Did Capital One credit cards just get even more valuable? You can now convert your cash back to miles

Apr 23, 2021

This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.

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!

Want more credit card news and advice from TPG? Sign up for our daily newsletter 

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 and Capital One QuicksilverOne cards 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.

(Photo by John Gribben for The Points Guy)

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:

Related: 5 incredible sweet spots of Capital One’s revamped transferable miles program

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.

La Quinta Zion Park:Springdale
Transfer your Venture miles to Wyndham at a 1:1 ratio and redeem them at hotels such as the La Quinta Zion Park. (Image courtesy of Wyndham)

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% on dining and entertainment and 2% on grocery stores. So for no annual fee, you could essentially earn 3x miles on dining and entertainment (which matches the Chase Sapphire Reserve‘s earning rate on dining) and 2x on groceries — all for no annual fee.

For beginners who don’t want annual fees, that could be a lucrative earning combo.

Bottom line

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 100,000 miles — Earn 100,000 bonus miles when you spend $20,000 on purchases in the first 12 months from account opening, or still earn 50,000 miles if you spend $3,000 on purchases in the first 3 months. 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 a limited-time with up to 100,000 bonus miles.

Featured image by John Gribben for The Points Guy. 

For rates and fees of the Amex Gold, please click here

Capital One Venture Rewards Credit Card

SIGN-UP BONUS: Up to 100,000 Bonus Miles

TPG'S BONUS VALUATION*: $1,700

CARD HIGHLIGHTS: Miles are now transferrable to several airline partners

*Bonus value is an estimated value calculated by TPG and not the card issuer. View our latest valuations here.

Apply Now
More Things to Know
  • Earn 100,000 bonus miles when you spend $20,000 on purchases in the first 12 months from account opening, or still earn 50,000 miles if you spend $3,000 on purchases in the first 3 months
  • Earn unlimited 2X miles on every purchase, every day
  • Miles won't expire for the life of the account and there's no limit to how many you can earn
  • Receive up to $100 application fee credit for Global Entry or TSA Pre✓®
  • Redeem on travel—including flights, vacation rentals, car rentals and more. Plus transfer your miles to over 15+ travel loyalty programs
  • No foreign transaction fees
Intro APR on Purchases
N/A
Regular APR
17.24% - 24.49% (Variable)
Annual Fee
$95
Balance Transfer Fee
$0 at the Transfer APR
Recommended Credit
Excellent, Good

Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.