Capital One will make 2 big travel enhancements in the coming weeks, adding a valuable new airline partner and cancel-for-any-reason coverage

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• Capital One will add Virgin Red as a partner, and introduce a 20% transfer bonus for three other partners.
• The Capital One Travel portal will begin rolling out cancel-for-any-reason-coverage.
• The Capital One Venture X Rewards Credit Card will lose its current bonus on March 14, 2022.
• Read Insider’s guide to the best Capital One credit cards.

Capital One miles continue to rise in ranks among travel rewards programs as Capital One works to introduce more flexibility to its customers. In the coming weeks, Capital One will make two big moves:

1. It will add Virgin Red as a transfer partner
2. It will introduce cancel-for-any-reason coverage within the Capital One Travel portal

Capital One has also revealed that it will offer a 20% transfer bonuses to three airline partners. And the current Capital One Venture X Rewards Credit Card sign-up bonus will expire in the coming weeks.

Here’s everything you need to know about the changes coming soon to the Capital One program.

Read more: How to earn and use Capital One miles

Firm end date for the current Capital One Venture X bonus

Let’s get the bad news out of the way first. The current Capital One Venture X Rewards Credit Card bonus is scheduled to end on March 14, 2022.

This card currently offers a massive welcome bonus of Capital One Venture X Rewards Credit Card. Plus, new cardholders receive up to $200 in statement credits toward vacation rental purchases (like Airbnb and VRBO) made with their card in the first year.

The miles from the bonus are worth at least $1,000 in travel. But because Capital One miles can be transferred to valuable airline and hotel partners, it’s possible to get even more value from them.

Read more: How Capital One’s latest credit card improvements earned them the top spot in my wallet

Insider estimates you’ll receive an average value of 1.7 cents per mile when using your rewards this way. That makes 100,000 miles worth potentially $1,700 in travel.

We don’t know what the new card bonus will be, but we’ll almost certainly see a steep decrease in value. If you’ve been considering this card, it’s a good idea to apply before March 14.

Read more: Capital One Venture X review

New Capital One transfer partner and transfer bonuses

Capital One will soon add Virgin Red as a 1:1 transfer partner. In other words, you’ll be able to convert 1,000 Capital One miles into 1,000 Virgin Red points.

Virgin Red is the loyalty program of the Virgin family of products. You can spend your points for flights on Virgin Atlantic or Virgin Australia; you can book cruises on Virgin Voyages; you can purchase unique adventures with Virgin Experience Gifts.

There are a handful of extremely compelling award routes with Virgin Atlantic. This is a nice addition for Capital One collectors — and it brings the Capital One partner count to an above-average 18 in total.

Also, from March 1 to March 31, 2022, Capital One will offer 20% transfer bonuses to the following partners:

• Aeromexico
• Avianca
• Wyndham

This means that for every 1,000 miles you transfer, 1,200 rewards will be deposited into your loyalty account.

Read more: Guide to Capital One transfer partners

Cancel-for-any-reason coverage will begin rolling out

Capital One announced last year an exciting feature coming to the Capital One Travel portal: cancel-for-any-reason coverage. For a nominal fee at checkout, you can purchase the ability to cancel your flight with no questions asked and receive 80% of your money back.

Some travel insurance agencies sell this coverage, but it can often be pricey — and you may not recoup 80% of your fare.

This, along with other features such as price match guarantee (you’ll be refunded if you find a cheaper fare within 24 hours of booking) and price freeze (lock-in the current airfare for a small fee), you’ve got lots of incentive to use Capital One Travel for your future flights.

Read more: A preview of the Capital One Travel portal

Bottom line

Capital One continues to improve its loyalty program, making Capital One miles more valuable than ever. With the addition of a new airline partner, upcoming transfer bonuses, and a feature-packed proprietary travel portal, it’s almost all good news from Capital One.

Almost, I said. The Capital One Venture X Rewards Credit Card bonus will expire on March 14, 2022. If you’re interested in this card, apply before then.