Capital One Spark Miles for Business
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Capital One Spark Miles for Business ranks among the best business rewards credit cards on the market. It just isn’t quite as good in our eyes as another card from this issuer, the Capital One Spark Cash for Business.
Although this card gives a respectable 2 miles back on every $1 spent, unless you’re a die-hard traveler, you’re probably better off using the cash card instead, which pays the same rewards rate but gives you the flexibility of cash-back instead of miles to spend however you see fit.
Bankrate tends to favor rewards credit cards that make it easy on the cardholder to collect. Spark Miles for Business does that, although redemption isn’t quite as flexible as with the Spark Cash card.
This is an especially good card if your business expenses aren’t concentrated in small-business specific categories. There are other cards that offer more generous rewards in spending categories typically associated with businesses, but be prepared to track your category spending.
We also like that this card charges no foreign transaction fees, meaning if you or your employees do business outside the U.S., you won’t have to pay extra when putting spending on your credit card.
Who should get this card
The Capital One Spark Miles for Business card will most likely appeal to business owners who travel frequently, but who don’t want the rewards program complexity found with some travel cards. This card is probably right for you if your expenses vary over the course of the year and aren’t concentrated in one specific category, like gas or office supplies.
You can redeem your points easily at most travel services for a flat rate of 1 cent per point.
For business owners who put a fair amount on their credit cards, the sign-up bonus may be a key to your decision to apply: you’ll earn up to 200,000 miles. Earn a bonus of 50,000 miles when you spend $5,000 in the first 3 months of opening your account, plus earn 150,000 miles when you spend $50,000 within the first 6 months during their limited time offer.
Fees and APR
- You’ll pay a $95 annual fee, waived the first year.
- There is no foreign transaction fee on purchases made outside the United States.
- The annual percentage rate is a variable 18.74%.
Extras, perks and using points
You can redeem your awards miles by booking your travel directly through a Capital One representative over the phone or through the website. The other way is to use the Purchase Eraser tool to receive a credit for travel you booked another way. Once you’ve paid for your travel with your Capital One card, you can redeem your miles for a statement credit.
When used for traveling, the Capital One Spark Miles has no foreign exchange fees and also comes with Visa Business Benefits, including auto damage and collision protection, emergency and travel assistance services and purchase protection.
There is no fee to redeem your miles.
How this card compares
If you’re just starting out and you aren’t sure what your spending patterns will be, the Ink Cash Business Credit Card is like a small rectangular mentor. The no-fee card will reward you for spending in the areas you’ll most likely need to get your business off the ground and gives you a full year break on interest for purchases and balance transfers. Who couldn’t use a little breathing room when launching a new venture?
The Capital One Spark Cash for Business card pays an unlimited 2% cash back on all spending and waives the first year fee. If you find it cumbersome to track which categories you’re spending or your expenditures exceed the bonus category caps set by some cash-back business credit cards, this might be a more favorable choice for you.