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Depending on your business spending habits and travel goals, the Capital One Spark Miles card can be a great match for business owners who just want a straightforward rewards credit card. Just look at Million Mile Secrets reader and small business owner Brad, who earns $1,800 per month worth of Spark miles.
Lots of readers love how simple it is to pay for travel with the Capital One Spark Miles card. Then, just use miles to offset the purchase! You can even erase charges for cruises and other fun travel experiences.
Plus, you can earn a valuable sign-up bonus on the card worth $500 in travel!
Before signing up for the Capital One Spark Miles card, there are a few tips that can help you achieve a card approval.
3 Tips to Increase Your Chances of an Approval for the Capital One Spark Miles Card
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.
With the Capital One Spark Miles card, you’ll also get:
- 2X Spark miles per $1 you spend on all purchases
- NO foreign transaction fees
And the card’s $95 annual fee is waived the first year. So you can try out the card for free for ~10 months, and decide whether it’s worth it!
Here are a few tips to consider before applying to increase your chances of receiving an approval.
1. Check Your Credit Report and Score
Capital One suggests you only apply for the Capital One Spark Miles card if you have “excellent credit.” The bank says you have excellent credit if you:
- Never declared bankruptcy or defaulted on a loan
- Have NOT been more than 60 days late on a loan in the past year
- Have had a loan or credit card for 3+ years with a credit limit of $5,000+
A credit score of 720 or higher is typically considered very good to excellent. Remember, you can get your score for free and check your credit report by creating a Credit Karma account.
2. Be Sure You Qualify as a Small Business
The Capital One Spark Miles is meant for small business owners. Keep in mind, it’s relatively easy to qualify for a small business card if you have a side hustle like selling on Etsy or driving for Uber.
Even if you generate a small amount of business revenue, you can still be eligible. Remember, you personally guarantee the credit line on a small business card. So the bank considers factors like your total household income and personal credit score when evaluating your application for the Capital One Spark Miles card.
3. Consider Recent Capital One Credit Card Applications
Most banks have application rules to prevent folks from opening lots of new credit cards in a short timeframe.
This rule applies to personal AND small business cards. So if you recently opened a personal card, like the Capital One® Venture® Rewards Credit Card, you’ll have to wait 6 months before applying for the Capital One Spark Miles card.
I Typically Recommend Chase Cards and Other Small Business Cards First!
The simple rewards structure and valuable sign-up bonus can make the Capital One Spark Miles card worth considering. But depending on your travel goals, you might consider cards from other banks before signing up for this one.
For example, the Chase Ink Business Preferred Credit Card is currently my favorite card offer. When you sign-up for this card, you can earn 80,000 Chase Ultimate Rewards points after you spend $5,000 on purchases in the first 3 months from account opening.
The sign-up bonus is worth $800 in cash back OR $1,000 in travel when you book through the Chase travel portal.
Remember, Chase has strict application rules, which make it more difficult to get their cards if you apply for cards from other banks first. That’s why I typically recommend folks get all of the Chase cards they want before applying for cards from other banks.
And keep in mind, unlike American Express, Capital One reports business cards to the credit bureaus. This means any new small business cards with the bank WILL appear on your personal credit report.
As a reminder, Capital One pulls all 3 main credit bureaus when they process your application. So applying for a card from Capital One has a bigger temporary effect on your credit score. This isn’t a big concern if you only plan to apply for one card.
If you’re thinking of applying, consider these tips to increase your approval chances:
- Check your credit score – Capital One says only folks with “excellent” credit should apply
- Be sure you qualify as a small business
- Consider recent Capital One card applications
Don’t forget, Capital One pulls your credit score from all 3 main credit bureaus when they process your application. So applying for a card issued by the bank has a bigger temporary effect on your credit score. But folks just looking to open one new card in the near future shouldn’t worry about this minor impact.
If you’ve had approval success with the Capital One Spark Miles card, let me know in the comments!