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Capital One and JetBlue have had a long and complicated relationship. The card issuer and airline have had an on-again-off-again relationship for years. And as of today, they're getting back together: Capital One just (re)launched JetBlue TrueBlue as its 19th transfer partner.
However, this new addition has a major drawback: the transfer ratio.
Here's what to know about the renewed partnership between Capital One and JetBlue.
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Capital One to JetBlue Point Transfer Rate and History
With this renewed partnership, Capital One miles now transfer to JetBlue at a 5:3 transfer ratio. That means you'll get 600 TrueBlue points for every 1,000 Capital One miles transferred. That makes this transfer ratio worse than most Capital One transfer partners — which transfer at a 1:1 ratio.
This now makes the third different transfer ratio for Capital One miles to JetBlue. Here's the timeline of the partnership:
- May 1, 2019: Capital One adds JetBlue as a partner at a 2:1 transfer ratio (500 JetBlue points per 1,000 Capital One miles transferred)
- Feb. 4, 2020: Capital One improves the transfer ratio to 2:1.5 (750 JetBlue points per 1,000 Capital One miles transferred)
- Oct. 24, 2021: JetBlue dropped as a Capital One transfer partner
- Feb. 18, 2025: Capital One re-adds JetBlue as a transfer partner at a 5:3 transfer ratio (600 JetBlue points per 1,000 Capital One miles transferred)
While this new transfer ratio is better than the original Capital One to JetBlue transfer ratio, it really falls flat when you crunch the numbers.
Is the Transfer Ratio a Good Deal?
Compared to other loyalty programs, JetBlue’s TrueBlue points operate on a revenue-based system, meaning that the number of points required for a flight is somewhat tied to the ticket price.
In recent redemptions, AwardWallet users have averaged just 1.24¢ per point in value per redeemed TrueBlue point. Factoring in the 5:3 transfer ratio, you can only expect to get around 0.74¢ per Capital One mile.
That means travelers will get more value by using their Capital One miles for direct travel purchases (1¢ each) or transferring to 1:1 partners like Air Canada Aeroplan or Turkish Airlines.
To get more than one cent per Capital One mile in value, you'll need to get more than 1.67¢ when redeeming JetBlue TrueBlue points. That's going to be challenging due to JetBlue's relatively fixed-value program. Likely, the only way you'll be able to do so is through JetBlue's limited airline partners — which include Qatar and TAP Portugal.
For example, you can book Qatar's incredible Qsuite business class to Doha for 90,000 TrueBlue points each way — or onward to other destinations for a bit more. With the 5:3 transfer ratio, you'll need to transfer 150k Capital One miles to get 90k TrueBlue points to book this award:
However, you can book the same award for just 70,000 Capital One miles by transferring them 1:1 to British Airways instead:
So, even when you might be able to get more than 1.67¢ per TrueBlue point in value, that doesn't necessarily make transferring Capital One miles to JetBlue a good deal.
Capital One's Other Transfer Partners
Even though this new transfer partnership is a dud, Capital One still offers plenty of valuable Capital One transfer partners. Here's the updated list of all Capital One transfer partners:
You may notice a lack of U.S.-based airlines on that list. However, thanks to airline partnerships, travelers have no lack of ways to redeem Capital One points for domestic flights — including options from 6k Capital One miles.
Other Ways to Get JetBlue Points
One of the most disappointing parts of this new Capital One to JetBlue transfer ratio is that other card issuers offer better transfer rates. Both Chase Ultimate Rewards and Citi ThankYou Points transfer to JetBlue at a 1:1 transfer ratio. While it's not quite 1:1, Amex Membership Rewards' 5:4 transfer ratio is better than this new Capital One addition.
If you need to top off your TrueBlue account for a redemption, you'll be better off transferring points from Chase or Citi if you need a larger amount — or Amex if you need to top off in increments of 200 TrueBlue points.
Related: The Best Ways To Earn JetBlue Points
Final Thoughts
With JetBlue back as a transfer partner, Capital One cardholders once again can convert their miles into TrueBlue points. However, the 5:3 transfer ratio virtually eliminates any potential value from this partnership. You'll need to get more than 1.67¢ in value per TrueBlue point for it to make sense to transfer Capital One miles to JetBlue instead of simply redeeming Capital One miles at 1¢ each for paid travel.
This renewed transfer partnership will only make sense for extremely valuable redemptions — such as Qatar Qsuite business class awards — or to top off your TrueBlue account if you don't have a better option.
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