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You can redeem Capital One miles at a fixed rate or transfer them to airline and hotel partners.
Some partners are much better than others, and a few should be avoided because of poor value.
Always compare how many miles you d transfer with what you d need to erase a paid travel purchase.
Historically, Capital One miles have been fixed-value rewards, with each mile worth 1 cent toward erasing travel purchases from your statement. A few years ago, Capital One introduced the option to transfer your miles to a variety of airline and hotel loyalty programs, and most recently added four new partners and improved some transfer ratios.