Capital One Spark Miles for Business review: Generous perks and various options for using your miles

Alyssa Powell/Business Insider
  • The Capital One® Spark® Miles for Business lets you earn 2 miles for every dollar you spend, and there is no limit to the rewards you can earn.
  • Unlike other business rewards credit cards that feature complex loyalty programs, the Spark Miles for Business makes redeeming your rewards easy. Once you start earning “miles,” you get to redeem them to cover travel expenses at a rate of 1 cent per point
  • The Spark Miles for Business also lets you transfer points to 15 airline partners, which could be a good deal if you fly often with a specific carrier.
  • The card is currently offering an increased sign-up bonus of up to 200,000 miles. You’ll earn 50,000 miles after spending $US5,000 in the first three months, and 150,000 miles after spending $US50,000 in the first six months.
  • Read more personal finance coverage.

Earning rewards on your business purchases can be a smart idea if you have the means to pay your credit card balance in full each month. After all, many business credit cards offer cash back, travel rewards, or flexible points you can use in several different ways. And depending on your average business spending, you have the potential to earn and enjoy thousands of dollars in rewards and benefits each year.

The Spark Miles for Business from Capital One is a solid business card to consider if you want to earn a flat rate of rewards that are easy to redeem. This card gives you an unlimited 2 “miles” for each dollar you spend, and you can redeem them to cover any travel purchases you want. Plus, it’s currently offering a very valuable elevated sign-up bonus of up to 200,000 miles if your business can spend $US50,000 in the first six months.

Depending on your spending habits and rewards goals, the Spark Miles for Business could be a good fit for your needs.

Keep in mind that we’re focusing on the rewards and perks that make these credit cards great options, not things like interest rates and late fees, which will far outweigh the value of any points or miles. It’s important to practice financial discipline when using credit cards by paying your balances in full each month, making payments on time, and only spending what you can afford to pay back.

Capital One Spark Miles for Business card details

Annual fee: $US95 annual fee; waived the first year

Sign-up bonus: 50,000 miles once you spend $US5,000 on your card within three months of account opening, 150,000 miles after you spend $US50,000 in the first six months from account opening

Earning structure: Earn a flat 2 miles for each dollar you spend, and earn 5 miles per dollar on hotels and rental cars booked via Capital One Travel

Redemption options: Cash in points to cover travel expenses charged to your card, or transfer to 15 airline partners

Foreign transaction fee: None

Sign-up bonus and everyday earning

This card starts you off with a very lucrative sign-up bonus. To earn the full 200,000 miles, your business needs to spend $US50,000 in the first six months. If you’re a freelancer or have a smaller business, that might not be realistic, but for larger enterprises it could be easy – in which case this offer is a great way to maximise your spending.

Once you sign up, you’ll need to spend $US5,000 within three months of account opening to earn 50,000 miles worth $US500 in travel. If you spend $US50,000 in the first six months, you’ll earn 150,000 miles, for a total of 200,000 miles.

On top of that, you’ll earn 2 miles for every dollar you spend. This means that, if you spend the $US50,000 required to earn the full 200,000-mile sign-up bonus, you’d have 300,000 miles, or $US3,000 in travel rewards, to spend off the bat.

The Spark Miles for Business recently added a bonus spending category. You’ll earn 5 miles per dollar when you book hotels and rental cars through Capital One Travel. This amounts to a strong return on spending if you’re interested in booking travel directly through Capital One.

With this flat-rate earning structure, with just one (new) bonus category, the Spark Miles for Business is one of the least-complicated business rewards credit cards available today.

Cashing in your rewards

The Spark Miles for Business card also keeps things simple on the redemption end. Since this card offers flexible travel credit, you can use your rewards to “erase” travel purchases from your bill at a rate of 1 cent per mile.

In other words, you would simply use your credit card to pay for travel purchases like hotels or flights, then cash in your rewards to cover all or part of your travel purchases. However, the rules state you have to redeem points for travel expenses within 90 days of the purchase being made.

Also note that, like the Capital One® Venture Rewards® Credit Card, the Spark Miles for Business now lets you transfer points to 15 different airlines. Transfer partners include:

Aeromexico Air Canada Air France, KLM Alitalia Avianca Cathay Pacific Etihad EVA Air Finnair Hainan Airlines JetBlue Qantas Qatar Airways Emirates Singapore Airlines

Most of these transfer partners come with a 2:1.5 ratio, meaning 2 Capital One miles turn into 1.5 airline miles. However, Emirates, JetBlue, and Singapore Airlines come with a 2:1 ratio.

Spark Miles for Business cardholder benefits

The Spark Miles for Business offers a lot of benefits that can make signing up a rewarding experience. For starters, this card gives you up to a $US100 credit toward Global Entry or TSA PreCheck. All you need to do to qualify is pay with your credit card when you apply.

You also get free employee cards, which can be especially useful if you have several employees and want to earn rewards on their business purchases.

The Spark Miles for Business also comes with several important travel benefits. Perks include auto rental damage waiver insurance, travel and emergency assistance services, and extended warranties.

Spark Miles for Business costs and fees

Like we mentioned already, this card does have a $US95 annual fee. But since this fee is waived the first year, you get a full 12 months to see if you like the card and the benefits it offers.

Note that the Spark Miles for Business also comes with a variable 18.74% APR, and you won’t get an initial break on interest for purchases. This high APR makes carrying a balance on this card an expensive proposition – it’s something that should be avoided.

Other fees and costs to be aware of include a 3% fee (minimum $US10) and a 24.74% variable APR for cash advances. Also note that you’ll pay a 31.15% variable penalty APR that can apply if you pay your credit card bill past its due date.

All of this means the Spark Miles for Business is best for business owners who can pay their balance on time and in full. If you need to carry a balance or are prone to paying your bill late, you may want to consider a different business credit card.

Is the Spark Miles for Business right for you?

The Spark Miles for Business is a good business credit card for anyone who doesn’t want to deal with complicated rewards programs. You have the option to transfer your miles to airlines, but you can also just redeem them for any travel expenses you want. This means you’ll never be stuck with rewards you can’t use. It’s also helpful that you get free cards for employees.

Now is a great time to apply for this card if your business spends a lot, since the current offer could get you up to 200,000 miles.

Click here to learn more about the Capital One Spark Miles for Business.

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