I have both of these, but off the bat there is a card you aren't considering that is currently better than the Cap One that does the same type of fixed point redemption. Barclay's Arrival MasterCard. If you can get approved for it, it has a 40,000 point sign up bonus with 2x points on everything, but also a 10% refund on redeemed points so you effectively get 2.2 points versus 2 with Cap One.
As for Chase versus fixed value redemption depends on how you travel(and if you don't travel you're missing the objective of these cards).
The Barclay's/cap one shows its values for budget/ cheap travel and incidentals. Cap one does not allow partial redemption (barclays does, another point) so you have to have enough points to cover the entire purchase you're making. This is great until you start approaching $1,000 purchases or higher. At this point, the chase gains tremendous value as you may be able to fly first class on the same amount of points as Cap One, however the value of that ticket could be $4,000 which would have cost 400,000 points of cap one points.
It gets a little complicated, but I recommend searching the travel blogs etc for advice.
However Barclay's > Cap one.
This post was edited on 6/12 at 9:32 am