High general rewards rate
The Spark Miles for Business card gives you double rewards points on all of your spending – a rate rivalled by only a few other business rewards cards. There are no limits on these points, which means, if you are a big spender, you won’t hit a cap and see your rewards rate plummet to 1 percent.
Also, since the double rewards rate applies to every purchase, you don’t need to keep track of spending categories, nor do you have to enroll in quarterly bonus categories. This means, though, that if you spend a larger than average amount in a particular category, such as gas or dining out, you lose out on the bonus earnings some cards offer in certain spending categories.
Large sign-up bonus
The annual fee Spark Miles for Business card’s 50,000 bonus points is one of the highest sign-up bonuses among business cards and, in itself, may be worth the effort of applying. That sign-up bonus, earned when you spend $4,500 in your first three months, is enough to cover a $500 plane ticket.
That’s a much higher bonus than you would get with the no annual fee version of this card. Capital One’s Spark Miles Select for Business has a sign-up bonus of 20,000 points, and each purchase earns 1.5 points instead of the 2:1 rate with the annual fee version.
Flexible rewards redemption
Capital One puts few restrictions on rewards redemption, so if you prefer a travel card with ease and flexibility, Spark Miles for Business could be the card for you. You can book your travel through Capital One’s travel portal or any travel site.
If you book travel from an outside site, you can use Capital One’s purchase eraser to apply your rewards points to your purchase, or to a portion of your purchase, starting at just 2,500 points ($25 worth of points). You earn rewards points on these travel purchases, which means you get a little extra bonus each time you redeem your points this way.
The Spark Miles for Business card also lets you redeem your points on a variety of other rewards, including cash back, gift cards and merchandise. However, your rewards points tend to be worth less for these categories, so you’re better off sticking to travel rewards.
Premium travel and purchase benefits
Like many travel rewards cards with an annual fee, the Capital One Spark Miles for Business card comes with a long list of benefits, including car rental insurance, extended warranty coverage and purchase protection. For business travelers, the no foreign transaction fees perk can save you typically 3 percent of each transaction in U.S. dollars made abroad.
Lacks some useful business features
When it comes to features for business owners, Spark Miles for Business falls short of other premium cards in the business category. While the card allows you to add other employees to your account for no extra fee, it does not let you manage those accounts remotely or to set limits on employee accounts. Also, while the card offers an app to help tag receipts and manage purchases, the app is designed for personal card users and doesn’t let business card owners track employee spending.
On the plus side, Spark Miles for Business offers quarterly and year-end account summaries, which you can download into QuickBooks to track expenses. Business owners also get discounts on purchases at participating merchants through the Visa SavingsEdge program.
Reasons to get it:
- You want your business spending to help you earn free travel rewards.
- You want a simple, straightforward rewards program with few restrictions.
- You want a flexible travel rewards program with a wide variety of hotel and airline options.
- You want a business card with no foreign transaction fees, a perk more cards are offering, our 2016 Credit Card Fee Survey found.
- You want to add employees to your business card account at no extra charge.
- Tools would help you track and manage your business credit card expenses.
How to use it:
- Use the card for most of your purchases to take advantage of the high rewards rate.
- Redeem your miles for travel rewards, since other types of rewards have a much lower value.
- You can squeeze extra value out of your points with travel specials on Capital One’s rewards website.
- You can book discounted travel on outside travel sites and redeem those purchases for statement credits.
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