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Update: The ability to use Capital One miles for delivery, takeout, and streaming services was extended through June 30, 2021. Also, a Capital One spokesperson confirmed that Capital One Spark cardholders can use miles for eligible phone services, restaurant takeout, and food delivery purchases through June 30, 2021. This post was originally published in April 2020 and updated to reflect these changes.
With travel still not back to normal, a lot of people are reconsidering the value of their travel credit cards. Does it make sense to keep a card meant for traveling when you aren't traveling as much?
Card-issuing banks are asking themselves the same questions. After all, it’s in their best interest to remain relevant to cardholders so that they’ll keep the card at the top of their wallet.
With that in mind, Capital One has made a bold move to continue providing value to its travel cardholders. Anyone holding a travel-oriented Capital One card—including the Capital One Venture Rewards Credit Card, Capital One VentureOne Rewards Credit Card, Capital One Spark Miles for Business, or Capital One Spark Miles Select for Business—can redeem their ‘miles’ for more than travel. This doesn't apply to the Spark Cash cards at this time.
Depending on the card you hold, now you can use your miles for restaurants (including takeout and delivery), streaming services, or phone services.
Venture-Branded Cards
The Capital One Venture continues to be a sound card for everyday spending, thanks to the 2X Venture Miles earned on every dollar. These miles can then be either converted into airline miles or hotel points with Capital One's ever-expanding list of partners or redeemed at 1¢ per mile to “erase” travel purchases.
- Earn 75,000 Miles once you spend $4,000 on purchases within the first 3 months of account opening
- 5X miles on hotels, vacation rentals and rental cars booked through Capital One Travel
- 2X miles on all other purchase
- Fee credit for Global Entry or TSA Pre✔® (up to $120)
- No foreign transaction fees
- $95 annual fee
- 5X miles per dollar on purchases through Capital One Entertainment (through 12/31/2025)
- 5X miles per dollar on hotels, vacation rentals and rental cars booked through Capital One Travel
- 2X miles per dollar on all other purchases
In April 2020, as travel almost completely shut down, Capital One temporarily added two more redemption options for Capital One Venture and Capital One VentureOne holders. Now you can use your miles—at the same 1¢ per mile value—to erase purchases made with:
- Restaurants (including takeout and delivery) — includes Uber Eats, Postmates, DoorDash, local restaurants, cafes, and fast-food chains
- Streaming Services — includes Disney+, Spotify, Netflix, Hulu, and Kindle Unlimited
If Capital One was trying to pinpoint what people are spending their money on right now, I think they’ve nailed it! Most cardmembers will be making purchases—or have made purchases in the past 90 days—in these categories, making it easy to use miles to erase them if you’d rather save the cash. After multiple extensions, this redemption option is available through June 30, 2021 for purchases made in the past 90 days.
Spark Miles Branded Cards
In a similar vein, Capital One has announced that holders of the Spark Miles and the Spark Miles Select will also gain the ability to redeem for restaurant takeout and delivery. However, in place of the streaming services option offered to Venture products, Spark Miles products now allow cardholders to erase purchases made with:
- Eligible wireless phone service providers — including mobile phone bills, payments, and purchases with AT&T, T-Mobile, Verizon, and select others. Exclusions include landline services, internet, and Wi-Fi.
These redemptions are offered at the same 1¢ per mile rate and are limited to redemptions made by June 30, 2021.
- Earn 50,000 bonus miles once you spend $4,500 on purchases within 3 months from account opening; worth $500 in travel if redeemed for a fixed-value, or potentially much more when transferred to airline partners
- 2 Miles per $1 on every purchase, everywhere
- Fee credit for Global Entry or TSA Pre✔® (up to $120)
- No foreign transaction fees
- $0 introductory fee for the first year; $95 after that
- 2X miles per dollar on every purchase, everywhere, no limits or category restrictions
- 5X miles per dollar on purchases through Capital One Entertainment (through 12/31/2025)
- 5X miles on hotels, vacation rentals and rental cars booked through Capital One Travel
Final Thoughts
While adding new redemption options is never a bad thing, this news shouldn’t change the long-term value proposition for any of these cards. In the case of the Capital One Venture or the Spark Miles, earning 2X on every purchase and redeeming at 1¢ per mile essentially makes it at least a 2% cashback card.
If that’s a reward strategy that you like, there are plenty of better card options accomplishing the same thing with no annual fee—including the Citi Double Cash® Card or The American Express Blue Business Cash™ Card (Rates & Fees).
What this news ultimately demonstrates is Capital One’s ability to quickly react to circumstances to continue providing customers with value. Although transferring to partners for travel remains the best value for your Capital One Miles, there’s nothing wrong with redeeming for your Netflix subscription if cash is tight.
For rates and fees of the cards mentioned in this post, please visit the following links: The American Express Blue Business Cash™ Card (Rates & Fees)
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