Capital One Adds JetBlue As Newest Transfer Partner

Filed Under: Capital One, Credit Cards
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Last December Capital One introduced a transferrable points currency for their Venture and Spark products, which was an exciting development.

The Venture and Spark cards were previously useful for earning rewards that could be redeemed as cash towards a travel purchase, though the miles can now be transferred to airlines as well.

Capital One currently has 14 transfer partners, and they’ve now added their 15th partner.

Earn Capital One Miles

You can now transfer Capital One miles to JetBlue

As of today (May 1, 2019) Capital One has added JetBlue TrueBlue as a transfer partner.

This represents Capital One’s first US airline transfer partner. There will be no fees to transfer points to JetBlue, which is great news (Amex charges a federal excise tax when transferring points to a US frequent flyer program). Here’s how transferring Capital One miles to airline partners works.

While this is a nice addition, I’d note that Amex Membership Rewards, Chase Ultimate Rewards, and Citi ThankYou all partner with JetBlue, so this isn’t exactly a unique partnership.

For context, here are Capital One’s previous transfer partners:

Transfer PartnerTransfer Ratio
Aeromexico (Club Premier)2 : 1.5 | 1000 : 750
Air Canada (Aeroplan)2 : 1.5 | 1000 : 750
Air France KLM (Flying Blue)2 : 1.5 | 1000 : 750
Alitalia (MilleMiglia Program)2 : 1.5 | 1000 : 750
Avianca (LifeMiles)2 : 1.5 | 1000 : 750
Cathay Pacific (Asia Miles)2 : 1.5 | 1000 : 750
Emirates (Emirates Skywards)2 : 1 | 1000 : 500
Etihad Airways (Etihad Guest)2 : 1.5 | 1000 : 750
EVA Air (Infinity MileageLands)2 : 1.5 | 1000 : 750
Finnair (Finnair Plus)2 : 1.5 | 1000 : 750
Hainan Airlines (Fortune Wings Club)2 : 1.5 | 1000 : 750
JetBlue (JetBlue TrueBlue)2 : 1 | 1000 : 500
Qantas (Qantas Frequent Flyer)2 : 1.5 | 1000 : 750
Qatar Airways (Privilege Club)2 : 1.5 | 1000 : 750
Singapore Airlines (KrisFlyer)2 : 1 | 1000 : 500

Capital One miles will transfer to JetBlue TrueBlue at a 2,000:1,000 ratio (I’ll talk more about the value proposition of that below). Unfortunately this is the worst transfer ratio that Capital One offers, as miles transfer to some partners at a 2,000:1,500 ratio, which is 50% better.

JetBlue A320

Capital One is offering a 50% JetBlue transfer bonus

To celebrate this new partnership, Capital One is offering a 50% bonus on transfers to JetBlue TrueBlue through May 31, 2019.

That means through May 31, 2019, you can convert Capital One miles into JetBlue TrueBlue points at a 2,000:1,500 ratio, which I’d consider to be much better.

This represents Capital One’s second transfer bonus of the year, after they offered a 100% Emirates transfer bonus earlier this year. It’s great to see Capital One continue to offer transfer bonuses, and it’s a trend we should continue to see from them going forward.

Is transferring Capital One miles to JetBlue worth it?

JetBlue TrueBlue is a revenue based program, meaning that the cost of an award redemption is closely correlated to how much a ticket would cost in cash.

Ordinarily JetBlue points can be redeemed for ~1.3-1.5 cents each towards the cost of a paid ticket on JetBlue.

So, what does that mean for the value proposition of transferring Capital One miles to JetBlue?

  • Capital One’s premium Venture and Spark miles offer 2x miles per dollar spent
  • This means that long term you’d be earning the equivalent of one JetBlue point per dollar spent (a value of ~1.3-1.5 cents)
  • During the current transfer bonus you’d be earning the equivalent of 1.5 JetBlue points per dollar spent (a value of ~1.95-2.25 cents)

What makes this interesting is that Capital One Spark and Venture miles can efficiently be redeemed towards the cost of travel, as you can redeem each Venture or Spark mile for one cent towards an airfare purchase.

So long term you’re much better off booking a JetBlue ticket with your Venture or Spark card, and then reimbursing yourself at the rate of one cent per point. That way you’d even earn JetBlue TrueBlue points for the cost of your ticket.

Now, there are some circumstances where members may get more value transferring from TrueBlue, like if you have JetBlue’s co-branded credit card and get a 10% refund on redeemed miles, or if JetBlue is offering an award sale.

JetBlue Mint is my favorite way to travel domestically

Bottom line

It’s good to see Capital One adding more transfer partners, and also to see them offering transfer bonuses.

Unfortunately JetBlue as a partner isn’t very valuable, though, given that Venture and Spark miles can also be redeemed towards the cost of a paid JetBlue ticket at a rate that’s typically better.

This partnership could make sense during the 50% transfer bonus, but after that the math doesn’t make sense, and you’re better off redeeming your Capital One miles as cash towards the cost of a ticket.

I’d love to see Capital One add some unique transfer partners. Still, more options are always a good thing, and I’m sure some people will take advantage of this partnership.

Are there any circumstances under which you’d transfer Capital One miles to JetBlue?

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Comments
  1. “Are there any circumstances under which you’d transfer Capital One miles to JetBlue?”

    Yes – when I need to top off my TrueBlue account to redeem points for the odd flight. I’ve transfered points from Amex and Chase (only in small amounts of 1,000 to 2,000 points) for this purpose. However it only really makes sense to do this with Capital One points during this bonus window.

  2. Jetblue miles for booking Hawaiian can potentially be a good deal. 30,000 Jetblue points Hawaii to Australia. Plus, much better availability.

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