Singapore Airlines KrisFlyer (2:1)
TAP Air Portugal Miles&Go (1:1)
Turkish Airlines Miles&Smiles (2:1.5)
Hotel partners
Choice Hotels (1:1)
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While it would be great to see Capital One transition more of its partners to a 1:1 conversion rate, this starting stable is already significant. It begins to put Capital One miles on a more equal footing with other types of transferable points, such as American Express Membership Rewards and Chase Ultimate Rewards, which transfer to their own partners at 1:1 rates in most cases.
Hopefully, Capital One will add more 1:1 partners to the list, including some that U.S.-based travelers, in particular, would find useful, such as JetBlue True Blue and Air Canada Aeroplan. That said, there are still interesting ways to redeem miles from some of these other partners for high-value rewards.