Updated May 2015: The Capital One Aspire Travel World MasterCard has been discontinued and replaced with the Capital One Aspire Travel World Elite MasterCard. The biggest change is that the 35,000 point welcome bonus has been replaced with a 10,000 point welcome bonus. Also, the new card no longer offers the ongoing 10,000 point bonus on your card anniversary.
The Capital One Aspire Travel World MasterCard was recently rated the best travel rewards credit card by MoneySense magazine. This card made its Canadian debut in June, 2010 and took the rewards card market by storm by offering a large sign-up bonus, a renewal bonus and a juicy redemption rate.
Capital One Aspire Travel World MasterCard
Other travel credit cards only offer single miles for your purchases, but the Capital One Aspire Travel World MasterCard earns you double miles on all purchases.
Not only that, the card comes with a generous 35,000 bonus reward miles on your first purchase and an additional 10,000 anniversary bonus reward miles every year. Capital One sets the bar very high and blows the competition away when it comes to travel rewards. Here’s an overview of this credit card:
- Double miles on all purchases
- 35,000 bonus reward miles on your first purchase
- 10,000 anniversary bonus reward miles every year
- Add an authorized user for $0 and their purchases will earn you even more reward miles
- World MasterCard benefits including Travel Emergency Medical Insurance and Trip Cancellation Insurance
- $120 annual fee
Earning Travel Miles
Earning travel miles is easy with the Capital One Aspire Travel World MasterCard. Cardholders earn 2 miles for every dollar spent on any purchase, from travel to gas and groceries, and everything in between.
There are no gimmicks and no restrictions on earning miles. When you factor in the introductory bonus miles and the anniversary bonus miles, the travel points can really add up quickly.
Redeeming Travel Miles
Capital One has taken the pain out of redeeming travel miles. With their No Hassle Rewards, you book your own trip and fly on any airline, stay in any hotel or choose your own car rental company. Then you simply redeem your reward miles to pay for your travel.
There are no hidden fees, and unlike other rewards programs such as Aeroplan, Capital One allows you to pay for the taxes on your travel with your rewards miles. How many miles do you need to travel?
- 15,000 miles = $150
- 35,000 miles = $350
- 60,000 miles = $600
- 60,001 and above = cost of travel x 100
The nice thing about this rewards program is the ability to redeem your points for gift cards, merchandise and even cash.
How Many Travel Miles Will I Earn?
In order to maximize my rewards, I use my credit card for every possible purchase.
I spend approximately $2,600 per month on my credit card, so let’s take a look at how many travel miles I can earn from the Capital One Aspire Travel World MasterCard in the first year:
2 miles for every $1 in purchases – 62,400 miles
35,000 bonus miles with first purchase – 35,000 miles
10,000 bonus anniversary miles – 10,000 miles
Total travel miles earned in first year = 107,400 miles
107,400 miles is the equivalent of $1,074 worth of travel. When you subtract the $120 annual fee, my first year total would equal $954 worth of travel points on $31,200 in annual spending. That’s a redemption rate of just over 3%, which is fantastic.
After the first year, my total travel miles earned each year would drop to 72,400. When you subtract the $120 annual fee, that leaves me with $604 worth of travel points on $31,200 in annual spending. That’s a redemption rate of 1.94%, which is still pretty decent.
Final Thoughts On Capital One Aspire Travel
The Capital One Aspire Travel World MasterCard is one of the top all-around reward credit cards in Canada. Even with the steep annual fee, the redemption rates are outstanding since you can earn double miles on every purchase and receive generous bonus miles every year.
Consider this credit card if you have a fairly high income with a good credit rating, pay off your balance in full, can spend over $2,500 per month on your credit card, and don’t mind paying an annual fee for the chance to earn rewards. With this card, rewards will add up quickly.