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Update: Some offers mentioned below are no longer available. View the current offers here – Capital One Venture Rewards Credit Card, Capital One VentureOne Rewards Credit Card, Capital One Spark Miles for Business, Capital One Spark Miles Select for Business

Capital One is starting to give other credit card issuers a run for their money. After running transfer bonuses to Emirates and JetBlue, the issuer is announcing a new bonus, this time to Air France and KLM’s Flying Blue.

Starting tomorrow, June 1, Capital One card holders will receive a 20% bonus on all miles transferred to Flying Blue until June 30.

The normal transfer rate is 2 Capital One miles to 1.5 Flying Blue miles, but with the promotion you’ll see that bumped up to 2:1.8, or 1,000 Venture Miles to 900 Flying Blue miles.

Flying Blue may not be the most valuable mileage program around, especially considering its move to a semi-dynamic award chart, but there are still plenty of sweet spots to be had. You can also book flights on SkyTeam carriers like Delta and Korean.

One of my favorite parts of Flying Blue is that it opens up a lot of premium cabin availability on Air France’s own aircraft — and rates from the US to Europe aren’t too bad either, with business-class awards starting at just 53,000 Flying Blue miles one-way. With the transfer bonus, you’d need to transfer 59,000 Capital One miles to Flying Blue to book one of these saver business awards to Europe.

The main downside is that Flying Blue can charge somewhat hefty fuel surcharges for flights on its own metal, usually ranging around ~$250 for a one-way business-class flight.

There’s much joy in snagging a cheap business class fare, like on this Air France 777. (Photo by Darren Murph / The Points Guy)

Flying Blue has some other solid options in its award chart. You can fly from the US to Hawaii on Delta for just 17,500 miles one-way or 35,000 round-trip in coach. Flying to Israel can present great value too, with prices starting at 25,000 miles one-way in economy and 62,500 in business.

You can also stack this transfer bonus with Flying Blue’s monthly promo awards, which offer discounts of 25-50% off on select routes. You can see June’s list here, and today’s the last day to book discounted awards from Dallas (DFW) to Europe, with prices as low as 39,750 in business to Europe. You’d need to transfer just 45,000 Capital One miles for that promo award.

Because Air France doesn’t publish an award chart, it’s definitely worth checking the pricing of your preferred route through the Air France website and its miles estimator before you initiate a transfer.

In our tests, transfers from Capital One to Air France went through instantly. So you should be able to book your award immediately after you move over your Capital One miles. And if you don’t have enough Capital One miles, you can also transfer American Express Membership RewardsChase Ultimate RewardsCiti ThankYou Points and Marriott Bonvoy points to Flying Blue.

Only certain cards earn Capital One miles, but all of those miles-earning cards are eligible for a transfer bonus. If you hold any of these cards, you’ll be able to transfer to Capital One miles to Flying Blue with the 20% bonus:

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

For more on how to best maximize the Flying Blue program, read:

Featured image by Emily McNutt / The Points Guy.

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