MCLEAN, Va.—For some Capital One credit card holders, it's gotten more expensive to turn rewards miles into gift cards.
Recently, Capital One quietly updated the number of rewards miles card holders need before they can trade them in for gift cards for certain popular retailers including Amazon, Apple and Walmart, reported MarketWatch.
The change applied to Capital One's mile-based cards: Venture, VentureOne, Spark Miles and Spark Miles Select.
Previously, a single mile earned with these Capital One cards equated to 1 cent for all gift cards, meaning that card holders would need to accrue 1,000 miles to cash out for a $10 gift card for any retailer.
“Now, the pricing for certain retailers has changed, making the gift cards more expensive to redeem. To get a $10 gift card from these retailers, it now costs 1,250 miles. In other words, a single mile is worth 0.8 cents when redeeming these cards,” MarketWatch explained.