Capital One® Rewards is perhaps the most straightforward credit card rewards program you’ll find. Although termed “miles”, Capital One rewards act much like points. You can use them for statement credit toward travel purchases, convert them into airline miles and more. There are not so many ways to earn Capital One rewards, but they do hold decent value at redemption.
Personal credit cards
Business credit cards
|Redemption options||Travel purchases via Capital One|
Travel statement credits
Transfers to airline partners
|Best value for miles||$0.014 per mile|
Earning Capital One Miles
Capital One offers four cards that earn Capital One miles. Spark cards are geared toward small businesses, while Venture cards are for personal use. Click on the card name above to see the current welcome bonus available for each card.
Redeeming Capital One Miles
The value of your Capital One miles varies, depending on how you use them:
|Redeem for…||Value per mile||50,000 miles value|
|Travel booked via Capital One||$0.01||$500|
|Travel statement credits||$0.01||$500|
|Transfers to airline partners||Up to $0.014||Up to $700|
The easiest option is to redeem for travel statement credits. With “Purchase Eraser,” you’ll get a flat rate of $0.01 per mile, and you don’t have to worry about blackout dates. Please note, only travel spending in the previous 90 days will qualify.
The worst way to use your miles is for cash back in the form of account credits or checks by mail. I recommend avoiding this option because it will devalue your miles by 50%.
But if you want the best value for you miles, transfer them to a partner airline and take the time to strategize your award travel. Putting in the legwork to search through booking scenarios with different airlines will yield great value for your Capital One miles.
Best Capital One Partner Airline/Hotel Loyalty Programs
You can transfer your Capital One miles at a 2:1.5 ratio for most airline/hotel programs as shown above (2:1 for Emirates, Singapore Airlines and Accor Live Limitless). A few good programs to transfer to are:
Avianca charges low fees and offers a number of “sweet spots” in its loyalty program. If you’re short on miles, it also lets you purchase discount ones at good rates.
Dig deep underneath its complex rules, and you’ll find that Cathay Pacific Asia Miles offers incredible award opportunities. When you book your Asia Miles award travel, keep in mind the following:
- You’re allowed one stopover on one-way standard awards (except Air China and Iberia).
- You’re allowed two stopovers and one open jaw on standard awards.
- You’re allowed five stopovers and two open jaws on Oneworld awards.
- You save several hundred dollars in fuel surcharges when you book your British Airways-operated award flight with Asia Miles (instead of Avios or American Airlines).
You might not be familiar with Etihad Guest, but this loyalty program packs a big punch. If you’re looking to book award travel on an American Airlines-operated flight, it’s a better deal through Etihad.
Each Capital One mile is easily worth $0.01. Simply use the Purchase Eraser for your travel expenses, and you’ll get one cent per mile every single time.
But if you’re looking for a more valuable use for your Capital One miles, transfer your rewards to a partner airline loyalty program. This option is much more complicated, but you can get up to $0.014 each mile this way.
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