How much is a Capital On Tap point worth?

As cashback, 1 point equals 1p, so 100 points = £1. Converted to Avios on the Rewards card, the value varies and can be higher or lower than 1p depending on the flight.

How long do points take to appear?

Points from spending post to your account within a few days. The 7,500-point welcome bonus typically appears within a few business days of your first transaction.

Do Capital On Tap points expire?

Points generally remain valid while your account is open and in good standing. Check your current terms in-app, as reward terms can change.

Can I redeem points for cash to my bank account?

Points are redeemed as cashback against your Capital On Tap balance rather than paid out to an external bank account. This reduces your balance or builds positive credit.

How do I get the welcome bonus?

Apply with referral code 2REFY893A52 and make your first card purchase. You'll receive 7,500 points worth £75, usually within a few business days.

Rewards

How to Redeem Capital On Tap Rewards: Cashback & Avios (2026)

By Afshin · 31 May 2026 · 6 min read

Capital On Tap rewards you with points on every pound you spend, but the value you get depends entirely on how you redeem them. This guide walks through each main redemption route — cashback (statement credit) and Avios — and explains which gives the best value. New customers also get a 7,500-point head start (£75) with referral code 2REFY893A52.

How many points do you earn?

On the standard no-fee card, you earn 1% back as points — 1 point per £1 spent, where each point is worth 1p as cashback. On the Business Rewards card (£99/year), you earn an enhanced rate and can convert points to Avios.

Your welcome bonus of 7,500 points (worth £75) lands after your first qualifying transaction when you apply with code 2REFY893A52.

Redemption option 1: Cashback to your balance

The simplest route is cashback. Points convert at 1 point = 1p and are applied directly to your Capital On Tap balance, reducing what you owe or sitting as positive credit toward future spend.

This is the best choice if you want guaranteed, predictable value with no strings attached.

Redemption option 2: Avios for flights

On the Business Rewards card, points can be converted into Avios — the currency used by British Airways, Aer Lingus and Iberia. For businesses that fly regularly, Avios can deliver more than 1p of value per point, especially on premium-cabin redemptions.

Avios value is variable: it depends on the route, cabin and how far ahead you book. If you don't fly often, straight cashback is usually the safer bet.

Best for frequent business travellers
Potential value above 1p per point on the right redemptions
Requires the £99/year Business Rewards card
Value fluctuates with availability and taxes/fees

Which redemption gives the best value?

For most small businesses, cashback wins on simplicity and certainty — you always know a point is worth 1p. If you fly several times a year in business or premium cabins, Avios can beat cashback, but only if you actually use them.

A practical approach: take cashback by default, and only pay for the Rewards card if your own numbers show the Avios value (and the extra earn rate) clearly outweighs the £99 annual fee.

Frequently asked questions

How much is a Capital On Tap point worth?: As cashback, 1 point equals 1p, so 100 points = £1. Converted to Avios on the Rewards card, the value varies and can be higher or lower than 1p depending on the flight.
How long do points take to appear?: Points from spending post to your account within a few days. The 7,500-point welcome bonus typically appears within a few business days of your first transaction.
Do Capital On Tap points expire?: Points generally remain valid while your account is open and in good standing. Check your current terms in-app, as reward terms can change.
Can I redeem points for cash to my bank account?: Points are redeemed as cashback against your Capital On Tap balance rather than paid out to an external bank account. This reduces your balance or builds positive credit.
How do I get the welcome bonus?: Apply with referral code 2REFY893A52 and make your first card purchase. You'll receive 7,500 points worth £75, usually within a few business days.

Ready to apply?

Get £75 free with code 2REFY893A52

Read the full Capital On Tap promo code guide for eligibility, fees and approval times.

Apply with referral link →