by Lyle Daly | Updated July 21, 2021 - First published on Oct. 21, 2020
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Before you start using your Venture Miles, you need to know which redemption methods offer the most value.
This article was updated on July 7th, 2021 to reflect the current sign-up bonus offered.
There's never been a better time to collect Capital One Venture Miles. Thanks to a special limited-time offer, the Capital One Venture Rewards Credit Card currently has a massive sign-up bonus. You get 60,000 miles for spending $3,000 on purchases in three months.
Earning those miles is only half the battle, though. It's also important to use them properly. Some redemption methods get you far less value than others, so choosing the wrong one you cost you hundreds of dollars in value.
Fortunately, it's easy enough to maximize the value of your miles when you know which redemptions are worthwhile. Here are the only four ways you should redeem Capital One Venture Miles.
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Capital One's Purchase Eraser is the traditional way to redeem Venture Miles. This tool lets you go back and apply your miles as a statement credit toward travel purchases made within the past 90 days.
Miles are worth $0.01 apiece toward travel, so 100,000 miles are worth $1,000. You can use miles to erase anything Capital One classifies as travel. That includes all kinds of travel purchases, including airfare, hotels, vacation rentals, train tickets, travel agency bookings, and much more.
You can redeem miles toward cash travel bookings through Capital One Travel. This travel portal offers flight, hotel, and car rental bookings. Just as with the Purchase Eraser, your rewards are worth $0.01 per mile.
The Purchase Eraser is usually a better way to redeem miles than booking through Capital One Travel. It lets you pay with your credit card and book through a different online travel site that offers its own rewards. You can then apply your miles toward the purchase as a statement credit.
If you book through Capital One Travel, you won't be able to earn extra rewards through an online travel site. However, if this isn't a big deal for you, Capital One Travel works fine.
Capital One used to only offer fixed-rate redemptions, but its travel credit cards now have transferable miles. You can transfer Venture Miles to the loyalty programs of over a dozen airline and hotel partners.
As exciting as that sounds, there are two problems:
Even so, transferring miles can still give you good redemption opportunities. Avianca, with its LifeMiles program, is arguably Capital One's best transfer partner. LifeMiles has excellent award ticket availability and value. Other partners that might be worth a look include:
Redeeming miles with Capital One credit cards is pretty straightforward. You can get a statement credit toward your previous travel purchases, as well as takeout, delivery, and streaming purchases until the end of the year. Or, if a Capital One travel partner catches your eye, you could transfer your miles and make an award booking.
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