Anyone with Capital One miles who's eyeing a trip to Australia might want to jump on the transfer bonus with Qantas that's happening right now

Qantas

• Some Capital One cards, including the Capital One® Venture® Rewards Credit Card and the Capital One® Spark® Miles for Business, earn miles that you can transfer to airline programs.
• The mileage transfer rate to these airline programs is either 2:1.5 or 2:1, depending on which program you're transferring to.
• The standard rate for transferring Capital One miles to the frequent flyer program of Australian airline Qantas is 2:1.5, but Capital One is currently running a 33.3% transfer bonus for transfers to Qantas.
• Until October 31, your Capital One miles will transfer to Qantas at a 1:1 rate.

In 2018, Capital One took a big step toward making its credit cards more competitive with options from Amex, Chase, and Citi: It added the ability to transfer miles to airline programs.

Previously, you couldn't redeem Capital One miles with airline partners; you could only use them to erase travel purchases from your credit card statement, to book travel directly through Capital One, or to purchase gift cards. The ability to transfer other rewards currencies like Amex Membership Rewards points and Chase Ultimate Rewards points to airline and hotel partners is what makes them so valuable, so this was a huge step toward making Capital One miles more flexible, and more useful.

Capital One miles transfer to 15 airline programs, including Air Canada Aeroplan, Singapore Airlines KrisFlyer, and Qantas Frequent Flyer. Most transfers are at a ratio of 2 Capital One miles to 1.5 airline miles, though a few partners have a lower 2:1 ratio.

Capital One Qantas transfer bonus details

Occasionally, Capital One (along with other credit card issuers) runs transfer bonuses that give cardholders extra airline miles when they move over rewards to a specific frequent flyer program. Currently, it's offering one such bonus for transfers to Australian airline Qantas' loyalty program.

Until October 31, when you transfer Capital One miles to Qantas, you'll receive a 33.3% bonus. This means that during the bonus period, the transfer rate for Qantas will effectively be 1:1. After the bonus ends, the transfer rate will go back to 2:1.5.

Qantas' Frequent Flyer program isn't known for offering especially generous mileage rates, but if you have a lot of Capital One miles and are eyeing a trip to Australia, this transfer bonus will certainly stretch your rewards further. Plus, you can also transfer Amex and Citi points to Qantas, so if you come up short with Capital One miles but have points from a card like the Platinum Card® from American Express or the Citi Prestige® Card, you could make up the difference.

How to earn Capital One miles

You can earn Capital One miles with four credit cards:

• Capital One Venture Rewards Credit Card ($95 annual fee; waived the first year) - Earn 10x miles on paid hotels booked through hotels.com/venture and 2x miles on everything else
• Capital One Spark Miles for Business ($95 annual fee; waived the first year) - Earn 2x miles on all purchases
• Capital One® VentureOne® Rewards Credit Card (no annual fee) - Earn 10x miles on paid hotels booked through hotels.com/venture and 1.25x miles on everything else
• Capital One® Spark® Miles Select for Business (no annual fee) - Earn 1.5x miles on all purchases

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Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.