Update 2024.10: Surprisingly, this card came back! It comes with a $750 welcome offer.
Update 2023.2: This card is no longer produced.
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Benefits
- $750 Offer: Earn $750 cash back after spending $7,500 in the first 3 months. This is the best offer in recent years.
- Earn 2% cash back on all your purchases.
- If you have a Capital One Miles earning card (such as Capital One Venture), then you can transfer your cashback into Miles and improve its potential value.
- No foreign transaction fees.
Disadvantages
- Annual fee of $95, waived the first year.
- Capital One will bring together the three major credit bureaus (Experian, TransUnion, Equifax) for one credit card application!
- Capital One Business Credit Cards WILL be reported to your personal credit history (most other banks will not report business credit cards on your personal credit report). Therefore, the balance on this card will affect your personal credit score and this card will count towards Chase 5/24.
Introduction to Capital One Miles (C1)
- You can earn C1 Miles with two types of cards: cards allowing you to earn Miles or cards allowing you to earn cashback. Miles earning cards mainly include: Capital One Venture Rewards Credit Card, Capital One VentureOne Rewards Credit Card, Capital One Spark Miles for Business. Cash back cards mainly include: Capital One Savor Cash Rewards Credit Card, Capital One SavorOne Cash Rewards Credit Card, Capital One Quicksilver Cash Rewards Credit Card, Capital One Spark Cash Plus, etc.
- You can move your C1 Miles from one Miles-earning card to another Miles-earning card at any time, and you can also move your cashback from a Cashback-earning card to a Miles-earning card Miles at any time. However, you cannot move your Miles from a card that earns Miles to a card that earns cashback. Cashback is therefore more flexible than Miles in the C1 system.
- C1 Miles never expire. You will lose the C1 Miles on a card if you close the account, but you can avoid losing your C1 Miles by moving the points to another C1 card first.
- If you have a Miles-earning card, C1 Miles can be transferred to certain airline miles and hotel points. Some good 1:1 transfer options are: Air Canada (AC) (Star Alliance), Avianca (AV) (Star Alliance), Asia Miles (CX) (Oneworld), British Airways (BA) and Wyndham hotel points, etc. . If you use C1 Miles this way, the value is approximately 1.6 cents/point.
- You can redeem your C1 Miles for travel expenses at a fixed ratio of 1.0 cent/point. You can also redeem your C1 miles for gift cards from select merchants at a flat rate of 1.0 cent/point.
- You can redeem your C1 miles for a statement credit at a fixed ratio of 0.5 cents/point.
- In summary, we estimate that C1 Miles are worth around 1.6 cents/point.
Recommended application time
- We recommend applying for this card after having a credit history of at least two years and being very comfortable with the credit card game.
- (1/6 rule) You can only apply for one Capital One credit card every 6 months, including personal and business credit cards. You will get an automatic rejection if you break this rule, but there will be no hard draw.
Summary
This card is very similar to Capital One Spark Miles. The main difference is: it is a cashback earning card, while Spark Miles is a Miles earning card. Cashback can be converted into Miles, but Miles cannot be converted into cashback. Therefore, the cashback card is better in the Capital One system. The welcome offer is really good. In 2021, Capital One has greatly improved its Miles system, making this card more valuable. Now that C1 miles are valued at over 1 cent/point, its all-2x earning structure is attractive. The earning structure itself is similar to Citi Double Cash (DC) in the TYP system, and this card has an annual fee, but the C1 Miles system has other good cards that have a good earning rate to work together. Note that Capital One will use all three major credit bureaus (Experian, TransUnion, Equifax) for a single credit card application, and it is very difficult to get approved if you have many recent applications.
Related credit cards
Historical Offers Chart
Note: Sometimes there is a $500 + $1500 offer on this card. But the spending requirements after the first $500 are huge, so we don’t treat them as a sign-up bonus, but rather as a spending bonus.