Is the Capital One Spark Miles for Business worth it? | September 2018

Capital One Spark® Miles for Business review – September 2018

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Earn a simple 2x miles on all spending, and redeem for travel rewards.

  • Get this card if you want a simple rewards structure for travel benefits.
  • Pick something else if you want cash back or don’t want to pay an annual fee.
  • Apply with an excellent credit score of 700 or higher.
Product NameSpark® Miles for Business
Card TypeVisa
Annual Fee$0 annual fee for the first year ($95 thereafter)
APR (Annual Percentage Rate) for Purchases18.74% variable
Cash Advance Rate24.74% variable
Cash Advance Fee$10 or 3% of the cash advance amount, whichever is greater
Foreign Transaction FeeNone
Interest Free PeriodUp to 25 days
Late Payment FeeUp to $39
Additional Cardholder Fee$0
Minimum Age18 years of age
Welcome BonusEarn 50,000 miles after spending $4,500 in the first 3 months
Reward Value per Dollar2 miles
Rewards Points ExpiryNever

The basics

The Spark® Miles for Business doesn’t come with many benefits. However, it offers a simple 2x miles on all purchases, making it a good pick if your spending is spread evenly through many categories. Redeem your miles for travel statement credit or travel rewards like flights, hotels and car rentals. Additionally, the card comes with a good signup bonus: 50,000 bonus miles after you spend $4,500 on purchases within the first 3 months of opening your account.

The perks

  • Annual fee: $0 for the first year.

    You can take the card for a spin, then decide whether you want to keep it. Starting the second year, you’ll pay a $95 annual fee.

  • Signup bonus: 50,000 bonus miles.

    When you spend $4,500 on purchases within the first 3 months of opening your account, you’ll earn 50,000 miles. According to Capital One, that’s worth $500 toward travel.

    Earning 50,000 miles is a solid signup bonus for a business credit card, especially since the Spark® Miles for Business offers a $0 intro annual fee for the first year.

  • Rewards: 2x miles on all spending.

    You’ll earn 2 miles per dollar spent on all purchases you make with your card. This flat rate can be attractive if you don’t want to keep track of multiple reward tiers.

    You can redeem your miles for statement credit or for flights, hotels, car rentals and more through Capital One’s Rewards Center. There’s no minimum to redeem your miles.

You’ll also like …

  • No foreign transaction fees.

    You won’t incur fees when you use your card abroad or at foreign websites. Typically, providers charge a 3% fee each time you use your card for an international transaction. It doesn’t sound like much, but it can add up over a trip spanning several days.

    Since the Spark® Miles for Business comes with 0% foreign transaction fees, it’s an excellent choice for vacations or business trips.

  • Add employee cards at no cost.

    You can add employees to your card account for free and earn rewards on their spending.

  • Travel benefits.

    When you rent an eligible car with your Spark® Miles for Business card, the vehicle will be covered against collision or theft.

    Also, get access to Visa emergency services like legal or medical referrals, ticket replacement and other forms of travel assistance.

  • Purchase security and extended protection.

    Eligible items you buy with your Spark® Miles for Business are covered against theft or accidental loss. Also, enjoy extended warranties on eligible items.

What to watch out for

  • Intro annual fee expires after the first year.

    The first year, you’ll pay a $0 annual fee. Starting the second year, you’ll start paying a $95 annual fee.

  • No intro APR.

    You’ll pay a 18.74% variable APR on purchases and balance transfers from the start.

  • It hurts to pay late.

    Making late or returned payments could saddle you with fees as high as $39. You could also get stuck with a penalty APR of 31.15% variable.

Consider other cards if …

  • You want cash back.

    With the Spark® Miles for Business, you’ll earn miles on your spending. For a card that offers flat cash back, consider the Spark® Cash Select for Business. You might also like the Ink Business Cash℠ credit card, which offers up to 5% cash back in select business categories.

  • Your business spending is concentrated in certain categories.

    You may earn more rewards with a card that offers accelerated rewards in your high-expense categories. For example, the Ink Business Preferred℠ credit card offers 1x points in categories like travel, shipping purchases and select online advertising on up to $150,000 in combined purchases each card year, then 3x points after that. And the Business Platinum Card® from American Express offers 1x points on select travel purchases.

  • You want a market-leading intro APR.

    Consider the Blue Business℠ Plus Credit Card from American Express, which offers a 0% intro APR on purchases and balance transfers for 15 months after opening your account. After that, the APR will be 12.99%, 16.99% or 20.99% variable. The Ink Business Cash℠ credit card offers a 0% intro APR on purchases and balance transfers for 12 months after opening your account. After that, the APR will be from 14.99% to 20.99% variable .

  • You have fair credit.

    Look into the Spark® Classic for Business, which is available to business owners with average credit. It offers 1% cash back on all purchases.

Compare business credit cards

Updated September 24th, 2018
Name Product APR (Annual Percentage Rate) for Purchases Introductory Purchase APR Annual Fee
None (Charge Card)
$450
New cardholders can earn 75,000 Membership Rewards® bonus points by spending $10,000 for the first 50,000 points and then another $10,000 for the next 25,000 points on their new card in the first 3 months
$0 annual fee for the first year ($250 thereafter)
This Charge Card gives you the option to pay in full each month or to carry a balance for up to 60 days with no interest.
$0 annual fee for the first year ($175 thereafter)
13.99%, 18.99% or 20.99% variable
0% for the first 9 months (then 13.99%, 18.99% or 20.99% variable)
$0
Save on interest with a 0% intro APR on purchases for 9 months; after that your APR will be 13.99% - 20.99% variable.
14.99% to 20.99% variable
0% for the first 12 months (then 14.99% to 20.99% variable)
$0
$500 bonus cash back after you spend $3,000 in the first 3 months
17.74% to 22.74% variable
$95
80,000 bonus points after you spend $5,000 on purchases in the first 3 months after account opening. That's $1,000 toward travel rewards when you redeem through Chase Ultimate Rewards®.
17.74% to 24.74% variable
$99
75,000 Bonus points after you spend $3,000 on purchases in your first 3 months from your account opening with your Marriott Rewards Premier Business credit card.
24.74% variable
$0
Get the credit you want for your business, and unlimited 1% cash back on every purchase, every day
14.74%, 18.74% or 22.74% variable
0% for the first 9 months (then 14.74%, 18.74% or 22.74% variable)
$0
Unlimited 1.5X miles per dollar on every purchase, every day
18.74% variable
$0 annual fee for the first year ($95 thereafter)
Unlimited 2 miles per dollar on every purchase, every day
14.74%, 18.74% or 22.74% variable
0% for the first 9 months (then 14.74%, 18.74% or 22.74% variable)
$0
Unlimited 1.5 cash back on every purchase, every day.
18.74% variable
$0 annual fee for the first year ($95 thereafter)
Unlimited 2% cash back from Spark Cash could mean thousands of dollars each year going back into your business. No minimum to redeem.
17.74% to 24.74% variable
$0 annual fee for the first year ($95 thereafter)
50,000 bonus miles after you spend $3,000 on purchases in the first 3 months your account is open.
17.74% to 24.74% variable
$99
Earn 2x points on Southwest® purchases and 1x point on all other purchases. Plus 6,000 anniversary bonus points.
17.49% to 25.49% variable
$0 annual fee for the first year ($99 thereafter)
For a limited time, earn 70,000 American Airlines AAdvantage® bonus miles after making $4,000 in purchases within the first 4 months of account opening

Compare up to 4 providers

What size business is the Spark® Miles for Business good for?

Because the Spark® Miles for Business offers flat rewards on all spending, it can be a good choice for businesses of all sizes. Specifically, your expenses needn’t be concentrated in specific categories for you to earn meaningful rewards.

Keep an eye on the card’s annual fee, which is $0 for the first year and $95 every year thereafter. To break even on the annual fee, you’ll need to earn 9,500 miles, which is worth $95 at the industry rate of 1 mile = 1 cent. At a rewards rate of 2x miles, you’ll earn them after spending at least $4,750 on purchases.

What should I know before I apply?

To apply for the Spark® Miles for Business, you must be:

  • At least 18 years old.
  • A resident of the US or a US military location.

Information you’ll need

To complete the application, you’ll need to provide information about yourself and your business, including:

  • Your name and residential address.
  • Your Social Security number.
  • Your email address, phone number and date of birth.
  • Financial information like your annual income and your monthly rent or mortgage.
  • The name of your business, its mailing address and its phone number.
  • Your employee count, business type and business structure.
  • Your years in business, annual business revenue and monthly business spending.
  • Your tax identification number.

What credit score do I need?

You’ll have a better chance of being approved for the Spark® Miles for Business if you apply with an excellent credit score of 700 or higher. If you have a healthy business and excellent credit, your likelihood of approval is strong.

Here are a few other factors that might affect your odds of approval:

  • Hard pulls on your credit report. If you have several hard inquiries — or hard pulls — on your report, it could imply you’re having trouble managing your debt. Capital One might think you’re desperate for credit and may be less likely to take you on as a customer.
  • Factors that tie into your credit score. Your credit utilization is a major factor Capital One considers. The bank prefers a customer with low balances relative to their credit limit. Having many new card accounts may be a red flag too, as it could indicate you’re desperate for credit. It may also give the impression that you’re a flighty customer who’s just hunting for signup bonuses.

Always consider your options and your financial situation before you apply for a credit card.

What do customers say about the Spark® Miles for Business?

Many customers say they’re pleased with the rewards they earn from the Spark® Miles for Business. Unhappy customers say they’ve encountered unhelpful customer service at Capital One.

As of June 2018, Capital One earns a Trustpilot score of 4.6 out of 10. Many negative reviews cite poor customer service for account issues such as bill pay and penalty fees. Other reviews say Capital One offers good cardholder benefits and friendly service. Overall, your mileage may vary with Capital One customer support.

The Capital One Financial Corporation earns an overall A+ rating from the Better Business Bureau.

How to apply for the Spark® Miles for Business

  1. Go to the Capital One website and click Apply now.
  2. Complete the application with details like your name, address, annual income, Social Security number and business information.
  3. Review and submit your application.

How long will it take to get my Spark® Miles for Business?

Because conditional credit approval is automated on the website, you may get a decision on your application within a few minutes.

After you’re approved, you’ll typically receive your card within 7 to 10 business days.

I got the card. Now what?

  • Track your spending. Monitor your spending and payments online 24/7.
  • Avoid fees. Avoid late fees of up to $39 by setting up automatic payments for billing statements.
  • Earn more rewards with your employees’ help. Earn extra rewards by adding employees to your card account as authorized users.
  • Contact customer service. Call Capital One at 1-800-867-0904 or by signing in to your Capital One account online if you run into any issues.

Bottom line

Consider picking up the Spark® Miles for Business if you want travel rewards and your business spending is spread evenly throughout many categories. Since it offers 2x miles on all purchases, you don’t have to worry about keeping track of various reward tiers.

Interested in seeing what else is out there? Compare other business credit cards or visit our guide to business credit cards.

Frequently asked questions

Images: capitalone.com

Adrienne Fuller

Adrienne Fuller leads the publishing team at finder.com. She has one goal: to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. When she's not helping folks save money, she's hiking with her two Catahoulas around her home in San Diego.

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