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Capital One’s Buy Eraser function does precisely what its identify suggests: It lets you use your accrued rewards (miles, on this case) to “erase,” or offset, eligible journey purchases that you simply make together with your card.
In impact, you get a press release credit score for that particular journey expense, at a worth of a penny per mile, so long as you make the redemption inside 90 days of buy. A number of Capital One merchandise supply this function, together with its two most outstanding journey bank cards:
The flexibility to redeem rewards for assertion credit score at 1 cent per mile isn’t distinctive amongst bank cards. However the Capital One Buy Eraser goals to simplify the method by zeroing in on journey redemptions particularly.
» MORE: Capital One Enterprise vs. VentureOne: Is the annual price price it?
How Buy Eraser and different journey redemptions work
Miles earned on the Enterprise playing cards may be redeemed in a number of methods, however journey is the best use. The 2 most useful methods to redeem miles for journey are by:
Utilizing the Buy Eraser to offset a earlier journey buy you made together with your card. You begin by logging in to the Capital One web site or calling the issuer’s Rewards Heart and requesting an account credit score for a particular journey expense. That credit score is usually utilized to your card steadiness inside two or three enterprise days. Miles are price 1 cent every this manner, so if in case you have 10,000 Enterprise miles, that’s $100 you might apply towards an eligible journey buy. (Partial redemptions are additionally an possibility should you don’t have sufficient miles to cowl the whole journey expense.)
Reserving new reservations by means of the Capital One web site. This lets you use your miles to pay for journey bills instantly, relatively than as an account credit score after the actual fact. This, too, requires both logging in to Capital One’s web site or calling its Rewards Heart. You may e-book flights, automotive leases and accommodations this manner, additionally at a worth of a penny per mile.
You can even switch your Enterprise miles to different journey loyalty applications. Capital One has a number of airline switch companions, together with JetBlue, Avianca LifeMiles, Cathay Pacific Asia Miles, Emirates, Etihad Airways, Qantas, Singapore Airways and extra. Notice, nonetheless, that JetBlue is the one home service, and the switch ratio to any of those companions is comparatively poor. (Trade charges fluctuate, however in all circumstances, one Enterprise mile is price lower than a penny.)
Different redemption choices for Enterprise miles embrace:
Money again, both as a common assertion credit score towards your steadiness or as a mailed test. Miles are price solely half a cent every when redeemed this manner. A deposit right into a checking account isn’t an possibility.
Reward playing cards from main retailers. These can be found by way of the Capital One web site. Reward values fluctuate relying on the precise redemption.
What sorts of journey purchases may be ‘erased’?
Capital One is pretty beneficiant in its definition of “journey.” Bills that qualify for the Buy Eraser embrace:
Automotive rental companies.
What to remember
Capital One notes that journey bills eligible for Buy Eraser redemptions will probably be based mostly on how service provider class codes are assigned.
Additionally bear in mind that with a view to obtain the complete penny-per-mile worth, you have to make a Buy Eraser redemption inside 90 days of when the eligible journey expense posts to your account. In any other case, redeeming miles towards a purchase order made greater than 90 days in the past can be like redeeming for a press release credit score, on the half-a-cent-per-mile price.
For extra info
» MORE: Full overview of the Capital One® Enterprise® Rewards Credit score Card
» MORE: Full overview of the Capital One® VentureOne® Rewards Credit score Card