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Our site may earn compensation when a customer clicks on a link, when an application is approved, or when an account is opened with our partners, and this may impact how or where these products appear. While we don't cover all available credit cards, our editorial team creates and maintains all of the analysis of these cards, and our content is not influenced nor subject to review by any credit card company, bank or partner prior to (or after) publication. Please view our advertising policy and product review methodology for more information.
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Capital One miles vs. Chase Ultimate Rewards points: Which currency is better for your travels?
Credit card writer Danyal Ahmed is an avid traveler, averaging about 100,000 aeronautical miles per year. He regularly applies that knowledge and his expertise in credit cards to his role as a credit card writer at TPG.
Chris Nelson is a credit cards writer for TPG. He specializes in budget travel, hotels, earning elite status through minimal spending and redeeming points for maximum value.
also contributed to this story
October 2, 2025 • 14 min read
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Quick summary
Two major transferable rewards currencies offer strong value, with recent TPG valuations placing one at 2.05 cents each and the other at 1.85 cents each as of September 2025.
Both programs feature a wide array of airline and hotel transfer partners, though transfer ratios and partner lists differ.
One program stands out for higher value through its travel portal and unique hotel transfer options, while the other offers broader partner coverage and straightforward earning rates.
Travelers can benefit from pairing cash-back cards with transferable rewards cards to maximize earning across more categories.
What to consider
Transfer ratios vary by partner, and some partners are considered niche or harder to use.
Redemption values differ significantly depending on whether you transfer to partners or redeem through travel portals, with travel portal redemptions offering up to 2 cents per point in some cases.
Eligibility rules, such as the 5/24 rule, may affect approval odds for certain products.
What you'll miss from the article
A detailed comparison of transfer partners, redemption strategies and which rewards program best aligns with different travel styles.
Generated by AI with support from our editorial team.
Comments
By commenting, you agree to our Community Guidelines to help create a positive space for conversation. The responses below are not provided or commissioned by the bank advertiser, our partners, or The Points Guy (“TPG”). They have not been reviewed, approved, or otherwise endorsed by any of these parties. All responses are submitted by individual contributors, and neither the bank advertiser, our partners, nor TPG are responsible for ensuring that all posts and/or questions are answered.
Chase Ultimate Rewards points or Capital One miles: Which camp are you in? Each transferable currency provides a wide suite of transfer partners and impressive travel portal rates, delivering outsize value.
According to TPG's September 2025 valuations, the competition is close, with Chase Ultimate Rewards points being worth 2.05 cents each and Capital One miles worth 1.85 cents each.
Just as impressive are the travel rewards credit cards associated with each currency. Although I'm biased toward Chase as a decadelong customer, Capital One and its rewards program are something I can no longer ignore with all its recent enhancements.
Let's examine their differences in detail to help you determine which is the best currency for you.
Capital One miles vs. Chase Ultimate Rewards points comparison
Capital One
Chase
Bonus-earning categories*
Select Capital One Travel or Capital One Business Travel purchases: Up to 10 miles per dollar spent
All other purchases: Up to 2 miles per dollar spent
Chase Travel℠ purchases: Up to 8 points per dollar spent
Direct airline and hotel purchases: Up to 4 points per dollar spent
All other travel: Up to 3 points per dollar spent
Dining: Up to 3 points per dollar spent
Online grocery purchases: Up to 3 points per dollar spent
Lyft: Up to 5 points per dollar spent (through Sept. 30, 2027)
Select business expenses: Up to 3 points per dollar spent
Select streaming services: Up to 3 points per dollar spent
You'll have to determine which issuer's program appeals to you based on your travel habits and your favorite airline or hotel loyalty programs.
AIR FRANCE
Although Capital One may have more transfer partners, some of the loyalty programs, such as Aeromexico Rewards and EVA Air Infinity MileageLands, are quite niche and harder to use.
On the other hand, Chase and Capital One have some overlapping partners, which means you can't go wrong if you're a fan of one of those shared programs.
For example, if you often fly United Airlines, you could transfer either currency to Air Canada Aeroplan and book United flights. However, United's own MileagePlus program only partners with Chase and not Capital One; therefore, United loyalists may prefer earning Chase Ultimate Rewards points.
Some of my favorite loyalty programs across both issuers include Air Canada Aeroplan, Air France-KLM Flying Blue, JetBlue TrueBlue and Singapore Airlines KrisFlyer.
CLINT HENDERSON/THE POINTS GUY
Chase is the clear winner for fans of large hotel brands, especially with Hyatt as a transfer partner with its impressive award chart and growing portfolio. Capital One miles-earning cards can be great for budget travelers, thanks to partners like Choice Privileges and Wyndham Rewards and their sweet spot redemptions.
TPG Lead Writer Katie Genter prefers to redeem her Wyndham points for nights that cost 7,500 points (although she only pays 6,750 points after her Wyndham cardholder discount). She recently redeemed 6,750 points per night for stays at Tryp by Wyndham Sao Paulo Paulista Paraiso in Brazil and Ramada Encore by Wyndham Busan Station in South Korea.
Now that we've broken down each issuer's transfer partners, it's time to see which currencies have the most compelling welcome offers.
Capital One Venture Rewards Credit Card: Earn 75,000 bonus miles after spending $4,000 on purchases in the first three months from account opening, plus receive a $300 credit to use on hotel and vacation rentals booked through Capital One Travel in the first cardholder year.
Although these welcome offers are high, all of them except for the Venture X and Venture X Business don't break the typical thresholds that we've been seeing recently with other issuers.
Chase Sapphire Reserve® (see rates and fees): Earn 100,000 bonus points after spending $6,000 on purchases in the first three months from account opening.
Your odds of approval depend on Chase's 5/24 rule. If you plan on applying for several cards, consider applying for a Chase card first. Chase has historically had higher welcome offers more often than Capital One, making it an enticing choice for those who want to earn a large sum of Ultimate Rewards points.
Earning a welcome bonus is great, but how you earn long-term matters more. The faster and easier you can earn bonus rewards, the more useful a program becomes. Here are some highlights of bonus categories you can find with each issuer:
If you have a card that earns transferable Capital One miles, you can convert cash back from your other cards into transferable miles. This is useful because it allows you to earn across more bonus categories.
Earn 8% cash back on Capital One Entertainment purchases
Earn 3% cash back on dining, entertainment, grocery stores (excluding superstores like Walmart® and Target®) and popular streaming services
PEOPLEIMAGES/GETTY IMAGES
If you pair an eligible cash-back card from Chase with an Ultimate Rewards points-earning card, you can convert that card's cash-back rewards to Ultimate Rewards points as well.
Transferring to partner airline or hotel programs is key to getting maximum value for Capital One miles and Chase Ultimate Rewards points.
By transferring my Chase Ultimate Rewards points to an airline and booking a business-class flight, I've received up to 11 cents per point in value.
If transferring rewards feels like too much work, both issuers offer other ways to redeem. Unfortunately, there's less value in those other options.
NICKY KELVIN/THE POINTS GUY
Capital One miles
Redeem Capital One miles at the following rates:
Capital One Travel or Capital One Business Travel: 1 cent per mile
Gift cards: 1 cent per mile
Amazon or PayPal purchases: 0.8 cents per mile
Cash back: 0.5 cents per mile
Aim to transfer miles to partners for the best value; otherwise, the second-best redemption option is booking travel via the respective travel portal. The other redemption options are useful for some cardholders, but you're throwing away your hard-earned miles with lackluster rates.
TPG Credit Cards Writer Chris Nelson recently chose cash back in the form of a statement credit on a Capital One card to help offset travel expenses he incurred.
Chase Ultimate Rewards points
Chase's redemption options are more lucrative than Capital One's. In addition to redeeming points for gift cards, statement credits or with retailers like Apple, you can redeem your points for Chase Travel bookings.
The Points Boost feature on select cards enables cardholders to redeem for up to 2 cents per point with select airlines and hotels through Chase Travel.
Eligible cards include:
Card
Value for existing cardholders who applied before June 23
Value for cardholders who applied on or after June 23
Points Boost: Up to 2 cents per point on select hotels and flights with select airlines
1.5 cents per point on all other Chase Travel purchases (on points earned prior to Oct. 26, 2025, and redeemed until Oct. 26, 2027, then 1 cent per point thereafter)
Points Boost: Up to 2 cents per point on select hotels and flights with select airlines
1 cent per point on other eligible Chase Travel purchases
Points Boost: Up to 1.5 cents per point on select hotels and up to 1.75 cents on flights with select airlines
1.25 cents per point on all other Chase Travel purchases (on points earned prior to Oct. 26, 2025, and redeemed until Oct. 26, 2027, then 1 cent thereafter)
Points Boost: Up to 1.5 cents per point on select hotels and up to 1.75 cents per point on flights with select airlines
1 cent per point on other eligible Chase Travel purchases
Not all airlines are eligible for Points Boost, and cardholders of either Sapphire Reserve card can redeem Chase Ultimate Rewards points for 2 cents apiece at all The Edit by Chase Travel properties.
ERIC ROSEN/THE POINTS GUY
I recently redeemed 27,077 points for a two-night stay at the Four Seasons Hotel Cairo at Nile Plaza, giving me great value for a top property.
Chase-issued cards are the clear winner if you're considering redemptions outside of transferring points.
You can't go wrong with either issuer's rewards program. Both issuers provide various levels of travel cards to fit the needs of everyone, from the infrequent traveler to the global jet-setter.
Capital One miles can be easily earned because their cards offer simple earning rates, including the fan-favorite 2 miles per dollar spent on all nonbonus spending.
Beyond transferring to airline and hotel partners, Chase Ultimate Rewards offers strong redemption options via Chase Travel.
Whichever program you commit to, consider how you can maximize bonus categories to earn faster and determine which transfer partners best fit your needs.
At the end of the day, you could always open cards that earn both transferable currencies.
