Well, you all keep talking about redemption value as if it doesn't matter what else Cap One says before that, so let's look at the real or net value of a dollar purchase in miles in redemption terms: 1.25 miles x .01 = 0.125 miles/$1. Or turning that around, switching from miles to dollars, as Cap One misleadingly does, the $ cost of the flight x 100 = miles deducted, or $1 of purchases get one 0.125 miles net when redeemed.