As we continue to analyze debit card rewards programs here on BankShout, it seems that many banks are offering similar programs. This makes sense; earning points for using your checking account for everyday banking is extremely popular, so competition is fierce among financial institutions looking to gain customers and grab all-important market share. Yet the best rewards programs are the ones that grant points for the largest array of banking activities.

Capital One Rewards is among the more generous of incentive programs. The ubiquitous “What’s in your wallet?” outfit offers “reward miles,” although the miles can be redeemed for cash back or merchandise as well as for travel.




In addition to granting you miles for opening your account and setting up direct deposit, Capital One will also give you rewards credit for both PIN- and non-PIN purchases and paying bills online. In an unusual move, Capital One gives out miles for two things that most banks do not–a one time bonus when your account reaches a one-year anniversary, and recurring miles for writing checks and even making withdrawals.

You can enroll in Capital One Rewards when you open a free checking account with the bank (you receive 1000 miles for doing so). Because Capital One grants miles for so many different actions, the program may have a higher utility than at other banks. For instance, you can cash in 10,000 for $50 cash back, and a $150 airline ticket will be earned at 15,0000 points.

Of the programs that I have reviewed Capital One Rewards ranks highly, since the bank is generous with its reward miles and the thresholds to redeem are so reasonable.