Karen Moroz, WalletHub Mortgage Analyst
@nycKaren
The Capital One Purchase Eraser is a rewards-redemption option on some Capital One credit cards that lets cardholders choose recent travel-related purchases to “erase” with their earned miles. You can “erase” airfare, hotel, and transportation charges made in the last 90 days on the Capital One Venture Rewards Credit Card, the Capital One VentureOne Rewards Credit Card, Capital One® Spark® Miles Select for Business, and Capital One® Spark® Miles for Business.
To use the Capital One Purchase Eraser, log in to your Capital One account online or through the mobile app. Click on your rewards miles, and then select the “Cover a Purchase” option. Your eligible travel purchases will show up, along with the number of miles required to pay for each in full. You can also erase a portion of a purchase, if you don’t have enough miles to cover the entire amount. Once you’ve selected the purchase(s) you want to erase, the miles will be immediately subtracted from your rewards balance. Your account will then be credited with the redemption within 7 days.
When redeemed with Purchase Eraser, 1 Capital One mile is worth 1 cent. However, if you redeem your miles for a non-travel statement credit (not using the Purchase Eraser), they’re only worth half a cent each. So, it’s worth using Capital One miles rewards credit cards for travel expenses – you’ll have more eligible purchases to erase, and you’ll be able to get more value out of each redeemed mile.
Most travel rewards credit cards are much more restrictive when it comes to redeeming miles. But Bank of America is one credit card company that allows cardholders to erase travel purchases like Capital One.
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Thom Fotenberg, WalletHub Credit Card Analyst
@thom.f
Capital One Purchase Eraser is pretty neat. So you make a travel related purchase, such as a flight, hotel stay etc. using your Capital One rewards credit card. Then you have 90 days to "erase" the purchase cost with your miles. The miles balance will update automatically and the credit will be reflected in your account balance within 5-7 business days.
They even have a cool commercial you should check out.
People also ask
What's the Capital One Venture miles value?
One mile equals 1 cent in travel, meaning 100 miles are worth $1 and 10,000 miles are worth $100. You can learn more from our Venture Card review and Capital One No Hassle Rewards Program review. Hope this helps. Best of luck!
show lessHow much is 40,000 miles worth?
How much 40,000 miles are worth depends on the airline or credit card you earn them from and when you book your flight. On average, 40,000 miles are worth about $400. But it can vary widely. For example, 40,000 AAdvantage miles are worth roughly $456 in American Airlines airfare. With … read full answer
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