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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.
I’ll show you how to calculate Capital One miles value so you can decide if opening a card like the Capital One® Venture® Rewards Credit Card is worth it for you.
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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. And they’re easy to collect with these cards:
|Credit Card||Sign-Up Bonus||Annual Fee||Earning Rate|
|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||10 miles per dollar at hotels booked and paid via hotels.com/venture until January 31, 2020
2X miles per dollar on every purchase
|Capital One® VentureOne® Rewards Credit Card||20,000 miles after spending $1,000 on purchases within 3 months of account opening||No annual fee||10 miles per dollar at hotels booked and paid via hotels.com/venture until January 31, 2020
Unlimited 1.25 miles per dollar on every purchase
|Capital One® Spark® Miles for Business||50,000 miles after spending $4,500 on purchases within the 3 months of account opening.||$95, waived the first year||2X miles per $1 on every purchase|
|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|
So for example, the Capital One Venture comes with 50,000 Capital One miles after you spend $3,000 on purchases within the first 3 months from account opening. That bonus is worth at least $500 in travel.
There are 2 methods to redeeming your points 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.
All you have to do is 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 simply ERASE the charge within 90 days of the purchase (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 make a $350 hotel stay, you can completely erase your purchase for 35,000 Capital One miles! If you make a $600 hotel stay, you can erase $500 worth of your bill.
This method is perfect for folks who don’t want to worry about blackout dates, because 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 Your 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 transfer your miles to airline partners, such as:
- 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 it’s not exactly child’s play to receive a value greater than 1 cent per mile. 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 the 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. So examine the cash price of your desired flight before you transfer your miles! 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 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).
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.
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!
More about Capital One:
- Best Way to Use Capital One Miles
- How to Earn Capital One Miles
- How to Setup a Capital One Miles Account
- How to Use Capital One Miles
- Do Capital One Miles Points Expire?
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