Capital One Spark Miles for Business

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Decent rewards, but there’s better flexibility with the cash-back version of this card.

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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.

Review

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 50,000 miles (worth $500 in travel) if you spend $4,500 on purchases within three months of account opening.

Advantages
  • Get a one-time bonus of 50,000 miles, worth $500 in travel when you spend at least $4,500 in purchases within the first three months.
  • Additional employee cards at no charge.
  • There are no rotating or special bonus categories to keep track of.
Disadvantages
  • Balance transfers have the same APR as purchases, so this card may not be a good choice for those looking to save on interest charges by doing a balance transfer.
  • If you’re using the Purchase Eraser to redeem your miles for past purchases, you have to do it within 90 days of the original purchase.
  • There’s a $95 annual fee, waived the first year.

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

Ink Cash® Business Credit Card
  • Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on cellular phone, landline, internet and cable TV services each account anniversary year.
  • Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year.
  • Earn 1% cash back on all other purchases—with no limit to the amount you can earn.

This card offer is currently unavailable on Bankrate. To see more cards in this category, please visit our business category page.

Credit Needed

Excellent

Regular APR

Annual Fee

No Annual Fee.

Balance Transfers Intro APR

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?

Capital One® Spark® Cash for Business
  • Earning unlimited 2% cash back could mean thousands of dollars each year going back into your business
  • Plus, a one-time $500 cash bonus once you spend $4,500 on purchases within 3 months from account opening
  • Use Spark Cash across all your business spend, with no categories to limit your purchasing
  • $0 intro annual fee for the first year; $95 after that
  • Rewards won't expire for the life of the account, and you can redeem your cash back for any amount
  • Get employee cards at no additional cost, and earn rewards from their business spend
Credit Needed

Excellent, Good

Regular APR

18.74% (Variable)

Annual Fee

$0 intro for first year; $95 after that

Purchase Intro APR

N/A

Balance Transfers Intro APR

N/A

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.

Capital One® Spark® Miles for Business
  • Earn 2 miles per $1 on every purchase, every day
  • Plus, a one-time bonus of 50,000 miles once you spend $4,500 on purchases within 3 months from account opening
  • Miles won't expire for the life of the account, and there are no categories to limit where or what you buy
  • $0 intro annual fee for the first year; $95 after that
  • There's no limit to the amount of miles you can earn
  • Redeem miles for travel, cash back, gift cards and more
  • No foreign transaction fees and fly on any airline, anytime, with no blackout dates or seat restrictions
Credit Needed

Excellent, Good

Regular APR

18.74% (Variable)

Annual Fee

$0 intro for first year; $95 after that

Purchase Intro APR

N/A

Balance Transfers Intro APR

N/A

The Capital One Spark Miles for Business 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.

EDITORIAL NOTE

Opinions expressed here are author's alone, not those of any bank, credit card issuer, airlines, or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.