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

Spark® Miles Select for Business review – August 2018

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Earn 1.5x miles on all spending with this no-annual-fee card.

  • Get this card if you want travel benefits and a simple rewards structure — all for no annual fee.
  • Pick something else if you want cash back or a larger signup bonus.
  • Apply with an excellent credit score of 675 or higher.
Product NameSpark® Miles Select for Business
Card TypeVisa
Annual Fee$0
APR (Annual Percentage Rate) for Purchases14.74%, 18.74% or 22.74% variable
Introductory Purchase APR0% for the first first 9 months (then 14.74%, 18.74% or 22.74% 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
Minimum Interest$0
Late Payment Fee$39
Additional Cardholder Fee$0
Minimum Age18 years of age
Welcome BonusEarn 20,000 miles after spending $3,000 in the first 3 months
Reward Value per Dollar1.5 miles
Rewards Points ExpiryNever

The basics

The Spark® Miles Select for Business has a simple appeal: You’ll earn 1.5x miles on all spending. The card’s signup bonus leaves a little to be desired at 20,000 miles after spending $3,000 on purchases in the first 3 months. A value of only about $200 in travel purchases.

If you like theSpark® Miles Select for Business but want slightly more powerful rewards, try the Spark® Miles for Business. It has a $95 annual fee starting the second year, but it offers 2x miles on all spending. It also offers a more valuable signup bonus: 50,000 bonus miles after you spend $4,500 on purchases within the first 3 months.

The perks

  • Annual fee: None.

    When expenses are tight, rest easy knowing you won’t pay an annual fee for the Spark® Miles Select for Business. You can get the card and keep it long term without feeling pressured to offset its cost with rewards.

    Many business credit cards come with annual fees. In that regard, the Spark® Miles Select for Business’s $0 annual fee stands out.

  • Rewards: 1.5x miles on every purchase.

    On all purchases you make with your card, you’ll earn 1.5 miles per dollar you spend. This flat rate is attractive if you don’t want to keep track of multiple reward tiers, or your spending is spread over different categories.

    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.

  • Signup bonus: 20,000 bonus miles.

    When you spend $3,000 on purchases in the first 3 months, you’ll earn 20,000 miles. According to Capital One, that’s worth $200 toward travel.

    This is a low signup bonus compared to other business credit cards. For example, the Ink Business Cash℠ credit card offers a $500 cash bonus after you spend $3,000 on purchases in the first 3 months after opening your account — and it doesn’t have an annual fee. Still, most business credit cards with great signup bonuses also come with annual fees.

  • Intro APR: 0% for first 9 months on purchases.

    For the first 9 months after opening your card, you’ll receive a 0% intro APR on purchases. After that, you’ll receive a variable purchase APR of 14.74%, 18.74% or 22.74% depending on your credit.

You’ll also like …

  • No foreign transaction fees.

    You won’t incur fees when you use your card abroad or on international sites. 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 Select for Business comes with no 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 Select for Business, the vehicle is 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 Spark® Miles Select for Business are covered against theft or accidental loss. You can also enjoy extended warranties on eligible items to further protect your business’s assets.

What to watch out for

  • Potentially high APR.

    Your ongoing APR for purchases and balance transfers could be as high as 22.74% variable depending on your credit.

  • No intro APR for balance transfers.

    The Spark® Miles Select for Business offers a 0% intro APR for purchases only.

  • Penalty APR.

    If you make a late payment, Capital One may raise your purchase, balance transfer and cash advance APR to 31.15% variable. This is known as a penalty APR. Capital One may apply this rate to your account indefinitely.

Consider other cards if …

  • You want cash back.

    With the Spark® Miles Select 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.

  • You want a bigger signup bonus.

    The Spark® Miles Select for Business offers a 20,000-mile bonus if you spend $3,000 on purchases in the first three months of opening your account. Meanwhile, the Ink Business Cash℠ credit card has no annual fee and offers a generous $500 cash bonus if you spend $3,000 on purchases in the first 3 months of opening your account.

    If you’re willing to pay an annual fee for a business card, you’ll find stronger signup bonuses. For example, the Ink Business Preferred℠ credit card comes with a $95 annual fee, but it offers 80,000 bonus points after you spend $5,000 on purchases in the first 3 months your account is open. When you redeem the points through Chase Ultimate Rewards, they’re worth $1,000.

  • You want a market-leading intro APR.

    Consider the Blue Business℠ Plus Credit Card, offering a 0% intro APR on purchases and balance transfers for 15 months after opening your account when you make the transfer request within 60 days of approval. After that, the APR reverts to 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. The APR reverts to between 14.99% and 20.99% variable after that.

  • 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 and has no annual fee.

Compare business credit cards

Updated August 21st, 2018
Name Product APR (Annual Percentage Rate) for Purchases Introductory Purchase APR Annual Fee
None (Charge Card)
$450
Earn 75,000 Membership Rewards® points after you spend $20,000 on purchases within your first 3 months of card membership.
$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
Earn cash back with buying power to help pay for business needs.
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 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 2X 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.
17.74% to 25.74% variable
$0 annual fee for the first year ($95 thereafter)
Earn 70,000 American Airlines AAdvantage® bonus miles after you spend $3,000 in purchases within the first 3 months of account opening.

Compare up to 4 providers

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

The no-annual-fee Spark® Miles Select for Business can be a good choice for businesses of all sizes. Because it offers 1.5x miles on all purchases, it’s probably most effective if your business spends evenly in a variety of categories.

If your business has a high volume of spending in specific categories, you might earn more rewards from a different card. 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 if you take a lot of business flights, you might like an airline credit card.

What should I know before I apply?

To apply for the Spark® Miles Select 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, residential status and residential address.
  • Your Social Security number.
  • Your email address, phone number and date of birth.
  • Financial information like your annual income and source of income.
  • The name of your business, its mailing address and its employee count.
  • Your years in business and annual business revenue.
  • Your tax identification number.

What credit score do I need?

You’ll have a better chance of approval for the Spark® Miles Select for Business if you apply with an excellent credit score of 675 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. Customers with low balances relative to their credit limit are generally preferred. 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.

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

Customers typically like the rewards they earn, saying the card is a good choice for small businesses. Some cardholders say they were approved for high credit limits, which made it easier for them to complete business purchases.

The Capital One Financial Corporation has been accredited with the Better Business Bureau since 1995 and earns an overall A+ rating as of June 2018. However, over 90% of its customer reviews are negative, with many cardholders having issues disputing fraudulent charges and making payments.

The company 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.

How to apply for the Spark® Miles Select 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 Select for Business?

Because conditional credit approval is automated on the site, 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 800-867-0904 or by signing in to your Capital One account online if you run into any issues with your card.

Bottom line

The Spark® Miles Select for Business keeps things simple with 1.5x miles on all purchases and no annual fee. It’s a solid pick if you want a no-frills card that rewards a variety of spending.

If you’re not convinced this is the card for your business, compare your options using our guide to business credit cards.

Frequently asked questions about the Spark® Miles Select for Business

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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