There's good news for Capital One cash-back cardholders when it comes to travel benefits and rewards. The credit card issuer announced May 17th, 2022 that cardmembers can now redeem Capital One Rewards for bookings within the Capital One Travel portal, as long as they have one of two student cards — the Capital One Savor Student Cash Rewards Credit Card or the Capital One Quicksilver Student Cash Rewards Credit Card — or one of the following cards:
- Capital One Savor Cash Rewards Credit Card
- Capital One QuicksilverOne Cash Rewards Credit Card
- Capital One Quicksilver Cash Rewards Credit Card
- Capital One Spark Cash Plus
On top of that, these cardholders can earn 5% cash back on hotels and rental cars booked through Capital One's travel booking site. The portal is a fairly new feature, and comes with outstanding consumer protection options such as price alerts, price drop protection and the best available prices, plus the flexibility to cancel your flight for any reason.
Below, Select breaks down the new feature for Capital One cardholders, as well as some tips for booking travel efficiently this summer.
Our best selections in your inbox. Shopping recommendations that help upgrade your life, delivered weekly. Sign-up here.
Using Capital One Rewards to book travel
The cost of travel, just like nearly everything else, has skyrocketed in recent months. Airline tickets are up by 25%, rental cars have gone up by 11% and hotel room prices have increased by 20% — all within the last year.
Earning credit card rewards through Capital One — whether it's miles with the Capital One Venture Rewards Credit Card or cash-back with the Capital One Quicksilver Credit Card — will allow you to save some money on your upcoming summer vacation.
Simply visit the Capital One Travel portal to book your trip. As you go through the booking process, you will be given the option to pay with your miles or cash back, depending on the card you're using. The amount you redeem will be deducted from your rewards balance, and you're done.
Saving directly on travel at checkout makes Capital One cash-back cards that much more valuable. Depending on the card you select, you could also earn rewards for making the purchase.
The best Capital One credit cards
What's the best credit card? It's a common question among consumers. But the answer really depends on you: Your 'best' credit card is the one that earns you the most rewards based on your purchases and that best aligns with your short- and long-term financial goals.
If your goal is to fly first-class next year, for example, choosing a travel rewards credit card would help you achieve this. If your goal is to save money on your monthly expenses to bolster your emergency fund, a cash-back credit card would be a better option.
If you want to earn points and miles to put toward a summer vacation and other travels, Capital One offers several rewards cards worth considering. Here's a look at two of the most valuable Capital One credit cards, their welcome bonuses and some of their best perks for cardholders.
Capital One Venture Rewards Credit Card
The Capital One Venture Rewards Credit Card has a reasonable annual fee and earns flexible travel rewards, which makes it a great travel card for both beginners and frequent travelers.
- Valuable welcome offer
- You can transfer miles to Capital One's travel partners
- Global Entry or TSA PreCheck application fee credit
- No foreign transaction fees
- Lacks ongoing travel benefits such as statement credits or lounge access
- Limited bonus spending category that only applies to certain Capital One Travel bookings
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- LIMITED-TIME OFFER: Enjoy $300 to use on hotel and vacation rental bookings through Capital One Travel in your first cardholder year, plus earn 75,000 bonus miles once you spend $4,000 on purchases within the first 3 months from account opening – that's more than $1,000 in travel value
- Earn unlimited 2X miles on every purchase, every day
- Earn 5X miles on hotels, vacation rentals and rental cars booked through Capital One Travel
- Miles won't expire for the life of the account and there's no limit to how many you can earn
- Receive up to a $120 credit for Global Entry or TSA PreCheck®
- Use your miles to get reimbursed for any travel purchase—or redeem by booking a trip through Capital One Travel
- Enjoy a $50 experience credit and other premium benefits with every hotel and vacation rental booked from the Lifestyle Collection
- Transfer your miles to your choice of 15+ travel loyalty programs
- Top rated mobile app
Balance transfer fee
$0 at the Transfer APR, 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you
Foreign transaction fee
None
The Capital One Venture Rewards Credit Card is a solid pick for consumers looking to earn miles for travel. As you spend on the card, you will earn:
- 5X miles per dollar on hotel and rental car reservations booked via Capital One Travel
- 2X miles per dollar on all other purchases
The card also offers a valuable welcome bonus allowing you to earn a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel and it's a pretty good start if you're looking to redeem miles for flights, hotels, rental cars or other travel expenses this summer.
Cardholders receive several travel-related perks, such as a credit up to $120 to put toward TSA PreCheck or Global Entry membership, access to exclusive reservations and experiences through Capital One Dining and Capital One Entertainment, 24-hour Travel Assistance Services*, and extended warranty protection.
The Capital One Venture Rewards card has a modest $95 annual fee but no foreign transaction fees.
Bottom line
Travel is going to be expensive for quite some time and using the right credit card to earn rewards and book travel can be a great strategy for knocking down some of those costs.
Before applying for a new credit card, it's prudent to have a well-established budget and prioritize your emergency fund and any investing for the future. With those foundational pieces in place, a new Capital One credit card could help you earn rewards and save on travel costs.
Catch up on Select's in-depth coverage of personal finance, tech and tools, wellness and more, and follow us on Facebook, Instagram and Twitter to stay up to date.
Read more
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply
