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Joseph Hostetler
- Travel rewards can be worth significantly more than cash back.
- It’s possible to turn cash back into travel rewards by holding the right travel credit cards.
- If you earn cash back with cards issued by Capital One, Chase, or Citi, your rewards likely can be transferred to airlines and hotels.
Cash has always been king. It’s got unparalleled flexibility, it’s got an easy-to-understand value, and many of the best credit cards make it easy to earn.
But the truth of the matter is that it’s nowhere near the most valuable credit card rewards currency to earn. Travel points can be worth many, many times more. If you desire to travel, you’ll want to focus your energy on travel rewards instead of cash back.
Here’s something surprisingly few credit card holders know: If you use a cash-back credit card issued by Capital One, Chase, or Citi, you may be able to convert the cash back you’ve earned into travel rewards. There’s a trick to this, but it’s very easy to do.
We’re focused here on the rewards and perks that come with each card. These cards won’t be worth it if you’re paying interest or late fees. When using a credit card, it’s important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.
Why you might want travel rewards instead of cash back
Cash back is worth a flat rate. You’re never going to get an outsized value from a dollar bill — it’s worth what it’s worth.
Travel rewards are different. With little exception, the value you get from them can vary greatly depending on how you use them. As an example, let’s take a look at two Dallas Marriott hotels.
Marriott
The Las Colinas Resort, Dallas, costs $676 per night, or 42,000 Marriott points. Staying at this hotel will net you a value of 1.6 cents per Marriott point.
But the hotel right beneath it, the W Dallas – Victory, sells for $453 per night or 43,000 points per night — giving you a value of 1.07 cents per point. That’s over 30% less value than had you used your points at The Las Colinas Resort.
The point is, it’s possible to get way more value from travel rewards than cash back. If you regularly convert your cash back into travel rewards, you are potentially receiving a higher earning rate on your cards. Insider’s points and miles valuations attempt to pinpoint a ballpark value for each rewards currency.
Let’s take a look at the different credit cards that allow you to convert your cash back into travel rewards — and the effective return rate you’re getting based on Insider’s points and miles valuations.
Capital One miles
Capital One miles value: 1.7 cents each
To turn cash back into Capital One miles, you’ll need one of the following cards:
- Capital One Spark Miles Select for Business – Product Name Only
Capital One offers a healthy selection of cash-back credit cards for all financial situations — and even the cards designed to help you build credit for the first time can help you accumulate Capital One miles. As long as you have one of the above cards, you can instantly convert your cash back into miles.
In your online account, simply head to the “Share My Rewards” button in the Rewards tab. You’ll receive 1 Capital One mile for every 1 cent you transfer.
Here’s a look at all the Capital One cash back-earning credit cards whose rewards you can turn into Capital One miles.
| Card | Rewards rate | Rewards rate when converted to miles |
| Capital One Savor Cash Rewards Credit Card – Product Name Only | Capital One Savor Cash Rewards Credit Card – Ongoing Bonus | Effectively 17% back on purchases made through Uber & Uber Eats (through 11/14/2024), 13.6% back on Capital One Entertainment purchases, 6.8% back on dining, entertainment, and popular streaming services, 5.1% back at grocery stores, 1.7% back on all other purchases. |
| Capital One SavorOne Cash Rewards Credit Card – Product Name Only | Capital One SavorOne Cash Rewards Credit Card – Ongoing Bonus | Effectively 17% back on purchases made through Uber & Uber Eats (through 11/14/2024), 13.6% back on Capital One Entertainment purchases, 8.5% back on hotels and rental cars booked through Capital One Travel. Earn unlimited 5.1% back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart® and Target®), 1.7% back on all other purchases |
| Capital One SavorOne Student Cash Rewards Credit Card – Product Name Only | Capital One SavorOne Student Cash Rewards Credit Card – Ongoing Bonus | Effectively 5.1% back on dining, entertainment, popular streaming services and at grocery stores, 1.7% back on all other purchases |
| Capital One Quicksilver Cash Rewards Credit Card – Product Name Only | Capital One Quicksilver Cash Rewards Credit Card – Ongoing Bonus | Effectively 2.5% back on all purchases |
| Capital One Quicksilver Student Cash Rewards Credit Card – Product Name Only | Capital One Quicksilver Student Cash Rewards Credit Card – Ongoing Bonus | Effectively 2.5% back on all purchases |
| Capital One Quicksilver Secured Cash Rewards Credit Card – Product Name Only | Capital One Quicksilver Secured Cash Rewards Credit Card – Ongoing Bonus | Effectively 2.55% back on all purchases |
| Capital One QuicksilverOne Cash Rewards Credit Card – Product Name Only | Capital One QuicksilverOne Cash Rewards Credit Card – Ongoing Bonus | Effectively 2.55% back on all purchases |
| Journey Student Rewards from Capital One – Product Name Only | Journey Student Rewards from Capital One – Ongoing Bonus | Effectively 1.7% back on all your purchases. (Pay on time to boost your return to a total of 2.1% for that month) |
| Capital One Spark Cash Plus – Product Name Only | Capital One Spark Cash Plus – Ongoing Bonus | Effectively 8.5% back on hotels and rental cars booked through Capital One Travel, unlimited 3.4% back on all other purchases |
| Spark 1.5% Cash Select for Good Credit – Product Name Only | Spark 1.5% Cash Select for Good Credit – Ongoing Bonus | Effectively 2.5% back |
| Spark 1.5% Cash Select for Excellent Credit – Product Name Only | Spark 1.5% Cash Select for Excellent Credit – Ongoing Bonus | Effectively 8.5% back on hotels and rental cars booked through Capital One Travel, 2.5% back on all other purchases |
| Capital One®️ Spark®️ Classic for Business – Product Name Only | Capital One®️ Spark®️ Classic for Business – Ongoing Bonus | Effectively 5% back on hotels and rental cars booked through Capital One Travel, 1.7% back on all other purchases. |
Chase Ultimate Rewards points
Chase Ultimate Rewards points value: 1.8 cents each
To turn “cash back” into transferable Chase Ultimate Rewards points, you’ll need one of the following cards:
Chase boasts a large collection of cash-back credit cards — but these cards don’t technically earn cash back. They instead earn Chase Ultimate Rewards points which can be redeemed for cash back at a rate of 1 cent each. In other words, these cards are, in effect, cash back.
You can convert these rewards into points that can be transferred to airlines and hotel partners by heading to the Chase Ultimate Rewards site and signing in using your Chase account credentials. You’ll then be able to move your Chase points from one card to another, similar to the way you transfer money between a checking and savings account. Simply transfer your points to one of the above cards, and you’ll instantly be able to transfer them to travel programs.
| Card | Rewards rate | Rewards rate when converted into points |
| Chase Freedom Flex℠ – Product Name Only | Chase Freedom Flex℠ – Ongoing Bonus | Effectively 9% back on up to $1,500 in combined purchases in bonus categories each quarter you activate, 9% back on travel purchased through Chase Ultimate Rewards®, 5.4% back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, 1.8% back on all other purchases |
| Chase Freedom Unlimited® – Product Name Only | Chase Freedom Unlimited® – Ongoing Bonus | Effectively 9% back on Chase travel purchased through Ultimate Rewards®, 5.4% back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, 2.7% back on all other purchases |
| Chase Freedom® Student credit card – Product Name Only | Chase Freedom® Student credit card – Ongoing Bonus | Effectively 1.8% back on all purchases |
| Ink Business Cash® Credit Card – Product Name Only | Ink Business Cash® Credit Card – Ongoing Bonus | Effectively 9% back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year, 3.6% back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year, 1.8% back on all other purchases |
| Ink Business Unlimited® Credit Card – Product Name Only | Ink Business Unlimited® Credit Card – Ongoing Bonus | Effectively 2.7% back on every purchase made for your business |
Citi ThankYou points
Citi ThankYou points value: 1.6 cents each
To turn cash back into Citi ThankYou points, you’ll need one of the following cards:
- Citi Prestige® Card – Product Name Only (not available to new applicants)
*This card only unlocks the ability to transfer points to JetBlue, Choice, and Wyndham.
Citi technically only has one cash-back credit card eligible to convert its rewards into Citi ThankYou points. It also issues a couple of other cards that earn Citi ThankYou points directly, though you cannot transfer them to airline and hotel partners unless you have one of the above cards. The best value you’ll get from them is cashing them out at 1 cent per point — making them essentially cash-back cards.
To make your points transfer eligible, you’ll have to move your points from one of the below cards to one of the above cards. Sign in to the Citi ThankYou portal to do this. The process is similar to that outlined above with Chase.
Here’s a look at the Citi credit cards whose rewards you can convert into transferable Citi ThankYou points.
| Card | Rewards rate | Rewards rate when converted to points |
| Citi® Double Cash Card – Product Name Only | Citi® Double Cash Card – Ongoing Bonus | Effectively 3.2% on every purchase with unlimited 1.6% back when you buy, plus an additional 1.6% as you pay for those purchases. |
| Citi Custom Cash℠ Card – Product Name Only | Citi Custom Cash℠ Card – Ongoing Bonus | Effectively 8% back on purchases in your top eligible spend category each billing cycle, up to the first $500 spent, 1.6% back thereafter. Earn unlimited 1.6% back on all other purchases. |
| AT&T Points Plus℠ Card – Product Name Only | AT&T Points Plus℠ Card – Ongoing Bonus | Effectively 4.8% back at gas stations. Earn 3.6% back at grocery stores (including grocery delivery services). Earn 1.6% back on all other purchases. |
What you need to know about converting cash back into travel rewards
Even if you don’t have a single travel point to your name, you may still have a large stash of cash back that can be converted into travel rewards. The above tables will tell you which cards you’ll need to unlock the true potential of your cash back.
This content was originally published here.
