Capital One Program Gets Much Better with Option to Transfer Cash Back to Miles
Capital One recently announced improvements to its miles program, adding new partners and improving some of the transfer rates. That means that you have more options to use the miles that you earn from cards like Capital One Venture, VentureOne, Spark Miles and Spark Miles Select.
However, some recent data points show that you could be able to take advantage of Capital One’s miles program even with cash back earned from several other credit cards. The information comes from Frequent Miler and Miles Talk. The cash back rewards earned on the Capital One Savor, SavorOne, Capital One Spark Cash and Quicksilver can be transferred to miles earning cards and then transferred to travel partners. The transfer ratio is 1 cent to 1 mile.
That’s a whole lot of options to earn Capital One miles. Add the latest additions and improvements to the program, and all of a sudden the Capital One becomes a very interesting option. And actually this is not a new development either, but something that has been possible for over two years.
How it Works
If you have a Capital One card that earns cash back, go to your Capital One card account and click “View Rewards” under your card name in the top left of the card account. Look for Share my rewards that can be found in Rewards cash tab. You can then convert cash from cards like Savor or SavorOne to your eligible accounts or even someone else’s.
Keep in mind that this is not an option to “cash out” miles. So it does not work the other way. You can transfer cash back to miles, but can not transfer miles to cash back cards.
Why Does this Matter
Capital One miles have become more interesting as more partners have been added continuously and now you can transfer to some of them at a 1:1 ratio.
Being able to earn miles with more cards, makes it easier to collect more miles since some cards have categories where you can get up to 4% cash back. You can earn 3% cash back on dining and entertainment with no annual fees for example which means that you are earning 3X airline miles. It gets better with the Savor card ($95 annual fee) which which get you 4X airline miles on dining and entertainment. Spark Cash will also earn 2X airline miles on all purchases.
This also makes welcome bonuses much better. We have seen $2,000 bonuses for the Capital One Spark Cash card for example, which can now become 200,000 airline miles.
And even if you don’t have a Venture card, you can share your cash back with someone who does.
Transferring Capital One cash back to miles earning credit cards, either yours or someone else’s, is a big deal. It opens up more opportunities for those who want to use the miles to transfer them to travel partners. This apparently has been an option for a while, but it becomes now more relevant with the improved miles program from Capital One.
Check your accounts if you are a Capital One cardholder, and let us know if you have the ability to transfer cash back to miles.