If you have a Capital One travel credit card and are trying to decide how to use your miles amid the coronavirus, there's some good news. Capital One is temporarily expanding redemption options for Venture and Spark Miles cardholders now through September 30, 2020 to include alternative statement credit options, such as food delivery and takeout.
"Capital One remains committed to offering our customers a variety of options for redeeming their rewards. We understand that our customers' day-to-day lives have changed, so we're continually looking at providing value in new and different ways," a Capital One spokesperson says.
Previously, the only statement credit redemption options were for travel purchases, but with new coronavirus-related travel restrictions and fewer travelers in general, Capital One has temporarily expanded the redemption options.
Here's the breakdown of new Capital One miles redemption options, which depend on the card you have:
Eligible food delivery and takeout categories include purchases made from delivery services, such as DoorDash, UberEats and Postmates, or purchases made directly with restaurants, cafes or fast-food chains. Meanwhile, Venture cardholders can redeem miles for a variety of popular music and video streaming services, such as Netflix, Hulu, Spotify, Disney+ and Kindle Unlimited.
If you have one of the Spark Miles for Business cards, you have the option to redeem miles for mobile phone bills, payments and purchases from eligible wireless phone service providers, such as Verizon, AT&T, T-Mobile and select others. Internet, WiFi, and landline services are not eligible. This category is in lieu of streaming service redemptions.
Miles can be redeemed for eligible food delivery, takeout, streaming services and phone services in the same way you redeem miles for travel purchases with Purchase Eraser. Simply follow the steps below:
You have the option to redeem miles for part or all of an eligible purchase. After redemption, expect to receive a statement credit on your account within two to three business days.
Beyond statement credit redemption options, you can redeem miles for purchases during checkout at Amazon.com, including the cost of a Prime membership. You also have the option to use miles for new travel bookings booked through the Capital One Rewards Center or transfer miles to participating hotel and airline loyalty programs.
A Capital One spokesperson confirmed that both statement credit and new travel booking redemptions have a standard value, with one point worth a penny. However, when you redeem rewards on Amazon, one mile is worth $0.008, whereas transferring miles to participating loyalty programs can yield a value greater or less than a penny.
Information about the Capital One® Venture® Rewards Credit Card, Capital One® VentureOne® Rewards Credit Card, Capital One® Spark® Miles for Business and Capital One® Spark® Miles Select for Business has been collected independently by CNBC and has not been reviewed or provided by the issuer of the cards prior to publication.