We have used air miles and rewards points to pay for airline expenses in the past but this is the first time we've used Capital One's "Purchase Eraser" program and it is much easier and better than the others we've used. I am sure that other credit card companies offer similar programs so check with your card company and make sure that you are enrolled.
It doesn't cost anything but you do have to sign up for the PE program in advance, we only found out about it by accident so that's why I am telling you all about it.
With the PE program you just book your flights in the normal manner by charging them to your Capital One Visa. There are NO black out dates and the rewards program does NOT book your flights for you. Plus you earn rewards points on the airfare purchase!
Then you just wait a few days for the purchase to be posted before calling the Rewards Center to tell them that you want to use your points to "erase your recent purchase" and they will take the cost off your credit card statement and deduct the number of points used from your bank.
You have 90 days to erase a purchase and you can use the PE program to erase other travel-related purchases (hotel, rental car) but we used it for the airfare for our upcoming trip to the Caymans. Your rewards points don't expire but once you've used them they're gone and you can't get them back if your plans change; but we have trip insurance that includes the cost of the airfare so that should be okay.
Our round trip flights for 2 people from Chicago to Grand Cayman to Little Cayman and back home cost $1280 total, but we had enough points banked to erase all but $57 of that amount - that's pretty sweet!
I promise that I am not a Capital One card retailer! But just to let you know, another reason we like using this card for vacations is because they don't charge any "foreign transaction fees". Some credit cards charge 1, 2, or even 3% extra on purchases made in a foreign country and that can really increase your travel expense. It is important to know what you are getting from your Visa or MasterCard - and what they are taking from you!
It doesn't cost anything but you do have to sign up for the PE program in advance, we only found out about it by accident so that's why I am telling you all about it.
With the PE program you just book your flights in the normal manner by charging them to your Capital One Visa. There are NO black out dates and the rewards program does NOT book your flights for you. Plus you earn rewards points on the airfare purchase!
Then you just wait a few days for the purchase to be posted before calling the Rewards Center to tell them that you want to use your points to "erase your recent purchase" and they will take the cost off your credit card statement and deduct the number of points used from your bank.
You have 90 days to erase a purchase and you can use the PE program to erase other travel-related purchases (hotel, rental car) but we used it for the airfare for our upcoming trip to the Caymans. Your rewards points don't expire but once you've used them they're gone and you can't get them back if your plans change; but we have trip insurance that includes the cost of the airfare so that should be okay.
Our round trip flights for 2 people from Chicago to Grand Cayman to Little Cayman and back home cost $1280 total, but we had enough points banked to erase all but $57 of that amount - that's pretty sweet!
I promise that I am not a Capital One card retailer! But just to let you know, another reason we like using this card for vacations is because they don't charge any "foreign transaction fees". Some credit cards charge 1, 2, or even 3% extra on purchases made in a foreign country and that can really increase your travel expense. It is important to know what you are getting from your Visa or MasterCard - and what they are taking from you!
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