Capital One Spark Miles for Business review

Capital One Spark Miles for Business: Overview

APR

• Intro: N/A
• Purchase: 26.24% variable APR
• Balance transfer: 26.24% variable APR; no transaction fee
• Cash advance:  32.24% variable APR; $3 or 3% of the advance amount as a transaction fee
• Penalty: 34.65% variable APR

Annual fee: $0 the first year; $95 each year afterwardfor year two and beyond

Foreign transaction fee: None

Late payment fee: $39

The Capital One Spark Miles for Business account rewards frequent business travelers with a generous numberamount of miles each time they use their card. So, if you run and grow your company from airport lounges and hotel rooms, it could make a great addition to your firm’s financial toolbelt. However, the Spark Miles APR is high–—especially if you take out a cash advance or miss a payment.

Capital One Spark Miles for Business: Rewards

You can earn 2x the miles on every purchase, with no limit, regardless of spending category. You can also earn 5x the miles when you use your card to book rental cars and hotel stays through Capital One Travel. Just keep in mind that cash advances, balance transfers, and account checks don’t earn miles.

Does Capital One Spark Miles for Business offer a bonus?

The Capital One Spark Miles for Business card offers a generous welcome bonus of 50,000 miles. You must spend $4,500 within the first three months of being an account holder to be eligible for the bonus.

How to redeem Capital One Spark Miles for Business miles

You can redeem your Capital One Spark Miles for Business miles in several ways, including:

Before travel

You can reduce your upfront travel expenses by booking your flight, rental car, or hotel stay through Capital One Travel. The number of miles you need to redeem will vary based on the cost of your itinerary.

After travel

You can also use your miles to reduce the cost of past travel. You must apply your miles to your account balance within 90 days of making the travel purchase with your card.

Through travel partners

Capital One has agreements with more than 15 hotel chains and airlines, such as British Airways Executive Club, Flying Blue, Virgin Red, and Wyndham Rewards, to name a few. You can use your miles for flights, accommodations, and vacation packages by transferring them to these travel partners.

Other payment methods

Capital One lets you swap your miles for gift cards, checks, or account credits. However, the redemption rates can change at the card issuer’s discretion, so it’s a good idea to periodically check what you’re getting for your well-earned miles before completing the transaction.

Additional benefits

Your Capital One Spark Miles for Business account features several other benefits besides earning miles, such as:

• Initial annual fee waived: As a new cardholder, you won’t have to pay an annual fee until year two.
• Flexible payment date. Choose the due date that works best for your business.
• Up to a $100 statement credit: Get a statement credit when you use your account to cover your TSA Pre✔® ($85) or Global Entry ($100) application fee.
• Capital One Lounge access: Enjoy refreshments in a relaxing environment away from the chaos of the airport.
• Software integrations: Your credit card account will work seamlessly with platforms like QuickBooks and Xero.
• Vendor payments: Pay vendors that don’t normally accept credit cards with your account. (A 2.9% fee applies.)
• Employee cards: Give your employees their own cards for free, earn rewards based on their spending, and set appropriate spending limits. 
• Fraud protection: Get fraud and security alerts, lock your card when necessary, and relax, knowing you have $0 worth of fraud liability should your card fall into the wrong hands.
• Helpful reports: Review purchase records, transaction details, recurring transactions, and year-end summaries to inform company budgeting and financial planning processes.
• Extended warranty protection: If you buy an item with your Capital One Spark Miles for Business credit card, you may be able to get additional protection for it.

Is Capital One Spark Miles for Business right for you?

Capital One Spark Miles for Business may be the ideal business credit card for you if you travel a lot on behalf of your company. The card helps you defray your travel expenses with every purchase. Plus, you can earn 5x the miles on trips you book through the Capital One Travel platform.

On the other hand, the Spark Miles card might not work for you if you run your business from a single location. The reward structure won’t benefit you that much. Plus, you may not feel the account is worth the $95 annual fee (starting in year two).

Credit cards similar to Capital One Spark Miles for Business

If the Capital One Spark Miles for Business card doesn’t make sense for your enterprise, you have several other options. Consider the Capital One Spark Cash Plus card.

Capital One Spark Cash Plus vs. Capital One Spark Miles for Business

The Capital One Spark Cash Plus card is a solid choice if you want to put money back in your pocket or reduce your account balance. It gives you unlimited 2% cash back (instead of miles) on every purchase and unlimited 5% cash back on hotels and rental cars booked through Capital One Travel. 

However, it’s a charge card, so you need enough cash flow to pay off the entire balance each month. Plus, the Spark Cash card’s annual fee is slightly higher than the Spark Miles’, coming in at $150.

Frequently asked questions

Do Capital One miles expire?

Capital One miles don’t expire. However, if your account gets closed, you may lose the rewards you’ve banked but not redeemed.

Is a cash-back card better than miles?

A cash-back card may be a better fit than a miles card if you don’t travel often. 

What FICO score do you need for Capital One?

Each of Capital One’s credit cards has its own eligibility criteria. However, you need an excellent FICO score to qualify for the Capital One Spark Miles for Business card. 

Please note that card details are accurate as of the publish date, but are subject to change at any time at the discretion of the issuer. Please contact the card issuer to verify rates, fees, and benefits before applying.