Capital One Spark Miles Business Credit Card Review 2023

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If you have the means to pay your credit card balance in full each month, you might as well earn rewards on your business purchases. The best small 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, the Capital One Spark Miles for Business - Product Name Only offers the potential to earn and enjoy thousands of dollars in rewards and benefits each year.

Capital One Spark Miles Business Credit Card Review: Is the Capital One Spark Miles for Business the Best Credit Card for You?

Depending on your spending habits and rewards goals, the Capital One Spark Miles for Business - Product Name Only could be a great choice if you qualify for a small business credit card.

The Capital One Spark Miles for Business - Product Name Only starts new cardholders off strong with a welcome bonus of Capital One Spark Miles for Business - Intro Bonus. That's worth, at minimum, $500 when you redeem your miles toward eligible travel purchases made with your card or through Capital One Travel. But it's possible to get even more value from your rewards with a bit of strategy.

As for earning on everyday spending, the card earns 2x miles on just about everything (except for hotels and rental cars booked through Capital One Travel, which earn 5x miles). There are no spending caps, so you're guaranteed to earn at least 2x on everything you buy.

There's an annual fee of Capital One Spark Miles for Business - Annual Fee, which is typical for a mid-tier travel credit card. In return, you'll get strong rewards earning and a modest range of benefits, including a Global Entry or TSA PreCheck application fee credit, extended warranty, free employee cards, and more.

That said, before you decide on the Capital One Spark Miles for Business - Product Name Only, be sure to check out other business travel cards to make sure you're choosing the right card for your spending and travel habits. For example, the Ink Business Preferred® Credit Card - Product Name Only offers a whopping Ink Business Preferred® Credit Card - Intro Bonus, with a Ink Business Preferred® Credit Card - Annual Fee annual fee.

Alternately, a card like the American Express® Business Gold Card - Product Name Only could be a better fit if you don't mind paying a higher American Express® Business Gold Card - Annual Fee. It also has a big welcome bonus offer American Express® Business Gold Card - Intro Bonus. But it also comes with the ability to earn 4x Amex Membership Rewards points on the two eligible categories where your business spends the most each billing cycle, up to $150,000 per calendar year (then 1x).

Capital One Spark Miles for Business Credit Card Rewards

Capital One Spark Miles welcome bonus 

The Capital One Spark Miles for Business - Product Name Only welcome bonus offer is Capital One Spark Miles for Business - Intro Bonus. Capital One miles are worth 1 cent apiece when you redeem them toward eligible travel purchases made with your card or Capital One Travel.

However, based on Insider's points and miles valuations, you can expect to get an average value of Capital One Spark Miles for Business - Featured Reward Value if you transfer the bonus to one of Capital One's 18 airline and hotel partners to book award travel.

Note that the minimum spending requirement is reasonable, especially compared to some other business rewards credit cards which require $10,000 or more in spending to unlock the bonus. That's another factor to consider if you're comparing this card to similar business cards.

How to earn rewards with the Capital One Spark Miles for Business card

The Capital One Spark Miles for Business - Product Name Only has a simple earning structure. Cardholders earn 5x miles on hotels and car rentals booked through Capital One travel, and 2 miles per dollar on all other purchases, with no caps. The card's straightforward rewards earning is ideal for folks who don't want to fuss with keeping track of bonus categories or spending limits.

This makes the Capital One Spark Miles for Business - Product Name Only especially good for businesses that don't spend a lot in typical credit card bonus categories (like travel, gas, internet, or office supplies). And if you already have cards that earn bonus rewards in certain categories, the Capital One Spark Miles for Business - Product Name Only can fill in the gaps on your other spending.

How to use rewards from the Capital One Spark Miles for Business

You've got several options for redeeming Capital One miles, but you won't get the same value in all cases.

The easiest way to use your miles is by "erasing" eligible travel purchases you've made with your card in the past 90 days at a rate of 1 cent per mile. Qualifying travel purchases include airlines, hotels, car rental agencies, limousine services, bus lines, rail lines, cruise lines, taxi cabs, travel agents, and timeshares. 

You can also redeem miles at the same rate for travel purchases (airfare, hotel stays, and car rentals) through the Capital One Travel portal. But if you're willing to do a little more legwork, you can get even more value when you transfer miles to Capital One's transfer partners to book award travel.

Transferring miles to airline and hotel partners, particularly if you book expensive first- or business-class flights or luxury hotels, can result in a much bigger rate of return. That's why Insider's points and miles valuations peg Capital One miles as worth 1.7 cents each, on average, when you redeem them this way.

Other options for redeeming miles include gift cards and cash back. Gift cards offer a 1 cent per mile rate, but cash-back redemptions aren't a good option. You'll shave the value of your miles in half because the rate is just 0.5 cents per mile. If cash back is your preference, you'll want to look at one of the best cash-back business cards instead.

Capital One Spark Miles for Business Benefits and Features

One slightly annoying thing about the Capital One Spark Miles for Business - Product Name Only is how its benefits are structured. Depending on the version of the card you're approved for (Visa or Mastercard), the perks you get can be very different. You can find out details for each specific card version in Capital One's benefits guides here.

There are several benefits you'll get regardless of the version you're approved for. Here are some of the best.

Global Entry or TSA PreCheck application fee credit

Once every four years, Capital One Spark Miles for Business - Product Name Only cardholders can receive a statement credit toward the Global Entry or TSA PreCheck application fee (worth up to $100). 

Global Entry is a trusted-traveler program that gets you a fast track to re-entering the US from abroad, and it includes TSA PreCheck (expedited airport security) so it's a better pick for most folks. And, if you already have Global Entry or TSA PreCheck, you can use your card to pay for someone else's application fee and get reimbursed.

Capital One Lounge passes

Capital One Spark Miles for Business - Product Name Only cardholders receive two free visits a year to Capital One Lounges, the first of which is open at Dallas Fort Worth airport (DFW) with more planned in Denver (DEN) and Washington, DC (IAD). Any visits beyond that can be purchased for a discounted rate of $45 per person (normally $65).

Capital One Lounges offer upscale food and drink and a quiet place to relax away from the hustle and bustle of the airport terminal. If you aren't able to use the two complimentary visits, your authorized users/account managers can access the lounge instead.

Extended warranty

Qualifying items purchased with your Capital One Spark Miles for Business - Product Name Only are eligible for free extended warranty and protection, which can give you peace of mind if you've bought an expensive tool or gadget.

Small-business benefits

The Capital One Spark Miles for Business - Product Name Only comes with built-in features that can make managing your small business finances easier, including:

• Free employee cards and customized spending limits
• Fraud and security alerts
• A card lock feature for the primary cardholder and employee cards
• $0 fraud liability
• Year-end summaries to make things easier at tax time
• Ability to download purchase records into Quicken, QuickBooks, and Excel
• Virtual card numbers to safely make online purchases

Capital One Spark Miles for Business Card Annual Fee and Other Costs

The Capital One Spark Miles for Business - Product Name Only charges an annual fee of Capital One Spark Miles for Business - Annual Fee. That means in the first year, you can try out the card at no cost and see if it's the right fit for your business.

There are no foreign transaction fees, so you won't have to worry about getting stung with extra charges on international purchases. However, be aware that if you carry a balance or do a balance transfer, there's a Capital One Spark Miles for Business - Regular APR APR. That's higher than the current average credit card interest rate of just over 20%, so try to pay your bill in full each month to avoid high interest charges.

As with most business credit cards, the Capital One Spark Miles for Business - Product Name Only charges fees for other things, including cash advances (either $3 or 3% of the amount of each cash advance, whichever is greater) and late payments (up to $39).

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, such as a balance transfer card or a card with an intro APR offer.

How the Capital One Spark Miles for Business Credit Card Compares

Capital One Spark Miles for Business vs other Capital One business credit cards

Capital One Spark Miles for Business versus other small-business travel credit cards

*The Ink Business Preferred® Credit Card earns 3x points on the first $150,000 in combined purchases spent each account anniversary year in these categories (then 1x)

****The American Express® Business Gold Card 4x categories include airfare purchased directly from airlines, US gas stations, US restaurants, US shipping providers, US computer hardware, software, and cloud systems from select technology providers, and US purchases for advertising in select media (online, TV, radio)

Capital One Spark Miles for Business Credit Card Frequently Asked Questions (FAQ)

What credit score do you need to be approved for the Capital One Spark Miles for Business?

Most people who are approved for the Capital One Spark Miles for Business - Product Name Only have an excellent credit score; that is, a FICO score of 800 or higher.

Capital One has its own definition of excellent credit as well. It defines excellent credit as never having declared bankruptcy or defaulted on a loan, not having been more than 60 days late on any credit card, medical bill, or loan in the last year, and having had a loan or credit card for three years or more with a credit limit above $5,000.

Who is eligible for the Capital One Spark Miles for Business Credit Card?

To be eligible to apply for the Capital One Spark Miles for Business - Product Name Only, you'll need to have a business. That doesn't necessarily mean you need to run a full-time corporation or even have a formal business structure like an LLC. Plenty of folks qualify for small business cards with part-time ventures and side gigs like Uber driving, freelancing, or reselling on eBay.

How do you redeem Capital One Spark miles?

Capital One miles are incredibly flexible. You can cash them as statement credits toward eligible travel purchases made with your card, use them to book flights, hotels, and car rentals through Capital One Travel, transfer them to airline and hotel partners, use them for gift cards, or (not a great option) redeem them for cash back.

Do Capital One Spark miles have a cash value?

When you redeem Capital One miles for travel statement credits, bookings with Capital One Travel, or gift cards, you'll get a value of 1 cent per miles. Transfers to airline and hotel partners result in different values (often higher) depending on the partner and how you redeem your rewards. And redemptions for cash back offer a relatively poor value at just 0.5 cents per mile.

Methodology: How we reviewed the Capital One Spark Miles for Business Credit Card

We evaluated the Capital One Spark Miles for Business - Product Name Only in comparison to similar rewards business cards and assessed several factors, including:

• Ease of use — Is the card's rewards program easy to navigate? Are there multiple options for redeeming rewards?
• Rewards earning potential — Are there strong earning rates for business owners, and are any of them capped? If there are bonus categories, are they broadly useful?
• Benefits — Do the card's benefits, especially for business owners, make the card worth opening and keeping?
• Annual fee — If the card has an annual fee, do its earning potential and perks justify paying it?

Here's a closer look at how we rate credit cards at Insider.