Capital One
Reward Miles Redemption Value Cut Without Notice

Capital One has cut the value of reward miles by 140%! When I signed up with Capital One in November (and agreed to pay $20 annual fee, see footnote 1) 25,000 miles earned enabled the customer to receive one domestic flight in the 48 contiguous states.

Capital One has changed this policy as of November 1 and now the cost of the flight you choose determines how many miles it will cost you. In my case my family lives in California and I live in Chicago and the flight was $360. Capital One said that it would cost me 60,000 of my miles. That is 140% more, than the 25,000 promised.

I never received notice regarding this change in policy. When speaking to people at Capital One, one person said notice was sent in September and another said October. I never received such notice. In fact, I have also gone through my statements to see if notice was included there. It was not.

If you have ever received a Capital One statement, you know the statements include notices about many programs they have. The statement also includes a section at the top of each statement I receive called Reward Summary about the reward miles I have and if miles are scheduled to expire. No such notice was given in the "Reward Summary" about this dramatic devaluation of my miles.

I have 142,000 miles, which had an approximate value of $2000 (5.6 trips to California), but under the changed plan it is worth $820. This change in policy applies retroactively to all unused miles earned over my years in the program.

1. I have excellent credit and have many no annual fee credit cards to choose from but chose to pay the $20 annual fee charged by the Capital One program for the miles specifically.

Company: Capital One
Country: USA
State: Virginia
City: Richmond
Phone: 8009557070
Site: capitalone.com

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