Personal Finance

CapitalOne redeeming points/cash

  • Last Updated:
  • Apr 29th, 2016 6:48 am
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[OP]
Member
Mar 25, 2010
239 posts
43 upvotes

CapitalOne redeeming points/cash

I wanted to redeem my points as a cheque but I noticed they don't give you the full value of your points.

I noticed I have the option to reimburse travel fees that I incurred in the last months, and my metro pass is considered travel. I was wondering if I redeemed the points which would give my account a credit of almost 200, if I could just withdraw it at the ATM as cashback.

Have any of you tried this?
5 replies
Deal Guru
User avatar
Aug 8, 2012
10198 posts
4007 upvotes
BC
Trident wrote: I wanted to redeem my points as a cheque but I noticed they don't give you the full value of your points.

I noticed I have the option to reimburse travel fees that I incurred in the last months, and my metro pass is considered travel. I was wondering if I redeemed the points which would give my account a credit of almost 200, if I could just withdraw it at the ATM as cashback.

Have any of you tried this?
You will get dinged $5 cash advance fee and if you have any existing purchases you risk converting everything into interest-chargeable balances. It would only work if your balance was zero before the credit and you didn't buy anything at all on your card afterwards until the statement prints.

If you NEED cash, it would be about the same cost to "buy something" from a friend/family member using PayPal 2.9% fee without the possibility of incurring credit card interest (as long as it is a purchase type transaction anyways).

Once they get the PayPal, they can send it back to you and you send it to your bank.

Or you can just leave the credit on your card ... how long will it take you to reach $200 in further spending anyways?
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Deal Expert
Mar 25, 2005
21947 posts
2758 upvotes
Capone refunds credit balances after a few days.
Member
Oct 16, 2014
221 posts
137 upvotes
Moncton, NB
Simple: redeem your points against travel purchases, and when the statement credit posts to your balance, call capital one to get the credit balance refunded as a cheque. That is only if you have a $0 balance (or a balance < amount of the statement credit) prior to your points redemption.
Deal Addict
Dec 26, 2009
2805 posts
1467 upvotes
Just get a small travel expense... Presto card or another transit pass are good to use.

You can continuously redeem against the same transaction until all your points are gone.

I typically add $20 at a time to Presto and just use that transaction to redeem against for the following 3 months.
Member
Dec 1, 2006
339 posts
53 upvotes
Don't forget the purchase eraser as well, which is similar but just gives you a credit. Same usage restrictions apply. I really love that they did away with the tiers for the full 2%.

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