Easy Business Rewards: Capital One Spark Miles for Business Credit Card

By Christina Majaski. Last updated 13 November 2018. 0 comments

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The Capital One® Spark® Miles for Business Credit Card offers a flat rate for all purchases. This card includes valuable business and travel benefits that can come in handy for any sized business. (See also: 5 Best Credit Cards for Small Businesses)

Why We Like This Card

  • Double miles on every purchase made with the card
  • Limited time offer of up to 200,000 bonus miles after meeting requirements

How This Card Works

This card awards double miles for every dollar spent with your card on all purchases. You can earn an unlimited number of miles, which do not expire for the life of the account. 

Limited time offer: New cardholders can earn up to 200,000 miles. Earn 50,000 bonus miles after spending $5,000 within the first 3 months from account opening. Plus, earn 150,000 bonus miles after you spend $50,000 within the first 6 months. 

You can redeem your miles in a couple different ways. For example, you can use Purchase Eraser feature to redeem your miles as credit toward travel purchases such as car rentals, hotels, airlines, taxi cabs, and limo services, made within the last 90 days. You can also redeem miles through the Capital One Rewards Center, for flights, car rentals, or hotel stays. In addition to the travel options, you can redeem miles for cash in the form of a check or account credit and gift cards.

Other Benefits

Free employee cards. You can request additional employee cards, set individual spending limits, and allow employees to make business purchases and add to the miles, at no additional cost to you.

Quarterly and year-end summaries. Includes time-saving features designed to help manage your business more efficiently. Create and download custom itemized reports of your spending, which helps in planning, budgeting, and preparing for tax time.

Visa Business Benefits. Receive access to Visa Business Benefits, which include additional benefits such as auto rental collision damage waiver for covering rental cars in the event of collision or theft, purchase protection which covers lost or stolen purchases, and extended warranty. Visa Business Benefits includes travel and emergency assistance services as well.

Costs

  • $95 Annual Fee (waived the first year)
  • 18.74% variable APR
  • $0 Balance Transfer Fee
  • $0 Foreign Transaction Fee
  • Pros

    Bonus offer. Depending on how you redeem the bonus, it could be worth as much as $2,000 in travel. Plus, the annual fee is waived the first year. (See also: 5 Best Credit Cards That Offer Bonus Cash for Sign-Up)

    Double miles without categories. There are no special purchase categories or rotating categories that change every quarter. Instead, you earn a flat rate of two miles for every dollar spent with the card regardless of the type of purchase you make. Flat rate rewards programs are often easier to manage and less of a hassle than wondering each time you use your card if you are making a purchase that earns rewards. Furthermore, this card offers one of the highest flat rates. There are also very few business rewards cards that offer flat rate rewards. (See also: 5 Best Travel Rewards Credit Cards)

    No balance transfer fee. If you need to transfer a balance from another card, you can transfer to this card without paying the usual fee of 3%-5%. While this can save you money, it is important that you also consider the APR before transferring to make sure you don’t end up paying more in interest and cancel out the savings from transferring without an additional fee. (See also: 5 Best Credit Cards with No Balance Transfer Fees)

    No foreign transaction fee. There is also no foreign transaction fee with this card, which makes it ideal for those who frequently travel abroad and plan on making purchases in foreign countries. (See also: 5 Best Credit Cards with No Foreign Transaction Fees)

    Cons

    Annual fee of $95. If you don’t plan to make a large purchase within your first three months and miss earning the bonus, you will have to make sure you earn enough rewards throughout the year to help pay for the annual fee beginning after the first waived year. If you can’t guarantee that you’ll be able to cover the annual fee, you should instead consider a card with no annual fee. (See also: 5 Best Credit Cards with No Annual Fees)

    Higher APR than other travel cards. The APR is a bit higher than the APR offered with other travel rewards credit cards. However, if you typically pay your balance in full each month, the high APR is less of a concern. (See also: 5 Best Low Interest Rate Credit Cards)

    No introductory APR. Although there is no balance transfer fee, you won’t benefit from transferring a balance to this card unless you transfer from a card charging a higher APR. There is also no introductory APR for purchases, which often helps small business owners save money while stocking up on business supplies. (See also: 5 Best Credit Cards with 0% Intro APRs for Balance Transfers)

    Who This Card Is Best For

    The Capital One Spark Miles for Business Credit Card is best for small business owners whose purchases include travel-related expenses that you can cover with the miles earned. It is also best for those whose purchases might be foreign, and if you prefer a card awarding a flat rate on purchases and if your purchases vary and are not exclusive to one brand or type. Although it is important you spend enough each year to cover the annual fee, this card is especially ideal if you have a big purchase planned and can earn the bonus currently being offered.

    Click here to learn more and apply for the Capital One® Spark® Miles for Business Credit Card today!

 


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