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So, you’ve been diligently racking up Capital One miles with every swipe, tap, and online impulse purchase. And now you’re wondering: Should you just hit that cash back button? I mean, sure, it’s easy. But hold up, there are far savvier ways to put those hard-earned miles to work (and much better cash back credit cards like these).

Let’s dive into three ways to squeeze the maximum value from your Capital One rewards.

1. Transfer to airline and hotel partners

If you’re sitting on a stash of Capital One miles, transferring them to airline and hotel partners can be your ticket (literally) to squeezing every drop of value out of those points. The beauty here? You can transfer your rewards to more than 15 airline and hotel loyalty programs, most at a 1:1 ratio. Yes, you heard that right — your 10,000 miles can magically transform into 10,000 airline miles or hotel points. That’s why Capital One cards are among the best travel credit cards we’ve found.

Imagine booking a flight to Europe using Air France-KLM Flying Blue miles or securing that bucket-list trip to Australia via Qantas. And with airlines like Singapore Airlines KrisFlyer, British Airways Avios, and Turkish Airlines Miles&Smiles on the roster, your vacation planning just got a serious upgrade.

But before you get too excited, here’s the catch: not all transfers are instant. The wait times can vary, so plan accordingly. No one wants to sit there with their bags packed, hitting refresh like it’s a Beyoncé ticket drop. Check Capital One’s transfer time guide to avoid pre-trip panic attacks.

Still in the market for your first Capital One card, or considering adding to your collection? Click here to see a list of our favorite Capital One credit cards and the benefits they offer.

2. Redeem miles for recent purchases

We all have those moments when we think, “Did I really need that new espresso machine?” The answer is probably yes (caffeine is life), but here’s where Capital One swoops in to save your bank account from buyer’s remorse.

The “Recent Purchase” feature lets you use your miles to get reimbursed for anything travel-related you bought in the last 90 days. Booked a spontaneous weekend getaway? Use your miles to erase that expense. Found yourself clicking “buy” on that fancy hotel stay you convinced yourself was necessary? No judgment — redeem your miles for a statement credit, and suddenly, that splurge feels a lot more responsible.

Each mile redeemed this way is worth $0.01. If that flight to Miami cost $200, you’d need 20,000 miles to erase that charge. But hey, you’re still not touching your cash savings, which feels like a win in itself.

3. Pay with miles on Amazon and PayPal

We all have that love/hate relationship with Amazon. One minute, you’re browsing for a book, and suddenly, you’ve got a cart full of quirky gadgets you didn’t know existed. If this sounds familiar, Capital One’s integration with Amazon and PayPal is your best friend.

With this option, you can link your Capital One account directly to your Amazon or PayPal checkout, making your miles just as good as cash. Just remember, points are worth $0.008 each here, so while it’s super convenient, you won’t get the same value as transferring to airlines or reimbursing travel expenses.

Still, if you’ve got miles burning a hole in your virtual pocket and you need to grab a last-minute gift (or treat yourself to that kitchen gadget that TikTok convinced you is life-changing), it’s an easy way to cash in without thinking too hard.

The bottom line

In the game of miles, it’s all about strategy. Cash back redemptions are fine, but if you want to make your Capital One rewards really sing, transfer to airline or hotel partners, cover recent splurges, or use them for your online shopping addiction. Because at the end of the day, who doesn’t love getting more bang for their buck — or, in this case, their miles?

So go ahead, redeem wisely, and watch those miles take you places you never thought possible. Just, you know, maybe check for award availability before you start bragging to your friends.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool has positions in and recommends Amazon and PayPal. The Motley Fool recommends the following options: long January 2027 $42.50 calls on PayPal and short December 2024 $70 calls on PayPal. The Motley Fool has a disclosure policy.