Here’s how you can share your Capital One miles with anyone
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Capital One miles have become much more valuable in recent years, thanks to the introduction of transfer partners. It also triggered a way to share those miles with anyone. Yes, anyone! So if you have scored the 100,000-mile sign-up bonus after spending $20,000 on purchases in the first 12 months of account opening from the Capital One Venture Rewards Credit Card, you can spread the joy and share them with a friend or family member.
While Chase places certain restrictions on Ultimate Rewards point sharing and Citi’s ThankYou point transfers have an expiration date, Capital One is throwing caveats to the wind. In fact, when Capital One’s Business Analysis and Product Management Director, sat down with TPG himself on a Talking Points podcast episode, he continually hammered home that the company’s intention to leave fine print and asterisks behind. Indeed, this transfer system looks pretty gotcha-free.
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How to transfer Capital One miles between your own accounts
To transfer Capital One miles between your own accounts, login to your Capital One online account, navigate to “View Rewards” and select “Share Rewards.” You’ll then be able to shuffle points online between your own Capital One credit cards, without a transfer fee. For example, you can transfer miles from your Capital One VentureOne Rewards Credit Card to your Capital One Venture account.
How to transfer Capital One miles to someone else
Alternatively, you can opt to transfer miles to someone else’s Capital One account. Unfortunately, this process isn’t available online. You’ll have to call Capital One customer service to initiate a transfer.
Reports indicate that you can transfer Capital One miles to anyone — not just family, friends or university buddies that you definitely owe money to — with a Capital One miles-earning account. Transferring between Venture cards and the Capital One Spark Miles for Business (or vice versa) is possible, and you won’t run into any caps either.
The possibilities here are impressive. Given the open nature, you can easily help someone find those last few miles they need to make a memorable award booking happen. If you’re planning to book a trip with a spouse, friend or the whole family, you could choose to transfer miles to the account of someone who has elite status with a given airline partner to take advantage of his or her membership perks on the entire booking.
Earning Capital One Miles
You can earn Capital One miles with four cards from the issuer. The Capital One Venture Rewards Credit Card earns 2x miles on all other purchases. The sign-up bonus at the moment is 100,000 miles after spending $20,000 on purchases within the first 12 months of account opening, or still earn 50,000 bonus miles after you spend $3,000 in the first three months. You can redeem 100,000 miles for $1,400 in travel bookings or transfer them to airline or hotel partners. Opting for the latter can get you around 1.4 cents in value per TPG valuations.
The $95 annual fee is waived the first year on the Capital One Spark Miles for Business, but the card offers a lower sign-up bonus: 50,000 miles after spending $4,500 on purchases within the first three months from account opening. Plus, you’ll earn 2x miles on purchases.
If you’re looking for cards without annual fees, The Capital One VentureOne Rewards Credit Card earns 1.25x miles on all purchases and is currently offering a sign-up bonus of 20,000 miles after you spend $500 in the first three months.
Being able to transfer Capital One Venture miles to anyone is a valuable program feature. It means if you don’t have quite enough miles for a redemption, you can have a friend or family member top off your account with theirs. It provides more flexibility to an already flexible rewards currency. The only downside is that you have to call Capital One to transfer miles to someone else’s account. Hopefully, they’ll update their system in the future so that these transfers can be done online.
Additional reporting by Ariana Arghandewal
Featured image by Georgijevic/Getty Images
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