What it earns
| Category | Rate | Value per $ | Notes |
|---|---|---|---|
| Hotels | 10× | 16¢ | conditional |
| Portal hotels | 10× | 16¢ | — |
| Portal rental cars | 10× | 16¢ | — |
| Flights | 5× | 8¢ | conditional |
| Portal flights | 5× | 8¢ | — |
| Portal travel | 5× | 8¢ | — |
| Dining | 2× | 3.2¢ | — |
| Everything else | 2× | 3.2¢ | — |
| Gas | 2× | 3.2¢ | — |
| Groceries | 2× | 3.2¢ | — |
| Home Improvement | 2× | 3.2¢ | — |
| Insurance | 2× | 3.2¢ | — |
| Media & Advertising | 2× | 3.2¢ | — |
| Medical & Pharmacy | 2× | 3.2¢ | — |
| Office Supplies | 2× | 3.2¢ | — |
| Rent | 2× | 3.2¢ | — |
| Shipping & Postage | 2× | 3.2¢ | — |
| Software & Cloud | 2× | 3.2¢ | — |
| Streaming Services | 2× | 3.2¢ | — |
| Transit | 2× | 3.2¢ | — |
| Wireless & Telephone | 2× | 3.2¢ | — |
Cents-per-dollar figures use our standard point valuations, not transfer-partner rates. Transferring to an airline or hotel partner at the right moment can beat these numbers; routine redemptions generally will not. We publish the conservative figure on purpose.
What the fee has to earn back
This card charges $395 a year. Its best rate is 16¢ per dollar on Hotels, against 3.2¢ on everything else — an edge of 12.8¢ per dollar.
So the fee is covered at roughly $3,086 of hotels spending a year, before any statement credits.
That is arithmetic on the published rates above, and it assumes the spending is real rather than moved around to chase the category. Statement credits can change the answer sharply in either direction — a credit you never use is not a discount. Whether your spending clears this is what the audit measures.
Welcome offer
150,000 miles
After $30,000 of spending in the first 3 months.
A welcome offer is only worth what you can actually reach. The audit checks the minimum spend against what you really spend each month, rather than assuming you will hit it.
Notes
Portal rates; $300 travel credit + 10k anniversary miles
Rates can change without notice; confirm with Capital One before applying.
Disclosure. No referral link is attached to this card — nobody is paid if you apply for it. The rates and welcome terms above are read from Capital One’s own published page, and the audit ranks cards on published rates and your own spending, and never reads which cards carry a referral link. This page carries no application link.