When it comes to flexible points, Capital One offers a strong rewards program for travelers and non-travelers alike. Capital One miles—previously an indistinct term for something that was essentially cash back—now include numerous redemption options to fit any need. That’s on top of competitive earning rates, even on cards with no annual fee.
Best of all, Capital One Rewards is one of the most straightforward credit card programs available. With the right credit card, a customer can get away with a single card in their wallet and still take advantage of strong earnings and a wide variety of redemption options, including some with no strings attached. Most other programs don’t offer that level of simplicity.
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What Are Capital One Rewards?
Capital One calls its rewards miles, but don’t get these confused with airline miles you might earn by flying. Depending on the card you hold, these miles can be redeemed for statement credits, cash back, offset purchases and even transferred to hotel and airline partners.
Each Capital One card comes with its own earning structure, but they all have one thing in common. Every purchase will earn you miles ranging from 1.25 miles per dollar spent to 2 miles per dollar spent, depending on which card you have. Some cards will accelerate your earning when you use Capital One Travel, which will net you anywhere between 5 to 10 miles per dollar spent on hotels, rental cars or flights booked through the portal.
How Do Capital One Rewards Work?
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 choose to redeem them.
Since 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 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.
How To Earn Capital One Rewards
Capital One offers both personal cards and business cards that earn transferable rewards. Each card offers different benefits and earning rates so with that many choices, there’s likely to be a card (or two) to fit your personal 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 keep straight and no caps on earning. 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 |
|---|---|---|---|---|
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$395 (rates & fees)
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75,000 bonus miles after spending $4,000 on purchases within the first three months of account opening
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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
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$300 annual credit toward travel with Capital One, 10,000 annual anniversary points and Priority Pass lounge membership
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$95 (rates & fees)
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75,000 miles once you spend $4,000 on purchases within 3 months from account opening
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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
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Credit toward Global Entry or TSA PreCheck application
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$0 (rates & fees)
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20,000 miles after spending $500 on purchases within 3 months from account opening, equal to $200 in travel
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5 miles per dollar on hotels and rental cars booked through Capital One Travel and 1.25 miles per dollar on every other purchase
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No foreign transaction fees
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Business Credit Cards
| Credit Card | Annual Fee | Welcome Bonus | Earning Rates | Other Notable Benefits |
|---|---|---|---|---|
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$0 intro for the first year; $95 after that
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50,000 bonus miles after spending $4,500 on purchases within the first 3 months of account opening
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2 miles per dollar on every purchase and 5 miles per dollar on hotels and rental cars booked through Capital One Travel
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No foreign transaction fees, Global Entry or TSA PreCheck application fee credit, free employee cards
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$0
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50,000 bonus miles after spending $4,500 on purchases within the first 3 months of account opening
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1.5 miles per dollar on every purchase
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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 as well as allowing you to reach reward goals faster.
How Much Are Capital One Rewards Points Worth?
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 and/or hotel reservations worth more than 1 cent per point.
What Can I Get With Capital One Rewards?
- Flights reservations
- Hotel stays
- Cash back
- Statement credits
- Gift cards
- Credit toward purchases
- Access to events
How To Redeem Capital One Rewards
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 also allows cardholders to redeem miles for cash back, gift cards or Amazon.com purchases. This versatility means you’ll always have an option that works for you.
1. Capital One Transfer Partners
Capital One rewards can be transferred to more than a dozen airline and hotel partners. Transfer rates vary by partner, with most at a 1:1 ratio, meaning 1 Capital One mile is equivalent to 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.
Since all transfers are final, it’s important to have a specifically intended use for your rewards before initiating the transfer.
| Airline Program | Hotel Program |
|---|---|
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Aeromexico Club Premier (1:1)
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Accor Live Limitless (2:1)
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Air Canada Aeroplan (1:1)
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Choice Privileges (1:1)
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Air France/KLM Flying Blue (1:1)
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Wyndham Guest Rewards (1:1)
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Avianca LifeMiles (1:1)
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British Airways Avios (1:1)
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Cathay Pacific Asia Miles (1:1)
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Emirates Skywards (1:1)
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Etihad Guest (1:1)
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EVA Infinity MileageLands (2:1.5)
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Finnair Plus+ (1:1)
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Qantas Frequent Flyer (1:1)
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Singapore Airlines KrisFlyer (1:1)
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TAP Miles&Go (1:1)
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Turkish Airlines Miles & Smiles (1:1)
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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 will be better off redeeming your Capital One rewards through the other 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 today, providing customers a surefire way to redeem their rewards without a dose of frustration on the side.
The Capital One Travel Center is an online travel agency (OTA), which works similarly to the interfaces you’re already familiar with at sites like Expedia or Priceline. However, when you use the Capital One portal, you’ll be able to make payment via your rewards. When redeeming points this way, you’ll get a flat 1 cent per point in value.
Since 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 breakfasts to boutique hotels and even some short-term apartments.
Keep in mind that it’s better to charge your credit card for Travel Center purchases, because you will earn miles on the purchase. You can then redeem against the purchase, getting the best of both worlds.
3. Redeem Miles Toward Previous Travel Purchases
Travelers who prefer not to use the Capital One Travel Center can also 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 transaction must be classified by the merchant as a qualifying travel category, such as airfare, hotel stays or a cruise. Eligible purchases from the last 90 days will show as redemption options in your online Capital One account.
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 also allows cardholders to redeem their 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 but do not count as a payment on your account so you may still need to make a minimum payment toward your bill.
Cutting your reward value in half is a tough idea to swallow, 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
Capital One offers gift cards as 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 1.0 cent each, depending on the gift card merchant and denomination of the gift card.
Capital One partners with dozens of gift card brands, including retailers and restaurants nationwide as well as 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 many 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 in the past 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, which is 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 rate of redemption is less than stellar at 0.8 cents per point.
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Bottom Line
With a large portfolio of cards to choose from and flexible redemption options, Capital One can be a compelling solution for cardholders. Their program excels in simplicity when it comes to 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 choose to redeem for travel at a flat rate, with the possibility of outsized value for cardholders willing to learn the ins and outs of travel partners.
Ultimately, for anyone collecting travel rewards, Capital One’s rewards program is one worth considering in almost any situation.
Frequently Asked Questions (FAQs)
How should I redeem Capital One Rewards?
Redemptions can be made easily through your online Capital One account or through the mobile app. You should shoot for redemptions that are worth a minimum of 1 cent each to get a fair value from your points.
How do I use my Capital One shopping rewards?
Capital One Shopping is a separate program from your credit card rewards and points do not combine. Instead, it acts as a shopping portal earning cash-back rebates on eligible purchases.
When you’ve accumulated a balance in your Capital One shopping account, you can redeem your earnings toward gift cards at a variety of merchants.
Where can I use my Capital One Rewards?
Capital One Rewards are best used toward travel purchases: You can convert rewards to partner miles, make reservations through the Capital One travel center or use points to cover the cost of past travel purchases. If you prefer, you can also redeem your rewards toward non-travel purchases, although these often yield a lower point value.
How can you receive cash back for Capital One Rewards?
You can request cash back for your rewards as a mailed check or via a statement credit on your account. However, these types of redemptions are only worth 0.5 cents per point, making them a poor value.
What airlines can you use Capital One miles for?
Capital One currently partners with over 15 travel programs, allowing you to transfer your rewards to your preferred program. The full list is covered above.
Additionally, you can book flights through the Capital One travel center at a rate of 1 cent per point, which provides access to additional airlines without blackout dates or other travel restrictions.
Do Capital One Rewards Expire?
No, Capital One Rewards do not expire as long as you keep your account open and in good standing. If your account is closed by either yourself or Capital One, however, you will forfeit all the points earned on your account unless you specifically transfer them into partners or redeem them before closing your account.
