Like most credit card issuers, Capital One offers a number of card-linked shopping offers that cardholders can access through their online accounts. C1 creatively calls their offers “Capital One Offers.”
Historically, these offers were made on a cashback percentage. However, at some point in the second half of this year, the Capital One offers on cards that earn Capital One miles changed from giving you cash back to giving you miles, making those offers even more appealing.
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In general, we always prefer earning bank transferable currency rather than earning cashback directly. Because these miles can potentially be transferred to travel partners and exchanged for greater value. We value the average redemption value of Capital One miles at approximately 1.45 cents each, so you can theoretically earn an additional 45% (or more) by earning miles than receiving cash back as a statement credit. You will receive benefits.
We don't know exactly when this change happened, but our FM team started noticing it within our accounts over the past few months. Our assumption is that all cardholders with a Capital One card that can earn miles are earning miles on the offers that come with those cards.
It's worth keeping an eye on these offers, as some are very good. In the image above, notice the 12x on Dell and Budget and the 10x on Best Buy. All three exceed what is currently offered through public shopping portals.
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