Capital One is offering a 100% bonus when you transfer miles to Emirates' frequent-flyer program - here's what you need to know

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Emirates

The new first-class suite on Emirates' Boeing 777.

• Capital One announced its first-ever transfer bonus since it began allowing mileage transfers from its own program to 14 frequent-flyer partners.
• Until March 24, Capital One Venture and Spark Miles cardholders will get a 100% bonus on miles transferred to the Emirates Skywards program.
• That brings the transfer ratio up to 1:1.
• If you're looking to earn more transferable Capital One miles, the Capital One Venture Rewards Credit Card currently offers 50,000 bonus miles after spending $3,000 in the first three months.

The most valuable kind of credit card reward is transferable points - points that can be transferred to hotel and airline partners.

Credit card reward programs generally have set transfer ratios for how many proprietary points are worth a set number of partner miles.

Occasionally, programs will offer transfer bonuses.

For example, while American Express Membership Rewards (MR) normally transfer to Virgin Atlantic Flying Club at a 1:1 ratio - where 1,000 Membership Rewards points equal 1,000 Virgin Atlantic miles - AmEx has offered limited-time bonuses of up to 40%, where 1,000 MR points translate to 1,400 Virgin miles.

Capital One made waves late last year when it began allowing transfers from its mileage program for the first time. The program had 14 airline transfer partners - 12 that transferred at a 2:1.5 ratio, and two, Emirates and Singapore Airlines, that transferred at a less generous 2:1 ratio.

Today, Monday, March 18, Capital One announced its first-ever transfer bonus. From today until March 24 at 11:59 p.m. ET, Capital One Venture cardholders will receive a 100% bonus on miles transferred to the Emirates Skywards frequent-flyer program.

That brings the transfer ratio to that program to effectively 1:1 for the week.

Emirates Skywards isn't the best frequent-flyer program, as it typically has uncompetitive mileage prices and tends to add high taxes and surcharges to award bookings. For example, a round-trip, first-class ticket between New York and Dubai booked with Emirates miles would have over $1,500 in fees.

However, the fees and miles pale in comparison to the cash prices for premium cabin tickets, and the program still has some sweet spots.

For example, round-trip flights between Dubai and Brussels go for just 135,000 miles in Emirates' industry-leading, new first-class suites. The airline also has a handful of partners, such as Korean Air, Japan Airlines, and Alaska Airlines, so there may be decent opportunities to redeem miles on partner flights.

Keep in mind that miles transfers only work one way, so you should generally have a specific redemption in mind before moving miles from Capital One to Emirates Skywards - otherwise, you might end up stuck with Emirates miles you don't plan to use. Be sure to check availability for the flights you want, and check prices with Emirates' Miles Calculator.

As competition in the rewards space continues between major players AmEx and Chase, Capital One has introduced a steady stream of improvements and added benefits to bring itself up as a strong player: a major relaunch of its dining cash-back card, bonus miles on hotel stays, partnerships with Postmates and Resy, and the ability to transfer miles from Venture and Spark Miles lines of cards.

If you're looking to earn more Capital One miles, the Venture currently offers 50,000 bonus miles when you spend $3,000 in the first three months. If you own a small business - or even if you have a solo side gig - the Capital One Spark Miles for Business offers 50,000 miles when you spent $4,500 in the first three months.

Click here to learn more about the Capital One Venture from Insider Picks' partner: The Points Guy.

Click here to learn more about the Capital One Spark Miles from Insider Picks' partner: The Points Guy.

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