When the Capital One travel portal beats a transfer

Capital One miles redeem at a flat 1 cent per point against any travel purchase, which puts a floor under their value that transferable-only currencies don't have.

On routes where partner award space is scarce or where a cash fare is unusually cheap, redeeming at the flat rate can beat hunting for a transfer-partner award seat.

The rule of thumb: if the best award you can find prices out under 1 cent per point of value, take the cash-back-style redemption instead.