Some Capital One rewards credit cards offer cash back rewards, which are the simplest to use. Capital One's travel credit cards earn more flexible rewards points, called Venture Miles. These can be redeemed for free travel in a few different ways.
Cash back via statement credit or check
Cash back earned with a Capital One rewards card can be redeemed as statement credit toward your card balance. You can also request a check in the mail. Your cash back rewards are worth $0.01 each when redeemed this way.
Similar to their regular cash back rewards, Venture Miles can be redeemed for a general statement credit or a check. Unlike regular cash back, however, your Venture Miles are only worth $0.005 each when you redeem them this way -- with one exception: travel.
For retailer gift cards
You can redeem your cash back or your Venture Miles for gift cards from popular retailers. The value you get will typically range from $0.008 to $0.01 per point, depending on the specific gift card.
Statement credit to cover travel purchases
You can get twice the value ($0.01 per point) out of your Venture Miles by using them for statement credit toward travel-related purchases you've already made with your card. This includes the usual expenses, such as airfare and hotels, as well as travel-related expenses like taxis and travel agents.
Booking travel through Capital One Travel
Capital One has its own travel booking portal where you can book flights, hotels, and rental cars. You can use your Venture Miles as currency through the travel portal. You'll get the same $0.01 per point rate you would using your miles for travel credit.
While this method may seem convenient, consider the opportunity cost. You’ll receive the same $0.01 per Venture Mile value in the travel portal as you would if you used your rewards to "erase" the travel purchases after the fact.
However, if you use your Capital One card to make the booking directly with your travel providers, you'll earn Venture Miles on the purchases (and get whatever extra benefits you receive by booking directly). Then, you can "erase" those purchases with your Miles after the charges post. This way, you earn extra rewards on your purchase you wouldn't have earned by using Venture Miles to pay in the first place.
Transferring to a partner hotel or airline program
You can turn your Venture Miles into airline frequent flyer points or hotel loyalty points by transferring them to a partner airline or hotel brand. Transfers are at a 1:1 rate, unless otherwise noted. Eligible partners include:
- Aeromexico Club Premier
- Air Canada Aeroplan
- Air France/KLM Flying Blue
- Asia Miles
- ALL Accor Live Limitless (2:1)
- Avianca LifeMiles
- British Airways Executive Club
- Choice Privileges
- Emirates Skywards
- Etihad Guest
- EVA Air Infinity MileageLands (2:1.5)
- Finnair Plus
- Qantas Frequent Flyer
- Singapore Airlines KrisFlyer
- TAP Portugal Miles&Go
- Turkish Airlines Miles&Smiles
- Virgin Red
The value you get from your miles with this redemption method will then depend on how you use them in your loyalty account. An international business class flight, for instance, could easily generate $0.03 per point or more in value.
