Rewards programs

Capital One Smart Rewards points

What one Capital One Smart Rewards points point is worth and the cards that earn the most.

Cards that earn these points

Ranked by annual net value on the standard reference basket ($36,000 of spending a year), annual fees fully deducted.

Rank	Card	Network	Annual fee	Annual net value	Earning	Limitations
1	Capital One Smart Rewards Mastercard	Mastercard	$0	$239.94	Other purchases: 5 points / $ (0.67¢ per dollar)	Foreign exchange fee assumed Point value: cautious specialist estimate

Return computed with the value used for the ranking: 0.133¢ per point.

More details

Operated by: Capital One Bank (Canada Branch)
Where the value comes from: Cautious Canadian specialist estimate
Value used for the ranking: Cards are ranked at 0.133¢ per point, a prudent assumption between the 1.0¢ reference floor and the 0.25¢ benchmark: a flight redemption at 0.25¢ is not guaranteed for every dollar spent.
Source: Milesopedia · Published on October 31, 2026
Verification: Verified on October 31, 2026 Source up to date

“For example, 10,000 points accumulated over two months allow you to get a $25 gift card.”

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The source discloses affiliate relationships.

Capital One publishes no redemption rate (Rewards and Redemption terms, read 31 Oct. 2026); the specialist's page is undated (read on 31 Oct. 2026).
Points are earned on payments made towards the balance, not on purchases.

Programs do not issue the same number of points per dollar: to compare two programs, look at the return per dollar spent, not the value of a point.

Excerpts are quoted in the language of their source.

Browse the routes of the travel catalogue evaluated with Capital One Smart Rewards points, without ever passing a balance in the address.

The redemption options the program publishes, with the value of a point when it is fixed.

Verification covers the quoted excerpt. Confirm your eligibility and the conditions with the program before using your points.

This program publishes no transfer partner.

No welcome offer is published for the cards of this program.

The ranking compares the cards of one program on a single scenario, so the gaps come from the cards and not from the assumptions.

Reference basket, standard level: $36,000 of spending a year, spread over everyday categories.
High-spend profile: ranking calculated on the reference basket.
Annual fees fully deducted from the value.
Welcome offers excluded: only the recurring value counts.

Your spending is different? See the best cards by use or the strategies by profile.

Cards are ranked on the standard reference basket of a high-spend profile; your actual spending may change the order.
The program publishes no fixed rate: the value of a point is the most cautious estimate of a Canadian specialist, announced as such.
Recurring annual fees are fully deducted from each card’s value.
Transfer partners and rates are those read on the official pages; a program may change them without notice.
The value of welcome offers is not part of the card ranking.