Members receive a 1,000:1,150 transfer ratio on Capital One points through August 31, 2025. Transfers post instantly without registration and there is no cap on bonus miles earned. LifeMiles expire 12 months after the last earning activity and redemptions do not reset that clock. Recent program changes have raised award costs and exposed inconsistent partner inventory on Star Alliance carriers. Despite the devaluations and booking quirks, premium cabin redemptions often deliver strong value for members.