Should you transfer Capital One miles to partners or redeem directly for travel?

Editor’s note: This is a recurring post, regularly updated with the latest information.

Capital One first added transfer partners to some of its top credit cards in 2018 — and things have only gotten better since then. With an array of new partners, enhanced transfer ratios and the launch of the Capital One Venture X Rewards Credit Card in 2021, Capital One has significantly boosted the flexibility of its rewards program.

However, understanding whether it’s better to transfer your Capital One miles or redeem them for a fixed value can be confusing.

In this post, we’ll outline the advantages and disadvantages of each option and offer specific examples to help you decide which choice is ideal for your award travel goals.

Eligible Capital One cards

These are the Capital One cards that are eligible for transfers to the program’s airline and hotel partners:

• Capital One Venture Rewards Credit Card 
• Capital One VentureOne Rewards Credit Card 
• Capital One Venture X Rewards Credit Card 
• Capital One Spark Miles for Business 
• Capital One Spark Miles Select for Business*

*The information for the Capital One Spark Miles Select has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

Most of Capital One’s transfer partners — including valuable options like Air France-KLM Flying Blue, Air Canada Aeroplan and British Airways Executive Club — have a 1:1 transfer ratio. However, you’ll get a less desirable ratio of 5:3 when transferring Capital One miles to JetBlue, 4:3 with EVA Air Infinity MileageLands and 2:1 with Accor Live Limitless.

Fortunately, Capital One has a handy tool to show you how many miles you will receive before making a transfer.

Related: Why transferable points and miles are worth more than other rewards

Redeeming miles for statement credits

The Capital One Venture X Rewards Credit Card, the Capital One Venture Rewards Credit Card and the Capital One Spark Miles for Business allow you to redeem your miles for statement credits toward any qualifying travel expense made within the last 90 days. Capital One defines travel expenses as “purchases made from airlines, hotels, rail lines, car rental agencies, limousine services, bus lines, cruise lines, taxi cabs, travel agents and time shares.”

Note that you can also use your miles directly for bookings through Capital One Travel. However, we strongly recommend paying for those purchases with your eligible Capital One card (which may earn you bonus rewards) or booking directly with a travel provider and then using your miles to cover the purchase. This will essentially give you a 5% or 10% rebate on your miles.

The pros

• It’s simple: Travel statement credits offer the flexibility to make reservations in various ways, such as booking directly with the provider, using online travel agencies or working with traditional travel agents. If the purchase falls under the specified merchant categories, you can use your Capital One miles to offset these transactions. There are no award charts, blackout dates, capacity controls or additional taxes and fees to worry about.
• You have flexibility: You can redeem miles for independent hotels and flights on any airline, liberating you from relying solely on major airlines and chain hotels. Plus, Capital One’s definition of travel includes purchases for taxis, bus fares and rail lines, expanding your options for using your miles.
• Awards are treated like regular purchases: Since you’ll pay for the purchase with your card first and then redeem miles for a statement credit, you’ll still earn hotel points, airline miles and credits toward elite status.

The cons

• It gives you limited value: The drawback of using Capital One miles for travel statement credits is that you’ll always receive a fixed value of 1 cent per mile. Since you’re earning at least 2 miles per dollar spent on all purchases, that’s a solid return of 2% — but you won’t find any exceptional awards that offer a higher value.

Related: How credit card issuers define travel and dining purchases

Transferring miles to travel partners

Capital One allows you to transfer your credit card rewards directly to airline and hotel partners, similar to other major card issuers. This isn’t available for all Capital One cards but allows you to get considerably more value out of your miles.

Capital One now offers more than 15 airline and hotel partners. Transfer ratios vary, but most are 1:1, meaning 1,000 Capital One miles will give you 1,000 points or miles in the other program. Transfer times vary as well. Check out our post on transferring Capital One miles to partners for complete details on this process.

The pros

• Your miles can go further: You can often save miles by transferring them to partners and booking award travel compared to redeeming them at a value of 1 cent each. Plus, Capital One occasionally runs transfer bonuses that allow you to stretch your miles even further.
• You can potentially get excellent value: Award travel enthusiasts know there are some great sweet spots out there. For example, if you transfer Capital One miles to Avianca LifeMiles and redeem them for a Lufthansa first-class award (without fuel surcharges), you can get exceptional value for your Capital One miles.
• You can combine miles with existing balances: Capital One miles can be extremely useful for topping off your frequent flyer account balances. For instance, if you have credited a flight to Aeroplan but lack enough miles for an award, you can transfer some Capital One miles to Air Canada to make up the difference and book the ticket.

The cons

• Choosing a transfer partner and booking awards can be confusing: Booking award travel requires understanding different frequent flyer programs and knowing how to search for the best awards. It can be worth it — when you fly in business- or first-class seats that you otherwise couldn’t afford, you’ll be glad you got into points and miles. However, gaining this knowledge requires significant effort and is more complex than simply redeeming miles for statement credits.
• You’ll have to pay taxes and fees: These vary from a few dollars to several hundred, depending on the airline and hotel, and they should be factored into your trip budget. You could also pay for them with your Capital One card and redeem miles to cover them.
• You won’t earn points, miles or elite status: Frequent flyer programs generally don’t allow you to earn points, miles or elite status on flights booked with points or miles (though there are exceptions). With most hotel rewards programs, you’ll earn elite qualifying nights but not hotel points on award stays. If the award you’re interested in costs a similar number of Capital One miles, it’s advisable to pay with your credit card and use your miles to erase the cost rather than transferring them. This approach allows you to earn points or miles on the flight or stay, receive credit toward elite status and potentially qualify for upgrades if you already have elite status.
• Transfers may not be instant: Most transfers happen instantly, but there may be a delay when transferring Capital One miles to airline or hotel partners, which could result in a sought-after premium-class award seat getting taken. To mitigate this, consider putting your desired award ticket on hold or having a backup plan ready.
• It may offer inferior value: You won’t always get the best value by transferring Capital One miles to travel partners. For example, if a flight requires 50,000 airline miles through one of Capital One’s partners but only costs $250, you could charge it to your Capital One card and then use just 25,000 miles to cover the purchase.

That’s why it’s critical to do your research and decide which is the best option.

Related: Why you should add authorized users on the Capital One Venture X

How to decide if you should transfer Capital One miles

The best option — redeeming miles for statement credits or transferring them to partners — will vary on a case-by-case basis.

First, explore Capital One’s list of transfer partners to see if any of them meet your needs. For example, if none of Capital One’s hotel partners have properties in your destination, transferring miles won’t help you.

Then, consider the price of an award flight or stay booked directly through the airline or hotel (don’t forget to factor in any transfer bonuses) and determine what value you could get from your miles. If you can get more than 1 cent per Capital One mile, transferring rewards is usually the way to go — unless earning airline or hotel elite status and using elite perks is very important to you.

Remember to consider the value of the lowest-priced flight you could have booked, not just the current price of the award ticket. For instance, if you could have purchased a cheaper flight on a discount carrier or saved money by booking through another airline with a Chase Offer, that price should be factored into your decision. The same goes for any taxes and fees you’ll have to pay for award travel booked through airlines and hotels.

Additionally, compare award rates when booking flights with carriers that have multiple Capital One transfer partners. For example, you could use either Flying Blue miles or Virgin Red points to book SkyTeam flights, but the cost may vary. Award rates may also vary from one date to another since many airlines use dynamic award pricing — if your dates are flexible, browse different dates to find the best prices.

If that seems clear as mud, don’t worry. We’ll walk you through some real-world examples to show you how to put this into practice and decide the best way to redeem your hard-earned Capital One miles.

Real-world examples of transferring Capital One miles

Let’s say you were looking at a round-trip flight from New York’s John F. Kennedy International Airport (JFK) to Paris-Charles de Gaulle Airport (CDG). Here are the main options for nonstop economy flights in August:

• Paid ticket: $646 on Air France (64,600 Capital One miles)
• Award ticket through Air France: 50,000 miles plus about $110 in taxes and fees
• Award ticket through Avianca: 70,000 miles plus about $180 in taxes and fees
• Award ticket through British Airways: 79,500 Avios plus about $200 in taxes and fees

In this case, transferring miles to Air France-KLM Flying Blue is the winner. Even if you opted to redeem 11,000 Capital One miles to cover the cost of the taxes and fees, you’d still pay fewer miles in total than if you’d paid for the ticket with your card and redeemed your miles for a statement credit.

Now, let’s consider a one-way flight from Chicago’s O’Hare International Airport (ORD) to Seattle-Tacoma International Airport (SEA):

• Paid ticket: $85 on Alaska Airlines (8,500 Capital One miles)
• Award ticket through Air Canada: 12,500 miles plus about $33 in taxes and fees
• Award ticket through Avianca: 15,000 miles plus $58 in taxes and fees

For this trip, you’re better off booking your ticket through Alaska’s website and redeeming Capital One miles toward a statement credit. You’ll save a few thousand miles and the cost of taxes and fees this way. Be sure to include your Alaska Airlines Mileage Plan number to earn miles and receive any elite status benefits, if applicable.

Here’s an example of a hotel redemption. If you’re planning a road trip to the Grand Canyon in September, you could book a refundable standard room at the Ramada by Wyndham Williams/Grand Canyon Area for the following prices:

• Paid reservation: $142 per night (14,200 Capital One miles)
• Award reservation through Wyndham: 15,000 points per night

In this case, you’ll come out a little ahead by redeeming your miles for a statement credit instead of transferring them to Wyndham Rewards.

On the other hand, if you’re visiting Chicago in September and eyeing the Cambria Hotel Chicago Loop — Theatre District, it would make more sense to transfer miles to Choice Privileges and redeem them directly through the hotel:

• Paid reservation: $325 per night, including taxes and fees (32,500 Capital One miles)
• Award reservation through Choice: 30,000 points per night

Related: How to redeem Capital One’s 75,000-mile welcome offer for maximum value

Bottom line

Capital One’s transfer partners can offer some fantastic value to customers with cards like the Capital One Venture Rewards Credit Card and the Capital One Spark Miles for Business. However, redeeming this way adds some complexity, and it’s not always the most cost-effective option. By carefully considering both options using the above framework, you can determine which is best for your trip.

If you don’t have a Capital One card yet, now is a great time to apply for the Venture Rewards, which has a limited-time welcome offer worth over $1,000: Earn 75,000 bonus miles after spending $4,000 on purchases within the first three months of account opening, plus a $250 Capital One Travel credit in the first cardholder year.