Source: Capital One

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Capital One announced today that rewards cardholders will soon be able to redeem their rewards for entertainment events like concerts and sporting events. The new platform, Capital One Entertainment, will be released Thursday, March 24, and can be accessed from the Capital One app or online.

Capital One has been expanding its reward offerings for cardholders. In recent months, they've announced a new dining rewards program as well as a new high-end travel card, the Capital One Venture X.

Also:Capital One announces Capital One Dining for rewards cardholders 

Capital One Entertainment -accessed online or in the Capital One app -makes it easier for reward cardholders to redeem their points for tickets. All it takes is the push of a button with no need to pick up the phone or contact the box office. According to Capital One, cardholders will be able to redeem rewards for tickets to over 500,000 events.

Source: Capital One

The platform is powered by Vivid Seats and is simple to use. Search for events in your area, then choose to redeem rewards for tickets. Cardholders can also choose to use their card to pay, or use a combination of both. Events include concerts, sporting events, and dining events.

Redemption rates

According to Capital One, redemption rates vary depending on the type of card consumers are using to get the tickets. 

Cardholders with a card in the Venture family, which earn miles, will receive a transfer rate of 1 mile to$0.008. For example, a$100 ticket is redeemable for 12,500 miles. Customers with a Quicksilver or Savor card, which earn cashback, will receive a transfer rate of 1:1. So a$100 ticket would be redeemable for$100 in cash rewards.

It's important to note that using miles for entertainment tickets, therefore, would not get cardholders the best possible value for their rewards. When redeeming for travel, miles transfer at a 1:1 rate. Or, cardholders could transfer miles to Capital One's travel partners where they could find an even greater value for their miles. In some cases, the right transfer deal could net Capital One Venture cardholders a per-mile value of over 1.5 cents.

Savor and Quicksilver cardholders have a little more flexibility when searching for the best value. They can use their rewards to redeem tickets or statement credits and get equal value for their rewards.

Special offers for Venture X cardholders

Capital One Entertainment is available to all of its Capital One rewards cardholders. However, Venture X cardholders get special access to exclusive events and offers. Currently, Venture X owners can redeem the following ticket packages for 100,000 miles:

• NCAA Men's Final Four Weekend in New Orleans(April 1 - 4, 2022)including 2 suite seats, passes to Capital One JamFest, and Men's Final Four Fan Fest presented by Capital One.

• iHeartCountry Festival in Austin, TX(May 7, 2022) including premium tickets and access to a sound check with headliner Thomas Rhett.

Capital One plans to add other exclusive experiences throughout the year, including events like the iHeartRadio Music Festival, Capital One Orange Bowl, the College Football National Championship, James Beard Foundation events, the MICHELIN Guide culinary events, among others.

The Venture X card, for now, features a welcome bonus of 75,000 bonus miles for spending$4,000 in the first three months with the card. If cardholders can reach the bonus, they'd be more than halfway to seats at the game or the festival.

The card earns 10x miles for hotels and rental cars booked through Capital One Travel, 5x miles for flights booked through Capital One Travel, and 2x miles for everything else. There is no limit to the rewards cardholders can earn, and it features an impressive array of travel perks for its$325 annual fee.

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