Capital one purchase eraser definition and how it works?
Capital one purchase eraser is a feature that provides a reasonably simple way to repay travel expenses with your reward miles. Ok, here’s how.
The Capital One Purchase Eraser does exactly what its name suggests: It enables you to use the accrued rewards (in this case, miles) to “erase” or compensate for the qualifying travel transactions you make with your passport.
In effect, as long as you make the redemption within 90 days of purchase, you get a statement credit for that particular travel cost, at a value of a penny per mile. This feature is provided by many Capital One purchase eraser items, including its two most popular travel credit cards:
- The Capital One Venture Rewards Credit Card, which has an annual fee and earns any transaction unrestricted double miles.
- The Capital One VentureOne Rewards Credit Card, which receives 1.25 miles for any transaction and has no annual charge.
Among credit cards, the opportunity to redeem rewards at 1 cent per mile for statement credit is not exclusive. But the Capital One Purchase Eraser tries to simplify the process by explicitly zeroing in on travel redemptions.
How to run capital one purchase eraser and other travel redemptions?
Miles earned on the Venture cards can be redeemed in several ways, but the ideal use is travel. The two most valuable ways of collecting travel miles are:
To counter a previous travel purchase you made with your passport, use the capital one purchase eraser. You begin by logging into the website of Capital One Purchase Eraser or calling the Rewards Center of the issuer and requesting an account credit for a particular travel expense. Usually, the credit is applied within two or three business days to your card balance. Miles are worth 1 cent each this way, so you could qualify for a qualifying travel purchase if you have 10,000 Venture miles, which is $100. (If you don’t have enough miles to cover the entire travel cost, partial redemptions are also an option.)
Booking new reservations via the website of Capital One. This enables you to use your miles directly to pay for travel costs, instead of as an account credit after the fact. This, too, involves either signing on to the website of Capital One or calling its Rewards Center. Flights, car rentals and hotels can be booked this way, even at a penny per mile value.
It is also possible to pass your Venture Miles to other travel loyalty programmes. Capital One, including JetBlue, Avianca LifeMiles, Cathay Pacific Asia Miles, Emirates, Etihad Airways, Qantas, Singapore Airlines and more, has many airline transfer partners. Remember, however, that JetBlue is the only domestic airline, and there is a relatively low transfer ratio to either of these partners. (Exchange rates differ, but one Venture Mile is worth less than a penny in all cases.)
What kinds can be ‘erased’ from travel purchases?
In its description of “travel,” Capital One is reasonably generous. Expenses that qualify for the Eraser of Purchase include:
- Rail lines.
- Car rental agencies.
- Limousine services.
- Bus lines.
- Cruise lines.
- Taxi cabs.
- Travel agents.
What to remember
Capital One notes that it will concentrate on the assignment of travel expenses eligible for buy Eraser redemptions to travel category codes.
Be aware also that, to obtain the full penny-per-mile value, you will need to make a transaction eraser payment within 90 days of the qualifying cost of travel. Otherwise, redeeming miles for a transaction made more than 90 days earlier would be like redeeming at the half-a-cent-per-mile rate for a statement credit.