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Is this a good deal/airline?
TAP has become a pretty decent carrier – not the fanciest out there but not like the low cost carriers. If you redeem for business class that do have a good product with lie flat seats on the their A330 Neo and A321 Neo aircraft.
As to this being a good deal I would recommend creating a free account with TAP Miles&Go and then do some award searches to how many miles they are charging for flights. That way you could see beforehand if there is value in converting the points from Cap One to them.