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With travel at a standstill, 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 can’t travel? Why should you pay a hefty annual fee for benefits you can’t use?
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 now redeem their ‘miles’ for more than travel.
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 with one of 15 airline partners or redeemed at 1¢ per mile to “erase” travel purchases.
Given that traveling is currently not an option for most, Capital One has 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. Note that this redemption option will only be available through June 30, 2020, for purchases made in the past 90 days.
- 50,000 Miles after spending $3,000 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 on every purchase, plus earn 5 Miles on hotel bookings and car rentals through Capital One Travel
- Fee credit for Global Entry or TSA Pre✔® (up to $100)
- No foreign transaction fees
- $0 intro for first year; $95 after that
- 2 Miles per dollar on every purchase, every day.
- 5 Miles on hotels and car rentals through Capital One Travel
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, 2020.
- 50,000 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
- 5 Miles on hotel and rental car bookings through Capital One Travel℠
- Fee credit for Global Entry or TSA Pre✔® (up to $100)
- No foreign transaction fees
- $0 intro for first year; $95 after that
- 2 Miles per $1 on every purchase, everywhere.
- 5 Miles on hotel and rental car bookings 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 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.
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 while we’re stuck at home, and cash is tight.
The comments on this page are not provided, reviewed, or otherwise approved by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
great move on CapitalOne’s part! Travel cards from other major companies will see a huge decline in sign-up and usage.
Capital One has done a lot in recent history to try and increase their marketshare.
Where is this bank from?
It’s out of the US, specifically, started in Virginia and currently headquartered there in McLean, right outside Washington, DC.
Nice to have new redemption options while we can’t travel now.
As you said, not much value change overall. But more options are good. Frankly maybe being able to stream something can make your kid’s day, which is worth more than money, etc. So overall a positive for sure.
I believe that in this context of uncertainty, it is best to give priority to consumption of cards that are associated with traveler programs (for example, city with a disadvantage)
I’ve listened to a lot of people who prefer cards from other banks/companies, but this is why I love my Capital One card! The customer service is always exceptional, and programs like this prove the amount of consideration towards their customers, because without satisfied customers there’s no bottom line for the company.
I don’t really understand the Venture and Spark. As the article says, they are essentially 2% cash back cards with annual fees.
Wow! That’s awesome. So many companies are really stepping up to the plate and trying to win over customers.
This is a good thing since no one can redeem for travel right now. We all definitely still have to eat and most people opt to have it delivered since they are not allowed out.
Sure wish Capital one would give other options for rewards on their GM credit card!!!
They should stimulate the usage with transfer bonuses for miles.
I’d love to see more of this across the board. Chase has done it… once.
This is a good idea on the part of Capital One. Everyone seems to be doing takeout and Netflix. So it will save us customers money.
Great addition to help out cardholders in these strange times. Seeing a lot of announcements on benefit changes, more redemption options, grocery/restaurant bonuses, etc. in the past few days.
I agree. There are better options out there, but I like that Capital One has reworked their offers to better accommodate their customers. Look to others to follow suit!
I think Capital One is actually the one following suit. But most/many cards are doing it so we as consumers win.
This is a great initiative by Capital one. I have the Venture card and I am definitely looking forward to utilizing these new redemption options.
Thanks Capital One. I’ve had their Venture card for a long time and adding these redemption options really helps.
More options. Excellent by Capital One Miles
Thanks for the heads up! I love saving on cell service.