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As cards targeting small businesses go, Capital One® Spark® Miles for Business may not have all the bells and whistles of some, but its straightforward, simple rewards program is an excellent fit for many.
The welcome offer is an enticing way to start a relationship with a new card: For a limited time, earn up to 200,000 bonus miles, worth up to $2,000 to spend on travel; earn 50,000 bonus miles when you spend $5,000 in the first three months and earn another 150,000 bonus miles when you spend $50,000 in the first six months of account opening. A straightforward and unlimited 2X the miles rewards rate keeps the momentum rolling, plus, earn 5x the miles on hotel and car rental bookings through Capital One TravelSM. Miles don't expire for the life of the account and you can choose to transfer them to more than 10 travel loyalty programs.
Spark® Miles for Business has an annual fee of $0 intro for first year; $95 after that, giving you the opportunity to try out its perks and features without paying an annual fee for the first year. Given the easy rewards earning and redemption options, we think you'll find it fairly simple to offset the annual fee and then some.
This card also offers a ton of flexibility in its rewards program. You can either log into your account and make your travel purchases (airline tickets, car rentals, etc.) using your accumulated points or you can be reimbursed for previously made travel purchases by using the "Purchase Eraser" feature. Just log into your account, choose the "Purchase Eraser" feature and you can use your points against the amount you spent on your qualifying purchase and be reimbursed the cash value. The best part is you can erase all or even just part of a purchase – it's up to you. You can also transfer those miles to one of several popular travel loyalty programs.
Additional features include free employee cards, quarterly and year-end summaries, downloadable purchase records, a mobile app to manage purchases, no foreign transaction fees and car rental insurance, purchase protection, roadside dispatch, lost luggage reimbursement and up to a $100 credit for one Global Entry or TSA Pre✓® application fee.
Simplicity and keeping down costs are both beautiful things for small businesses.Capital One® Spark® Miles for Business offers small businesses that do significant traveling a chance to keep costs under control. And the best part, the person in charge monitoring expenses doesn't need an accounting degree or PhD in economics to figure out the way to take advantage of the flexible miles redemption program.
A limited time up to 200,000 bonus miles welcome incentive is generous (earn it by spending $5,000 in the first three months to earn 50,000 miles and then spending $50,000 in the first six months for another 150,000 miles), and an unlimited two miles for every $1 spent on all purchases as well as five miles per $1 on hotel and car rentals purchases made through Capital One TravelSM keeps the rewards piling up.
The flexibility of Spark® Miles doesn't lock you into a partnered hotel chain or airline either. This allows a small business to shop for the best deals on travel and still reap terrific rewards.
The Capital One® Spark® Miles for Business is a great option for those looking for a simple and flexible rewards credit card; however, it might not be the best option for those who truly spend a lot in specific categories. If you only plan to use your business credit card for internet, phone, and cable services, or for travel purchases, for example, you might fare better with a card that offers a high percentage rewards rate in those specific categories instead.
There's the annual fee to think about, too. This fee can eat into the card's benefits if you don't travel regularly. Though it's waived for the first year of card membership, those looking to avoid annual fees might want to consider another option, such as the no-annual-fee Capital One® Spark® Miles Select for Business which is basically just a simplified version of the Capital One® Spark® Miles for Business.
|Rewards||Bonus Rewards||Annual Fee|
|2 Miles per $1 on every purchase, everywhere.||Earn up to 200,000 miles: Earn a bonus of 50,000 miles when you spend $5,000 in the first 3 months and 150,000 miles when you spend $50,000 in the first 6 months of opening your account. Limited Time Offer||$0 intro for first year; $95 after that|
Do you qualify for the Capital One® Spark® Cash for Business?
The list of people who can apply for a small business credit card is long, and includes freelancers/self-employed individuals, entrepreneurs, small business owners/officers, owners/officers of established businesses, and owners/officers of startups. Most credit card companies define "business" quite broadly when it comes to considering applicants for small business credit cards. To qualify for a business credit card, you must be an "authorized officer" of a company. Basically, this means that you must have the legal right to enter into borrowing arrangements with financial institutions on behalf of a business. If you are the owner of a sole proprietorship business or the sole owner of a small business, you are already an "authorized officer." You are, after all, the only owner of the company. It can be more complicated determining who ranks for businesses that have multiple owners. In general, though, most owners are also "authorized officers."
Credit card issuers consider each application on its own merits, so don't assume you don't qualify just because your business might not fit that standard business model. Do keep in mind though that your personal credit history will likely be what is used to determine your eligibility and/or credit limit on a business card before you've built up a credit history for your business.
If your business doesn't have a tax ID number (EIN), you can enter your personal social security number instead. In general, try to have the following information handy when you apply:
To learn more about who can qualify for a small business credit card, and how to apply for one, be sure to check out our "Small Business Credit Cards 101" guide.
Both the Capital One® Spark® Miles for Business card and the Ink Business Preferred℠ Credit Card are good choices for business owners. Each provides rewards points and a host of other perks although there are differences in what they offer.
For instance, both cards charge a $95 annual fee but Spark® Miles will waive it for the first year. Both cards also offer bonus points to new cardholders although they are structured in different ways. Unlike Spark® Miles' tiered bonus which can result in up to 200,000 bonus miles, the Ink Business Preferred℠ offers a flat 80,000 point bonus when new cardholders spend $5,000 in purchases within three months of opening an account.
When it comes to earnings for purchases, Spark® Miles offers 2X miles, with no limits, for every dollar spent. The Chase Ink Business Preferred℠ earning structure is a little more complex. Cardholders can earn 3X Chase Ultimate Rewards® points for every dollar spent, up to $150,000 annually, on select categories of spending such as travel, shipping purchases, internet service and social media advertising. All other purchases receive one reward point per dollar spent.
Both cards offer free employee cards, no foreign transaction fees and multiple ways to redeem rewards.
The primary difference in these two Capital One cards is right there in their names. While Capital One® Spark® Miles for Business offers an attractive rewards program with the chance to use accumulated miles to pay for travel-related expenses, the Capital One® Spark® Cash for Business offers good old-fashioned cash as its reward.
For example, as an introductory offer for a limited time Spark® Miles for Business offers up to 200,000 bonus miles (50,000 miles after spending $5,000 in the first three months and another 150,000 after spending $50,000 in the first six months). Spark® Cash for Business offers a similar limited time deal, but in cash terms: Earn up to $2,000 bonus cash back; earn $500 when you spend $5,000 in the first three months and earn $1,500 when you spend $50,000 in the first six months from opening your account.
Both have a very simple rewards program, Capital One® Spark® Cash for Business offers 2% cash back on all purchases. Capital One® Spark® Miles for Business offers two times miles (essentially 2%) for every $1 spent as well as five times the miles on car rental and hotel purchases through the Capital One portal. It comes down to a simple question for small business owners – do you prefer to accumulate travel miles or get cash back?
Both the Capital One® Spark® Miles for Business and Capital One® Venture® Rewards Credit Card compete for business professionals, especially those who frequently travel. In that sense, they're pretty similar.
Spark® Miles for Business has a straightforward, simple rewards program with a hearty welcome offer. You'll potentially receive 200,000 bonus miles, worth up to $2,000 to spend on travel. How that breaks down: Earn 50,000 bonus miles when you spend $5,000 in the first three months and earn another 150,000 bonus miles if you spend $50,000 in the first six months of account opening.
The Venture® card competes pretty well as far as the bonus is concerned. You'll be welcomed with 50,000 miles once you spend $3,000 on purchases within three months from account opening - but unlike Spark® Miles, the welcome bonus opportunity ends there.
As for ongoing rewards, Spark® Miles allows you to earn unlimited 2X miles per dollar on every purchase, everywhere, no limits or category restrictions. Plus, earn 5x the miles on hotel and car rental bookings through Capital One TravelSM.
The Venture® card also gives you unlimited 2X miles for each dollar you spend - on all purchases, travel related or not.
Both cards have an annual fee of $95, waived the first year.
If you are a small business owner and you or your employees do a fair amount of traveling for business, the Capital One® Spark® Miles for Business card can be a very effective tool in your fiscal arsenal.
If you don't have the time or the manpower to wade through a complicated rewards program to figure out the maximum value, the simplicity of the Spark® Miles card is sure to make you smile.
This is also an excellent business miles card for the business owner who doesn't like to be locked into a relationship with one hotel chair or airline but would rather shop for the best deals available, thanks to the abilitiy to easily transfer miles or use the "Purchase Eraser" feature.