Capital One Rewards Program Overview

By Anik Khan
Updated June 4, 2019


MaxInsights offers a numerical analysis and recommendation of how to best use this reward system.

Capital One Miles earns cardholders 1-2 miles with every dollar spent, each of which can be spent in a variety of ways. The miles are generally worth between 0.5 cents and 1 cent per point.

Expected Value
  • MaxValue Purchase Eraser (1 cent per point)
  • MaxFlex Cash Back (0.5 cents per point)
  • Expected Value 1 cent per point


The Capital One Venture Miles program is fairly straightforward and easy to use, as there are only two options for redeeming points: purchasing award travel through the Capital One shopping portal, or erasing travel purchases from your statement. When booking an award flight, in some situations, using Capital One Venture miles makes more sense than does using frequent flyer miles with the airline of your choice: on inexpensive flights that do not have the lowest redemption award available, when you don’t have enough frequent flyer miles, and when you don’t have the cash to buy a ticket.

What exactly are the points worth?

The Capital One Venture Miles program enables cardholders to redeem points through a number of channels, with the best methods being travel-related, and the worst including cash back and gift cards. Capital One also allows cardholders to use points to donate to charity or purchase “Experiences”, both of which vary widely in value.

Redemption Examples

Redemption Alternative Points Cents / Point Value
Capital One Travel Portal10,0001.00$100
Purchase Eraser10,0001.00$100
Cash Back10,0000.50$50
Merchandise10,000> 0.50> $50


  • Capital One Travel Portal
  • Purchase Eraser
  • Cash Back
  • Merchandise

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