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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 to earn this 50,000 point bonus. But after you complete it, you’ll have miles (including what you’ll 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!
Capital One Spark Miles Card Review
Apply Here: Capital One® Spark® Miles for Business
With the Capital One Spark Miles for Business card, you’ll earn 50,000 Spark miles (worth $500 in travel) after spending $4,500 on purchases within the first 3 months of account opening.
You’ll earn unlimited 2X Spark miles on all purchases. There are NO foreign transaction fees.
And the $95 annual fee is waived the first year. Employee cards are also free.
The minimum spending requirement breaks down to $1,500 per month over a 3-month period. Not only will you earn 50,000 Capital One miles, but you’ll also earn 2X miles on the $4,500 spent to trigger it, which gives you 9,000 MORE Spark miles. That’s 59,000 Spark miles (worth $590 in travel).
That, in turn, translates to 44,000+ airline miles when you transfer your miles at a 2:1.5 ratio to 12 different airline programs (or 29,500 airline miles for the 2 airlines with a 2:1 ratio). And it’s enough to severely discount your next vacation!
Keep in mind, Capital One pulls inquiries from all 3 credit bureaus when you apply for their cards, so you will incur 3 hard pulls – 1 from each bureau.
And Capital One small business cards DO appear on your personal credit report. So if you’re trying to stay under Chase’s 5/24 rule, this card will count toward your limit.
How to Use Capital One Miles
1. Erase Nearly Any Travel Purchase
Capital One miles are worth 1 cent each towards 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.
2. Transfer to 14 Airlines
You have 14 airline transfer partner options with the Capital One Spark Miles for Business card:
- Air Canada (Aeroplan)
- Air France & KLM (Flying Blue)
- Cathay Pacific
- Hainan Airlines
- Qatar Airways
- Singapore Airlines
The transfer ratio is 2:1.5, so you’ll get 1.5 airline miles for every 2 Spark miles you transfer, except for Emirates and Singapore Airlines, which have a 2:1 transfer ratio. That makes the 50,000 Capital One mile bonus on the Capital One Spark Miles for Business card (including the 9,000 miles you’ll earn for the minimum spending) worth 44,250 airline miles (59,000 X 0.75) for the majority of partners!
Because you earn 2X miles per $1 spent with the Capital One Spark Miles for Business, it’s effectively like earning 1.5 airline miles per $1 if you transfer your miles (or 1 mile per $1 spent in the case of Emirates and Singapore Airlines).
Having this option gives you dozens of new ways to redeem Spark miles.
Some of these partners, like Air Canada, Flying Blue, and Qantas can make your Spark miles extra valuable!
Capital One Spark Miles for Business Benefits
Global Entry or TSA PreCheck
Receive up to $100 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 always get TSA PreCheck privileges too!
If an item you bought is lost or stolen, you can file a claim to replace, repair, or reimburse 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 1 extra year on eligible warranties of 3 years or less.
Rental Car Insurance
The Capital One Spark Miles for Business offers primary car rental insurance for damage due to 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.
Is the Capital One Spark Miles for Business Worth the Annual Fee?
Having a card that earns flexible rewards is almost always worth paying for. And with this card, you’ll have the option to use your miles toward travel at a rate of 1 cent each. Or, transfer them to airline partners where they’ll be worth potentially much more.
The earning rate and broad travel options with this card will be worthwhile for most folks.
However, if you don’t think you’ll use the travel partners, there are cash back cards available without annual fees.
Does the Capital One Spark Miles for Business Have a Foreign Transaction Fee?
Who Is Eligible for the Capital One Spark Miles for Business?
This is a small business card, and lots of folks don’t realize they’re eligible to apply because they don’t think they have a business. But here’s how you might qualify for a business card, and why you should get one!
Keep in mind, Capital One will NOT process more than 1 application per 6 months. So 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 3 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 & points or want to apply for more Chase cards, applying for this card might not be worth it.
If you have a credit score of 700+, and looking for a big sign-up offer, this offer is worth your consideration.
Customer Support for the Capital One Spark Miles for Business Card
Capital One is known for their outstanding customer service support. In addition to fraud coverage and alerts, they make it easy to set up alerts related to your account like due dates, credit limits, and automatic payments. So it’s convenient to keep track of your spending.
Plus, their website and phone apps are intuitive to use. This, and excellent customer service, has earned Capital One an excellent reputation over the years.
Credit Cards Similar to the Capital One Spark Miles for Business
Apply Here: Capital One® Spark® Cash for Business
Apply Here: Ink Business Preferred Credit Card
If you prefer to earn rewards you can use for any purchase – not just travel – you might 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 ($590 cash back after you include the $4,500 you need to spend on purchases to meet the minimum spending requirements).
And 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 3 months is the highest bonus of any Chase Ultimate Rewards card!
Plus, you’ll earn 3X Chase Ultimate Rewards points for every $1 you spend on travel, shipping purchases, internet, cable and phone services, advertising purchases made with social media sites, and search engines (up to a maximum of $150,000 in combined purchases per account anniversary year). And 1X Chase Ultimate Rewards point per $1 on other purchases.
That gives you lots of categories where you can earn more bonus points. If you spend a lot on certain items or services, see if you can earn even more for your spending if they’re included in a bonus category. More points translates to more award travel!
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.
What do you think of this refreshed card and its travel transfer partners?