Capital One has launched a limited time offer and added three new redemption categories to its Venture cards: takeout, food delivery and streaming services.
As most travel has stopped due to the COVID-19 pandemic, redeeming credit card miles on travel purchases has become a far less viable option.
Fortunately, credit card issuers continue to adjust to the new environment and take extra steps to assist consumers. For instance, on April 16, Capital One added new redemption options for Venture miles to the Capital One Venture Rewards Credit Card and the Capital One VentureOne Rewards Credit Card. Now through April 30, 2021, cardholders will be able to redeem their Venture miles at a fixed value in three new categories: food delivery, takeout and streaming services.
“Capital One remains committed to offering our customers a variety of options for redeeming their rewards,” the issuer said in a statement. “We understand that our customers’ day-to-day lives have changed, so we’re continually looking at providing value in new and different ways.”
How to redeem Venture miles for new categories
Cardholders can redeem their Ventures miles for takeout, delivery and streaming services in their Capital One account. To use the feature, charge your Venture or VentureOne card when making a purchase in an eligible category. When the transaction posts, sign in into your account and select “Cover Your Purchases.” From there, you can redeem your Venture miles on eligible purchases from the past 90 days.
Eligible food delivery services include Uber Eats, DoorDash and Postmates, among others. As for the streaming services, Venture cardholders can redeem their miles on Netflix, Hulu, Spotify, Disney+, Kindle Unlimited and some other subscriptions. They can also use their miles on takeout when purchasing directly with restaurants.
Is it a good idea to redeem Ventures miles for new categories?
It’s often the case that travel credit cards provide a low redemption rate on non-travel purchases. However, when you redeem your Venture miles in your account, you get a fixed rate on your rewards. This means you’ll get 1 cent per mile on both travel and non-travel purchases (in the new qualifying categories).
But, transferring Venture miles to Capital One’s airline and hotel partners allows you to get the most value out of your rewards. If that’s your priority, you can always save your Venture miles for future travel.
See related: Best ways to use Capital One miles
Nevertheless, as the pandemic is keeping travelers at home, you might be interested in other options. Redeeming your Venture miles for food delivery and streaming services can be an excellent alternative. While you might not get the best bang for your buck, it can make most sense at the moment and might allow you to save money on everyday spending.
*All information about the Capital One Spark Miles Select for Business has been collected independently by CreditCards.com. The issuer did not provide the content, nor is it responsible for its accuracy.