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From now through the end of October, you can transfer your Capital One miles to Qantas at a boosted 1:1 rate!  In reality, you must transfer points in 1,000 point increments, so you’re looking at a 1,000:1,000 transfer rate.

Remember, Capital One rebranded their proprietary miles as a transferrable points currency almost a year ago now.  With the popularity of Chase Ultimate Rewards, American Express Membership Rewards, and Citi ThankYou Points, it’s no wonder Capital One was interested in the points game too.  Up until that point, Capital One “Miles” were really just cashback. other than a few gift card redemption options.

As of this post, you can transfer your Capital One miles to 15 different airline partners, including JetBlue, Avianca, and Air Canada.

a close-up of a credit card

Capital One Miles Transfer 1:1 to Qantas through October 31st

From the Capital One team:

From September 16th at 12:01 AM Eastern to October 31st at 11:59 PM Eastern, Capital One Venture and Spark Miles account holders will receive a 33.3% bonus on all miles transferred to the Qantas Frequent Flyer program.

With this 33.3% bonus, the transfer rate to Qantas during this limited-time offer will be 1:1. After this limited-time promotion, the standard redemption rate for Qantas will return to 2:1.5.

Pretty straightforward, and a good way to boost your Qantas Frequent Flyer account balance if you have a lot of Capital One miles.  Upon further research though, you’ll notice that this promotion may not be as great as it sounds on the surface.  Remember, Citi ThankYou Points and American Express Membership Rewards currently transfer to Qantas’s Frequent Flyer program too.  And guess what?  You can transfer those points at a 1:1 ratio all the time.  We don’t need to wait for a fancy transfer “bonus”.  Marriott Bonvoy points also transfer to Qantas, and Marriott Flight and Hotel Packages can provide a great value.

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Capital One also ran a transfer bonus to Air France/KLM’s Flying Blue program earlier this year, but the same issue was present.  Normally, Capital One transfers 2:1.5 (just like the regular Qantas rate).  For that Air France promotion, you could transfer 2:1.8.  Meanwhile, AmEx, Citi, and Chase all transfer 1:1 to Flying Blue!

If you’re in the market for Qantas points, this can be a great way to use those Capital One miles.  As I always do though, I’d steer clear of transferring speculatively, and remember that this “sale” is only as good as the regular rates for ThankYou Points and Membership Rewards.  Don’t rush into it!

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