A new transferable currency hierarchy (on Nick’s mind)


Before this week, I think that most points and miles enthusiasts would have easily placed Amex Membership Rewards points and Chase Ultimate Rewards points indisputably at the top of the transferable currency world (we can quibble about which is the king, but I think most of us would agree that these have been the two major players). Citi has long played a distant third, missing a transfer partnership with a major US legacy carrier and missing any hotel transfer partner since they lost the Hilton portfolio. Then Capital One debuted its transfer partner program in 2018. With differing transfer ratios (2:1 or 2:1.5) and a limited set of partners at the outset, I think it was widely accepted that transfer partners were a great addition, but that the Capital One Rewards ecosystem wasn’t the type of program that was going to compete with Amex, Chase, and Citi.

How does Capital One stack up now that they have gotten serious about transfer partnerships?

But then Capital One went and really shook things up this week by adding new valuable transfer partners and a 1:1 transfer ratio tier with some of its most useful partners (See: Capital One ups their game, adds Turkish and some 1:1 partners, airport lounges). Plus, Greg actually got approved for a Capital One Venture credit card and then at least a few readers also reported approvals. All of this news has me reconsidering the Capital One program and how it stacks up against competitors. There are reasons below why Capital One is still behind other programs, but in terms of transfer partner relationships, Capital One is no longer sitting at the kiddie table.

Capital One’s key weakness is now lack of bonuses

Update: A few hours after publishing this section arguing that the key weakness of Capital One are a lack of category bonuses and welcome bonuses, reader Kent shared a tip that led us to report that you can convert cash rewards earned on Capital One cards to miles. That creates the potential for some bonus categories and accumulation of points through multiple welcome bonuses. See this post for more and note the positive data points in the comments: Huge if true: Convert Capital One cash rewards to miles by moving rewards.

To me, one of the most fascinating things about Capital One’s ascent is the way they seem to be paying attention to the frequent flyer community (you can’t tell me that they had Turkish Miles & Smiles in mind as a future transfer partner addition when they debuted transfer partners in 2018). The other thing that stands out strongly is the very different approach they are taking to rewards — both for better and worse.

While the one-card strategy doesn’t appeal to me, Capital One has successfully created an all-in-one credit card that could be someone’s only credit card, offering both solid redemption value against travel purchases and the potential for massively outsized value via transfer partners. By contrast, Chase has a program and cards that encourage a customer to open 3 different credit cards from the same issuer in order to maximize rewards in multiple bonus categories and also get reasonable return on everyday spend. Capital One is clearly focused on a different type of customer.

Of course, therein lies the key weakness for Capital One from my perspective: there are no bonus categories to boost your mileage earning. Furthermore, there are 2 personal cards that earn Capital One miles (only one of which has a worthwhile bonus and ongoing return for spend) and on the business side there are 2 cards which are basically clones of the personal cards. There is both a public shopping portal and portal-like offers within the Capital One login, but neither offer the opportunity to earn more Capital One miles (they just offer cash back). There is very, very little ability to juice up your Capital One miles balance via welcome bonus and no chance to do so via bonus categories, so the only practical option for building up points is everyday spend at 2x. That’s a slow slog for the average individual.

Now that Capital One has gotten serious about its transfer partner program, I would love to see them get equally serious about offering a range of cards that suit different customer needs. Obviously another key would be approving applicants for those cards, though Greg’s recent approval and a few reported by readers certainly are encouraging signs.

All of the above is to say that Capital One is clearly behind the competition in terms of opportunities for increased earning rate. But what about in terms of actual transfer partners? Where do they fall in against Amex, Chase, and Citi?

Amex Membership Rewards vs Capital One transfer partners

Rewards ProgramAmex Transfer RatioCapital One Transfer Ratio
Accor Live Limitless1000 to 500
AeroMexico ClubPremier1 to 1.61 to 1
Air Canada Aeroplan1 to 11 to 1
Air France KLM Flying Blue1 to 11 to 1
ANA Mileage Club1 to 1
Avianca LifeMiles1 to 11 to 1
Cathay Pacific Asia Miles1 to 11 to 1
Delta SkyMiles1 to 1 plus excise tax
Emirates Skywards1 to 11 to 1
Etihad Guest1 to 11 to 1
EVA Air Infinity MileageLands1000 to 750
Hawaiian Miles1 to 1 plus excise tax
JetBlue250 to 200 plus excise tax
Marriott Bonvoy1 to 1
Qantas Frequent Flyer1 to 11 to 1
Singapore Airlines KrisFlyer1 to 11 to 1
TAP Air Portugal1 to 1
Turkish Airlines Miles & Smiles1 to 1
Virgin Atlantic Flying Club1 to 11 to 1
Wyndham1 to 1

What Amex has that Capital One doesn’t: ANA, Virgin Atlantic, Delta, Hawaiian, Choice Privileges

What Capital One has that Amex doesn’t: Accor Live Limitless, Wyndham, EVA, TAP, Turkish, Finnair Plus

Quick Thoughts: Capital One offers two great partnerships that Amex is missing in Wyndham Rewards (great for Vacasa vacation rentals) & Turkish Miles & Smiles (great for domestic United flights and other sweet spots). Amex doesn’t have a great answer for vacation rentals despite having a few hotel partnerships, but from an airline perspective ANA offers incredible value for flying Star Alliance internationally (meeting, beating, or nearly tying many of Turkish’s international sweet spots). Virgin Atlantic is declining in usefulness with the recent Delta devaluation and the value of Delta as a transfer partner could be debated, but the fact is that overall I’d still give a slight edge to Amex because of the sweet spots available via ANA and Virgin Atlantic and the potential usefulness of Delta SkyMiles for domestic flights. When you also consider the broad range of Membership Rewards credit cards and the ability to earn 2x on unbonused purchases with the right Amex credit card, the pendulum swings more heavily in Amex’s favor.

Chase Ultimate Rewards vs Capital One transfer partners

Rewards ProgramChase Transfer RatioCapital One Transfer Ratio
Accor Live Limitless1000 to 500
AeroMexico ClubPremier1 to 1
Air Canada Aeroplan1 to 11 to 1
Air France KLM Flying Blue1 to 11 to 1
Avianca LifeMiles1 to 1
Cathay Pacific Asia Miles1 to 1
Emirates Skywards1 to 11 to 1
Etihad Guest1 to 1
EVA Air Infinity MileageLands1000 to 750
Hyatt1 to 1
IHG1 to 1
JetBlue1 to 1
Marriott Bonvoy1 to 1
Qantas Frequent Flyer1 to 1
Singapore Airlines KrisFlyer1 to 11 to 1
Southwest Rapid Rewards1 to 1
TAP Air Portugal1 to 1
Turkish Airlines Miles & Smiles1 to 1
Virgin Atlantic Flying Club1 to 11 to 1
Wyndham1 to 1

*Note that Chase partners shown with ratios different than 1-to1 are indirect partners accessible via third party programs. See the Chase transfer partners page for more detail on indirect transfer partners.

What Chase has that Capital One doesn’t: Hyatt, Southwest, United, Virgin Atlantic, Marriott, IHG

What Capital One has that Chase doesn’t: Air Canada Aeroplan, Wyndham, Avianca, Cathay, Etihad, EVA, Qantas, Turkish, Aeromexico, Alitalia,  Finnair, TAP Air Portugal, Finnair

Hyatt is the darling of loyalty programs. Between a reasonable award chart and the best top-tier elite status, there is a lot to love about Hyatt and I would argue that Hyatt alone has kept Chase Ultimate Rewards transfer partners relevant. However, Capital One has an answer in Vacasa vacation rentals booked via Wyndham. While a vacation rental won’t provide you will free breakfast, housekeeping, and a club lounge, it will give you an entire house for 15K points in some cases. Beyond the Hyatt-vs-Vacasa discussion, the other partners Chase offers over Capital One are Southwest and United (both potentially good for domestic flights), Virgin Atlantic (discussed above in the Amex section), and inferior hotel partners that rarely make for a good transfer from Ultimate Rewards (note that on the other side Capital One has Accor and will soon have Choice).

While Chase offers partnerships that could be handy for domestic flights in Southwest and United, Capital One has some equally good (or in many cases better) domestic flight options in Turkish, Avianca, Qantas, and Etihad. Capital One also offers better options for international premium cabins, particularly on Star Alliance through Turkish or Avianca, but also on American Airlines via Etihad and oneworld via Cathay Pacific Asia Miles). If you remove Hyatt, in my opinion Capital One clearly has superior transfer partners — and I think the overall strengths there compensate for the loss of Hyatt. From a credit card portfolio and bonus category perspective, Chase has Capital One stomped, but if I’m putting a dollar of unbonused spend on a credit card I would use my Venture over the Freedom Unlimited. This one is a tight race that Capital One would win with a few more credit cards in its portfolio.

Citi ThankYou points vs Capital One transfer partners

Rewards ProgramCiti Transfer RatioCapital One Transfer Ratio
Accor Live Limitless1000 to 500
AeroMexico ClubPremier1 to 11 to 1
Air Canada Aeroplan1 to 1
Air France KLM Flying Blue1 to 11 to 1
Avianca LifeMiles1 to 11 to 1
Cathay Pacific Asia Miles1 to 11 to 1
Emirates Skywards1 to 11 to 1
Etihad Guest1 to 11 to 1
EVA Air Infinity MileageLands1 to 11000 to 750
Jet Airways Inter Miles1 to 1
JetBlue1 to 1
Malaysia Enrich1 to 1
Qantas Frequent Flyer1 to 11 to 1
Singapore Airlines KrisFlyer1 to 11 to 1
TAP Air Portugal1 to 1
Thai Airways International Royal Orchid Plus1 to 1
Turkish Airlines Miles & Smiles1 to 11 to 1
Virgin Atlantic Flying Club1 to 11 to 1
Wyndham1 to 11 to 1

What Citi has that Capital One doesn’t: Virgin Atlantic, Qatar, Jet Airways, Malaysia, Thai

What Capital One has that Citi doesn’t: Air Canada Aeroplan, Avios, Wyndham, Acccor, TAP Air Portugal, Finnair

The only really useful partnership that Citi has that Capital One doesn’t is Virgin Atlantic — and as noted above, the usefulness there is declining with the recent Delta devaluation. The ability to book ANA first class one-way via Virgin Atlantic is nice, but overall I think that access to Aeroplan, Avios and Wyndham via Capital One (in addition to all of Capital One’s other partnerships) clearly gives Capital One the edge here.

Some will argue for Citi being superior because of the Double Cash’s ability to earn 2x with all partners and the 10% rebate with the Rewards+ card, but I’d argue that the value of Capital One’s hotel partnerships and additional airline programs outweighs those things overall (and that Capital One earns the same effective 2x in most of the best partners that they share). If you know you are going to transfer miles to a specific program that is 1:1 via Citi and 2:1.5 via Capital One, then it certainly makes sense to use a Double Cash card, but if we’re comparing overall strength Capital One is clearly superior here in my opinion.

What does it all mean?

In head-to-head comparison, I think Capital One clearly has better partnerships than Citi. I think Amex has better partnerships than Capital One. I know that many enthusiasts will want to fight me for the mere suggestion that Capital One can compete with Chase, but I think from an unbonused spend perspective Capital One is stronger. However, I can’t ignore my Ink Cash card’s 5x at office supplies and the entire range of Ultimate Rewards welcome bonuses to gather, so in my opinion, here’s the new transfer partner hierarchy overall:

Amex Membership Rewards > Chase Ultimate Rewards > Capital One > Citi ThankYou

Look no farther than the comments for folks who will disagree with me putting Membership Rewards at the top, but I’ve written before about its strengths over Ultimate Rewards.

More interestingly, I think Capital One has clearly moved up a notch this week and has positioned themselves to rise further if they ever add bonus categories and a few more cards to their portfolio. Indeed, if there were a couple of Freedom-like or Ink-like cards in the Capital One portfolio, they could begin jockeying for a higher position on my list. As it is, the Venture card is at the top of my wallet this morning collecting me Wyndham points — I booked my first Vacasa rental yesterday and I’m eyeing several more for later this year.

Of course, Capital One also has to approve people for its cards. It has long been difficult for people who have opened many cards to get approved for a Capital One card. Here’s hoping that will change because I think there is reason to question the conventional transfer partner hierarchy already — with a few tweaks, Capital One could be a contender.

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[…] In this post we get a good summary of all the transferable bank currencies, with an emphasis on the improved Capital One Bank currency: A new transferable currency hierarchy. […]


Does Cap One still pull from all 3 credit reporting companies? That was the big downside for me. I might be remembering it wrong.

[…] New Transferable Currency Hierarchy: I love this post on Frequent Miler that compares Capital One transfers to Amex, Chase and Citi transfers. This is a great reference […]


Isn’t this missing Chase transfer to British Airways Executive Club that provides routes for BA, Aer Lingus and Iberia?


Thanks … no idea why I didn’t look for Avios kept searching for British Airways or Iberia :doh:

Paul A.

Amex has Hilton at 1:2 ratio (1:2.8 currently with the 40% bonus). This is a much better option than Marriott at 1:1.


Make you wonder why Citibank doesn’t add Air Canada, British, etc

Robert Jones

Great article Nick! There’s been nothing but devals in the last couple years with the big 3 programs. Capital One is going all in, there’s a youtuber showing details about the Capital One patents fillings for:
Venture X (active)
Copycat version of the Centurion logo (pending)


There is interesting news here


Not to be a wet blanket, but the structure of redemptions for Vacasa can’t last. I think it will be great for those who get in in this deal soon, but just like the “one size fits all” policy of the previous iteration of Wyndham Rewards in which every property was only 15,000 points, this arrangement with Vacasa isn’t tenable in the long run. 15,000 Wyndham points simple don’t provide enough return on investment for an owner of a one bedroom house or condominium. While I don’t know what Wyndham’s reimbursement rates are to the owners, I do know what 15,000 Wyndham points are worth in general. This doesn’t even take into consideration the extra staffing necessary to accommodate this type of reservation because it has to be done by a human. As blogs like this push up the numbers of travelers wanting to take advantage of such a generous offer, even more labor will be involved. I strongly feel that a devaluation is in store for Wyndham Rewards as it relates to Vacasa.


“Furthermore, there are 2 personal cards that earn Capital One miles (only one of which has a worthwhile bonus and ongoing return for spend)”

I assume you mean the Venture and VentureOne. Apparently though, one can transfer Savor (and presumably SavorOne) rewards to Venture miles at 1:1.




Really cool. Do you (or does anybody) know if other cards rewards can transfer to the Venture or Spark Miles?


These are some fantastic comparisons. I might need to consider a transfer to Wyndham for the Vacasa rentals.


Hey Nick, congrats on your first Vacasa vacation rental booking. Will you write about your experience researching and booking?

For Chase, you can redeem Chase Ultimate Rewards points for 1.25-1.5 CPP toward travel. With Capital One, is it possible to get more than 1 CPP toward travel?


The flexibility of chase points being able to be redeemed at 1.5 (or 1.25) cents per point is a crucial reason why UR are still far more valuable to me than cap1, though I understand the article was only about transfer partners. Very nicely written, Nick.


This is exactly how I feel too. Plus, all of Chase’s useful transfer partners are 1:1 so you never have to worry about that part of it.


Same here. I agree with the final rankings regardless, but cash out values are part of the points’ values. One of the things CapOne has going for them is that you can apply your points against a travel purchase (ie. not have to go through a portal), meaning you get credit card points for the purchase plus you can get elite benefits for hotel bookings. There are expensive or round-about ways to do that with AmEx or Chase at higher values, but CapOne keeps it simple.


FANTASTIC Article. I loved how you compared everything. I am currently running up the Chase points and Capital Venture points at the same time and I too am thinking when I have maxed out both Capital Cards at 100K each, is it worth the keep? Very helpful. Thanks!


I agree that the “portfolio” of cards that an issuer makes available is important to those of us who seriously collect miles and points. It’s important that I am able to get (at least) one or two substantial bonuses each year in a particular currency since my spending, while probably above average (for a non-MSer, anyway), isn’t enough to generate the points I want or need.

Of course Chase and Amex are in the odd situation of being in conflict with their “best” customers (the ones who “collect” every card available and make heavy use of their engagement offers for bonused categories and card credits) — trying to make sure we don’t come out “ahead” in the profit vs. benefits game. While I’m grateful for the possibilities these programs open up I’ve never really understood how they’re sustainable, and if I were advising Capital One I’d probably tell them not to get into the same position as Chase and Amex.


No, please let Capital One get into an arms race. More competition means more points for us!



How is it sustainable for the banks, you ask?

It’s called compound interest, and their profits from it (and dupes they collect it from) amount to literally billions of dollars. These Points are all just bait in the net to snare ever more dupes.

All us non interest-paying folk voice in unison, “Bring on the Game!”