Capital One extends expanded redemption options through end of 2020
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Editor’s note: This post has been updated with new information provided by Capital One.
Back in April, Capital One added new ways for cardholders to redeem their Venture and Spark miles. Then, it extended that benefit through Sept. 30, 2020. Now, Capital One has announced another benefit extension — through Dec. 31, 2020!
In light of people staying home and putting travel plans on hold until pandemic concerns subside, Capital One added three new categories where you can redeem miles at a fixed-value. Through the end of 2020, you’ll also be able to take your Venture miles and redeem them for purchases made in the past 90 days on takeout, delivery and streaming services. On the business credit cards front, Spark Miles cardholders will be able to use the redemption option for takeout, delivery and phone services.
I confirmed with Capital One that the redemption rate would be the same as for travel at 1 cent per point. Capital One® Venture® Rewards Credit Card, Capital One® VentureOne® Rewards Credit Card, Capital One® Spark® Miles for Business and Capital One® Spark® Miles Select for Business cardholders can use these new redemption categories. The only difference is that business cardholders will be able to redeem for phone services rather than streaming services.
The information for the Capital One Spark Miles and Spark Miles Select 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.
Eligible delivery services include Doordash, Uber Eats, Postmates and more, and eligible streaming services include Netflix, Hulu, Spotify, Disney+, Kindle Unlimited and more. You can also use your miles on takeout when you purchase directly with restaurants, cafes and fast food joints.
For Spark Miles and Spark Miles Select cardholders, you can redeem for delivery services, takeout and phone services. Eligible phone services include providers such as Verizon, AT&T, T-Mobile and more, and services such as mobile phone bills, payments and purchases. Internet, Wi-Fi and landline services won’t apply.
Most of the time, travel credit cards provide subpar redemption rates for non-travel purchases. It’s good to see that Capital One is allowing the same fixed-rate redemption for these purchases as they do for using miles to cover purchases from the past 90 days.
How to redeem miles for food delivery, takeout or streaming services
This benefit is essentially just an extension of the option to cover purchases using your miles. You’ll use your Capital One Venture or VentureOne credit card to make a purchase in one of the eligible categories. Once the transaction posts (within a few days, generally), you can then sign in to your rewards account and select “Cover Your Purchases.”
From there, you can redeem miles on eligible purchases made within the past 90 days just as you would for a travel purchase.
Keep in mind that the most potentially lucrative use of your Capital One miles will continue to be transferring to its hotel and airline partners when it makes sense. However, if you are hoping to save money in the short-term on things such as food delivery and streaming services, using miles to “pay” for past purchases isn’t a bad redemption option.
At TPG, we love to use points and miles to book incredible travel experiences. But with so many limiting travel this year, cards that offer alternative redemption options are more valuable than ever. Many of us will continue to save up our travel rewards for future travel (such as a dream destination trip to Italy next year), but it’s great to see Capital One add options for those who want or need to save money now.
“Capital One remains committed to offering our customers a variety of options for redeeming their rewards,” said a Capital One spokesperson. “We understand that our customers’ day-to-day lives have changed, so we’re continually looking at providing value in new and different ways.”
And remember that the Capital One Venture Card just launched an elevated bonus offer. You can now earn up to 100,000 miles in the first year — 50,000 miles after you spend $3,000 in the first three months or 100,000 total miles after spending $20,000 in the first 12 months.
Featured image by Wyatt Smith/The Points Guy.
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