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The Capital One Spark Miles for Business has long been a solid business credit card pick, but was never truly competitive due to the lack of transfer partners. However, that changed last December when Capital One launched the ability to transfer miles to more than a dozen airline partners.
The card also comes with valuable perks like primary car rental coverage when renting for business purposes, as well as no foreign transaction fees. It has a $95 annual fee, but it’s waived the first year.
Who Is This Card For?
The Capital One Spark Miles for Business was created for — you guessed it — business owners looking to earn flexible rewards for their business expenses. While this means that not everyone will be able to apply, you may be more eligible for a business card than you think, given that selling items on the side online and freelancing counts.
The card is best for everyday purchases so anyone looking to fill in the gaps on non-bonus spending will want to consider it. It’s also a great starter business credit card, though it might make sense for you to pair it with one or more other cards that offer bonus categories like travel, dining or office supplies, depending on the types of spending your business does most.
The Spark Miles comes with a welcome bonus of 50,000 miles when you spend $4,500 in the first three months. The card offered a best-ever offer of up to 200,000 miles earlier this year, but that required spending a total of $50,000 in the first six months. The current sign-up bonus, while much lower, has a more attainable minimum spending requirement.
Capital One says that 50,000 miles are worth $500 in travel because miles can easily be redeemed for a fixed value of 1 cent each. However, TPG’s valuations peg the value of Capital One miles at 1.4 cents each due to the value that can be obtained by transferring miles to airline programs. So, TPG values 50,000 miles at $700.
Capital One miles can be transferred to most airline transfer partners at a 2:1.5 ratio, so the 50,000 miles from the sign-up bonus equate to 37,500 miles with those partners. Three partners (Emirates, Singapore Airlines and JetBlue) have a 2:1 transfer rate, so if you move miles to these programs your 50,000-mile bonus will get you 25,000 miles.
The beauty of the Spark Miles is how straightforward its earning structure is. You’ll earn 2 miles for every dollar spent with no annual cap. Factoring in our valuation of 1.4 cents per mile, you’re basically getting a 2.8% return on all spend, which is great for everyday purchases.
Although it keeps things simple, not having any bonus categories also means that there may be more rewarding options for certain purchases. For example, the Business Platinum® Card from American Express earns 5x points (a return of 10%) on flights purchased through Amex and the Ink Business Cash Credit Card earns 5% cash back (a return of 10% when paired with an Ultimate Rewards-earning card) on the first $25,000 spent in combined purchases at office supply stores and on cellular phone, landline, internet and cable TV services each account anniversary year. Fortunately, there are no rules that restrict you from having multiple cards and using them for different types of expenses.
You can now transfer your miles to a dozen airline partners at a 2:1.5 rate, and to three more at a 2:1 rate. Since the card earns 2x miles on everyday spend, that basically equates to 1-1.5 miles or points with an airline transfer partner for every dollar spent with the card.
Here’s the full list of transfer partners as of publish time:
Aeromexico Club Premier
Air Canada Aeroplan
Air France-KLM Flying Blue
Cathay Pacific Asia Miles
EVA Infinity MileageLands
Hainan Fortune Wings Club
Qantas Frequent Flyer
Qatar Airways Privilege Club
Some redemptions you could unlock by leveraging Capital One’s transfer partners include Lufthansa first-class award seats between the US to Europe for 116,000 Capital One miles through Avianca LifeMiles and American Airlines business-class seats between the US and Europe for about 67,000 Capital One miles through Etihad Guest.
Although transferring your miles will get you the most bang for your buck, if it’s simplicity you’re after and you don’t want to worry about blackout dates or finding award space, you could redeem your miles at a fixed value of 1 cent apiece when booking new travel through Capital One or “erasing” any eligible travel purchase you’ve made with the card in the last 90 days. Eligible travel purchases aren’t limited to flight and hotel bookings, but also include things like Uber rides and Airbnb stays and there’s no minimum redemption amount.
But, if you’re going to redeem your miles at a fixed rate of 1 cent apiece, then you might be better off with the Spark Miles’ sibling, the Capital One Spark Cash for Business, which will allow you more flexibility since it earns 2% cash back on all spend.
The card benefits on the Spark Miles are identical to those offered by the Spark Cash. Here’s a quick rundown of what’s included with this Visa Business card:
Purchase security — Covers your new purchases for up to 90 days against damage or theft up to $10,000 per claim and $50,000 per cardholder.
Auto rental collision damage waiver — When you rent a vehicle using Spark Miles, you can decline the rental car company’s collision insurance and be covered by the card up to the cash value of the vehicle in the case of theft or collision damage. This is valid on most rentals in the US and abroad, and coverage is primary when the rental is for business purposes, which means it applies before your own car insurance policy. If the rental is for personal reasons rather than business reasons, though, coverage is secondary.
Extended warranty — Doubles the time period of the original manufacturer’s US warranty up to one additional year on warranties of three years or less.
No foreign transaction fees — Allows you to make purchases overseas without accumulating extra charges just because you’re out of the country.
Visa SavingsEdge — Similar to Amex Offers, cardholders have access to exclusive savings with participating merchants. You must enroll in the program online and activate offers before making qualifying purchases.
Free employee cards — Add employees as authorized users and rack up rewards through their per diem spending.
Which Cards Compete With the Spark Miles?
Now that Capital One miles can be transferred to airline transfer partners, the card is in the same general category as other cards that earn transferable currencies.
The most direct competitor of the Spark Miles is the Blue Business℠ Plus Card From American Express. The card doesn’t have an annual fee (see rates & fees) and also earns 2x points on all purchases, but 2x earning is capped at the first $50,000 spent annually (then 1x points thereafter). We value Membership Rewards points slightly higher than Capital One miles (2 cents each vs 1.4), but the value you get from each currency depends on your personal travel habits and redemption goals.
From Chase, the closest competitor would be the Ink Business Unlimited Credit Card. The card earns 1.5% cash back on all purchases (a return of 3% when paired with an Ultimate Rewards-earning card) and comes with a $500 (or 50,000-point) welcome bonus after you spend $3,000 in the first three months. But, as with the Blue Business Plus, the return you get ultimately depends on your personal habits. Also being a Visa Business card, the card carries many of the same benefits, but it charges foreign transaction fees.
If you like the idea of the Spark Miles, but aren’t sold on the $95 annual fee after the first year, you might also want to consider the Capital One Spark Miles Select for Business. This “lite” version earns 1.5 miles on all spend, comes with a smaller sign-up bonus (20,000 miles after spending $3,000 in the first 3 months) and carries similar benefits, including no foreign transaction fees, but without an annual fee.
The value provided by the Capital One Spark Miles for Business on non-bonus spending was significantly improved when Capital One added airline transfer partners. This made an already-valuable card even better. But, each business is different. So, depending on your company’s spending habits, you might want to pair this card with one that offers bonus categories that are well-suited to your business in order to maximize and diversify your rewards.
Official application link: Capital One Spark Miles for Business with a 50,000-point bonus.
For rates and fees of the Blue Business Plus Card, please click here.
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- 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