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In the midst of the coronavirus pandemic, Capital One is yet again adding additional limited-time features to a number of its credit cards. On Monday, the issuer announced that, starting July 14, cards in both the Capital One Savor and Capital One Venture families will earn 5% cash back or 5 miles for every dollar spent on orders made with the food delivery service Uber Eats.
The new bonus category, which is available through Jan. 31, 2021, has no cap, meaning any Uber Eats order paid for with a Capital One® Venture® Rewards Credit Card or a Capital One® VentureOne® Rewards Credit Card will earn 5 miles for every dollar spent between July 14 and the end of January.
No enrollment is required to earn bonus rewards for Uber Eats orders on these Capital One cards. Card holders need only use one of the eligible Capital One cards to pay for their order, and the rewards will be credited to the customer’s account within 1-2 billing cycles.
The only Uber Eats purchases that won’t earn bonus miles or bonus cash back are those paid for with third-party payment accounts, such as PayPal, mobile or wireless card readers, mobile or digital wallets such as Apple Pay and Android Pay, or similar technology. So you’ll want to make sure you pay directly with your eligible Capital One card when ordering Uber Eats.
The new Uber Eats partnership comes on top of several other new limited-time benefits the issuer has recently added. Card holders with Capital One Venture or Capital One VentureOne cards can currently redeem miles for both food delivery and streaming services through Sept. 30 at a rate of 1 cent per mile. That means with the new partnership, it’s possible to both earn bonus miles and redeem them for the same Uber Eats purchase.
Meanwhile, from now through Sept. 30, Capital One Savor and SavorOne cards are earning 4% bonus cash back on purchases made on eligible streaming services such as Netflix, Hulu and Disney+. The Savor card regularly earns 4% cash back on entertainment and dining (including restaurant takeout and delivery), while the SavorOne earns 3% cash back in those categories. Both cards also earn 2% back at grocery stores and 1% back on all other purchases.
The Capital One SavorOne is already at the top of CNN Underscored’s list of the best credit cards for food delivery, with the Capital One Savor also on our list. Now, with this new 5% cash back bonus category, the card is even more valuable for people who find themselves ordering food at home more often during the pandemic.
The only cards with a potentially higher return on Uber Eats orders are the Chase Sapphire Reserve, which earns 3 points per dollar spent on dining — including many food delivery services — and the American Express® Gold Card, which earns 4 points per dollar in the same way. CNN Underscored’s partner The Points Guy values both Chase Ultimate Rewards and American Express Membership Rewards points at 2 cents apiece, meaning the Sapphire Reserve earns an effective return of 6 cents per dollar at Uber Eats, while the Amex Gold earns 8 cents per dollar.
However, getting maximum value for either Chase or Amex points is generally only feasible when redeeming them for travel, meaning you’re unlikely to get 2 cents per point in value from either card in today’s travel environment. In contrast, the Capital One SavorOne card earns easily redeemable cash back, and also comes with no annual fee, versus the $550 annual fee of the Chase Sapphire Reserve or the $250 annual fee of the Amex Gold.
The Capital One Venture is also an impressive travel credit card, earning an easy-to-remember 2 miles per dollar spent on all purchases and carrying only a $95 annual fee. It’s one of CNN Underscored’s best credit cards of 2020, though if you’re considering getting the Venture, you might also consider the Citi® Double Cash Card, which earns 2% cash back — 1% when you make a purchase, and 1% when you pay your statement — on all purchases with no annual fee.
Many credit card issuers have been aggressively adding limited-time benefits to their cards in an effort to increase customer usage during the economic downturn, and it’s great to see Capital One as a member of that club. So if you already have one of the four eligible Capital One cards, make sure you choose it as your method of paying when ordering from Uber Eats. And if you don’t have one of the eligible cards but order regularly from Uber Eats, consider whether adding one of them makes sense.
Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.
Note: The prices above reflect the retailer’s listed price at the time of publication. 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.