Like most credit card-issuers, Capital One has an array of card-linked shopping offers that cardholders can access through their online accounts. C1 calls theirs, creatively, “Capital One Offers.”
Historically, these offers were in the from of a cash back percentage. However, at some point in the second half of this year, the Capital One Offers found on cards that earn Capital One Miles changed from awarding cashback to awarding miles, making these offers much more appealing.
Quick Thoughts
In general, we’d always prefer earning a bank’s transferable currency versus earning straight cash back, as those miles can then be transferred to travel partners and redeemed for potentially much greater value. We value the average redemption of Capital One Miles at ~1.45 cent each, so by earning miles we’re theoretically getting an additional 45% (or more) uplift than we would by receiving cash back as a statement credit.
We’re not exactly sure when this change happened, the FM team started noticing it within their accounts over the last couple of months or so. Our assumption is that all cardholders with miles-earning Capital One cards are now earning miles on the offers that are attached to those cards.
It’s worth keeping an eye on these offers, as some can be quite good – note the 12x at Dell and Budget and 10x at Best Buy in the image above. All three beat anything currently offered via public shopping portals.
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