Capital One Cardholders Can Now Redeem Rewards Through PayPal
Capital One has officially teamed up with PayPal, giving cardholders even more ways to redeem their rewards. Over the next week, eligible cardholders including Venture, Quicksilver, Savor, and Spark Business will be able to redeem rewards wherever they shop (including Target, Apple and The Home Depot) when they check out with PayPal, without having to log into a rewards portal.
In addition to industry leading partnerships like with PayPal, Capital One has also shown their commitment to giving customers even more flexibility through recent initiatives, including:
- Launched a limited-time partnership with Uber Eats, giving Savor, SavorOne, Venture and VentureOne cardholders 5% and 5x back respectively through January 31, 2021.
- Provided Savor and SavorOne cardholders the opportunity to earn enhanced cash back on streaming services, while Venture and VentureOne cardholders can redeem their miles on food delivery and streaming services through the end of the year.
- Increased the sign-up bonus on multiple products including Quicksilver and SavorOne (now both $200) and Venture (a limited-time record-high 100K miles).
- Created more ways for cardholders and non-cardholders to save time and money through Capital One Shopping (formerly Wikibuy), an innovative tool to score great deals when shopping.
Capital One and PayPal Pay With Rewards
- With PayPal Pay with Rewards, customers can redeem rewards wherever they shop when they check out with PayPal, without having to log into a rewards portal.
- Eligible cardholders, including Venture, Quicksilver and Savor, as well as Spark business credit cards, are able to use rewards on eligible purchases at millions of online stores when checking out with PayPal, including Target, Apple and The Home Depot.
- To take advantage of this new rewards redemption option, customers just need to link an eligible Capital One credit card to their PayPal wallet and enroll.
- Customers who already have an eligible Capital One credit card saved in their PayPal wallet will begin to get enrolled in PayPal Pay with Rewards. Customers who are adding an eligible Capital One credit card for the first time to a PayPal wallet will be able to enroll in PayPal Pay with Rewards as well.
- Starting on October 20 and over the next couple of weeks, customers will be able to enroll in the program and start using their rewards when they add their card to PayPal.
- When using cash-back cards at checkout, $1 in cash rewards is worth $1 in redemption value during checkout with PayPal. When using miles cards at checkout, 125 miles are worth $1 in redemption value when checking out with PayPal.
Guru’s Wrap-up
Miles redeemed through PayPal have a value of 0.8¢ while for cashback cards, $1 in cash rewards is worth $1 in redemption value. For miles, this is not a god use, as you can redeem for travel or transfer to travel partners. For cash rewards it is another option that makes it easier to redeem, but cashing out at 1 cent is already pretty straightforward.
