Capital One Miles Rewards Review

Capital One Miles Rewards Review Summary

Capital One Miles Rewards is the 2nd best credit card rewards program, according to WalletHub's latest comparison, receiving 89 points out of a possible 100. The Capital One Miles Rewards program features some very popular travel credit cards, including the Capital One Venture Rewards Credit Card and the Capital One Venture X Rewards Credit Card.

Capital One Miles Rewards credit cards provide miles which are generally worth 0.5 cents to 1 cent apiece, depending on which card you have and how you redeem. There are plenty of redemption options, from travel to a statement credit to gift cards.

Capital One Miles Rewards Review Scorecard

#1 for Earning Policies
#3 for Redemption Policies
#1 for Rewards Value per Mile
#14 for Eligibility & Transparency

Best Capital One Miles Rewards Credit Cards

Summary: Capital One Miles Rewards Scores by Review Category

How to Earn Capital One Miles Rewards

Category Rating: 100% (30/30)

You will earn at least 1.25 mile in return for every dollar you spend with a credit card that participates in the Capital One Miles Rewards program. Choosing the right credit card and using it strategically can enable you to earn even more miles, and there’s no limit on how many miles you can earn.

Noteworthy Features:

• Up to 10 miles per $1 spent: Cards in the Capital One Miles Rewards program offer the opportunity to earn large amounts of miles. Some have higher earning rates than others.

• Good credit card options: There are five different cards available, including options for both personal and business use.
  

• No limit on miles: You can earn an unlimited number of miles with any card in the Capital One Miles Rewards program.

Earning Restrictions to Watch Out For:

• Extra miles only through Capital One’s travel portal: Certain Capital One Miles Rewards credit cards offer extra miles on flights, hotels and car rentals, but only when those purchases are made through Capital One Travel.

 

How to Redeem Capital One Miles Rewards

Category Rating: 72% (14/20)

The best way to redeem Capital One Miles is for travel because it offers significantly more value than the other redemption options. Below, you can learn more about all the redemption options in the Capital One Miles Rewards program.

Travel

You can book new travel through Capital One’s booking tool or pay for existing travel purchases already charged to your card in the past 90 days. Alternatively, you can transfer your miles into the loyalty program of one of Capital One’s transfer partners.

Cash Back

You can receive cash back in the form of either a check or a statement credit.

Gift Cards

Capital One allows you to redeem miles for gift cards of various denominations from a number of popular retailers.

Miscellaneous

Cardholders can redeem miles for charitable donations. They can also use their miles to pay for purchases through PayPal and Amazon.

Capital One Miles Rewards Transfer Partners:

Redemption Restrictions to Watch Out For:

• Low value for cash back and gift cards–It’s best to spend your miles on travel. Other redemption options do not offer as much value per mile.

• Miles lost if account is closed – In general, your miles will not expire. However, if your account is closed, you will lose any miles you have not yet redeemed.

Capital One Miles Rewards Value

Category Rating: 100% (30/30)

Capital One miles are worth 0.5 cents to 1 cent each, and cards that participate in the rewards program offer different amounts of miles for different types of purchases. Values also vary when you transfer miles to a Capital One Miles Rewards transfer partner. But you will definitely get above-average value per $1 spent if you redeem for travel through Capital One.

 

 

 

Capital One Miles Rewards Eligibility & Transparency

Category Rating: 75% (15/20)

Not every Capital One rewards credit card gets to participate in the Capital One Miles Rewards program. For example, Capital One has a number of cash back credit cards that are in their own program.

 

Discontinued Capital One Miles Rewards Cards

Capital One has discontinued some of its Miles Rewards credit card offers over the years. While some people may still have these cards, they’re not available to new applicants and were not factored into scoring.

• Capital One® Business Platinum with Double No Hassle Miles℠
• Capital One® No Hassle Miles℠ Rewards
• Capital One® Spark® Select for Business

Popular Capital One Miles Rewards Credit Cards

For more information, check out our editors’ latest picks for the best Capital One credit cards by category.

5 Tips for Getting the Most Out of Capital One Miles Rewards

Following these tips could mean the difference between earning a free family vacation and only getting enough for a one-way flight: 

1. Pick the Right Card & Use it Wisely 
   Some Capital One cards offer bonus miles if you spend a certain amount within a few months of account opening. Others reward you more for purchases in certain spending categories. And some combine the two. Your job is to find a card that complements your particular needs.

2. Redeem regularly
   The whole point of earning credit card rewards is to enjoy the savings they provide. If you just leave your Capital One miles sitting in your account unused, they won’t do you much good.

3. Pay your bill on time every month
   Your Capital One miles won’t expire as long as your account remains open and in good standing. In other words, you have nothing to worry about if you pay your monthly bills on time.

4. Pay your bill in full every month
   Paying interest at a credit card’s regular APR will end up costing you more than rewards save you.
5. Redeem before closing your account
   You will lose any Capital One miles left unredeemed when you close your account.

 

Capital One Miles Rewards vs. Chase Ultimate Rewards vs. American Express Membership Rewards

Capital One Miles Rewards Review Methodology

This review of Capital One Miles Rewards is based on the same methodology as WalletHub’s annual study on the Best Credit Card Rewards Programs. Editor’s ratings reflect the sum of each program’s scores across the study’s four major categories, adjusted to a 5-point scale to create a representative distribution of ratings. The four major categories considered were: Earning Policies, Redemption Policies, Rewards Value per $1 Spent and Eligibility & Transparency.

WalletHub calculated Capital One Miles Rewards mile values by comparing the dollar value of redemption items against the number of miles needed for each.