Capital One Spark Miles for Business Credit Card Review - Fora Financial
Capital One Spark Miles for Business Credit Card Review
November 07, 2019

Capital One Spark Miles for Business Credit Card Review

For many business owners and their employees, traveling is often a part of the job.  Face-to-face meetings with current and potential clients are as crucial today as they have been in the past.

Unfortunately, travel expenses can add up quickly, making it a challenge for business owners to afford. However, saving money on travel expenses is possible if you find the right travel rewards card. 

The Capital One Spark Miles could be the answer to saving money on business travel. This article explains the benefits and rewards of The Capital One Spark Miles for Business Credit Card as well as the pros and cons. If your business requires spending money on travel expenses, this information could be useful to you.

About the Capital One Spark Miles Credit Card:

As a business owner with a busy schedule, you don’t have time to worry about bonus miles that expire. With the Capital One Spark Miles Credit Card, that isn’t a problem because the miles never expire as long as you keep your membership. However, if you cancel your membership, you’ll lose all the benefits. 

If you have employees who travel, you can include them on your plan for no extra charge. Plus, having several employees use your business credit cards will help your company accumulate bonus miles. 

The rewards for this card gives you two miles for every dollar spent, which accelerates the bonuses. When you and your employees spend a total of $10,000, for example, that will equate to a bonus of 20,000 miles. In addition, you can view what your employees are spending and set spending limits accordingly. This is a great way to monitor spending so that you don’t exceed your budget. 

When you register for this card, you’ll receive a sign-up bonus of 50,000 miles as long as you spend $4,500 within three months of signing up. According to the Capital One website, 50,000 miles equates to $500 in travel. The yearly fee of $95 is waived for the first year. However, when you rack up points, the mileage benefits will more than account for the fee when it applies after the second year.

Capital One Spark Miles Benefits and Rewards:

The primary benefit of Capital One Spark Miles is bonus miles. However, there are several other benefits and rewards of the program.

  • Receive two miles for every dollar spent. Every purchase qualifies for points, including purchases made by employees. There are no restrictions on the types of purchases you can make.
  • You can receive free employee cards. These cards which also earn points, have the option of setting spending limits. Their transactions can be viewed online and are immediately available.
  • Use the cards for unlimited bonus miles with no blackout dates and no seat restrictions.
  • Capital One has published a rewards calculator that you can use to see how much you’ll earn, based on the spending history of your company.
  • As a member, you’ll receive the protections and benefits of all Capital One business card offerings. This includes items such as fraud protection, purchase security, no foreign transaction fees, protections against cards getting lost or stolen, and several others.

Capital One Spark Miles Benefits and Rewards

Pros and Cons of The Capital One Credit Card:

The Capital One Spark Miles Credit Card is geared towards businesses that want simplicity with their rewards. These businesses earn points with all purchases. While the main bonuses are travel-related, these may not be right for every business. The following sections show the pros and cons of this credit card. 

Pros of the Capital One Spark Miles Credit Card:

  • With two times the bonus miles and spending from employees, rewards can accumulate quickly.
  • Setting limits for employee cards can help to manage budgets.
  • Business owners can use the points to save on travel expenses.
  • The first year comes with a 0 annual fee. Even after the first year, the $95 fee is relatively cheap for business rewards cards.
  • Transfer the points to over ten participating airlines.
  • Businesses can earn rewards on all purchases, irrespective of categories.
  • 50,000 miles sign up bonus when businesses spend $4,500 within three months of signing up and getting approved.
  • Businesses can receive up to $100 towards the fees paid for Global Entry or TSA Pre. The fees must be purchased using the Spark Miles card.
  • Capital One customer service representatives are trained to work with business owners. 
  • Receive alerts with Capital One’s Eno service. 

Cons of the Capital One Spark Miles Credit Card:

  • Business owners must have excellent credit to obtain a Capital One Spark Miles Credit Card. Personal credit information may also be considered when applying.
  • The APR is over 18%. This is a variable rate, which means it could be higher in the future.
  • The rewards are the same for all purchases. While this may be viewed as a benefit, several card rewards may be considerably higher for travel-related items. Spark Miles members could miss out if the majority of their purchases fall within the higher-spending categories.
  • Smaller businesses may not reach the $4,500 spending necessary to receive the 50,000 points sign-up bonus.

Alternative Small Business Credit Cards:

If you have a small business and feel you won’t meet the minimum requirements, you can consider the Capital One Spark Miles Select for Business. It offers one and a half miles for every dollar spent with no annual fee. 

The sign-up bonus is for 20,000 miles when you spend $3,000 within the first three months. However, it does require excellent credit. 

Our Verdict:

The Capital One Spark Miles Credit Card can be a great option for business owners and their employees who frequently travel as part of their jobs. For most businesses, the $4,500 requirement within three months shouldn’t be an issue. With two miles for every dollar spent, including from employee purchases, the credit card is sure to be a hit with several business owners.

At Fora Financial, we can help you with selecting the right credit card for your business. This is an important step to help manage your business. The right credit card can also reward you with benefits that are related to your business needs. 

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Frequently Asked Questions

If my credit is good, will this be enough to be approved for this credit card?

According to Capital One, it is requiring business owners to have excellent credit. If your credit is on the higher range of the scale for a good score, it can still be worthwhile to try.

Is Capital One offering an introductory rate?

This credit card does not offer an introductory rate. The rate is over 18% APR. At the current time, the Capital One Spark Miles Select for Business credit card is offering an introductory rate of 0% for nine months for purchases.

Fora Financial

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

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Fora Financial is a working capital provider to small business owners nationwide. In addition, the Fora Financial team provides educational information to the small business community through their blog, which covers topics such as business financing, marketing, technology, and much more. If you’d like to see a topic covered on the Fora Financial blog, or want to submit a guest post, please email us at [email protected].