About Capital One Spark Miles for Business Card
The Capital One Spark Miles for Business credit card is a travel-focused rewards card that gives business owners the chance to earn 50,000 miles if they can spend $4,500 in the first three months.
The card has some other business-specific benefits that make it a better fit for an entrepreneur than a straight travel card.
However, understanding which card is best for you and your employees is more than just whether or not the card can earn a specific type of rewards. Interest rates, long-term benefits, and other factors are just as important as up-front perks.
We’re going to take an in-depth look at this card to see if it’s the kind of financial tool that can benefit you in the long run and not just in the first year.
Our exploration will cover the Spark Miles for Business’ short-term and long-term benefits, it’s rates and fees, the reviews it gets from experts other than HighYa and a final section that expresses our overall thoughts about the card.
A Quick Word About Who Can Apply for the Capital One Spark Miles for Business Card
The fine print on this card has some specific requirements for who can and cannot apply for the Spark Miles.
According to Capital One, you’ll need a Tax ID Number or an Employer ID Number to apply for the card.
Also, you won’t be eligible for this card if you’ve:
- Applied for a Capital One credit card twice in the past 30 days
- Are past due on a Capital One account
- Have five or more open Capital one credit cards
- Are over your credit limit on a Capital One card
There are a few other requirements, too, but you don’t have to worry about them, more or less, if your Capital One accounts are in good standing.
The Capital One Spark Miles for Business Card’s Short-Term Benefits
As we mentioned earlier, if you can spend $4,500 in the first 90 days of owning this card you’ll get 50,000 miles credited to your Capital One account.
These aren’t actual miles, though – they’re points valued at $0.01 that can be applied to travel-related purchases on your statement. So, if you buy a plan ticket for $450, you need 45,000 miles to offset the cost.
Using the miles is as simple as logging into your Capital One account, selecting the “Purchase Eraser” tool and choosing the transactions you want to cancel out.
Remember, you can only use your miles to erase travel transactions. Here’s a list of what Capital One considers “travel” purchases any purchases from:
- Airlines, hotels or rail lines
- Car rental companies
- Limousine services
- Bus lines
- Cruise lines
You also have the option of using miles to pay for travel booked through Capital One’s online Rewards Center and to use the miles to purchase gift cards through the same rewards portal.
Any miles you accrue as a cardholder will never expire unless you cancel your account, at which point unused miles will be forfeited.
In addition to earning these bonus miles, you’ll also get the card’s $59 annual fee waived the first year you own the card.
The Capital One Spark Miles for Business Card’s Long-Term Benefits
The Spark Miles card has several different categories of long-term perks.
Double Miles on All Purchases
Once you receive your bonus miles about 6-8 weeks after you hit the spending requirement, you don’t have any new chances to earn big chunks of rewards for spending a certain amount. You will, however, earn double miles on all purchases you make.
This 2-for-1 miles accrual mirrors the Capital One Venture card, the company’s heavily marketed travel credit card hawked by the likes of Samuel L. Jackson and Jennifer Garner.
You know your business better than we do, so take a moment to consider how much credit-card spending you do or can do every month. Divide that number by 10 and that’s how much cash you’ll have every month to put toward travel purchases.
Flexibility for Redemption
In one sense, this is a travel card because that’s how it’s marketed. In another sense, however, the miles you accrue can be considered cab fare, as your miles can be used to erase cab fares paid for with your card.
As you can see, this card has some flexibility in terms of how you redeem your miles. There’s also no cap on how many miles you can earn, which means high-spenders have a lot to gain from this card.
Low Annual Fee
The Spark Miles for Business has an annual fee of $59, which is cheaper than many of the leading business cards. It’s a hallmark of the Capital One credit card family, as both the Capital One Venture and the Capital One Spark Cash for Business have the same annual fee.
Free Employee Cards
This benefit is standard for most of the reputable business cards on the market. Basically, you get free cards for your employees and the rewards accrued from their purchases go to your account.
Travel, Rental Car and Shopping Protection
Since the Spark Miles is part of the Visa Business family of credit cards, you get some extra benefits for certain purchases.
Cardholders who purchased travel with this card will get reimbursement for lost luggage up to $3,000 ($2,000 in New York) and concierge-style medical services that will connect you with the proper services and help should you suffer an emergency while traveling.
Rental Car Insurance
Whenever you use your Spark Miles credit card to rent a car, you can waive the car rental company’s insurance because Visa will cover your car in the event of an accident.
Extended Warranties and Lost/Stolen Purchases
Using your Spark Miles card to buy various items can be advantageous because certain purchases will automatically get an additional warranty that matches the item’s manufacturer warranty. Also, should something you purchased get lost or stolen in the first 90 days, you can be reimbursed.
However, remember that all these protections and insurances are subject to certain restrictions and limits. All the details are included in the Spark Miles’ benefits guide.
The Capital One Spark Miles for Business Card’s Rates and Fees
According to capital One’s website, only individuals with excellent credit will get the Spark Miles card. Knowing that makes it a lot easier to understand the card’s rates and fees.
You get one APR: 17.74. As credit cards go, this is a middle of the road interest rate. Remember, this rate only kicks in if you don’t pay your balance in full every month.
Your interest rate could go up to 30.15% if you make two late payments within a 12-month period. The only way to get rid of this penalty interest rate is to make 12 consecutive on-time payments, the fine print says, and, even then, your rate may not return to what it was before the late payments.
Capital One will also slap you with a $39 fee if you pay late on a balance above a few hundred dollars.
As we mentioned earlier, the Spark Miles’ annual fee is $59 but is waived the first year.
Pro tip: The minimum line-of-credit you can get is $2,000.
Reviews of the Capital One Spark Miles for Business Card
The Spark Miles card is a popular one with business owners and, as such, there are numerous reviews of the card by expert sites other than HighYa.
The Spark Miles gets a positive review from writer Lindsay Konsko. She noted the card’s high rewards rate and lack of foreign transaction fee but listed the card’s annual fee as a negative.
“If you’re looking for a credit card for your business that offers a high, fixed rewards rate on all your spending, the Capital One Spark Miles for Business delivers.”
Writer Robin Ratcliff gave the Spark Miles 4.4 stars out of five, handing out high marks for the card’s rewards rate and rewards flexibility.
“For business owners seeking miles with every purchase,” she wrote, “the Capital One Spark Miles for Business card may seem like a sweet deal.”
She went on to say that, though the intro bonus was big, the card’s rewards structure was very simple and, basically, uninspiring.
More than 140 cardholders had reviewed the Spark Miles for Business at the time of publishing. According to the site’s metrics, 76% of those reviews were 4 stars and 10% were 5 stars.
The site’s credit card editor, John Kiernan, gave the card 4.9 out of 5 stars, saying the Spark Miles , good bonus and “excellent ongoing rewards.”
Our Final Thoughts About the Capital One Spark Miles for Business Card
The Spark Miles for Business card from Capital One is, as business credit cards go, a pretty sound choice. The APR is middle-of-the-road, the miles bonuses are straightforward and there’s not a lot that can go wrong with the card.
If you’re a high-spending business, then you stand to gain a decent amount of cash back each month. The catch is, however, that cash back can only be applied to travel purchases you make with your Spark Miles.
You can also redeem those cash rewards for gift cards and travel booked through Capital One’s Rewards Center, but, as far as business cards go, your decision most likely is based on how much cash back you can get back and not how many gift cards you can buy.
Of course, you aren’t limited to cash back – a steady stream of free gift cards could be great gifts for employees and you may want to consider that as a plus for this card.
Keep in mind, though, that American Express and Chase business credit cards also have in-house portals through which you can purchase gift cards.
If it’s cash back you want and you travel a great deal, this is a decent card. However, if you want to have the freedom to apply your cash-back rewards to any purchase you choose, consider the Spark Cash for Business.
The card has exactly the same rewards rate, fees/interest rates, and terms and conditions as the Spark Miles, but you can use the cash back for any purchase on your statement and not just travel.
In this sense, it’s hard to understand why Capital One would offer two different cards since you can use your Spark Cash to pay for travel and everything else on your statement.
Should you decide that you want to do a little more research on business credit cards, take a few minutes to read through our reviews of the Spark Cash for Business, the Chase Ink Business Cash and the American Express Business Gold from OPEN card.
While the Spark Cash is basically the same card as the Spark Miles, the Chase Ink Business Cash and the AmEx Business Gold offer some interesting options that you don’t get with the Spark cards.
For example, the Ink Business Cash gives you 5% rewards on purchases at office supply stores and on phone/internet/TV services.
The AmEx Business Gold has a high annual fee ($175) but has five business-purchase categories from which you can choose one to earn 3% rewards while the others get 2%.
As we mentioned earlier, the best business rewards credit card tends to be the one that offers you the highest rewards rate in the areas where you spend the most. Consider this factor as you read through our reviews.