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INSIDER SECRET: This credit card recently added an excellent benefit to help you speed through airport security.
Small-business owners can turn everyday expenses into $500 toward travel or 37,000+ airline miles with the current Capital One® Spark® Miles for Business card offer.
You’ll need to spend $4,500 in the first three months to earn this 50,000 point bonus. But after you complete it, you’ll have miles (including what you earn from minimum spending) worth $590 to spend on a trip. Or the flexibility to transfer your miles to 14 airlines.
You’ll also earn unlimited 2x miles on every purchase with no foreign transaction fees.
The $95 annual fee is waived the first year. And even if you don’t have a full-time business, you can qualify with just about any for-profit side hustle, like selling items online, tutoring or freelance writing.
Here’s everything to know about this offer:
Who Is This Card For?
If you have a credit score of 700+, and are looking for a big sign-up offer, this offer is worth your consideration.
This is a small-business card. You need a for-profit venture to open this card. Actually, many people don’t realize they’re eligible to apply. If you sell items on eBay, if you’re a dog walker, if you are a tutor or freelance writer, you’re eligible for small-business credit cards.
Further Reading: How to Qualify for a Small Business Credit Card
Keep in mind, Capital One will not process more than one application every six months. If you’ve opened another Capital One card recently, you’ll need to wait to apply for this one.
Capital One also pulls from all three main credit bureaus (Experian, Equifax and TransUnion) when they process your application. And they report small-business cards to your personal credit reports, so if you’re new to miles and points or want to apply for a Chase card, applying for this card might not be worth it because of Chase’s strict application rules.
Further Reading: Chase 5/24 Rule
Capital One is known for outstanding customer service. In addition to fraud coverage, they make it easy to set up alerts for due dates, credit limits and automatic payments. It’s easy to keep track of your spending with Capital One.
Their website and phone apps are simple to navigate.
Welcome Bonus: At Least $500 in Value
With the Capital One® Spark® Miles for Business, you’ll earn 50,000 Spark miles (worth $500 in travel) after spending $4,500 on purchases within the first three months of account opening.
The minimum spending requirement breaks down to $1,500 per month over a three-month period, so it shouldn’t be too hard for most. Also, the card’s $95 annual fee is waived the first year, and employee cards are free.
You can even transfer your points to airlines to potentially receive even more value from your miles. We’ll cover this in a bit.
Main Benefits and Perks
Global Entry or TSA PreCheck
Receive up to $100 in credit for Global Entry or TSA PreCheck when you use your Spark Miles card. Everyone on the Million Mile Secrets team has Global Entry to speed through customs. Tip: When you have Global Entry, you are pretty much guaranteed to get TSA PreCheck.
If an item you bought is lost or stolen, you can file a claim to replace, repair, or be reimbursed for eligible items within 90 days of purchase, up to $10,000 per claim and $50,000 per cardholder.
This benefit doubles a manufacturer’s warranty up to one extra year on eligible warranties of three years or less.
Rental Car Insurance
The Capital One Spark Miles for Business offers primary car rental insurance for damage from collision or theft when renting for business purposes. For personal rentals, coverage is secondary, which means your personal or business car insurance company pays first.
How to Earn Miles
With the Capital One Spark Miles for Business, you’ll earn unlimited 2 Capital One miles per dollar on all purchases. No confusing bonus categories, just a flat return rate.
Further Reading: How to Earn Capital One Miles
How to Redeem Miles
Capital One miles are worth 1 cent each toward travel. You can redeem your miles for nearly any travel purchase, like taxi rides, hotels, room service and free flights. And you don’t even have to worry about searching for available award seats or hotel nights.
To redeem your miles for travel, buy travel like you normally would with your card. Then, you have 90 days to sign into your online account, find the travel purchase and “erase” it with your miles.
You also have the option to book travel with your miles instead of purchasing your travel and erasing it later. You’ll find this option after signing into your account. If you use the portal, there is no minimum miles requirement to book.
Whether you choose to redeem your miles this way or by erasing your purchase later, you’ll get a value of 1 cent per mile.
Or, you can also transfer your miles to 14 airline transfer partners:
- Air Canada (Aeroplan)
- Air France & KLM (Flying Blue)
- Cathay Pacific
- Hainan Airlines
- Qatar Airways
- Singapore Airlines
With most of these airlines, the transfer ratio is 2:1.5, so you’ll get 1.5 airline miles for every 2 Spark miles you transfer. The exceptions are Emirates and Singapore Airlines, which have a 2:1 transfer ratio.
Further Reading: Capital One Transfer Partners
Because you earn 2 miles per $1 spent with the Capital One Spark Miles for Business, it’s effectively like earning 1.5 airline miles per dollar if you transfer your miles (or 1 mile per dollar spent in the case of Emirates and Singapore Airlines). This is a promising way to receive more for your miles than just 1 cent each.
Example: you can fly round-trip in coach from the US to Hawaii for 35,000 Singapore Airlines miles (70,000 Capital One miles). Depending how much flights cost, that can be a bargain.
Similar Credit Cards
If you prefer to earn rewards you can use for any purchase – not just travel – consider the Capital One® Spark® Cash for Business instead. For the same annual fee, you’ll earn 2% cash back on every purchase and can redeem your rewards for a statement credit for any amount whenever you want. The ease of use for the rewards can’t be beat.
The Capital One Spark Cash for Business has a sign-up bonus worth $500 cash back after you spend $4,500 in the first three months ($590 cash back after you include the cash back you’ll earn on the $4,500 you need to spend on purchases to meet the minimum spending requirements).
Further Reading: Capital One Spark Cash for Business Review
If you like the idea of transferring your rewards to travel partners, consider the Ink Business Preferred℠ Credit Card, which has fantastic (and easier to use) travel partners including United Airlines, Southwest and Hyatt. The sign-up bonus of 80,000 Chase Ultimate Rewards points (worth $1,000 in travel) after spending $5,000 on purchases in the first three months is the highest bonus of any Chase Ultimate Rewards card.
Further Reading: Ink Business Preferred Credit Card Review
The Capital One Spark Miles for Business card offers 50,000 Spark miles (worth $500 in travel) after meeting minimum spending requirements. You can use the miles you earn toward nearly any type of travel purchase, or transfer them to 14 airline partners like Air Canada, Flying Blue, Qantas and Singapore Airlines.
The $95 annual fee is waived the first year and there are no foreign transaction fees.
With the minimum spending included, you’ll end up with 59,000 Spark miles, which are worth $590 toward travel or 44,000+ airline miles for the airlines with a 2:1.5 ratio. If your small business spends a lot, you could earn yourself a free vacation on things you’re already paying for. And here’s how you might already qualify for small-business credit cards.
Let me know what you think of this refreshed card and its travel transfer partners. And subscribe to our newsletter for more credit card reviews.