Capital One is one of the most popular travel credit card companies out there today. Offering low-fee cards with valuable rewards, you can use the cards to earn miles that you can redeem for airfare, hotel stays, and other purchases.
Capital One recently made their cards even better with the introduction of the Purchase Eraser. Giving you more flexibility with your redemptions, it’s a great way to make the most of your rewards miles.
What is the Capital One Purchase Eraser?
Capital One introduced a new tool for select credit cards called the Capital One Purchase Eraser. The Purchase Eraser gives you more flexibility in redeeming your reward miles. With it, you can use your miles to cover other travel purchases made within the past 90 days. The Purchase Eraser allows you to take advantage of great deals and discounts on travel, without worrying about getting less than your miles are worth.
A wide range of travel purchases are eligible for the Purchase Eraser, not just airfare or hotel stays. Other eligible purchases may include airfare, hotel stays, car rentals, cruises, taxis and ride-hailing service costs, and travel agencies, just to name a few.
The Capital One Purchase Eraser is only available on certain credit cards. As of July 2019, only four cards are eligible.
1. Capital One Venture Rewards Credit Card
With the Capital One Venture Rewards Credit Card, You can redeem on travel—including flights, vacation rentals, car rentals and more. Plus transfer your miles to over 15+ travel loyalty programs.
Earn 100,000 bonus miles when you spend $20,000 on purchases in the first 12 months from account opening, or still earn 50,000 miles if you spend $3,000 on purchases in the first 3 months.
While the card does have an annual fee, it has perks like receiving up to $100 application fee credit for Global Entry or TSA Pre✔® and no foreign transaction fees.
2. Capital One VentureOne Rewards Credit Card
With no annual fee, the Capital One VentureOne Rewards Credit Card card offers plenty of value. You’ll earn unlimited earn 1.25X miles on every purchase, every day.
As a new cardmember, enjoy a one-time bonus of 20,000 miles once you spend $500 on purchases within 3 months from account opening, equal to $200 in travel.
3. Capital One® Spark® Miles Select for Business
If you have excellent credit and own a business, the Capital One® Spark® Miles Select for Business is hard to beat. You’ll earn 1.5X miles on every purchase you make. And, you’ll get a 20,000-mile bonus — equal to $200 in travel — once you spend $3,000 on purchases within the first 3 months from account opening.
There’s no annual fee, and you’ll get perks like free employee cards, car rental insurance, and extended warranty protection. Even better, there’s no foreign transaction fees, making it a great choice when you’re traveling outside the country.
4. Capital One Spark Miles for Business
If you’re a business owner, the Capital One Spark Miles for Business is an excellent choice. You’ll earn unlimited 2X miles per $1 spent on every business purchase you make, and there’s no minimum to redeem. And, you can get a 50,000-mile bonus — a $500 value — if you spend $4,500 on purchases within the first three months of opening an account.
For the first year, there’s no annual fee. After that, it increases to $95. You’ll also get free employee cards, a fee credit for TSA Pre✔® or the $100 Global Entry application fee, and there’s no foreign transaction fees.
How to use the Capital One Purchase Eraser
To use the Purchase Eraser, log into your Capital One account and click on your rewards portal. Next, click on “Cover Your Travel Purchases.” The site will then list all of your eligible travel purchases that you’ve made in the past 90 days. You can select any of the listed charges to redeem your miles to cover the cost.
Even better, you can redeem your miles to pay for past transactions even if you have enough miles to cover only a portion of the cost. You can choose how many miles you want to redeem toward the purchase price.
In general, each mile is worth 1 cent. While many sites have minimum redemptions, Capital On® will allow you to redeem as little as 1 cent with the Purchase Eraser.
Once you redeem your miles, the transaction will process within two to three business days.
Redeeming your Capital One rewards
If you’re a Capital One credit cardmember, the Purchase Eraser gives you greater flexibility with your rewards. You can redeem miles for a much wider range of travel options, maximizing the value of your rewards.
Editorial Disclaimer: Information in these articles is brought to you by CreditSoup. Banks, issuers, and credit card companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles. The information is accurate to the best of our knowledge when posted; however, all credit card information is presented without warranty. Please check the issuer’s website for the most current information.