In normal times, you can use the Capital One Purchase Eraser feature to “erase” travel purchases. You can use your miles to erase these purchases at a rate of 1 cents per mile. For example, a $500 plane ticket would cost you 50,000 Capital One miles.
Also, in normal times, if you wanted to use your Cap One miles for any other purchase (gift cards, Amazon, etc), your rate of redemption would be much less favorable than 1 cents per mile.
However, these are not normal times. And now through June 30th (BENEFIT IS EXTENDED TILL SEPTEMBER 30, DECEMBER 31, 2020), you can use your Capital One miles for some alternative NON TRAVEL statement credits at the favorable rate of 1 cents per mile.
If you have a Venture Rewards Card or a VentureOne Rewards Card you can redeem your miles at 1 cents per mile for eligible food delivery, takeout and streaming services. Food delivery and takeout categories include delivery services like DoorDash, UberEats, etc. and purchases made directly with restaurants. Streaming services include Netflix, Hulu, Spotify, etc.
If you have Capital One Spark Miles Business Card or a Capital One Spark Miles Select Business Card you can redeem your miles at 1 cents per mile for eligible food delivery, takeout and phone services. Phone services can include mobile phone bills, payments and purchases from wireless phone service providers like Verizon, AT&T, T-Mobile, etc.