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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.
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.
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 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.
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:
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.
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.
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.
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:
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.
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.
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:
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.
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.
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.
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.
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.
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.