The credit card goliath has launched a unique rewards redemption feature giving consumers the ability to erase the cost of previous travel expenses using their reward miles.
The new Purchase Eraser scheme from Capital One allows its customers to make a travel-related purchase with their rewards card, then wipe out the cost of that purchase from their statement using their accrued miles.
How Does ‘Purchase Eraser’ Work?
Customers first make a travel related purchase — such as a flight, cruise, hotel stay or car rental — from their favorite travel provider using their Capital One Rewards credit card. Then they have 90 days to erase the purchase cost with their miles for a statement credit, online or on an iOS or Android device. The miles balance will update automatically and the credit will be reflected in their account balance within 5-7 business days.
Capital One – Purchase Eraser
A short overview video showing how ‘Purchase Eraser’ works. There’s also a separate video demo specifically for mobile banking users.
“As a traveling mom I am always looking for ways to make my life a little easier,” said family travel expert and TravelingMom.com founder Kim Orlando. “Purchase Eraser is easy to use, gives me the flexibility to redeem my points on the go and use my Venture rewards to redeem for a variety of travel charges, not just airline tickets and rental cars.”
“At Capital One, we offer rewards that our customers can actually use and enjoy,” said Amy Lenander, VP/Rewards Programs at Capital One. “Purchase Eraser makes it easy for our customers to book travel wherever they get the best option to fit their life. They keep the memories and erase the cost on their statement using their rewards.”
Capital One and its subsidiaries held $213.9 billion in deposits and $296.6 billion in total assets as of June 2012. The banking arm has around 1,000 branch locations, primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia.