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Qualifying for a small-business credit card is a good thing because you’ll have additional opportunities to earn welcome bonuses and more rewards programs to choose from. If you have a part-time side gig — like selling items on eBay, or you receive a 1099 tax form for work as an independent contractor — chances are that you qualify for a small-business card.
This means you can apply for cards like the Capital One® Spark® Cash for Business and Capital One® Spark® Miles for Business. Both of these credit cards made our list of best business credit cards because of the value of the welcome bonus, ongoing earnings and perks. The information for the Capital One Spark Cash, Capital One Spark Miles card has been collected independently by Million Mile Secrets. The card details on this page have not been reviewed or provided by the card issuer.
Although these two Capital One business credit cards may seem similar at first glance, there are a few key differences. Here’s a comparison of the two cards to help you decide which is best for your situation:
|Capital One® Spark® Cash for Business||Capital One® Spark® Miles for Business|
|Sign-up bonus||$500 cash bonus when you spend $4,500 on purchases in the first 3 months of account opening||Earn 50,000 miles (worth at least $500 in travel) once you spend $4,500 on purchases in the first 3 months from account opening|
|Annual fee||$95 (waived the first year)||$95 (waived the first year)|
|Earning rate||Unlimited 2% cash back on business purchases||2X miles per $1 on all purchases, and
5X miles on hotel and rental car bookings through Capital One Travel
|Employee cards||Free employee cards||Free employee cards|
Current sign-up bonus
The Capital One Spark Cash for Business credit card is offering a $500 cash bonus that’s earned when you spend $4,500 on purchases in the first three months of account opening. It’s a simple and straightforward offer because, as a cash bonus, you’ll know exactly how much it’s worth.
The Capital One Spark Miles for Business credit card is offering a 50,000-mile sign-up bonus, which is earned once you spend $4,500 on purchases in the first three months of account opening. Capital One Spark Miles are worth at least 1 cent each, so the welcome bonus is worth at least $500 in travel. But it has the potential to be worth even more if you transfer them to any of Capital One’s transfer partners.
If the spending requirement of $4,500 seems a bit steep and you’re not sure if you can meet it in the three-month time frame, here are a few ways on how to meet credit card minimum spending requirements.
Both cards charge an annual fee of $95. Because the fee on both cards is waived for the first year, you have the opportunity to try out the cards for 11 months to see if the benefits and perks make the annual fee worthwhile.
Earning and redeeming rewards
Capital One Spark Cash for Business
The Capital One Spark Cash for Business credit card makes our list of the best cash-back business credit cards because it’s easy to earn rewards with unlimited 2% cash back on all purchases. Simplicity is baked into this card, and you don’t have to worry about keeping track of rotating bonus categories or exceeding the maximum amount of rewards you can earn.
Redeeming your rewards is also super easy as you can request a check or a credit to your account. And there’s no requirement to accumulate a certain number of rewards before you redeem your rewards, so you can do it any time you want. You can also automate this process by scheduling automatic redemptions to occur once you’ve earned a certain dollar amount.
Capital One Spark Miles for Business
Similar to the Capital One Spark Cash for Business, you don’t have to worry about specific bonus categories with the Capital One Spark Miles for Business credit card because you’ll earn the same flat rate of 2 Capital One Spark Miles per dollar spent on all purchases. And there’s no limit to how much you can earn.
If you’re planning a trip, check out Capital One Travel because you’ll earn 5x Capital One Spark Miles on hotel and rental car bookings made through the travel portal.
When it comes to redeeming your Spark Miles, you’ll have a few options. Perhaps the simplest way is to redeem them by “erasing” travel-related purchases. After you’ve returned from a trip, you can redeem your miles for anything that coded on your statement as travel (i.e., taxi rides, hotels, room service and flights). You’ll have 90 days from the date of a travel purchase to “erase” it with your Spark Miles, which can be redeemed at a value of 1 cent each.
Alternatively, you can use your miles for travel, including booking through the Capital One travel portal. But if you’re looking to maximize the value of your miles, it’s probably best to transfer your miles to any of Capital One’s transfer partners.
Here are some of the best ways to use capital one miles.
Although these two cards have similar benefits, the Capital One Spark Miles benefits and perks has one major difference: it includes up to a $100 credit for Global Entry or TSA PreCheck for a faster, hassle-free experience at the airport. If you travel frequently or flat out don’t like waiting in long airport security lines, it’s certainly worth looking into.
The Capital One Spark Cash for Business card doesn’t offer this same benefit. But there’s something to be said for simplicity, which is what makes this card worth it. After all, it can sometimes be hard to put a price on having a card with a more straightforward way of earning and redeeming cash back rewards — especially if you’re a busy business owner with loads on your plate.
Here are the perks shared by both cards:
Eligible items you purchase will be protected against theft or damage for up to $10,000 per claim and $50,000 per cardmember. Coverage applies for up to 90 days from the date of purchase.
It can be a huge hassle and expense if an item you bought stops working and it’s just outside the warranty period. Extended warranty doubles the original manufacturer’s warranty up to 12 months, as long as the original warranty was three years or less.
Rental car insurance
Both of these Capital One business credit cards offer primary rental car insurance if you’re renting a car for business purposes. Otherwise, coverage will be secondary to your personal insurance policy.
With primary rental car coverage, you won’t have to file a claim with your insurance company.
No foreign transaction fees
Some cards charge a foreign transaction fee as high as 3%. But that’s not the case here. Neither of these Capital One business credit cards charges foreign transaction fees.
Things don’t always go according to plan on a trip. As a cardmember, you can contact Capital One for referrals to a variety of services such as, roadside dispatch, assistance with replacing lost tickets, or referrals to medical and legal services.
Which card is best for you?
The best card for you will depend partly on whether you prefer simplicity or value. If you want a simple rewards-earning card, the Capital One Spark Cash for Business card is worth considering. It earns the same flat cash-back rate on all purchases without the need to track bonus categories, and you can easily redeem rewards for statement credits or checks.
On the other hand, if getting more value out of your card is more your thing and you’re willing to spend a little time, then the Capital One Spark Miles for Business card could be a better fit. The value comes with the added flexibility of transferring miles to travel partners.
Once you decide on a card, apply online through the Capital One website for either the Capital One® Spark® Cash for Business or Capital One® Spark® Miles for Business card. For the most part, business card applications are the same as personal credit card applications, although there are a few differences.
Here’s our guide on filling out a Capital One business card application, along with some approval tips.
Small-business owners looking to earn and redeem cash back without too much hassle will appreciate the simplicity of the Capital One® Spark® Cash for Business card. You can earn $500 cash back as a welcome bonus after meeting the minimum spending requirements, and earn an ongoing 2% cash back on all purchases. Cash-back rewards can also easily be redeemed as a statement credit with no minimum redemption amount.
Those who travel frequently (or those who are looking to maximize the value of their rewards) may be better served with the Capital One® Spark® Miles for Business card. You’ll earn 50,000 Capital One Spark Miles as a welcome bonus (worth $500) after meeting minimum spending requirements, and also have the flexibility to transfer those miles to a number of Capital One travel partners for potentially even more value. Plus, you’ll get up to a $100 credit for Global Entry or TSA PreCheck which can help get you get through airport security more quickly.
Let us know what you think of these two cards, and which one you would choose.
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