The Capital One Venture X Rewards Credit Card is a premium travel rewards credit card that offers various benefits such as earning an unlimited 2X miles on purchases, flexible redemption options, travel credits and travel insurance coverage. While the card has a higher annual fee than other Capital One cards ($395), it also provides enhanced rewards and valuable perks. If you travel frequently, it may be worth considering the card’s travel benefits, like the $300 annual travel credit and airport lounge access.

But what really stands out about this card is the generous welcome bonus of 75,000 miles after spending $4,000 within three months of account opening. This first-year bonus can go a long way in helping you reduce the rising cost of travel.

Loyalty points are complicated to redeem by design — after all, if we all got the maximum value from our points, the airlines and hotel chains would go out of business. The difficulty of redeeming points may be highlighted by a recent survey, which shows that 23 percent of credit cardholders have unused rewards, and of that group, 11 percent didn’t know how to redeem their rewards, while 9 percent said rewards programs are too confusing.

You can make the system work for you by educating yourself with Bankrate’s handy travel toolkit, or you can collect flexible rewards like Capital One miles. Here are six ways to consider redeeming the Capital One Venture X’s welcome bonus for maximum value:

1. $750 worth of travel

Redeeming the Capital One Venture X welcome bonus for $750 worth of travel gives you the flexibility to use the funds toward various travel expenses, such as flights, hotel accommodations, vacation rentals, car rentals and more. Another advantage of redeeming miles this way is that you don’t have to deal with blackout dates or fickle award inventory. This is one of the easiest ways to redeem Capital One miles because you can simply charge travel expenses to your card and redeem miles at one cent each.

2. Five round-trip tickets to Hawaii

Thanks to Capital One’s partnership with Turkish Airlines’ Miles&Smiles program, you can book one of the best airline sweet spots: 15,000 miles round-trip for United Airlines economy class tickets within the U.S., including Hawaii. Considering United MileagePlus often charges 50,000 miles or more for these tickets, the Turkish award redemption is a downright bargain.

With the Capital One Venture X welcome bonus alone, you can book up to five of these flights. Plan a family vacation, multiple solo trips or treat your friends to a free getaway. This sweet spot helps you stretch your miles a long way.

3. Five one-way economy tickets from the East Coast to Europe

If Europe is on your bucket list, you can find some of the cheapest award rates through Air France and KLM’s joint Flying Blue loyalty program. Flights between the East Coast and Amsterdam or Paris start at just 15,000 miles each way. Since Flying Blue is a 1:1 transfer partner of Capital One, you can redeem up to five one-way economy class tickets to Europe with the Venture X welcome bonus.

You can get exceptional value by transferring your Capital One miles to Flying Blue, but especially when you take advantage of Promo Rewards, which offer award discounts of up to 50 percent. At the moment, you can book flights between Boston and Amsterdam for as low as 11,250 miles each way. Flights out of Chicago price out at 12,7500 miles while Dallas (DFW) to Paris (CDG) comes in at a reasonable 15,00 miles.

4. Three round-trip economy tickets to London

If you want to fly specifically to the UK, Virgin Atlantic Flying Club’s redemption rates are even lower than Flying Blue’s. You can fly one-way between the East Coast and London (LHR) for just 10,000 miles and $152 in economy class. It’s worth noting that flights departing out of London carry much higher taxes of roughly $272, so you’ll pay roughly $424 in taxes per round-trip. This can still be a terrific value when paid fares are high.

Alternatively, you can book a one-way flight to the UK, then use a different rewards currency to return home from nearby Charles De Gaulle Airport (CDG) in Paris. The taxes will be much lower, and getting to Paris from London is fairly easy and inexpensive.

5. A one-way business class ticket to Asia

The Avianca LifeMiles program has some of the best redemption rates for Star Alliance flights. You can travel business class between the U.S. and Asia for as little as 68,500 miles each way. Considering these flights can clock in at 14 hours or longer, it’s an exceptional use of points. You can transfer Capital One miles to Avianca at a 1:1 ratio, and sometimes there’s even bonus incentives for doing so.

6. A one-way business class ticket to Europe

If you want to bypass the bargains and splurge on a transcontinental business class ticket, Flying Blue offers a great deal. The Venture X welcome bonus is enough for a one-way business-class ticket between the U.S. and Europe. For example, New York (JFK) to Paris (CDG) or Istanbul (IST) costs just 55,000 miles each way. Flights between San Francisco (SFO) and Amsterdam (AMS) or Istanbul are also reasonable at just 65,000 miles.

The bottom line

The Capital One Venture X card is worth it if you’re looking for a rewards card with a substantial welcome bonus and ongoing rewards. While the $395 annual fee is quite steep, the card’s various perks and welcome bonus can largely offset the expense.

As you can see, the welcome bonus is substantial regardless of whether you want a simple statement credit toward a travel expense or a pricey business class ticket abroad. Regardless of what your travel goals are, the Venture X welcome bonus can help you get there.