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Capital One just announced an exciting new promotion for Qantas Frequent Flyer members: Between Sept. 16-Oct. 31, 2019, Capital One cardholders will receive a 33.3% bonus on points transferred to Qantas. Since the normal transfer ratio is 2:1.5, this improvement to 1:1 is significant for those in need of Qantas points.

If you’re wondering which credit cards qualify for this promotion and whether it’s worthwhile, we’ve covered those details below.

Promotion details

Since the promotion runs until midnight on Halloween, that leaves plenty of time to stock up on Capital One points and take advantage of the higher transfer ratio. Cardholders must transfer a minimum of 1,000 Venture miles in 100-mile increments.

You can take advantage of Capital One’s Qantas transfer offer if you have one of the following Capital One credit cards:

Ways to maximize this promotion

You’re probably wondering whether transferring Capital One miles to Qantas during this promotion is worthwhile. It definitely can be, depending on how you redeem those points.

The Qantas Frequent Flyer program prices out awards based on distance flown. That means long-haul flights can be pricey (especially in premium cabins). However, there are definitely some sweet spots to be found.

Short-haul flights

For example, you can fly up to 600 miles one-way for just 8,000 points in economy. This is great for those times when you want to book a short-haul flight but don’t want to redeem 12,500 AAdvantage miles. Qantas is a great alternative in those instances.

Qantas first class

Qantas has one of the most impressive first class cabins in the sky ... and it’s also one of the toughest partners to book using AAdvantage miles. That’s because Qantas opens up its award calendar earliest for its own members (353 days out). After those travelers likely book up coveted first class seats, AAdvantage members get what’s left over nearly three weeks later. So if you’ve been scouring for award space on Qantas first class, transferring Capital One points to Qantas might be the way to finally make it happen.

Flying Qantas first class to Australia isn’t cheap, especially compared to the American Airlines flat-rate price of 110,000 miles each way. Below are some examples of what you can expect to pay for first class using Qantas points based on prices we found this summer:

  • Los Angeles to Sydney: 144,000 miles each way

  • Dallas to Sydney: 168,000 miles each way

While those are hefty numbers compared to American Airlines, it’s important to note that as of this writing, American didn’t show any first class award availability on those same dates. So by using Qantas miles, you’re paying a premium for the ability to book a premium award that is tough to come by.

El Al business class to Israel

Another good use of Qantas miles includes El Al round-trip business class awards between New York and Tel Aviv for 78,000 miles each way. And if you don’t care about premium cabins, then economy class is still a pretty good deal at just 37,800 miles.

Bottom line

Capital One’s 33% transfer promotion to Qantas can be a good deal if you know how to get maximum value out of your points. If you’ve already earned a lot of Qantas points through flying with the airline and just need to top off your account for an award, the timing of this promotion is especially great.

How to Maximize Your Rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2019, including those best for:

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