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Capital One Miles has inserted itself among the U.S. leaders in credit card rewards.
Just like Chase Ultimate Rewards, American Express Membership Rewards, and Citi ThankYou Rewards, Capital One Miles is a valuable flexible rewards currency.
However, this wasn’t always the case — Capital One used to have a reputation for focusing on subprime borrowers.
But, that’s all changed today. The Venture and Spark families of credit cards are impressive product lines that compete with the best in the business.
In this guide, we’ll help you figure out whether Capital One miles are worth earning. We’ve got plenty of ground to cover, so let’s answer your most pressing questions about Capital One!
Capital One Miles is the main travel rewards program offered by Capital One.
This ecosystem of rewards is accessible through a variety of Capital One card products:
A little-known fact about the program is that if you’re a business owner who earns rewards on the Spark Cash line of products, you can convert those rewards to Capital One miles at a 1% to 1x ratio, as long as you also have one of the credit cards above.
Here are the cash-back cards with rewards that can be converted to Capital One miles:
Another nice observation about Capital One Miles is that you can access the program with a no-annual-fee card like the Capital One VentureOne card, for example.
We think that for most people, Capital One Miles is a worthwhile program. Because Capital One has transfer partnerships with various airlines and hotels, you can often redeem your miles for superb value.
It’s not possible to earn lots of rewards on everyday bonus categories like restaurants and groceries, but Capital One’s approach here has been to offer a substantial rewards structure on purchases without bonus categories.
So whether you’re paying for health insurance, taxes, or electronics, you’ll earn bonus rewards.
We value Capital One miles at 1.8 cents apiece.
There are 3 main ways you can check your Capital One miles balance:
To check your Capital One miles online or through the mobile app, log into your online account and look for the box that says Explore Rewards & Benefits. Your rewards balance will be displayed there.
If you’re making a phone call to Capital One, follow the prompts to get to Capital One Miles. From there, you may hear an automated message informing you of your Capital One miles balances. You may also get connected to a live representative who can help further.
The Capital One Venture card earns Capital One miles, which we value at around 1.8 cents each. However, in practice, they can be worth as little as 0.5 cents per mile or as much as 10 cents per mile.
If you redeem your miles for cash-back, you’ll get 0.5 cents per mile.
If you redeem your miles for gift cards, you’ll get 0.5 to 1.0 cents per mile.
If you redeem your miles for PayPal, you’ll get 0.8 cents per mile.
If you redeem your miles for Amazon, you’ll get 1 cent per mile.
If you redeem your miles for travel booked through Capital One Travel, you’ll get 1 cent per mile.
If you transfer your Capital One miles to transfer partners, you’ll get up to 10 cents per mile of value.
The Capital One Venture X card earns Capital One miles, which are worth 1.8 cents each, according to our valuations.
As we mentioned previously, you’ll get anywhere from 0.5 to 10 cents per mile in value.
There’s no difference between the rewards earned on the Capital One Venture card and the Capital One Venture X card — the redemption methods and redemption values are identical.
The Spark Miles family of Capital One credit cards also earn Capital One miles. The only difference is that the Spark Miles family of credit cards is for business owners, while the Venture cards are personal credit cards.
Capital One miles are worth around 1.8 cents each based on our valuations, though you can get anywhere from 0.5 to 10 cents per mile.
Although we peg Capital One miles at 1.8 cents each, you probably can’t get that much value from 20,000 Capital One miles.
That’s because luxury award travel usually costs more than 20,000 miles, and the other ways to use Capital One miles offer lower redemption value.
For example, if you have 20,000 Capital One miles, you can get $200 in travel through the Capital One Travel portal, $200 at Amazon.com, $160 at PayPal, $100 to $200 in gift cards, or $100 in cash-back.
This is in stark contrast with our valuations that would put 20,000 Capital One miles as being worth $360.
You can use 20,000 Capital One miles for a round-trip business class ticket on United between the mainland U.S. and Hawaii through Turkish Airlines Miles&Smiles, which could theoretically be way more expensive than $1,000 — this is the power of transferring miles to travel partners!
According to our valuations, 50,000 Capital One miles are worth around $900, but you’ll get $500 in travel through the Capital One Travel portal, $500 at Amazon.com, $400 at PayPal, $250 to $500 in gift cards, or $250 in cash-back.
To get the best value, transfer your Capital One miles to travel partners like Wyndham to book vacation rentals through Vacasa or Turkish Airlines Miles&Smiles for a one-way business class flight to Europe on Star Alliance airlines.
According to our valuations, 60,000 Capital One miles are worth around $1,080. When you go to redeem them, you’ll get $600 in travel via Capital One Travel, $600 at Amazon.com, $480 at PayPal, $300 to $600 in gift cards, or $300 in cash-back.
You’ll get maximum value by transferring your Capital One miles to travel partners. For example, if you transfer 60,000 miles to Air France-KLM Flying Blue, you can book a one-way business class flight to Europe, which is almost always worth more than $2,000.
You can also transfer your Capital One miles to Wyndham Rewards and book 4 nights in a 1-bedroom Vacasa property, which could retail at around $300 per night. That’s $1,200 in value!
According to our valuations, 75,000 Capital One miles are worth $1,350. When you go to redeem those Capital One miles, you could get $750 in travel through the Capital One Travel portal, $750 at Amazon.com, $600 at PayPal, $375 to $750 in gift cards, or $375 in cash-back.
When you leverage transfer partners, you can use 75,000 Capital One miles for a one-way business class flight to the Middle East on Qatar Airways Qsuites (which is worth more than $4,000 in most cases) or a one-way business class flight to Asia on ANA.
This is an easy way to double or even triple the value you receive.
By our valuations, 100,000 Capital One miles are worth about $1,800.
These are worth $1,000 in travel booked via Capital One Travel, $1,000 at Amazon.com, $800 at PayPal, $500 to $1,000 in gift cards, or $500 in cash-back.
However, if you pick the right transfer partner, your 100,000 Capital One miles can be used for a one-way business class flight to Australia, a one-way business class flight to Africa, a Singapore Airlines business class flight to Asia, and so much more.
In fact, it’s not unheard of to get $5,000 of value from 100,000 Capital One miles.
If you refer to our valuations of 1.8 cents per Capital One mile, you’ll need 56 Capital One miles to get a dollar of value.
However, we’ve broken it down in further detail by the various redemption options available.
If you use your miles for statement credits, you will redeem 200 Capital One miles for a dollar.
If you use your Capital One miles for gift cards, you will redeem 200 to 100 Capital One miles for a dollar.
If you use your Capital One miles at PayPal, you’ll redeem 125 Capital One miles for a dollar.
If you use your Capital One miles at Amazon.com, or Capital One Travel bookings, you’ll redeem 100 Capital One miles for a dollar.
Lastly, if you use your Capital One miles through transfer partners, you’ll redeem as few as 10 Capital One miles for a dollar.
Currently, you can use Capital One miles in the following ways, which are ranked from highest to lowest value:
Capital One miles are worth 0.5 cents per mile if redeemed for cash. This means you’ll redeem 200 miles for a dollar in cash.
Capital One miles are worth 1 cent per mile if redeemed on Amazon.com. This means you’ll redeem 100 miles for a dollar on Amazon.com.
Capital One miles are worth 1 cent per mile if redeemed for flights through Capital One Travel. This means you’ll redeem 100 miles for a dollar of flights booked through these 2 methods.
But if you use Capital One miles for an award flight, you can get as much as 10 cents per mile in value.
Capital One miles are worth 1 cent per mile if redeemed for hotels booked via Capital One Travel.
As long as your Capital One account is open and in good standing, your Capital One miles will not expire.
If you’re considering closing one of your Capital One cards but want to keep your miles alive, remember to move the miles to another Capital One credit card before closing that card.
As always, the best way to use Capital One miles is for award travel booked through Capital One’s airline and hotel partners.
Here are some of the optimal ways you can use Capital One miles:
Capital One miles are slightly less valuable than Chase Ultimate Rewards points. Because Chase has fantastic partnerships with United MileagePlus and World of Hyatt, we consider Chase Ultimate Rewards to be a more valuable currency than Capital One Miles. We value Capital One miles at 1.8 cents apiece, while we value Ultimate Rewards points at 2 cents apiece.
That said, Capital One offers one of the only ways to get outsized value on vacation rental bookings through Wyndham’s partnership with Vacasa, which Chase can’t match.
Finally, we’ll mention that many of the Chase transfer partners are shared with Capital One, too.
Capital One miles are less valuable than American Express Membership Rewards points, in general. We value Amex points at 2.2 cents apiece, while Capital One miles are 1.8 cents apiece.
And even though Capital One has a transfer partnership with Turkish Airlines Miles&Smiles, extracting outsized value from that program can be difficult to pull off in practice.
On the other hand, Capital One doesn’t have access to some of the best Amex transfer partners like Delta SkyMiles, ANA Mileage Club, Hilton Honors, and even Marriott Bonvoy.
Capital One miles are slightly more valuable than Citi ThankYou Rewards Points. That’s largely because Capital One offers transfer partnerships with Air Canada Aeroplan and British Airways Executive Club. We value Capital One miles at 1.8 cents apiece and Citi ThankYou Points at 1.6 cents apiece.
On the other hand, Citi has a better transfer ratio with Choice Privileges at 1:2 instead of Capital One’s 1:1 ratio.
On balance, the 2 are very close, but the partnership with Aeroplan gives Capital One a slight edge over Citi.
Bottom Line: Capital One miles are more valuable than Citi ThankYou Points but less valuable than American Express Membership Rewards points and Chase Ultimate Rewards points.
Capital One miles are some of the best credit card rewards to accumulate today.
Because you can earn up to 2x miles minimum on all purchases without having to worry about bonus categories, Capital One Miles offers streamlined rewards for the “everything else” purchases.
We value Capital One miles at 1.8 cents apiece, though the true redemption value you’ll get will fluctuate between 0.5 cents per mile and 10 cents per mile.
Be sure to avoid redeeming your Capital One miles for gift cards, statement credits, and PayPal. Instead, transfer your points to travel partners to get the best possible value.
The information regarding the Capital One Spark Classic for Business was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
The information regarding the Capital One Venture Rewards Credit Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
The information regarding the Capital One Venture X Rewards Credit Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
The information regarding the Capital One VentureOne Rewards Credit Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
The information regarding the Capital One Spark Miles Select for Business was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
The information regarding the Capital One Spark Cash Plus Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
The information regarding the Capital One Spark Cash Select for Excellent Credit was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
Information regarding the Capital One Spark Miles for Business was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
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Stephen is an established voice in the credit card space, with over 70 to his name. His work has been in publications like The Washington Post, and his Au Points and Awards Consulting Services is used by hundreds of clients.
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