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Capital One Rewards: The Essential 2024 Guide

What are Capital One Rewards?

Capital One Rewards are the miles Capital One travel credit card members can earn on their eligible purchases. These rewards can be redeemed for travel, cash back, gift cards, and more, helping to provide cardholders with added flexibility. 

Some Capital One credit cards earn cash-back rewards instead, but this article will focus on flexible mile-earning cards.

How do Capital One Rewards work?

To earn Capital One Rewards, cardholders need to make eligible purchases with their Capital One travel credit card. After making a purchase, miles are credited to your account balance until you redeem them. And as long as your account is open and in good standing, these rewards don’t expire. 

Capital One Rewards are flexible, with various redemption options for every consumer profile. You can redeem these rewards for cash back, gift cards, travel through the Capital One Travel portal, or transfer them to various travel partners. The value of these miles varies depending on which redemption option you choose. 

How much are Capital One Rewards worth?

Capital One miles are worth 0.5 cents to over 1 cent per mile, with the lowest redemption value coming from cash back and the highest rate from transferring to certain travel partners. 

How do you earn Capital One Miles?

It’s easy to earn rewards with an eligible Capital One credit card, with simple rewards on travel and non-travel purchases. 

To gain a large sum of miles quickly, plan around the card’s welcome bonus to ensure you can spend enough to earn it.

Credit cards that earn Capital One Miles

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Card name
Annual fee
Welcome bonus
Reward rate
Learn more
Capital One Venture X Rewards Credit Card
Capital One Venture X Rewards Credit Card
See Review
LEARN MORE
$395
75,000 miles
2X-10X miles
LEARN MORE
See Review
Capital One Venture Rewards Credit Card
Capital One Venture Rewards Credit Card
See Review
LEARN MORE
$95
75,000 miles
2X-5X miles
LEARN MORE
See Review
Capital One VentureOne Rewards Credit Card
Capital One VentureOne Rewards Credit Card
See Review
LEARN MORE
$0
20,000 miles
1.25X-5X miles
LEARN MORE
See Review
Capital One Venture X Business
Capital One Venture X Business
LEARN MORE
$395
150,000 miles
2X-10X miles
LEARN MORE
Capital One Spark Miles for Business
Capital One Spark Miles for Business
See Review
LEARN MORE
$0 for the first year, then $95
50,000 miles
2X-5X miles
LEARN MORE
See Review

How to redeem Capital One Rewards

1. Booking travel

Value of this option: 1 cent

One of the biggest perks of Capital One over other travel credit card issuers is the flexibility. While some issuers require you to redeem through their travel portal for the best rate, Capital One cardholders can use their miles for travel anywhere and get the same 1 cent per mile rate. 

If you use the Capital One Travel portal to book travel, your miles can be used directly as payment. If you book travel outside the portal, you can redeem them for a credit on your statement. 

2. Transferring to travel partners

Value of this option: Variable, but often the best option

Your miles can be transferred to one of Capital One’s airline or hotel partners. Most of the time these will transfer at a 1:1 ratio, meaning 1 Capital One mile is equivalent to 1 point/mile in the partner loyalty program. If a ratio is 2:1.5, for example, this means that 2 Capital One miles are equivalent to 1.5 points or miles with the partner’s program.

This redemption option can be valuable if the travel partner’s points are worth more than Capital One’s miles. For example, Aeroplan’s points are estimated to be worth approximately 1.4 cents each, so your miles can be worth way more if redeemed this way.

Capital One’s travel partners and their transfer ratios are listed below.

Airlines

Hotels

3. Cash or statement credits

Value of this option: 0.5 cents

You can redeem your miles for cash back (via statement credits or a mailed check), but we don’t recommend it as these will only net you a value of 0.5 cents apiece. 

4. Gift cards

Value of this option: 0.8 to 1 cent

Gift cards can be a viable alternative to cash back, and redeeming your miles this way will help them stretch further. You can expect a value of 0.8 to 1 cent per mile if you use them for gift cards. Capital One partners with some pretty solid brands, so if you’re not planning on traveling any time soon but still want to cash in some rewards, this could be a good option. You’ll have to fork over at least 2,500 miles for this option, though.

5. Amazon and PayPal

Value of this option: Less than 1 cent

You can link your Capital One card to your Amazon.com account and use your Capital One miles to cover your purchases. However, this option isn’t usually ideal since your miles will almost always be worth less than a cent. But sometimes you can snag a discount or promotion, so keep an eye out.

6. Capital One Entertainment

Value of this option: 0.8 cents

Your Capital One Rewards can be used to purchase exclusive tickets and experiences through Capital One Entertainment. If an event strikes your fancy this could be well worth it, even with its subpar 0.8 cent redemption value.

What is the best way to use Capital One rewards?

There’s no hard and fast rule for the best option to use your Capital One rewards. Travel will be the most valuable, but redeeming for gift cards isn’t a bad option either. 

We don’t recommend redeeming for cash back, since that’s only worth 0.5 cents per mile. However, many great cash-back credit cards are available if you prefer to earn and redeem rewards that way.

Best mile-earning Capital One cards

Advertiser Disclosure

Capital One Venture X Rewards Credit Card

 Capital One Venture X Rewards Credit Card
LEARN MORE on Bankrate's secure site
Key Information
Earn 10X miles on hotel and rental car purchases made through Capital One Travel, 5X miles on airfare purchased through the portal, and 2X miles on all other purchases. $395 annual fee.
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Capital One Venture Rewards Credit Card

 Capital One Venture Rewards Credit Card
LEARN MORE on Bankrate's secure site
Key Information
Earn 5X miles per dollar on hotel stays or rental cars booked through Capital One’s portal and 2X miles on all other purchases. $95 annual fee.
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Capital One VentureOne Rewards Credit Card

 Capital One VentureOne Rewards Credit Card
LEARN MORE on Bankrate's secure site
Key Information
Earn unlimited 1.25X miles on all purchases and 5X miles on hotels and rental cars booked through Capital One Travel. $0 annual fee.
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Capital One Rewards: FAQ

Where can I use my Capital One Rewards?

Your Capital One Rewards can be used toward gift cards, travel, cash back, and more. The most value will come from redeeming toward travel through select transfer partners.

How can you receive cash back for Capital One Rewards?

You can redeem your Capital One miles for cash back in the form of a statement credit or a check in the mail, but we don’t recommend this option since it’s only worth 0.5 cents per mile.

What airlines can you use Capital One miles for?

Capital One has 14 airline partners: Aeromexico, Air Canada, Air France-KLM, Avianca, British Airways, Cathay Pacific, Emirates, Etihad, EVA, Finnair, Qantas, Singapore Airlines, TAP Air Portugal, and Turkish Airlines.

You can also use your miles to book with any other airline through the Capital One travel portal or directly with airlines.

Do Capital One Rewards expire?

As long as your Capital One account is active and in good standing, your miles won’t expire.

About the Author

Jaiden Hart
Jaiden Hart Writer & Content Manager, Credit Cards

Jaiden Hart serves as a credit card writer and content manager at LA Times Compare. Beginning her career as an intern on the Compare team, she has since amassed considerable expertise and passion in the credit card industry. 

Jaiden’s primary objective is to simplify the process of choosing and managing a credit card through engaging and honest content so individuals can more effectively maximize their benefits and meet their financial goals.

About the Reviewer

Blake Esken
Blake Esken Los Angeles Times

Blake Esken has over 15 years of experience in product management and has been a member of the Los Angeles Times staff for over five years.

As part of his role at the Los Angeles Times Commerce Team, Blake acts as the in-house reviewer and fact checker for LA Times Compare. He supervises all content for compliance and accuracy and puts to use skills he has honed through years of experience managing high-stakes projects for a range of industry-leading companies.

He has a strong background in data analysis, compliance, and communication, which allows him to support LA Times Compare through fact-checking in an effort to provide up-to-date and factual information across our content.

* Opinions expressed here are those of the LA Times Compare Cards Team and have not been reviewed or approved by any advertiser or entities included within this content. See our editorial policy for more details.

All products or services are presented in this content without warranty. The information, including card details such as rates and fees, is accurate at the time of publish. Please visit each bank's website directly for the most current information.

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