Capital One Spark Miles for Business is one of the top travel rewards credit cards available to small business owners with good credit or better. The Spark Miles Card’s perks start with an initial bonus worth $500 in travel, which new cardholders can earn by spending
$4,500 within three months of opening an account. The savings also continue with unlimited double miles on purchases.
Spark Miles for Business also has very user-friendly policies when it comes to redeeming rewards. You have the option of using your miles to book future travel accommodations, but you can also simply pay for travel-related charges with miles after they post to your account. Plus, the miles available for redemption include those earned by employee authorized users. Employee cards are free to get, and they earn unlimited double miles on purchases, too.
The Spark Miles Card has a
$95 annual fee that’s waived the first year your account is open. The card is worth that fee if you spend at least $4,750 each year it’s in effect. At 2+ miles per $1 spent, that’s where the Spark Miles Card’s ongoing rewards will cancel out the cost, according to our calculations.
That’s what you need to know about Capital One Spark Miles for Business at a high level. Below, we’ll run down the key things to consider before applying for the Spark Miles Card in a bit more detail.
Capital One Spark Miles for Business Review Highlights: - Big initial bonus. The Capital One Spark Miles for Business Card offers 50,000 miles (equal to $500 in travel) for spending $4,500 within three months of opening an account. For context, the average card with an initial rewards bonus offers 31,964 points/miles.
- Excellent ongoing rewards. You will earn 2 miles per $1 spent with the Spark Miles for Business Credit Card. That is the equivalent of 2% cash back when you redeem for travel. And that just so happens to be what the best travel rewards cards currently offer. The miles you earn with this card won’t expire as long as your account is open. Plus, you earn 5 miles per $1 spent on hotels and rental cars booked through Capital One Travel.
- $95 annual fee, waived for the first year. The Spark Miles Business Credit Card goes from being $22.29 per year cheaper than the average credit card to being nearly 4 times more expensive, when its $95 annual fee takes effect on your first account anniversary. This fee is far from unreasonable for a rewards card, but there is a no-annual-fee version for lighter spenders if you’re interested: Capital One Spark Miles Select for Business.
- Free cards for employees. You can get cards with custom spending limits for any employees you decide to make authorized users on your Spark Miles account. They will also earn 2 miles per $1 on purchases, and those rewards will all go back to you.
- Fairly high APR. The Capital One Spark Miles for Business Card’s APR is above the average among credit cards for people with good credit. But it’s also well above the average among credit cards for people with excellent credit. Combined with the fact that issuers can raise rates on existing business credit card balances whenever they please, that’s reason enough not to carry a balance from month to month with the Spark Miles Card.
- Good credit recommended. Your personal credit standing needs to be good or excellent for you to qualify for the Capital One Spark Miles for Business Card. So make sure to check your credit score for free on WalletHub before you apply.
- Spark cash-back alternative. If you’d prefer cash back to miles, check out the Capital One Spark 2% Cash Plus. It has similar terms as Spark Miles for Business but offers cash back rather than miles.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.