Capital One® Spark® Miles Select for Business Credit Card Review
Capital One® Spark® Miles Select for Business
The Capital One Spark Miles Select for Business credit card offers a simple rewards program that can if you have the itch to travel more, but don’t spend enough to justify paying an annual fee. It earns a flat 1.5X miles on all purchases, and there’s no cap on how much you can earn. Best of all, the card has an annual fee of $0, so you don’t have to worry about how much you’re paying to earn rewards.
If, however, you spend more than $19,000 each year in expenses, the Capital One Spark Miles for Business may be a better choice, as it has a bigger welcome bonus and higher rewards rate. If you want to compare how you’d make out, just plug your spending into the CardCruncher tool. Otherwise, here’s what you need to know about the Capital One Spark Miles Select for Business before you apply.
Capital One Spark Miles Select for Business Highlights
Annual Fee: $0
APR: 14.49% - 22.49% (Variable)
Welcome Bonus: 20,000 miles
Capital One Spark Miles Select Benefits:
- Earn unlimited 1.5X miles on all purchases
- No minimum miles redemption amount
- No blackout dates or seat restrictions
- 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 Select 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 Select 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 Select for Business
Here are a few things that make the Capital One Spark Miles Select for Business a good option for your business.
You’ll earn 1.5X miles per dollar on every purchase, plus a one-time bonus of 20,000 miles after you spend $3,000 in the first three months. You can redeem your rewards for travel through Capital One, book travel with the card then use miles to get a statement credit, or transfer your miles to one of the bank’s airline partners. Best of all, you don’t have to worry about blackout dates or seat restrictions.
Introductory 0% APR
With an APR of 14.49% - 22.49% (Variable), the Capital One Spark Miles Select for Business gives you some flexibility from the jump. That isn’t the longest promotion out there on a business card, and it doesn’t include balance transfers. But it can still be valuable if your cash flow is irregular or you have a big expense you can plan around.
$0 annual fee
The card’s lack of an annual fee may make it a better choice for new business owners who are looking to avoid unnecessary costs—like paying to hold a credit card.
Capital One Spark Miles Select for Business: Drawbacks and Downsides
Like any credit card, the Capital One Spark Miles Select for Business isn’t perfect. Here are some things to watch out for before you apply.
No bonus rewards categories
Earning 1.5X miles on every purchase is nice, but you could potentially earn more rewards with a card that offers bonus rewards on certain categories where you spend a lot. Some cards offer 3X points or miles on travel, while others offer up to 4X points on dining. It’s worth your while to figure out where you spend most of your money, and see if any cards offer bonuses on that spending.
You get better value if you spend more
If you spend at least $19,000 per year on your card, you may be better off with the Capital One Spark Miles for Business. It has an annual fee of $0 intro for first year; $95 after that but you’ll make up for it by getting 2X miles per dollar on every purchase. The card also offers a welcome bonus worth 50,000 miles after you spend $4,500 in the first three months.
No introductory balance transfer promotion
You won’t have to pay a balance transfer fee, which may be useful if you get the card’s lowest APR. But with no 0% APR promotion on transfers, this card’s not the best fit for business owners who need to pay down a high-interest balance on another card.
Capital One Spark Miles Select for Business Alternatives
If you’re not sure whether the Capital One Spark Miles Select for Business is right for you, here are a couple of other credit cards to consider.
Capital One Spark Cash Select for Business
The Capital One Spark Miles Select for Business already offers a lot of flexible redemption options, but if you want even more flexibility, you can get cold hard cash with the Capital One Spark Cash Select for Business. The cards are essentially identical in every way except for the rewards programs.
Capital One Spark Miles for Business
The Capital One Spark Miles for Business has an annual fee of $0 intro for first year; $95 after that. While that’s more expensive, the card also offers a welcome bonus worth 50,000 miles in travel, and 2X miles per dollar on every purchase. It doesn’t, however, offer an introductory 0% APR promotion.
Capital One Spark Miles Select for Business FAQ
Here are some common questions about the Capital One Spark Miles Select for Business and our answers to them.
What are Capital One Spark Miles worth?
It depends on how you redeem. For travel through Capital One and gift cards, you’ll get a flat $0.01 per mile. If you want cash back, you’ll get just $0.005 per mile. Finally, transfers to airline partners can net you more value, but since those loyalty programs have dynamic value structures, the value of each point or mile will vary based on how you redeem.
Does Capital One Spark have foreign transaction fees?
Capital One doesn’t charge foreign transaction fees on any of its credit cards. As a result, you don’t have to worry about paying foreign transaction fees, which are typically 3% of each transaction, while you’re abroad.
Bottom Line: Should You Apply for the Capital One Spark Miles Select for Business?
The Capital One Spark Miles Select for Business offers good rewards for no annual fee. But if you spend a lot, you could get better value from the Capital One Spark Miles for Business or another travel business credit card that charges an annual fee. Additionally, you should examine if you spend more in any single category, as you can probably find a credit card that will give you better bonus rewards in that category. The CardCruncher tool is built to do just that—and it’ll do the math.