Capital One Rewards: The Ultimate Guide 2024

Capital One calls its rewards miles, but don’t confuse these with airline miles you might earn by flying. Depending on your card, these miles can be redeemed for statement credits or cash back, and even transferred to hotel and airline partners.

Each Capital One credit card has its own earning structure, but they all have one thing in common. Every purchase will between 1.25 miles to 2 miles per dollar spent, depending on which card you have. Some cards accelerate your earnings when you use Capital One Travel, which net anywhere between 5 to 10 miles per dollar spent on hotels, rental cars or flights booked through the portal.

Like all rewards credit cards, you’ll earn Capital One Rewards by making eligible purchases charged to your Capital One card. These rewards are added to your account balance until you redeem them.

Because Capital One Rewards are flexible points, cardholders have multiple types of redemptions to choose from. You can convert them to partnering frequent flyer miles, book travel through the Capital One travel center, redeem them as cash back or gift cards or select other redemption choices. This flexibility makes them valuable since you don’t need to commit to a single type of reward in advance.

Capital One offers both personal cards and business cards that earn transferable rewards. Each card has different benefits and earning rates, so there’s likely to be a card (or two) that fits your needs.

All the cards offer a straightforward earning structure, where nearly every purchase earns rewards at the same rate (travel bookings made through Capital One Travel earn at an enhanced rate). There are no complicated category bonuses to remember and no caps on earnings. As a bonus, miles post when you earn them, rather than at the end of your statement period.

Personal Credit Cards

Credit Card	Annual Fee	Welcome Bonus	Earning Rates	Other Notable Benefits
Capital One Venture X Rewards Credit Card	$395 (rates & fees)	75,000 bonus miles after spending $4,000 on purchases within the first three months of account opening	2 miles per dollar on all eligible purchases, 5 miles per dollar on flights booked through Capital One Travel, 5 miles per dollar on Capital One Entertainment purchases through 12/31/25 and 10 miles per dollar on hotels and rental cars when booking via Capital One Travel	$300 annual credit toward travel with Capital One, 10,000 annual anniversary points and Priority Pass lounge membership
Capital One Venture Rewards Credit Card	$95 (rates & fees)	75,000 miles once you spend $4,000 on purchases within 3 months from account opening	5 miles per dollar on hotels and rental cars booked through Capital One Travel, 5 miles per dollar spent on Capital One Entertainment purchases through 12/31/25 and an unlimited 2 miles per dollar spent on other purchases	Credit toward Global Entry or TSA PreCheck application
Capital One VentureOne Rewards Credit Card	$0 (rates & fees)	20,000 miles after spending $500 on purchases within 3 months from account opening, equal to $200 in travel	5 miles per dollar on hotels and rental cars booked through Capital One Travel and 1.25 miles per dollar on every other purchase	No foreign transaction fees

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Business Credit Cards

Credit Card	Annual Fee	Welcome Bonus	Earning Rates	Other Notable Benefits
Capital One Spark Miles for Business*	$0 intro for the first year; $95 after that	50,000 bonus miles after spending $4,500 on purchases within the first 3 months of account opening	2 miles per dollar on every purchase and 5 miles per dollar on hotels and rental cars booked through Capital One Travel	No foreign transaction fees, Global Entry or TSA PreCheck application fee credit, free employee cards
Capital One Spark Miles Select for Business*	$0	50,000 bonus miles after spending $4,500 on purchases within the first 3 months of account opening	1.5 miles per dollar on every purchase	No foreign transaction fees, free employee cards

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You can combine rewards between two or more eligible Capital One cards. This can lead to additional redemption options when moving rewards from one card to another and allow you to reach reward goals faster.

Capital One rewards points vary in value depending on the type of redemption you choose. On the low side, points are worth only half a cent each when redeeming as cash back. Travel redemptions and some gift cards typically offer a value of 1 cent per point. In some cases, you may get outsized value by transferring your rewards to partnering travel loyalty programs so you can book expensive airfare or hotel reservations worth more than 1 cent per point.

What Can I Get With Capital One Rewards?

• Flight reservations
• Hotel stays
• Cash back
• Statement credits
• Gift cards
• Credit toward purchases
• Access to events

Like many flexible currencies, Capital One miles provide the highest redemption values when redeeming rewards toward travel. Cardholders can choose between transferring to more than a dozen partner loyalty programs or redeeming miles toward travel at a fixed rate to avoid blackout dates and other limitations.

While you won’t get the same redemption values when choosing non-travel awards, Capital One allows cardholders to redeem miles for cash back, gift cards or Amazon purchases. This versatility means you’ll always have an option that works for you.

1. Capital One Transfer Partners

Transfer rates vary by partner, with most at a 1:1 ratio, meaning 1 Capital One mile equals 1 point or mile with the travel loyalty program. Others work out to 2:1.5 or 2:1, meaning your rewards won’t stretch quite as far. Occasional transfer bonuses improve these ratios.

Because all transfers are final, it’s important to have an intended use for your rewards before initiating the transfer.

Airline Program	Hotel Program
Aeromexico Club Premier (1:1)	Accor Live Limitless (2:1)
Air Canada Aeroplan (1:1)	Choice Privileges (1:1)
Air France-KLM Flying Blue (1:1)	Wyndham Guest Rewards (1:1)
Avianca LifeMiles (1:1)
British Airways Avios (1:1)
Cathay Pacific Asia Miles (1:1)
Emirates Skywards (1:1)
Etihad Guest (1:1)
EVA Infinity MileageLands (2:1.5)
Finnair Plus+ (1:1)
Qantas Frequent Flyer (1:1)
Singapore Airlines KrisFlyer (1:1)
TAP Miles&Go (1:1)
Turkish Airlines Miles & Smiles (1:1)
Virgin Red (1:1)

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Although transferring rewards to partner programs offers incredible flexibility, it also means the value of your rewards is highly variable depending on how you redeem your newly transferred miles. Many miles transfer instantly, but it’s possible to have a three- to five-day wait time to see your rewards in the transferred program.

Before you transfer rewards to a loyalty program, ensure you’re getting at least 1 cent per point in value. Otherwise, you’ll be better off redeeming your Capital One rewards through the methods detailed below.

2. Use the Capital One Travel Center

Capital One’s original claim to fame was using miles to book travel through their dedicated booking engine at a flat rate, with no blackout dates or other hassles. The option still exists, providing customers with a surefire way to redeem their rewards without a dose of frustration.

The Capital One Travel Center is an online travel agency that works like the interfaces you’re already familiar with at sites like Expedia or Priceline. However, when you use the Capital One portal, you can pay with your rewards. When redeeming points this way, you’ll get a flat 1 cent per point in value.

Because the Travel Center isn’t affiliated with specific airlines or hotels, you’ll have access to your choice of airlines and properties, including those that aren’t direct transfer partners. This allows you to fully customize your trip and work around inventory restrictions that come with traditional awards. You can also book non-chain hotels or other forms of accommodation, ranging from bed and breakfast locations to boutique hotels and even some short-term apartments.

Remember that it’s better to charge your credit card for Travel Center purchases because you’ll earn miles. You can then redeem them against the purchase to get the best of both worlds.

3. Redeem Miles Toward Previous Travel Purchases

Travelers who prefer not to use the Capital One Travel Center can redeem miles by purchasing travel directly with airlines, hotels and other travel providers and paying with their eligible card. After the purchase is posted to your account, you can reimburse yourself for the purchase by redeeming miles at a fixed rate of 1 cent each.

To use this feature, the merchant must classify the transaction as a qualifying travel category, such as airfare, hotel stays or a cruise. Your online Capital One account will show eligible purchases from the last 90 days as redemption options.

4. Redeem for Cash Back

Using your points for travel typically yields the most value for your rewards, but it’s not the only option. Capital One allows cardholders to redeem rewards as cash back (in the form of a mailed check or an electronic statement credit), although only at 0.5 cents per point.

Statement credits usually show up in two to three business days and will lower your card balance. However, they don’t count as a payment on your account so if you have a balance, you’ll still need to make a minimum payment toward your bill.

Cutting your reward value in half is a tough idea, but it can be a viable option when your budget is tight or you don’t have time to take a vacation.

5. Redeem for Gift Cards

Gift cards are another redemption option for your miles. While choosing a gift card isn’t as flexible as accepting cash, it increases the value of your miles to .08 to 1 cent each, depending on the merchant and gift card denomination.

Capital One partners with dozens of brands, including retailers and restaurants nationwide and everyday staples like gas stations and grocery stores. Most gift cards arrive by mail within two to three weeks after redemption.

6. Shop With Rewards on Amazon.com

Like other credit card reward programs, you can use Capital One points to cover the cost of purchases at Amazon.com. To do so, you’ll need to link your Capital One card to your Amazon.com account. Then, at checkout you’ll see an option to redeem points toward some or all of your purchase, but usually at less than 1 cent per point. Amazon has offered discounts and other promotions to incentivize shoppers to boost the value of your redemption.

Similarly, you can link your Capital One card to PayPal to pay with rewards when checking out with other online retailers or service providers.

7. Redeem Rewards for Events

Capital One has targeted card member offers including MLB tickets and high-end dining events that you can purchase with points. Since the events are limited access, using your points for these can offer outsized value.

You can also redeem your Capital One points for live events, like sports, dining and music events, via the Capital One Entertainment platform. It’s available through the Capital One mobile app or by going to entertainment.capitalone.com. It’s primarily powered by Vivid Seats, so the format is similar to the ticketing agency.

You can use a combination of points and cash to pay for your tickets which is a plus, but the redemption rate is less than stellar at 0.8 cents per point.

With a large portfolio of Capital One credit cards to choose from and flexible redemption options, Capital One Rewards can be a compelling solution for cardholders. The program excels in simplicity regarding earning and offers a few cards with no annual fee, making it ideal for anyone dipping their toe in the travel rewards water.

Redemption options can be equally easy if you redeem for travel at a flat rate, with the possibility of outsized value for cardholders willing to learn the ins and outs of travel transfer partners.

Ultimately, for anyone collecting travel rewards, Capital One’s rewards program is one worth considering in almost any situation.