[Update 4/30/20: Gift card redemptions with Capital One are back, though FM points out that they lowered the redemption value from 1 cent per point to .8 cent per point. (Hat tip to DDG)]
Frequentmiler reports that Capital One has removed gift card redemption options from their credit cards. A lot of Capital One cards get 1:1 for cash redemptions, but some cards like the Venture only allow 1:1 cash redemptions when redeemed against travel purchases; otherwise, you only get half. Redeeming for gift cards instead is temporarily not an option.
Since a lot of people don’t have many travel charges, they might be interested in swallowing the bullet and redeeming for gift cards instead at a rate of 1:1 or close to it. That is not possible for now. Remember, there are many things which might qualify as a travel charge, such as Uber or EZPass (data points needed).
We’ve seen various loyalty programs remove gift card redemption options. Those were probably trying to avoid the cash outlay of the redemptions as travel companies are particularly hard hit in this economy. We haven’t seen any banks make such a move until this Capital One change. It’s possible in their case they are just trying to avoid the manual fulfillment part, not that they are lacking cash (at least I hope not). Or perhaps they are trying to keep their numbers inflated a bit for quarterly earnings.
I tried cover your purchase option and I cousd see ATT and all for 1:1 option-previously I have seen only travel purchases for 1:1-seems like they are allowing some more new options for 1:1 till June 30 in addition to travel.
Check this out https://www.doctorofcredit.com/capital-one-adds-ability-to-redeem-miles-for-restaurant-delivery-takeout-streaming-services-1%c2%a2-per-point/
https://www.doctorofcredit.com/capital-one-adds-ability-to-redeem-spark-business-card-points-for-mobile-phone-restaurant-services-1%c2%a2-per-point/
Uber does count as travel for the 1:1 credit.
After a few failed attempts at adding my CO Venture to Amazon pay with points this seems to be fixed so I liquidated and got that Dewalt sliding chop saw I’ve been eyeing 🙂
Capital One closed my Venture card, while I was on a business trip overseas.I didn’t receive any prior communication.Never thought they would do something like this.
What was the reason?
There is a workaround at least as of a few months ago, but I haven’t tried it recently. Make one travel charge, which could be an Uber or metro charge. Then redeem your points repeatedly against the same charge. Capital One knew about it as of last summer and didn’t have an issue with it.
What does this have to do with redeeming for gift cards?
More evidence they are trying to hold onto cash. I did the money market $10k. Terms said 10 day plus 90. I only read 90 and pulled out on day like 96.
Called them up and was asking where my bonus was and I pulled some out because the market started to tank (mid March). They said they would make an exception but I have to wait till may for the bonus.
This is very weird behavior from cap1. Remember last year where cumulative deposit weren’t against the terms but they eventually caved?
I think they are hurting worse than they are letting on.
I remember when I was just in college and also when I just got out of college, CO was the one sending all those CC offers in the mail, but when you applied, you get denied. They’ve never been customer friendly and I’ve been with them for almost ten years.
I disagree. They waive AFs, late fees, interest, issue credits for declined charges. Chase never does credits for declined payments, for example. Barclay would only give you 1% of the amount of declined purchase, which would be like a few cents. C1 gave me $25 several times without any issues.
I’ve had problems with Citi as well since trying last Friday. Going to their Thank You portal to redeem for gift cards continually loops you back to the homepage.
I am pretty sure this is intentional…
Try incognito. Citi website often has cookie problems.
Nope. Tried incognito from browser, phone, and app. You can get to the gift card area but can’t actually add anything to your cart.
Also, no longer able to sync my pay with points with for Citi or CO with Amazon! 😐
They had kept their savings rate at 1.50% but lowered 1-year CD rates to 1% earlier in March. Today, their 1-year CD rates are back at 1.50%.
Come on DoC. This should be shocking. This is bad news bears.