For example, if you’re traveling and rent a car to help you see the sights, you can receive a credit in your account for the cost of the rental if you have enough reward miles.
How the Capital One Purchase Eraser Works
“Purchase Eraser” is a fancy way of saying that you can cash in any reward miles you have earned on a qualifying Capital One credit card for a travel purchase charged to the card, thus clearing the charge (or a partial charge) as though you never incurred it. The feature has two main rules: Suppose you’ve racked up 50,000 miles with a Capital One travel credit card. Those miles are worth $500 (50,000 x $0.01). If you’ve used your credit card to book a hotel stay or flight for $750 in the past 90 days, you could “erase” or subtract $500 using your travel credit, knocking the amount you owe down to $250.
How to Redeem Rewards With the Capital One Purchase Eraser
To redeem your rewards for travel using the Purchase Eraser, log into your Capital One account online or call the Capital One Rewards Center. Use the Purchase Eraser feature to redeem miles in any amount to receive an account credit that covers qualifying travel purchases made within the preceding 90 days. Your account credit will usually be applied to your balance within two to three business days after you make a redemption. Partial credits are available, too, and your rewards will never expire as long as your account remains open.
What Cards Does the Capital One Purchase Eraser Cover?
Not all of Capital One’s cards provide the Purchase Eraser feature. However, all of its travel rewards credit cards offer it, which include three personal credit cards and two business credit cards: It’s helpful to check whether you can secure more value from your miles by transferring them to Capital One’s airline and hotel partners. Either way, it’s nice to have some flexibility in redeeming your rewards.
Alternatives to the Capital One Purchase Eraser
There are other ways to redeem your reward miles from this card issuer if you prefer not to cash them in to cover the cost of past travel purchases:
New reservations: You can also use your miles to pay for new travel reservations booked through Capital One Travel. The miles needed for a travel redemption depend on the cost of the travel, but you’ll still get $.01 per mile in value. Cash for non-travel purchases: You can also redeem your miles for cash for non-travel purchases, which can take the form of a check or statement credit, gift cards, and more. Redemption rates and options vary and may change over time but are usually lower; you’ll generally only get $.005 per mile when you redeem miles for statement credits. Mile transfers: If you’re a real travel enthusiast, note that Capital One travel rewards credit cards let you transfer your miles to over 10 airline and hotel loyalty programs. However, the value per mile may vary. Current airline transfer partners include Accor Live Limitless, Aeromexico, Air France/KLM, Air Canada, Alitalia, Asia Miles, Avianca Lifemiles, Emirates Skywards, Etihad Airways, EVA Air, Finnair, JetBlue, Qantas, and Singapore Airlines. Hotel programs have also been added to the mix, giving you even more ways to utilize your miles for travel around the world.
