I see people dumping on Capital One a lot on this board. Please read my situation and tell me if my logic is flawed, or in this case, Capital One is a great card to be holding.

I'm about to purchase an LAX-EWR roundtrip

If I buy the ticket, it costs $824.20. As such, I would prefer to use miles instead of purchasing with cash.

No SaverPass (CO) available, so it looks like it will be 50k CO miles.

OR

Using miles earned from a Capital One Ultra (at a rate of 2 miles per $1), the ticket can be bought for 82,420 miles.

Now, bonuses aside, you would need $50k in spend on Amex or a CO card to gain enough miles to purchase the ticket. Plus, as a straight OnePass redemption, you wouldn't earn any EQM/RDM on the flight.

To purchase that same ticket you would only need roughly $41k in spend on the Capital One card. But, the kicker is that you still earn EQM/RDM on the Capital One redemption vs. the OnePass redemption. AND, in this specific instance, the Capital One redemption books one segment into a B fare, thus putting me way at the top of the upgrade list.

Seems like a no-brainer. Am I missing something?