That's exactly the point. The Travelocity AMEX is only beneficial if you purchase on Travelocity. However, Capital One miles can be redeemed anywhere, including on travelocity!

Earlier threads mentioned that hotel status benefits/bonuses were denied because the room was booked through a 3rd party site like travelocity. When redeeming Capital One miles, you wouldn't have that issue, since you could redeem through whatever travel site you prefer.

And, as noted previously, Travelocity points can only be redeemed for flights and hotels, whereas Capital One miles can quite literally be used for ANY travel related purchases. The flexibility is really the key here.

Am I missing anything here? Or has the Capital One card trumped the Travelocity AMEX?