How to redeem Capital One miles for a fixed value for travel, gift cards, and more

Once you’ve accumulated a significant number of Capital One miles, it’s time to start brainstorming how to redeem them.

Here at TPG, we often discourage keeping your miles. They can be a bad investment in the long run, so it’s best to start thinking about redemption options as soon as possible.

Although we often recommend transferring your Capital One miles to one of our 15+ issuer transfer partners to maximize their value, this isn’t always the best idea in every situation. You may find an exceptionally cheap travel deal, be too busy to keep track of award availability or want to keep your miles flexible in the Capital One ecosystem.

If you value simplicity, your Capital One miles can go far. This is because you have several fixed-value redemption options through which you can redeem your miles for travel purchases, experiences, gift cards, cash back, and more.

Here’s what Capital One cardholders should know.

Capital One Miles: Redemption options of fixed value

Here are the fixed value redemptions you can make using Capital One miles:

To view your options, log in to your Capital One account and click the “View Rewards” button next to your mileage balance.

After that, you will be able to see all of your redemption options, including the fixed value options shown above.

With these flat-rate redemption options, you can expect to earn 1 cent per mile of value when you redeem for travel-related purchases made through Capital One Travel or with your eligible Capital One Card within 90 days.

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Capital One’s website states that the following purchases are generally considered travel for purposes of covering previous purchases, but notes that availability depends on the category the merchant assigns:

• Airlines
• Bus lines
• Car rental agencies
• Cruise lines
• Hotels
• Limousine services
• Railway lines
• Taxis
• Timeshare
• Travel agents

When you redeem miles for Capital One Entertainment purchases, gift cards, or online shopping with Amazon and PayPal, you’ll earn 0.8 cents per mile. Redeeming miles for cash back results in a fixed minimum redemption value of 0.5 cents per mile.

Of course, you can always transfer your miles to Capital One partners for a higher redemption value. According to TPG’s November 2025 ratings, Capital One miles are worth 1.85 cents apiece, and transferring your miles to a loyalty program partner like Air France-KLM Flying Blue can net you even more value.

For example, you can book a one-way ticket from John F. Kennedy International Airport (JFK) to Paris Charles de Gaulle Airport (CDG) in business class on Air France for 60,000 miles and $242.50 in taxes and fees. A full-fare ticket costs $2,158, which means you’ll get about 3.2 cents per mile in value by converting your Capital One miles to Flying Blue.

However, this option requires more effort than the fixed-value options we’ll cover in detail in this article.

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Book a trip through Capital One Travel

the The Capital One Travel portal is a solid option if you want to plan a trip with your rewards and don’t want the hassle of transferring to partners.

You’ll get 1 cent per mile when you redeem Capital One miles for flight bookings, hotel stays, vacation rentals and car rentals.

All you have to do is visit the Capital One Travel portal and book your travel. From there, you’ll see your choice to book with cash or miles.

Of course, you have to remember that there are many benefits to booking direct rather than going through a portal like Capital One Travel. When you book directly, you’re guaranteed elite status benefits (if you hold elite status) and you’ll earn points or miles through the brand’s loyalty program.

However, this may be a good option if you are staying in a small hotel or booking a one-time flight through an airline that you do not travel with frequently.

Regardless, if brand perks are important to you, you’ll see that with our next option, you can book travel directly and still offset the cost with Capital One miles at a rate of 1 cent per mile.

Related: Should You Book Flights on a Travel Portal? Compare rates with Amex, Capital One, Chase, and Citi

Coverage of a recent travel purchase

This is a real game-changer for travel enthusiasts looking to redeem their Capital One miles for a fixed value.

You can book multiple types of qualifying travel purchases and use your miles to offset charges on your eligible Capital One Card — as long as the purchase was made within the last 90 days.

To access this redemption option, simply click “Travel Purchase Coverage” on the rewards page. You’ll see all eligible travel purchases here and can select how many miles you’d like to use to cover the cost.

Capital One defines travel here broadly, as you can redeem miles for everything from flights and hotels to train tickets, Uber rides, Airbnb stays, and taxi rides.

Once you select the purchase you want to cover, you can approve the trade-in directly or adjust the number of miles you want to use and receive a partial credit for the fee.

Related to: How to redeem points and miles for car rentals

Capital One Entertainment

You can also redeem Capital One miles for a fixed value against tickets to events and experiences booked through them Capital One Entertainment.

With this option, you will get 0.8 cents per mile redeemed.

This isn’t the best option for maximizing your rewards, but it’s a good option if event tickets take up a large portion of your budget.

However, we typically don’t recommend redeeming miles this way since you’ll get a value of less than 1 cent per mile.

Related: Best credit cards for concerts and music festivals

Gift cards

You can also use your Capital One miles to purchase gift cards for a variety of merchants, including Apple, Amazon, and Airbnb. For most of these redemptions, you’ll get 0.8 cents per mile.

However, you may notice occasional sales with certain brands — like Adidas, Neiman Marcus, or Uber — that could net you a slightly higher value, depending on the deal.

Since there are many ways to purchase gift cards at a discount, this is unlikely to be the best option for redeeming your Capital One miles.

Related to: How to use points and miles to give gifts without out-of-pocket costs

Shop online through Amazon or PayPal

If you’re hoping to use your Capital One miles to shop online, you can choose to do so at checkout via Amazon or PayPal.

It’s important to note that you’ll get 0.8 cents per mile this way.

Because the redemption value is less valuable than using your miles for travel, we typically don’t recommend using your miles in this way.

Related to: Ways to save money on Amazon orders

Cash back

Redeeming your Capital One miles for cash back is the least valuable option, since you’ll only receive 0.5 cents per mile when choosing this route.

You can choose to receive your refund as a credit on your statement or as a check in the mail.

However, we generally discourage this option because there are many other ways to get more value for your hard-earned miles.

Related to: Best cash back credit cards

Gain capital one mile

If you don’t yet have a card that earns Capital One miles, consider applying for one of these personal or business cards with a lucrative welcome bonus:

• Capital One Spark Miles for Business: Earn 50,000 miles after spending $4,500 on purchases in the first three months of account opening.
• Capital One Venture Rewards Credit Card: Earn 75,000 miles after spending $4,000 on purchases in the first three months of account opening.
• Capital One Venture X Business: Earn 150,000 bonus miles after spending $30,000 in the first three months of account opening.
• Capital One Venture XRewards Credit Card: Earn 75,000 bonus miles when you spend $4,000 on purchases in the first three months of account opening.
• Capital One Venture One Rewards Credit Card: Earn 20,000 miles after spending $500 in the first three months of account opening. Additionally, new cardholders will receive a $100 Capital One Travel Portal credit to use in the cardholder’s first year upon account opening (no spending required to obtain the credit).
• Capital One Spark Miles Select for Business: Earn 50,000 miles after spending $4,500 on purchases in the first three months of account opening.

Information for the Capital One Spark Miles Select for Business Card was collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

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Bottom line

Although you can maximize your Capital One miles by transferring them to loyalty partners, redeeming your miles for a fixed value is a great option Beginners or cardholders who value simplicity above all else.

This is also a good option for anyone who wants to redeem their miles to save on non-travel purchases, like Amazon purchases, gift cards for vacations or concert tickets.

With multiple redemption options offering different values, it’s worth considering your choices before redeeming your miles.

Related: 15 dream trips you can take with Capital One Miles