Transfer ratios improved to 1:1 for multiple partners + four new partners added

2:1.5 → 1:1 (select partners); new partners added at launch ratios

Capital One improved ratios from 2:1.5 to 1:1 for Aeromexico Club Premier, Avianca LifeMiles, Cathay Pacific Asia Miles, Etihad Guest, Finnair Plus, Qantas Frequent Flyer, and Wyndham Rewards (plus Choice and TAP at launch). Simultaneously added British Airways, TAP Air Portugal Miles&Go, Turkish Airlines Miles&Smiles, and Choice Privileges as permanent transfer partners (initial ratios 2:1.5 or 1:1 depending on partner). This was a structural expansion and re-rating of the transferable currency that made Capital One competitive with other US bank points for the first time on multiple high-value partners. Affects all Capital One Miles holders; the partners remain available (with later refinements).

What to do: Use Capital One Miles for the newly 1:1 partners or the added programs when they offer strong awards.