Signing up for credit cards through partner links earns us a commission. Terms apply to the offers listed on this page. Here’s our full Advertising Policy.
Update: One or more card offers in this post are no longer available. Check our Hot Deals for the latest offers.
Capital One calls them miles. They’re not really.
They’re super-easy-to-use-points, and you’re sure to receive a value of at least 1 cent each as long as you adhere to this post.
Subscribe to our newsletter for more easy-to-understand miles & points jargon to help you travel sooner (and FREEer).
Capital One Miles value
Let me repeat the short answer for anyone with an attention span as abject as my own — Capital One miles are worth at least 1 cent each. You can confidently collect them knowing you’ll get a return of 1 cent or more. They’re easy to earn with these cards:
|Credit card||Sign-up bonus||Annual fee||Earning rate||Review|
|Capital One® Venture® Rewards Credit Card||50,000 miles after you spend $3,000 on purchases within 3 months of account opening||$95, waived the first year||2X miles per dollar on every purchase||Capital One Venture review|
|Capital One® VentureOne® Rewards Credit Card||20,000 miles after spending $1,000 on purchases within 3 months of account opening||No annual fee||Unlimited 1.25 miles per dollar on every purchase||Capital One VentureOne credit card review|
|Capital One® Spark® Miles for Business||Up to 200,000 Spark miles after meeting tiered spending requirements:|
- 50,000 bonus miles when you spend $5,000 on purchases in the first 3 months
- 150,000 bonus miles when you spend $50,000 on purchases in the first 6 months of your account opening
|$95, waived the first year||2X miles per $1 on every purchase||Capital One Spark Miles review|
|Capital One® Spark® Miles Select for Business||20,000 miles after spending $3,000 on purchases within 3 months of account opening||No annual fee||1.5 miles per $1 on every purchase|
For example, the Capital One® Spark® Miles for Business comes with up to 200,000 Capital One miles after you meet tiered spending requirements. That bonus is worth at least $2,000 in travel, and is an unprecedentedly high credit card bonus. We don’t know how long this offer will last, but you can read our Capital One Spark miles review for the full details.
There are two methods to redeeming your miles for free travel. Let’s look at them both.
The EASY way – Use Capital One miles with “Purchase Eraser”
Purchase Eraser allows you to redeem your Capital One miles at a flat rate of 1 cent each toward travel purchases.
Simply buy your travel (things like airfare, hotels, car rentals, Uber, Airbnb, etc.) with your Capital One card as you normally would. Then, once the purchase appears in your credit card transaction history, you can sign into your online account and erase the charge within 90 days of the purchase date (up to the value of your miles), and it wipes the expense from your balance.
In other words, if you have 50,000 Capital One miles and you purchase a $350 hotel stay, you can completely erase that transaction for 35,000 Capital One miles. Or, if you make a $600 hotel stay, you’ll have enough miles to erase $500 worth of your bill.
This is the ideal method for travelers who don’t want to worry about blackout dates. You reserve your travel with cash, and reimburse yourself later. And you’ll know exactly how much you’ll receive from your miles at all times.
The LESS EASY way – Transfer miles to airline partners
It’s possible to squeeze a value greater than 1 cent from your Capital One miles, but it might take some grappling. You can transferCapital One miles to airline partners like:
- Air Canada Aeroplan
- Singapore Airlines
The transfer ratio is not 1:1 (it’s either 2:1.5 or 2:1, depending on the airline), so receiving a value greater than 1 cent per mile isn’t exactly child’s play — but it’s certainly possible. For example, Air Canada Aeroplan charges 55,000 miles one-way for a business class flight to Western Europe. Transferring 74,000 Capital One miles to Air Canada will get you enough miles for the trip. The same ticket could easily cost $1,500, so spending 74,000 Capital One miles is a great deal.
If you bought that same ticket with the Capital One Purchase Eraser, you’d pay 150,000 Capital One miles. You’re basically paying half price by transferring your Capital One miles to Air Canada.
Just know it’s possible to receive a value much less than 1 cent per point when you transfer your miles to airlines. Examine the cash price of your desired flight before you transfer your miles, as it might be cheaper to use the Purchase Eraser.
Also, when you transfer your miles to an airline, you’ll be subject to blackout dates, available award seats, and even fuel surcharges in some cases. It could be well worth the hassle, but it’s exponentially more time consuming than simply using your miles through the Purchase Eraser. And time is money!
You can effortlessly receive a value of 1 cent per Capital One mile if you keep it simple and redeem them for travel expenses through the Purchase Eraser. This is how I recommend using your miles (and it’s how I use them myself), but you should still check out our guide for the best ways to use Capital One miles.
You can receive a value greater (or less!) than 1 cent if you transfer your miles to airline partners. But it’s more complicated, and you’ll be subject to blackout dates and available award seats. In short, if you’re interested in booking business or first class flights, you’ll likely receive more value by transferring your points to airlines. If you’re flying coach, I’d stick to the Purchase Eraser.
Check out my post on the full Capital One miles review for step-by-step instruction on how to redeem Capital One miles. And let us know how you like to redeem Capital One miles.
Subscribe to our newsletter for more travel news and reviews.