Capital One offers two types of credit card rewards: cash back and miles. All of Capital One’s cash back credit cards earn a percentage of cash back on purchases, based on the category and card. For example, the SavorOne Cash Rewards card earns 8 percent Capital One Entertainment purchases as cash back. So $100 in purchases in this category would net $8 back that you can redeem at any time.
On the other hand, Capital One’s suite of Venture cards earn miles that you can use toward a future trip. The consumer-class Capital One cards that earn miles include:
- Venture X Rewards Credit Card
- Venture Rewards Credit Card
- VentureOne Rewards Credit Card
Once you have a stockpile of Capital One miles, you can redeem them through your Capital One account in a few ways:
- Book travel through the Capital One Travel portal
- Transfer miles to a travel partner
- Get cash back as a statement credit or a check
- Get gift cards for a variety of brands
- Buy event tickets through the Capital One Entertainment portal
- Pay for purchases through PayPal or on Amazon
While you have several options for redeeming Capital One miles, you’ll generally get the most value by transferring them to a travel partner, with most miles transferring at a 1:1 rate.
According to our latest points and miles valuation, Capital One miles are worth an average of 2 cents per mile if you transfer your miles to high-value transfer partners — which means 100,000 Capital One miles could be worth up to $2,000.
Let’s break down Capital One’s travel cards, the Venture, VentureOne and Venture X, using a few examples:
If you’re looking to earn travel rewards on your everyday expenses, the Capital One Venture Rewards Credit Card is a good match. You’ll earn a flat 2X miles on every purchase. This card comes with a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel. There is a $95 annual fee.
The Capital One VentureOne Rewards Credit Card is the younger sibling to the Venture card. It offers no annual fee and a lesser rewards rate of 1.25X miles per dollar spent.
If you’re just getting into the travel rewards game, this card is a great starter option. There’s also a bonus of 20,000 miles when you spend $500 within your first 3 months of account opening, which is worth at least $200 in travel if you book through Capital One Travel.
The Venture X Rewards card is a relatively new mid-tier luxury travel card that earns unlimited 10X miles on hotels and rental cars booked through Capital One Travel, 5X miles on flights booked through Capital One Travel and unlimited 2X miles on all other purchases. These higher earning rates do come with an annual fee of $395, but that’s actually less than other luxury travel cards’ fees.
Bankrate's valuation |
2 cents |
2 cents |
2 cents |
Rewards structure |
Unlimited 2X miles on every purchase |
Unlimited 1.25X miles on every purchase |
Unlimited 2X miles on every purchase |
Spending example |
$500 x 12 months x 2X miles* $0.02 = $240 |
$500 x 12 months x 1.25X miles x $0.02 = $150 |
$500 x 12 months x 1.25X miles x $0.02 = $240 |
Annual fee |
$95 |
$0 |
$395 |
Welcome Bonus |
75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel * $0.02 |
20,000 bonus miles when you spend $500 in the first 3 months from account opening (worth $200 toward travel) * $0.02 |
75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel * $0.02 |
First-year valuation (including welcome offers) |
$1,645 |
$950 |
$1,345 |