to the Standard Miles earned on purchases. Offer valid from 01/01/2009-07/01/2009. Promotional Miles will be applied within 8 weeks.