Capital One has joined American Express, Chase, Citi and Discover in allowing eligible cardholders to redeem rewards to pay for Amazon.com purchases. Select Capital One cardholders can redeem rewards in any amount to pay for an entire purchase, or simply to offset part of the cost.
Rewards earned on these Capital One cards are eligible to be redeemed on Amazon:
For Capital One cash-back cards, $1 in cash rewards will be worth $1 in Amazon redemption value, which is the same value Discover offers for Amazon redemptions.
For Capital One travel cards, which earn miles instead of cash back, rewards can be redeemed via Amazon at a rate of 125 miles per $1 — a value of 0.8 cent per mile. That's in line with the Amazon redemption ratio for Chase Ultimate Rewards® points, and slightly higher than the redemption ratio when you use American Express Membership Rewards points toward Amazon purchases.
Capital One cardholders are automatically enrolled at no cost, but they can opt out at any time.