CU Grow | Online Videos That Sell

Capital One Rolls Out Innovative ‘Purchase Eraser’ Rewards Program

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.

Kiosk & Display | Digital Merchandising for Financial Institutions

A screenshot showing Capital One’s ‘Purchase Eraser’ utility in action on a smartphone.

“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.

Search For More: News, ,

All content © 2014 by The Financial Brand and may not be reproduced by any means without permission.

Backbase | Engage – Retail Banking in a Box

Comments

  1. What is the benefit of this versus statement credit?

  2. Manuel Mihalas says:

    I believe the Mileage Eraser allows you slightly more “credit” than a traditional statement credit.

  3. Dee Emkay says:

    Wouldn’t this feature allow a cheating spouse to covertly erase the records of hotel stays, meals, trips and the like to cover an affair? Probably not what it was intended for but it seems like it could be used for such purposes.

  4. Haha, Dee! But I don’t think the system actually erases the record of any transactions. It probably just issues you a credit — also recorded in the statement’s transaction record. Basically they account for both a credit and a debit in the record, so it’s a net wash on your balance. A spouse would be able to see a charge to “Candi’s Pleasure Ranch” followed by a credit to the account for the same amount.

  5. I purchased an airline ticket for $340 and later used 34,000 points to “Erase” the cost of the ticket with a $340 account credit. Had I used these points for cash reimbursement or any other credit to my account, I would have received $170. Am I the only one making a profit here? I’m not complaining, but how can Capital One profit from this program?

  6. Dee,
    Upon watching the first commercial for purchase eraser I was positive that’s what it was made for. Ha.

  7. Dee! I saw the exact same idea when watching the commercial and just had to Google it. Thanks for clearing this all up! :)

  8. John, you are correct. Its a WAY better deal to use rewards and/or purchase eraser than to get a check or a statement credit for points/miles earned. I learned that the hard way LOL

Speak Your Mind

*