How much are Capital One miles worth?

Flexible redemption boosts the value of Capital One miles

Why are Capital One miles valuable?

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The Capital One rewards program is very flexible, with no limits on what you can earn or blackout dates for booking. Your miles never expire and can be redeemed for all sorts of options, including travel, cash back and gift cards. You won’t have to earn a minimum number of miles to redeem them and can use any amount of rewards at any time. Plus, Capital One recently added 14 travel partners to the program, allowing rewards cardholders to transfer their miles to several different airlines.  

It is pretty easy to rack up rewards miles as well, with generous sign-up bonuses on all Capital One rewards cards and straightforward rewards rates. With perks like these, it is no wonder the Capital One® Venture® Rewards Credit Card is one of our top-rated travel cards.

Capital One miles value

The value of each Capital One rewards mile can vary depending on how you redeem it, but the base value is 1 cent per mile. If you choose to redeem your miles for cash back instead of travel, you will lose half of that value.

Transferring miles to a partner airline is where things get tricky. When you transfer your miles, every two Capital One miles gets you 1.5 airline points. But because the value of each airline point varies, you can occasionally get a mile value greater than 1 cent.

Redemption option

Mile value (cents)

Travel purchases in Capital One Rewards Center


Outside travel purchases using Purchase Eraser


Cash back (statement credit or check)


Singapore Airlines transfer


Avianca transfer


Aeroplan (Air Canada) transfer


Etihad transfer


Flying Blue (Air France, KLM) transfer


Emirates transfer


Qantas transfer


Finnair transfer


Aeromexico transfer


Alitalia transfer


Cathay Pacific transfer


EVA Air transfer


Hainan transfer


Qatar transfer


How to calculate the value of Capital One miles

Since Capital One miles are worth 1 cent per point for all travel redemption options, calculating the value of your miles is very simple. Just divide the number of miles you’ve accrued by 100 to get a dollar value. For example, the Venture card’s 50,000 point sign-up offer (if you spend $3,000 in the first three months) is worth $500.

Things get a little more complicated when transferring your miles to a partner airline. You’ll have to do some digging to find the point value for each airline loyalty program. Capital One miles transfer to partners at a rate of 2:1.5, so multiply the value of an airline mile by 1.5 to get the value of two Capital One miles.

How flexible are Capital One miles?

The Capital One rewards program offers great flexibility, with several redemption options. There are few limitations when it comes to earning miles, and rewards don’t expire for the life of the account. However, Capital One fails to match the value offered by several rewards programs – especially when it comes to cash back options and travel partners.


  • Capital One miles don’t expire. You can also transfer your points to another eligible Capital One rewards account if you are planning to close a card.
  • There’s no limit to how many Capital One miles you can earn, making it easy to save up for large purchases.
  • Capital One offers flexible travel purchase redemption with the Purchase Eraser. Miles can be used to cover any portion of a travel charge made on an outside site (redeemed as a statement credit).
  • You can transfer Capital One miles to one of 14 travel partners at a rate of 2:1.5. Despite the apparent drop in value, a few transfer options actually get you more for your mile.
  • You can redeem any number of Capital One miles at any time. You can apply as little as 1 mile to an eligible purchase and cover the rest with cash.


  • There is no major airline on Capital One’s list of travel partners. While Chase partners with United and Southwest Airlines and American Express partners with Delta, the transfer options with Capital One are much more limited.
  • You lose value when you redeem for cash back. Statement credits and checks only get 0.5 cents per mile.
  • You don’t get extra value for redeeming through Capital One Travel Center. While cards like the Chase Sapphire Preferred® and Chase Sapphire Reserve® get 25 to 50 percent more value when used in the Ultimate Rewards center, Capital One miles don’t get any boost.  
  • Unlike Chase Ultimate Rewards and American Express Membership Rewards, Capital One doesn’t offer any category cards that you can juggle with your flat-rate cards to maximize your miles earnings on certain purchases.
  • In fact, the Capital One rewards program is fairly limited on opportunities to stack up extra miles – outside of sign-up bonuses and the 10X rate on purchases, the max you will usually earn on your spending is 2 miles per dollar.

Are Capital One rewards worth it?

It’s true that Capital One miles aren’t the most valuable reward out there, with programs like Chase Ultimate Rewards and individual airline loyalty programs getting you more out of your points. But the added flexibility provided by the Purchase Eraser and variety of redemption options still make Capital One rewards a great option, especially for booking travel.

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Updated: 01-17-2019