Capital One Spark Miles for Business Review

Capital One Spark Miles
The Capital One Spark Miles earns 2x miles on all purchases and is complimented with low annual fees. This simple business credit card packs a serious punch and warrants serious consideration.
  • Annual Fee:
    $0 First Year, then $95
  • Regular APR:
    20.99% Variable
  • Recommended Credit Score:
    670 - 850

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Most business owners need a credit card to help them take care of purchases for their business. The big deciding factor for business credit cards normally comes down to the rewards you can receive.

If you’re traveling a lot for business, then you may want to find a card that gives you miles as a reward. If that sounds appealing to you, then you may be interested in the Capital One Spark Miles card. This is a card that racks up the rewards in miles. Keep reading to learn all about the Capital One Spark Miles card.

Capital One Spark Miles for Business Pros and Cons

Pros:

  • High Rewards Rate: This card provides a lot in the way of rewards. The high rate of return means that you can earn more quickly. That’s always important when you run a small business.
  • No Minimum Redemption: You can redeem your rewards at any point in time with this card. There’s no need to wait – no minimum amount means they’re ready to use as soon as they’re earned.
  • Low Annual Fee: Though many Capital One cards come with no annual fee, this is not one of those. They also offer an introductory year with no annual fee, meaning that you pay nothing the first year you use the card. The fee is actually quite low, though.

Cons:

  • No Intro APR: Capital One doesn’t offer an introductory APR with this card. That means that you’re being charged interest the moment that you start using it.
  • High APR: Compared to some of the other cards on the market, this card has a high APR rate, making it unappealing for some individuals.

Capital One Spark Miles for Business Review

  • Annual Fee: $95
  • Foreign Transaction Fee: $0
  • Regular APR: The regular APR for the Spark Miles for Business card is 20.99%. The base rate is the same, regardless of your credit score. The rate is variable, as well.
  • Rewards: Earn unlimited 2x Miles on all Purchases.
  • Sign-Up Bonus: Earn up to 50,000 Bonus Miles.

As you can see, the card has its ups and downs. It’s really designed with the intent of travel being the main draw.

As such, it may not have a place in the wallet of someone who doesn’t need those travel miles that are offered.

Capital One Spark Miles for Business Rewards

Rewards are sometimes the singular reason a person signs up for a credit card. When it comes to the Spark Miles for Business card, this is probably fairly true. The biggest draw to signing up for the card comes from the double miles reward system it has.

Earning Rewards

Earning rewards is simple with this card. You just have to use it. Every purchase made with this card offers double-mile rewards.

This means that it’s very flexible in terms of how you use it. You don’t have to go out of your way to make specific purchases. Just swipe, and you’re earning double miles.

Redeeming Rewards

Capital One is very good at making redemption an easy process. With their cash back cards, it’s as simple as picking the way you want to receive your cash back. The same can be said of their miles program. When you want to redeem your miles, you have three ways of doing so:

  • Use the Capital One travel portal. You can book all of your travel options using this portal. It’s the easiest way to go about things.
  • Book travel elsewhere and use the Capital One Purchase Eraser. All you have to do is make the travel purchase using your credit card. Then, you pick the expenses on your credit card statement and apply the points there. The miles are worth about a penny apiece using this method. You have 90 days to use the Purchase Eraser to redeem points on your statement.
  • Transfer your miles to another airline or hotel program. This is the hardest process to go through, but it is nice that it’s offered. Keep in mind, though, that miles may not be transferred at a one-to-one ratio. This makes it less than worth it to transfer miles out of the Capital One program.

Capital One Spark Miles for Business Features and Benefits

Unlimited 2x Rewards

Cardholders can earn double miles for every purchase they make using the card. This means that for every dollar spent, a cardholder earns 2 miles.

Lucrative Introductory Bonus

Capital One’s best feature for this card is their sign-up bonus. They offer a one-time bonus of 50,000 miles once $4,500 in purchases has been made.

This amount needs to be met within the first three months of holding the card. 50,000 miles is worth roughly $500 when considering the Capital One miles model.

Low Annual Fee

Capital One offers an introductory year on this card with no annual fee. However, after the first year, the annual fee is increased to $95. This can be a charge that some business owners look to avoid entirely.

No Foreign Transaction Fees

Like many other Capital One cards, this card has no foreign transaction fees. This is especially useful, assuming you’ll be using it to travel for your business, of course.

These are all key components as to why people love this credit card. However, the card comes with quite a few additional features and benefits, as well:

  • $100 travel credit that can be used on Global Entry or TSA Precheck
  • Free employee cards at no additional cost to you or your business
  • Year-end itemized reporting
  • No foreign transaction fees

As you can see, there are several benefits to be enjoyed when using this card, especially if you’re constantly traveling for business. This is for the traveling salesman, most definitely.

How Does Capital One Spark Miles Compare to Other Business Cards?

#1. Capital One Spark Miles vs. Capital One Spark Miles Select for Business

Two cards offered by the same company, but with different rewards and fee schedules. Both are designed for use by travel-oriented businesses. However, the Capital One Spark Miles Select Card is a bit less rewarding than the standard Spark Miles card.

The Spark Miles Select card only receives 1.5X miles on purchases, where the Spark Miles card receives double miles.

Additionally, the introductory bonus is far less, only totaling 20,000 miles. That being said, the fees are less when you choose the Spark Miles Select card.

With it, you are charged no annual fee. The APR can also be lower, at 13.99%. However, it can also be higher, at 23.99%. This is based on your creditworthiness entirely.

If you’re set on earning miles quickly, you’d be better off with the Spark Miles card. If you want lower fees and are alright with the lower rewards, choose the Spark Miles Select option.

#2. Ink Business Preferred® Credit Card vs. Capital One® Spark® Miles

The Ink Business Preferred® Credit Card is offered by Chase to businesses. It’s very different from the Spark Miles card.

For example, the rewards earned aren’t measured in miles. It’s a cash back card that offers the following rewards:

  • 5% when money is spent at office supply stores, as well as on phone, cable, and internet services up to $25,000
  • 2% when money is spent at gas stations and restaurants up to $25,000
  • 1% on all other eligible purchases with no limit

This is very useful if you know what your business’s purchases tend to be. You’d be able to earn more cash back than what your miles would be worth, reasonably.

However, it’s not as easy to use and navigate like the Spark Miles card is. It depends on how much work you want to put into your spending and to calculate.

#3. Business Platinum Card® from American Express vs. Capital One® Spark® Miles

Business Platinum Card® from American Express is a credit card with very high fees than the Capital One® Spark® Miles. Notably, the annual fee is very high.

It’s currently $595 per year and is increasing to $695 per year in 2022. The incentives are alright, but only if your business does a lot of spending. Overall, it’s probably in your best interest as a small business owner to choose the Spark Miles card.

Frequently Asked Questions

Is Capital One Spark Miles for Business a Good Credit Card?

It depends on what your needs are. Overall, the card is excellent for a business that requires a lot of travel but doesn’t want the hassle of variable rewards. Capital One also makes redeeming the miles very easy, which is a plus.

Do Spark Miles Expire?

With Capital One, there’s no limit to how many miles you can earn, and they never expire. You can choose to sit on your miles for years if you want.

How Much Are Miles Worth at Capital One?

Miles are worth a penny apiece when you use the Capital One travel portal or their Purchase Eraser tool. This means that every 100 miles you earn are worth $1. Miles can be transferred to other programs but for less than what they’re worth natively in most cases.

Bottom Line: Capital One Spark Miles for Business

If your business requires plenty of travel, then the Capital One Spark Miles for Business card is a good option. What you get is an easy, flat rate way of determining the miles you’re earning.

Along with that, you have an annual fee and a high APR to accompany it. Capital One offers multiple Spark Miles options, but this one is undoubtedly the best, regardless of fees.

Drew Cheneler
Drew Cheneler

Drew is our Co-Founder and is a recognized Credit, Small Business, and Personal Finance Expert. He has been featured in CNBC, Fox Business News Section, The Huffington Post, Business.com, Moneyunder30, US Chamber of Commerce, and more. He is known for breaking down complex personal finance topics into action-oriented advice, so you can make the most of your hard-earned money. Drew attended the U.S. Coast Guard Academy where he majored in Business Management with a focus on Information Systems.