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Is the Annual Fee On the Capital One Spark Miles Card Worth Paying?

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Is the Annual Fee On the Capital One Spark Miles Card Worth Paying?

Joseph HostetlerIs the Annual Fee On the Capital One Spark Miles Card Worth Paying?Million Mile Secrets Team

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INSIDER SECRET: This card gives you primary rental car insurance when you rent a car for business purposes. Plus, you can add employees’ cards and THEY’LL get primary rental car insurance, too.

The Capital One® Spark® Miles for Business is a tempting credit card if you’re a small business owner who wants lots of super-simple rewards from your purchases.

You’ll receive a flat 2 Capital One miles per dollar on all purchases. And it comes with a welcome bonus worth at least $500 in travel after meeting minimum spending requirements. That’s enough for a family getaway to Walt Disney World Swan Resort for a couple of days.

But the card also has a $95 annual fee (waived the first year). Let’s see when the Capital One Spark Miles annual fee is worth paying.

Is the Capital One Spark Miles annual fee worth it? You can use your rewards to help you visit literally anywhere, including beautiful Iceland. (Photo by Vladimir Staykov/Shutterstock)

Worth It to Pay the Capital One Spark Miles Annual Fee?

Apply Here:   Capital One® Spark® Miles for Business

Read our review of the Capital One® Spark® Miles for Business

First things first: If you don’t have a credit score of 700+, it’s best NOT to apply for travel credit cards. Show your credit score love until you breach 700 so you’ll have the best chance of being approved for cards like this.

The main draw of this card is its large welcome bonus of 50,000 Capital One miles (worth at least $500 in travel) after spending $4,500 on purchases within the first three months of account opening. Plus, the card’s $95 annual fee is waived the first year. (The Capital One miles can potentially be worth more if you transfer them to airlines.)

The card also comes with a statement credit reimbursing your for a TSA PreCheck or Global Entry application every four years. That’s worth up to $100 and being able to speed through security is  super-handy for business travelers (check out how easy it is to enroll in TSA PreCheck).

Because of these benefits, the card is absolutely worth a test drive for one year. You can cancel the card in 11 months if you decide it’s not for you and you’ll never have paid a dime.

But is this a card you’ll pick up now and cancel a year later?

Benefits That Make the Capital One Spark Miles a Keeper

The Capital One Spark Miles has some advantages over other small business credit cards.

Easy Rewards

MMS readers have shown that they really value an uncomplicated rewards program. There’s none simpler than Capital One miles.

There aren’t special categories in which to spend in order to earn bonus miles. You don’t have to worry about blackout dates, available award seats or any of the complicated miles and points stuff when you want to redeem your miles. It takes very little reading to understand how to use Capital One miles. Read our Capital One rewards review and you’ll become an instant expert.

With this card, you’ll earn 2 Capital One miles per dollar on everything. The first $4,750 you spend each year will get you to the break-even point with the $95 annual fee. ($4,750 X 2 cents per dollar).

Travel Insurance Benefits

The Capital One Spark Miles card comes with one of my all-time favorite benefits, primary rental car insurance. You’ll only receive it when you’re when renting for business purposes and the entire cost of the reservation must be on the card. But this perk alone could save your business a small fortune.

You can waive the rental agency’s insurance (usually $15+ per day) and your card will cover damage from collision or theft from your rental car. Plus, employees’ cards are free and they’ll receive primary rental car insurance too (when renting for business purposes).

Important: If you use the card to rent a car for personal use, the card offers secondary coverage (basically it covers anything your personal insurance won’t).

As a small business owner, your purchases will be covered when you use the Capital One Spark Miles card. If you lose an item within 90 days of the purchase date, you can file a claim for Capital One to replace, repair or reimburse it. You’re covered for up to $10,000 per claim, $50,000 per card holder.

The card will even double a manufacturer’s warranty up to one extra year on warranties of three years or less.

The card also comes with purchase protection and warranty protection, which can be extremely valuable to a small business.

Keep This in Mind Before You Apply

If you’ve recently opened another Capital One card, you should know that Capital One won’t approve more than one application every six months.

Also, Capital One pulls your credit report from all three main credit bureaus (Equifax, Experian and TransUnion) when you apply.

Bottom Line

The Capital One Spark Miles card is definitely worth an application. You’ll earn 50,000 bonus Capital One miles (worth at least $500) after meeting minimum spending requirements and the $95 annual fee is waived the first year.

The card is worth holding onto if these three statements apply to you:

  • You don’t want to dive too deeply into the complications of miles and points and you want easy-to-use rewards
  • You have plenty of annual business expenses
  • The insurance benefits, such as warranty protection and primary rental car insurance, are useful to you

If you said yes to all three, it’s worth paying this card’s $95 annual fee.

Let me know your opinion of the Capital One Spark Miles! And subscribe to our newsletter for more should-I-shouldn’t-I analysis like this!

Capital One® Spark® Miles for Business

Capital One® Spark® Miles for Business

  • Earn unlimited 2 miles per $1 on every purchase, everywhere
  • Earn a one-time bonus of 50,000 miles – equal to $500 in travel – once you spend $4,500 on purchases within the first 3 months from account opening
  • Receive up to $100 credit for one Global Entry or TSA Pre✓® application fee
  • Fly on any airline, anytime, with no blackout dates or seat restrictions
  • $0 intro annual fee for the first year; $95 after that
  • $0 fraud liability if your card is lost or stolen
  • Free employee cards which also earn unlimited 2x miles from their purchases
  • No foreign transaction fees

More Info

Editorial Note: We're the Million Mile Secrets team. And we're proud of our content, opinions and analysis, and of our reader's comments. These haven’t been reviewed, approved or endorsed by any of the airlines, hotels, or credit card issuers which we often write about. And that’s just how we like it! :)

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I recently applied/received the CapOne Venture personal card. Am I correct to understand I need to wait 6+ months to apply for a business card? (real business that operates under its own FEIN).