Capital One Rewards: The Ultimate Guide 2024 (2024)

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.

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.