Did Capital One credit cards just get even more valuable? You can now convert your cash back to miles
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There's amazing news for Capital One cardholders who have a cash-back card and the Capital One Venture Rewards Credit Card: You can now transfer your cash-back rewards over to your Venture account to use with transfer partners!
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Capital One offers a great lineup of credit cards. The Capital One Venture is one of the best travel credit cards out there, the Capital One Savor Cash Rewards Credit Card is a great choice for dining and entertainment and the Capital One Quicksilver Cash Rewards Credit Card is a solid starter card for beginners.
All three of these have sibling cards that either offer no annual fee or, in the case of the Capital One QuicksilverOne Cash Rewards Credit Card, a way to build credit. The one downside to Capital One's credit card ecosystem has been the lack of pairability between these cards. Unlike Chase and Citi, there wasn't a known way to transfer your cash back rewards over to the Venture to use with transfer partners or the Capital One travel portal -- until now.
The information for the Capital One Savor has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
As reported by Frequent Miler readers, you can now transfer your Capital One cash-back rewards at a 1:1 ratio to your Venture credit card by checking out the "Share My Rewards" feature under the rewards tab. This apparently works for pretty much any rewards-earning personal credit card from Capital One. We asked Capital One for comment, but there was no response at press time.
We're still waiting for confirmation from Capital One, but there are enough data points out there between readers and forums such as Reddit and myFico to suggest that this new transfer option actually works.
What this means for Capital One cardholders
Well, your cash-back credit cards just got a lot more valuable. The ability to transfer cash back over to Venture miles levels up the redemption possibilities for your cards — especially now that Capital One has added a 1:1 transfer partner tier to its program.
As an example, let's say you have the Capital One Savor and the Capital One Venture. The Savor earns 4% cash back on dining and entertainment, that can be now converted to 4x miles with your Venture. You can then redeem those miles at a 1-cent value for eligible travel purchases (and through June 2021, some non-travel purchases) or by transferring to partners. As of April 20, there are now eight transfer partners that allow a 1:1 transfer rate with Capital One:
- Avianca LifeMiles
- Etihad Guest
- Asia Miles
- Aeromexico Club Premier
- Finnair Plus
- Qantas Frequent Flyer
- TAP Portugal Miles&Go
- Wyndham Rewards
If you utilize these 1:1 transfer partners, the Venture/Savor combo becomes comparable to the American Express® Gold Card's 4x on dining at restaurants a cheaper price point. The Venture and Savor each charge a $95 annual fee (so $190 combined) versus the Amex Gold's $250 annual fee (see rates and fees).
Of course, the Amex Gold also comes with a larger 1:1 transfer partner list, perks such as dining and annual Uber Cash and other bonus categories. But if your main goal is just to earn transferable points/miles and the Venture transfer partners are valuable to you, a Capital One duo could now be a better option for you.
Using no-annual-fee cards to maximize Capital One card pairings
Don't forget about Capital One's no-annual-fee credit cards, either! The Capital One VentureOne Rewards Credit Card only earns 1.25x on every purchase, but it offers the same redemption options as the Venture. The Capital One SavorOne Cash Rewards Credit Card offers 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart® and Target®), plus 1% on all other purchases. So for no annual fee, you could essentially earn 3x miles on dining, entertainment, streaming services, and at grocery stores. (which matches the Chase Sapphire Reserve's earning rate on dining)— all for no annual fee.
For beginners who don't want annual fees, that could be a lucrative earning combo.
The ability to convert rewards from cash back to miles is a gamechanger for Capital One cardholders that definitely levels the playing field a bit with its top competitors Amex, Chase and Citi. Between this and the recently announced changes to Capital One's transfer partner program, all Capital One needs now is a premium credit card option.
If you have one of Capital One's cash-back cards but not the Venture, remember that the card is currently offering a sign-up bonus of up to 60,000 miles — Earn 60,000 bonus miles when you spend $3,000 on purchases in the first 3 months from account opening, The Venture was already on my list to apply for 2021, but this revelation just secured its spot at the top of my credit card wishlist.
Application link: Sign up for the Capital One Venture Rewards Credit Card available for 60,000 bonus miles.
For rates and fees of the Amex Gold, please click here.