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For a hassle-free way to earn rewards on travel, consider the Capital One® Spark® Miles for Business with its current increased welcome offer of 200,000 miles after meeting the card’s tiered minimum spending requirements. That’s one of the reasons it tops our lists of best business credit cards and best Capital One cards.
Depending on your business spending habits and travel goals, the Capital One Spark Miles card is a great match for business owners who want a straightforward rewards credit card. Many of our readers love its simplicity when it comes to paying for travel and the ability to use miles to offset the purchase. You can erase charges for cruises and other travel experiences. Plus, the sign-up bonus alone is worth up to $2,000+ in travel.
Before signing up for the Capital One Spark Miles business card, we have a few tips to help you get approved.
Increase your approval odds for the Capital One Spark Miles business card
With the Spark Miles business card, you’ll earn 50,000 Spark miles (worth $500 in travel) after spending $5,000 on purchases within the first three months of account opening and 150,000 miles after spending an additional $45,000 ($50,000 in total) in the first six months of account opening.
That’s a big minimum spending requirement to earn the full bonus, but remember you can pay your taxes with a credit card.
As a Capital One Spark Miles cardholder, you’ll also get:
- 2x Spark Miles per $1 spent on all purchases
- No foreign transaction fees
The card’s $95 annual fee is waived the first year. Plus, the card comes with a number of benefits and perks. You can check out our in-depth review of the Capital One Spark Miles for Business card here.
Before applying, here are a few tips to consider to increase your chances of approval.
Check your credit report and score
Capital One suggests you apply for the Capital One Spark Miles card only if you have excellent credit, which the bank defines in the following ways:
- 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.
Be sure you qualify as a small business
The Capital One Spark Miles is meant for small-business owners. 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 and generate a small amount of revenue.
Remember, you personally guarantee the credit line on a small-business card. So the bank considers factors such as your total household income and personal credit score when evaluating your application for the Capital One Spark Miles card.
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 six months before applying for the Capital One Spark Miles card.
Other small-business cards to consider
The simple rewards structure and valuable sign-up bonus make the Capital One Spark Miles card worth considering. However, depending on your travel goals, you might consider cards from other banks before deciding.
For example, the Chase Ink Business Preferred Credit Card currently has the biggest offer of any of the Chase Ultimate Rewards points-earning cards. You can earn 80,000 Chase Ultimate Rewards points after you spend $5,000 on purchases in the first three months from account opening. This 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 we typically recommend folks get all of the Chase cards they want before applying for cards from other banks.
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 three major 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.
The Capital One Spark Miles card is popular with small-business owners because the simple rewards structure is a hassle-free way to earn points to save on travel. It’s hard to go wrong with a card that offers a bonus of up to 200,000 miles, if you can meet the tiered minimum spending requirements.
Before 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 three major credit bureaus when they process your application, so applying for a card issued by the bank has a temporary effect on your credit score. If you’re opening only one new card in the near future, don’t worry about this minor impact.
If you’ve had approval success with the Capital One Spark Miles card, let us know in the comments.