Chase Ultimate Rewards vs Capital One Miles

Earning on the cards checked

The Ink Business Preferred is a business card. Under it the card earns 1 point per $1 spent on purchases, plus 3 points total per $1 on combined purchases each account anniversary year in four categories: shipping; social media and search engine advertising; travel; and internet, cable and phone services. [2] Once the category spending limit for the anniversary year has been reached, earning returns to 1 point per $1 with no maximum. [2] The agreement excludes balance transfers, cash advances, cash-like transactions, account-access cheques, interest, fees and unauthorised or fraudulent charges from the purchases that earn points. [2] Points are credited at the close of each monthly billing cycle, and points earned near the end of a cycle may take an additional cycle to become available. [2] Chase also advertises a Shop and Earn feature offering 1 to 15 bonus points per $1 at more than 1,000 stores. [1]

Capital One's miles page lists four travel cards: VentureOne Rewards for Good Credit and VentureOne Rewards, both with a $0 annual fee and 1.25X miles on every purchase; Venture Rewards with a $95 annual fee and 2X miles on every purchase; and Venture X Rewards with a $395 annual fee and 2X miles on every purchase. [3] The page presents the miles as unlimited and does not show different earning rates for particular purchase categories on these cards. [3] Capital One's home page repeats the unlimited-miles framing and points readers to its travel cards and to Capital One Travel. [4]

Transfer partners and transfer rules

Chase says points can be transferred to airline and hotel travel partners with select cards, so whether transfers are available depends on which card the customer holds. [1] The Ink Business Preferred agreement sets out the mechanics: transfers are made in 1,000-point increments, and only to participating frequent travel programme accounts belonging to the cardholder or to an owner of the company who is listed as an authorised user on the account. [2] A transfer fee may apply, and Chase says it discloses whether a fee applies and how much before the transfer is made. [2] Most requests process by the next business day, but Chase says a transfer can take up to seven business days depending on the programme. [2] The details supplied must match the receiving programme's records, and any difference may delay or block the transfer. [2] Once points are transferred they cannot be refunded, the transaction cannot be cancelled, and the points become subject to the receiving programme's terms rather than Chase's. [2] Chase adds that participating travel programmes can change without notice and that it is not responsible for their rules. [2]

What they do state is that miles are redeemed for flights, hotels, rental cars and more, and that rewards are earned when an eligible card is used to book a flight, hotel or car through Capital One Travel. [3] [4] Readers comparing the two currencies on transfer value should therefore treat the Chase side as documented and the Capital One side as unconfirmed by these pages. [2] [3]

Redemption options and published value

Chase lists cash back as a statement credit or a direct deposit into an eligible US Chase account, gift cards, travel, Pay with Points at Amazon and PayPal, Pay Yourself Back statement credits on eligible purchases, Chase Dining, Chase Experiences, and transfers to travel partners. [1] [2] For cash, gift cards and travel, Chase values each point at one cent, so 100 points equal $1 of redemption value. [2] Chase states that other reward options may be worth more or less than that figure, and that promotional redemption rates can exceed one cent for a limited period. [2] Travel is booked through Chase Travel, and if the points balance does not cover the full cost the remainder can be paid with the card. [2] Once points have been used, Chase treats the transaction as final and says it may not be cancelled unless otherwise noted. [2] These figures are the published cash-out and travel baselines for that card, not a cents-per-point valuation of any particular award. [2]

Two cards add travel credits. Venture cardholders receive a one-time $300 Capital One Travel Stays credit for hotel and vacation rental purchases made through Capital One Travel, expiring one year after account opening; Venture X cardholders receive a $300 Capital One Travel credit each year, expiring on the next account open date anniversary. [3] Neither credit earns rewards, and an expired credit is not restored if the purchase using it is cancelled. [3]

Card conditions and limits

On the Capital One side, the listed annual fees are $0 for both VentureOne cards, $95 for Venture Rewards and $395 for Venture X Rewards. [3] Venture X also includes access to Capital One Lounges and to participating Priority Pass lounges, with Priority Pass requiring enrolment; Capital One notes that access is not guaranteed and depends on space. [3] New-cardmember bonus eligibility is time-restricted. VentureOne applicants are not eligible if they received a bonus on VentureOne, Venture or Venture X in the past 48 months; Venture applicants are not eligible after a Venture or Venture X bonus in that window; and Venture X applicants are not eligible after a Venture X bonus in the past 48 months. [3] Once earned, qualifying bonus miles are applied to the rewards balance within two billing cycles. [3]

Within that agreement, points do not expire while the account is open, but all points are lost immediately if the account status changes or the account is closed for misuse, fraud or a list of other reasons, and Chase says it will not reinstate them unless it made an error. [2] If an account is closed for any other reason, the cardholder has at least 30 days from the closing date to use the points. [2] Points can be moved only to another Chase card with Ultimate Rewards belonging to the cardholder, a household member or the company owner, and cannot pass by operation of law, such as by inheritance or in a divorce. [2]

Exceptions and open questions

• The Chase earning figures on this page are Ink Business Preferred rates under a business-card agreement, not a programme-wide rate; Chase's marketing page mentions bonus points on select purchases without stating percentages. [1] [2]
• Chase ties transfers to "select cards", so a card that offers cash, gift cards and travel may not offer transfers at all. [1]
• The 1,000-point transfer increment, the transfer-fee warning and the rule that transfers go only to the cardholder's or company owner's accounts are stated in the business-card agreement and apply to that card. [2]
• The two VentureOne listings share the $0 annual fee and 1.25X earning rate but differ in welcome offer and intro APR: the VentureOne Rewards (Excellent Credit) listing shows 20,000 bonus miles and a low intro APR for 15 months, while the VentureOne Rewards for Good Credit listing shows neither. [3]
• Chase's one-cent figure applies only to cash, gift cards and travel redemptions, and Capital One's pages state no cents-per-mile figure at all. [2] [3]

Related pages

Programme pages: Chase Ultimate Rewards, Capital One Miles. Guides: how to redeem Chase Ultimate Rewards, how to redeem Capital One Miles, Amex Membership Rewards vs Chase Ultimate Rewards. Terms: flexible points, transfer ratio, cents per point.

Sources

Sources checked on 18 October 2026. Only US-issued Chase and Capital One products are covered. Other transferable-points currencies, including American Express Membership Rewards and Citi ThankYou, and airline or hotel programmes themselves, are not covered here.

1. Chase Ultimate Rewards overview page, checked 18 October 2026
2. Ink Business Preferred with Ultimate Rewards Program Agreement, checked 18 October 2026
3. Capital One miles and travel rewards credit cards page, checked 18 October 2026
4. Capital One home page, checked 18 October 2026