Capital One Rewards Can Now Be Redeemed Through PayPal
A recent survey shows that two-thirds of US cardholders are looking to rewards as a new way to buy what they need. And many credit card issuers have done just that in recent months. Now Capital One has officially teamed up with PayPal, to give cardholders another option to redeem their rewards.
Over the next week, eligible cardholders including Venture, Quicksilver, Savor, and Spark Business will be able to redeem rewards wherever they shop (including Target, Apple and The Home Depot) when they check out with PayPal, without having to log into a rewards portal.
Capital One and PayPal Pay With Rewards
- With PayPal Pay with Rewards, customers can redeem rewards wherever they shop when they check out with PayPal, without having to log into a rewards portal.
- Eligible cardholders, including Venture, Quicksilver and Savor, as well as Spark business credit cards, are able to use rewards on eligible purchases at millions of online stores when checking out with PayPal, including Target, Apple and The Home Depot.
- To take advantage of this new rewards redemption option, customers just need to link an eligible Capital One credit card to their PayPal wallet and enroll.
- Customers who already have an eligible Capital One credit card saved in their PayPal wallet will begin to get enrolled in PayPal Pay with Rewards. Customers who are adding an eligible Capital One credit card for the first time to a PayPal wallet will be able to enroll in PayPal Pay with Rewards as well.
- Starting on October 20 and over the next couple of weeks, customers will be able to enroll in the program and start using their rewards when they add their card to PayPal.
- When using cash-back cards at checkout, $1 in cash rewards is worth $1 in redemption value during checkout with PayPal. When using miles cards at checkout, 125 miles are worth $1 in redemption value when checking out with PayPal.
More Options
In addition, Capital One is giving customers even more flexibility through recent initiatives, including:
- Launched a limited-time partnership with Uber Eats, giving Savor, SavorOne, Venture and VentureOne cardholders 5% and 5x back respectively through January 31, 2021.
- Provided Savor and SavorOne cardholders the opportunity to earn enhanced cash back on streaming services, while Venture and VentureOne cardholders can redeem their miles on food delivery and streaming services through the end of the year.
- Increased the sign-up bonus on multiple products including Quicksilver and SavorOne (now both $200) and Venture (a limited-time record-high 100K miles).
- Created more ways for cardholders and non-cardholders to save time and money through Capital One Shopping (formerly Wikibuy), an innovative tool to score great deals when shopping.
Conclusion
Having more options, is always a good thing. But that doesn’t mean that you should rush to use your rewards this way. When using cash-back cards at checkout, $1 in cash rewards is worth $1 in redemption value during checkout with PayPal. That’s in line with current redemption options that you have for your cashback. But, when using miles cards at checkout, 125 miles are worth $1 in redemption value when checking out with PayPal. That’s a value of just 0.8¢ per mile. You can do better by redeeming for travel purchases, or transferring miles to travel partners.
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