Welcome Atlas D-P,
Thank you for posting to the Microsoft Q&A forum.
I understand how frustrating it is to redeem a code successfully and then not see the expected cape appear in Minecraft, especially if this has happened before.
To better understand the issue, could you confirm the following?
- Did the redemption page confirm that the code was successfully redeemed?
- Are you signed in to Minecraft with the same Microsoft account that redeemed the code?
- Is the missing cape the recent promotional cape, the Builder's Cape, or both?
- Have you checked the cape selection screen in both Minecraft: Java Edition and Bedrock Edition (if applicable)?
Looking forward to your update.