Capital One has temporarily introduced redemption of Venture and VentureOne Miles for restaurant delivery, takeout, and streaming service spend.
June 30 (Update 5/29/20:) September 30 this means you can spend money on a Venture card and then use points to cover the cost from:
- Restaurant delivery and takeout: “including purchases made from delivery services — including DoorDash®, Uber Eats® and Postmates®” as well as direct restaurant (and fast food) spend.
- Streaming services: “including Netflix®, Hulu®, Spotify®, Disney+® and Kindle Unlimited®.”
The concern with these sorts of options is always what sort of value you’ll get for your points. Capital One assures me, “The redemption value for these new categories is the same — 1 cent per Venture mile — as when redeeming for travel purchases.”
After the transaction posts to their account (typically within a few days), customers can sign in to their Rewards account and select “Cover Your Purchases.” From there, they can redeem their miles on a list of eligible purchases from the past 90 days.
This is a great offer and it’s win-win-win all around. Capital One knows that while travel will return, and will be a great motivator, it’s tough to encourage card spend with rewards customers cannot readily use at the moment. This keeps their products relevant. It helps cardmembers spend points instead of cash when they may need it most. And it encourages spend with restaurants that are struggling.
- This is just as good as buying paid travel and covering the cost with Venture’s miles.
- And since it is using Venture miles for a credit against spending posted to the card, rather than during the purchase process, it stacks completely with all sorts of promotions and discounts that do not require a specific payment method (such as a coupon for paying for UberEats with Venmo).
- So if you have a DoorDash Dash Pass from a Chase credit card, you can get waived fees and still use your Venture miles to cover the final cost.
I actually like ordering direct from restaurants when possible. Some offer delivery themselves, and others pickup (I tend to favor those with their own delivery options, just make sure not to call the fake number one of the restaurant delivery companies has set up for local restaurants). That way you circumvent the 30% cut that delivery services may be taking from the restaurant. I like that Capital One will credit direct restaurant spend and not just national delivery app brands.
And while I still like holding onto Venture miles to transfer to an airline frequent flyer program later, when you’re ready to book travel, this will be especially useful for someone with a large Capital One balance that’s looking to conserve cash during challenging economic times.
My income is down a lot right now but I’m not looking to spend miles for food delivery. I am actually ordering food delivery less than before. That’s because I’m fortunate that my wife is cooking more, and she’s a former fine dining restaurant chef. She’s used to making sure no food goes to waste, and can do amazing things with whatever ingredients we have in the house. If you don’t have a spouse like mine though, and you have a Venture card, this may be really useful.