Capital One No Hassle Rewards Review

The No Hassle Rewards Program, by Capital One, is a great way to earn cash back or miles while spending on everyday purchases. Similar to the Citi ThankYou Rewards program, you can also earn No Hassle Rewards with your checking account. Miles can be used for Merchandise, gift cards, travel and more. To get started, all you need is a participating Capital One credit card.

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Advantages
Disadvantages
✓ Miles do not expire
✗ Earnings are confiscated after a missed payment
✓ No earning limits
✗ Minimum amount of rewards required for redemption
✓ Easy online redemption system
✗ Earnings cannot be combined

 
Earning Rewards   


By having a participating Capital One credit card, you will earn either No Hassle Cash or No Hassle miles for every dollar spent. These earnings do not expire as long as your card balance remains in good standing. If you miss a payment, earnings are confiscated.

Ways to earn rewards:

  • No Hassle Cash
  • No Hassle Miles
    • Venture® Rewards
      • Sign-Up Bonus: 40,000 miles
      • 2x miles per dollar on every purchase
    • Rewards Checking
      • 5,000 miles for opening an account and setting up direct deposit
      • 1,000 miles on your first checking account anniversary
      • Swiping debit card as “Credit”: 10 miles
      • Swiping debit card as “Debit”: 5 miles
      • Withdrawing from ATM / Writing a Check: 5 miles
      • Online bill payment: 10 miles
    • Premier Rewards Checking
      • 10,000 miles for opening an account and setting up direct deposit
      • 2,000 on your first checking account anniversary
      • Swiping debit card as “Credit”: 20 miles
      • Swiping debit card as “Debit”: 10 miles
      • Withdrawing from ATM / Writing a Check: 10 miles
      • Online bill payment: 20 miles

 
Spending Your Reward Miles   


When you are cashing in your miles for rewards, try to calculate the value per mile for each item you would like to redeem. Do not purchase if it is less than 1 cent per mile. Below we have determined the average worth of each mile when redeeming for various items:

  • Travel: 100 miles for 1 dollar (1 cent per mile)
  • Gift Cards: can be worth up to 100 miles for 1 dollar (up to 1 cent per mile)
  • Statement Credit: 200 miles for 1 dollar (.5 cent per mile)
  • Merchandise:points vary depending on the item (around .7 cent per mile)

Capital One has recently added a new system called the “Purchase Eraser.” With this tool, customers have 90 days to make a travel related purchase (either flight, hotel stay, cruise or car rental) using their Capital One Rewards credit card, and erase the purchase cost with their miles for a statement credit. This feature values miles at 100 per dollar.

Overall, the best way to maximize your points is to redeem for travel packages or gift cards.

 
Frequently Asked Questions   


Q1. Is it possible to lose my rewards?
As long as your account is open, you will not lose your rewards. However, your account must be in good standing in order to redeem your rewards.

Q2. How can I redeem my miles for air travel?
There are two ways to redeem your miles for air travel. First, you can purchase your tickets and contact Capital One to redeem your miles for your air travel. Second, you can contact the Rewards Center to purchase your tickets and redeem your miles.

Q3. How do I get my cash back?
You can receive your cash back anytime by going online or calling the rewards center. In addition, you may even turn on a setting to receive your cash back automatically.

Q4. Are all of Capital One’s issued credit cards eligible for rewards?
No, some cards offered by Capital One are not eligible for the No Hassle Rewards program. For example, co-branded credit cards are not eligible to participate.

Q5. What information does Capital One® require when I apply for a credit card?
You will need a full name, social security number, date of birth, physical address (No P.O. Boxes) and an estimated gross annual income.

Q6. Is there a minimum number of miles I need before I can redeem for rewards?
Cards that earn miles need at least 2,500 miles before you can start redeeming for cash back.

Q7. Can I combine earnings from my credit card and checking account?
No, miles earned on checking accounts are counted separately. However, you can combine miles from different Capital One credit cards.

 
Concluding Remarks   


Unlike other credit cards, Capital One’s rewards system is straightforward and simple. There are no special categories and you can earn the same amount of miles or cash back for every dollar you spend. On the downside, Capital One’s Reward Center does not permit members to pay with a combination of money and reward miles. However, Capital One does feature “purchase eraser” which is convenient for those who are also looking to purchase companion tickets.

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