Capital One Spark Miles for Business Credit Card Review
Capital One® Spark® Miles for Business
The Capital One Spark Miles for Business offers a valuable rewards program that can be a great fit for business owners who travel often. The credit card offers a big welcome bonus and a high rewards rate on every purchase, so it’s easy to rack up miles. That said, it may not be the best fit for you depending on your spending habits and if you’re OK with paying an annual fee.
If you’re unsure, it’s definitely worth trying the CardCruncher tool to compare cards. It’ll help you find the card that gives you the most rewards. But if you think the Capital One Spark Miles for Business is right for you, read on to learn everything you need to know before you apply.
Capital One Spark Miles for Business Highlight
Annual Fee: $0 the first year, then $95
Welcome Bonus: 50,000 miles
- 2X miles per dollar on every purchase
- No minimum cash-back redemption amount
- Quarterly and yearly summaries
- Rental car insurance
- Purchase protection
- Extended warranty protection
- Free employee cards
- No foreign transaction fees
- No balance transfer fee
Capital One Spark Miles Minimum Payment: The greater of $25 or 1% of the balance, plus new interest charges, past due fees, and any past due amount.
Capital One Spark Miles Fees:
- Cash advance fee of 3% of the transaction amount ($10 minimum)
- Late payment fee of up to $39
Why Apply for the Capital One Spark Miles for Business
There’s a lot to like about the Capital One Spark Miles for Business. Here are our favorite features.
Lucrative rewards program
New cardholders will earn a one-time bonus of 50,000 miles after spending $5,000 in the first three months. That’s worth $500 in travel through Capital One. You can get an additional 150,000 bonus miles when spending $50,000 in the first six months. You’ll also earn 2X miles per dollar on every purchase, so it’s easy to accumulate a ton of miles.
Flexible redemption options
The Capital One Spark Miles for Business gives three travel-related redemption options: booking travel through Capital One, booking travel with the card then using miles for a statement credit, or transferring miles to one of Capital One’s airline partners. By transferring your miles, you could potentially get even better value, too.
No annual fee the first year
The card has an annual fee of $0 the first year, then $95. That gives you plenty of time to determine whether you want to hold onto it for the long run.
Capital One Spark Miles for Business: Drawbacks and Downsides
No credit card is perfect, including the Capital One Spark Miles for Business. Here are some aspects that may be deal breakers.
No chance for bonus rewards
You’ll earn an impressive 2X miles on every purchase. But if you spend a lot in one or two areas, like travel or at office supply stores, some business credit cards offer up to 5% back on bonus categories. Run the numbers to determine which card and rewards program is best for you.
Not for businesses with few expenses
After the first year is over, you’ll need to spend $4,750 each year just to make up for the annual fee—and you’ll need to spend $19,000 to beat the card’s no-annual-fee version, the Capital One Spark Miles Select for Business. Fortunately, you’ll have a year to figure out if you spend enough to make the card worth its price.
No introductory 0% APR
If your top priority is getting a deal on a low interest rate, this card won’t provide it.
Capital One Spark Miles for Business Alternatives
If you like the Capital One Spark Miles for Business but want to compare it with some other options, here are a couple to consider.
Capital One Spark Miles Select for Business
If your business doesn’t spend a ton, it may be tough to make up for an annual fee on the Capital One Spark Miles for Business. In that case, take a look at the Capital One Spark Miles Select for Business. It doesn’t charge and annual fee. The tradeoff is a lower rewards rate of 1.5X miles, and a welcome bonus of just 20,000 miles after you spend $4,500 in the first three months. If you cast aside the difference in bonuses, you’d need to spend $19,000 per year to offset the annual fee on the Capital One Spark Miles for Business.
Ink Business Preferred Credit Card
The Ink Business Preferred Credit Card combines great rewards rates and excellent redemption options. You’ll get 3X points per dollar on the first $150,000 spent each year on travel, shipping purchases, internet, cable, and phone services, and on advertising purchases made with social media sites and search engines. All other purchases will net you just 1X point per dollar. But you’ll also earn a welcome bonus of 80,000 points after you spend $5,000 in the first month—that’s worth nearly double the welcome bonus on the Capital One Spark Miles for Business.
Capital One Spark Miles for Business FAQ
Here are some questions we came across while doing research for the Capital One Spark Miles for Business, along with our expert answers.
What are Capital One Spark Miles worth?
Miles value vary depending on how you redeem them. If you book travel through Capital One with miles or purchase gift cards, you’ll get a flat $0.01 per mile. Cash back redemptions give you half that, or $0.005 per mile. If you transfer your miles to one of the bank’s airline partners, though, you could get potentially better value, depending on how you redeem those miles.
Does Capital One Spark have foreign transaction fees?
Capital One doesn’t charge foreign transaction fees on any of its cards. You really can’t go wrong with Capital One if you’re planning a trip abroad. The typical foreign transaction fee is 3%, so you could save a lot on a long trip or regularly spending outside the U.S.
Bottom Line: Should You Apply for the Capital One Spark Miles for Business?
The Capital One Spark Miles for Business offers incredible value to business owners who spend enough to make up for its annual fee after the first year. Plus, its flexible redemption options beat what you find on most business travel rewards credit cards. As with any card, be sure to compare it with other credit cards before you apply to make sure you’re getting the best deal. The CardCruncher tool can help with that—it’ll find you the card with the best rewards for how you spend.