Capital One Spark Miles Credit Card

Andrew Reyes  | 
  • Annual percentage rate (APR): 20.99% to 29.4% variable.
  • Purchase intro APR: None.
  • Rewards: 2x airline miles per $1 spent.
  • New cardmember offer: 50,000 bonus miles.
  • Annual fee: $0 the first year, $95 each year after.
  • Late fee: Up to $39.
  • Credit score: Excellent (800-850).
  • Compare cards here.

Benefits

The Capital One Spark Miles credit card offers some appealing perks for small business owners, including:

  • Bonus miles: In addition to receiving double airline miles on every purchase, you will earn five airline miles for every dollar you spend on hotel and rental car bookings.
  • Travel perks: The Capital One Spark Miles credit card offers a variety of perks and benefits for business travelers. These include a statement credit for up to $100 when you apply for TSA PreCheck or Global Entry, no foreign transaction or exchange fees, and collision coverage for eligible rental cars.
  • Employer management: Employers have plenty of options to manage their employees’ credit cards. You can set customized spending limits for each employee, see transactions as soon as they post to your account, and designate account managers to review each purchase and card payment. Plus, you can manage the rewards and miles earned from your employees’ purchases.

Drawbacks

However, no credit card is perfect, and there are a few downsides to the Capital One Spark Miles credit card that you should be aware of:

  • High annual fee: At $95 per year, the annual fee is pretty pricey. Depending on how often you use the card and how many rewards you enjoy, it might very well be worth the high price tag. Plus, it’s waived the first year, giving you the chance to see how much you actually use the Capital One Spark Miles credit card before you have to pay the annual fee.
  • High APR: Similar to the annual fee, the APR is fairly high. However, it is a variable APR, so you likely won’t be charged 29.4% on every transaction. And if you’re able to pay off your balance on time each month, you can avoid these additional charges altogether.
  • High credit level: You’ll need outstanding credit to get approved for the Capital One Spark Miles credit card. If you don’t have a good credit history or haven’t built any credit yet, you may not be able to qualify for it. Instead, you may benefit by getting another card to help you build your credit, then coming back for this one.

What Can You Expect From the Capital One Spark Miles Credit Card?

Whether you’re at the office or out on the road, the Capital One Spark Miles credit card has additional features that make it easy to use.

Business Management Tools

When you open your account, you’ll gain access to a variety of tools that you may use to manage your business. In addition to must-have features such as flexible payment dates and AutoPay, you can also enjoy itemized spending reports, keep an eye on recurring transactions and monthly charges, and download your purchase records into the format of your choosing.

Security Features

The Capital One Spark Miles credit card provides security features that can be helpful in keeping your account — and your business — as secure as possible. You can receive fraud alerts via text or email, security notifications for potentially suspicious transactions, and even extended warranties on qualifying purchases.

You’re also able to lock your own card or an employee’s card if it’s been lost or stolen. The Eno browser extension from Capital One adds another layer of security by providing a virtual credit card number for online transactions.

Flexible Miles Redemption

The Capital One Spark Miles credit card also makes it easy to redeem the airline miles you’ve earned. There is no cap on the number of miles you can earn, and your rewards will never expire (unless you close your account before redeeming your miles). You’re free to transfer your miles to one of Capital One’s participating travel partners, but you can also exchange your miles for cash, a statement credit, gift cards, or other eligible offers.

Who Should Get the Capital One Spark Miles Credit Card?

The Capital One Spark Miles credit card is best for business owners who travel frequently themselves or who have employees travel for work. Its straightforward rewards program and bonus miles on travel expenses make it a great option for small business owners, including freelancers and sole proprietors.

The high annual fee and APR might be off-putting, especially if you don’t end up using the card much. Further, if you don’t spend much on travel expenses, you might be better off with a credit card that offers airline miles on other types of purchases or has a cash-back rewards program.

All in all, the Capital One Spark Miles credit card is a great choice if you want to earn travel rewards for your business. Their rewards program, combined with their additional management tools and security features, makes this card a worthwhile investment for small businesses of all sizes.

Compare other travel rewards cards and learn more here.


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