If you’re a fan of Capital One Venture cards, you’ll probably like Capital One Spark Miles cards, too!
Capital One Spark Miles cards earn flexible miles that you can use on nearly any travel purchase, like flights, hotels, rental cars, and Lyft.
The Capital One® Spark® Miles Select for Business comes with 20,000 Spark miles (worth $200 in travel) after spending $3,000 on purchases within the first 3 months. And the Capital One® Spark® Miles for Business card offers 50,000 Spark miles (worth $500 in travel) after spending $4,500 on purchases within the first 3 months.
Here’s what you need to know about these cards!
Review of Capital One Spark Cards
The Capital One Spark Miles and Capital One Spark Miles Select are very similar to the Capital One Venture cards. They earn flexible miles you can redeem for a wide variety of travel, like flights, hotels, cruises, Uber, and much more!
As long as your purchase is travel related, you can likely use Capital One Spark Miles towards the expense!
The big difference between Capital One’s Spark and Venture cards is that Spark is for small businesses. So to be eligible for these cards, you’ll need a for-profit venture, such as tutoring, coaching, or selling items on eBay. If you’re making money, you have a small business!
Note: Capital One small business cards DO show up on your personal credit report. So they will count against the Chase “5/24 Rule.”
Both cards require “excellent credit” to be approved According to Capital One, excellent credit means:
- You’ve never declared bankruptcy or defaulted on a loan
- You’ve not been more than 60 days late on a loan in the past year
- You’ve had a loan or credit card for 3+ years with a credit limit of $5,000+
Here’s what you’ll get with these cards!
1. Capital One Spark Miles
The Capital One Spark Miles comes with 50,000 Spark miles (worth $500 in travel) after spending $4,500 on purchases within the first 3 months.
- 2X Spark miles per $1 you spend on all purchases
- NO foreign transaction fees
- $95 annual fee, waived the first year
2. Capital One Spark Miles Select
The Capital One Spark Miles Select comes with 20,000 Spark miles (worth $200 in travel) after spending $3,000 on purchases within the first 3 months.
- 1.5 Spark miles per $1 you spend on all purchases
- NO foreign transaction fees
- NO annual fee
This sign-up bonus is the same as the Capital One VentureOne personal card, but with a $2,000 higher minimum spending requirement. There aren’t many cards with no annual fee that offer a sign-up bonus this big!
These cards also come with Visa Business Card benefits, like:
- Rental car insurance – Primary protection if the car is being used for business purposes; secondary protection if for personal use. Covers collision, theft, and towing cost
- Purchase security and extended protection – Covers eligible purchases from theft or damage for 90 days after purchase (up to $10,000 per claim). Extends qualifying manufacturer’s warranties by up to 1 year
- Visa Savings Edge – Enroll your card and automatically save up to 15% when you shop at participating merchants
How to Redeem Spark Miles
Spark miles are worth 1 cent each. You can use your miles as a credit towards nearly any travel purchase you make on your card, such as airfare, Airbnb, seat upgrades, baggage fees, and much more!
To redeem your Spark miles for travel, just buy travel like you normally would with your card. Then, you have 90 days to sign-in to your online account, find the travel purchase, and “erase” it with your miles!
These cards have NO minimum redemption increment. So if you want to redeem for a $24 ticket to the 9/11 Museum, you can!
The only exception is if you’re using miles to partially pay for a travel purchase. In that case, the minimum is 2,500 miles ($25).
Capital One also has an online portal similar to the Chase Ultimate Rewards Travel Portal called No Hassle Rewards. Through this site, you can book travel with your miles instead of purchasing your travel and erasing it later. If you use the portal, there is no minimum miles requirement to book.
Whether you choose to redeem your Spark miles through the No Hassle Rewards portal or by erasing your purchase later, you’ll still get a value of 1 cent per point.
Are These Cards Right for You?
If you’re just beginning in miles & points, these are NOT good cards for you. There are other credit cards with higher sign-up bonuses that earn more valuable points and have MUCH better travel benefits.
Opening these cards could decrease your chances of being approved for Chase cards later on. That’s because if you’ve opened 5+ cards in the past 24 months (with the exception of certain small business cards), Chase will NOT approve you for many of their cards (though there are some exceptions).
But if you already have all the Chase cards you want, these could be a fit for you!
Just remember, Capital One pulls your credit score from all 3 main credit bureaus. So applying will give you 3 hard inquiries on your report!
Hard inquiries cause your credit score to temporarily dip. And too many hard inquiries can make it harder to be approved for future credit cards and other loans.
Note: While these cards have nice sign-up bonuses, their earning rates aren’t great. Compare the Capital One Spark Miles cards to these no-annual-fee cash back cards with similar earning rates before you apply.
The Capital One Spark Miles and Capital One Spark Miles Select are great for small business owners who like flexibility in redeeming for travel. You can redeem your points for nearly anything travel related!
The Capital One Spark Miles Select comes with 20,000 Spark miles (worth $200 in travel) after spending $3,000 on purchases within the first 3 months. And the Capital One Spark Miles card offers 50,000 Spark miles (worth $500 in travel) after spending $4,500 on purchases within the first 3 months. Both cards have NO foreign transaction fees, so they’re good cards to use overseas.
These cards earn effectively 1.5% to 2% back on all purchases. So compare them to these cash back cards with similar earning rates before you apply!
Remember, these are NOT good cards to apply for if you’re just beginning your miles & points career. Because there are other better travel rewards cards you should apply for first.
What are your thoughts on the Capital One Spark cards?