There are several choices of business credit card from Capital One. Perhaps the most rewarding is the Spark Miles for Business Credit Card. This is a fee-based card that earns Venture Miles. In this article, we look at the top 13 reasons why this would make a great choice for your business spending.
1. Good value annual fee, waived for the first year
The Capital One® Spark® Miles for Business is a fee-based card with an annual fee of $95. This is good value for a business-focused card with high levels of miles earning.
It is made better though with a fee waiver for the first year. There is no annual fee charged until the second year, meaning you can try it out for free. If it doesn’t work for your business you can cancel or switch to another card.
The APR for the card is 19.24 percent variable. There is no zero percent APR introductory offer with this card – the lower-earning Spark Miles Select for Business card does offer this, however.
2. Earn a high sign up bonus of 50,000 miles – worth at least $500
There is an excellent sign up bonus for new cardholders with the Capital One® Spark® Miles for Business. You will receive 50,000 Venture Miles for initial spending of $4,500 over the first three months.
The spending target of $4,500 is relatively high (for comparison the Spark Miles Select for Business card requires only $3,000 for its lower bonus). Make sure your business will reach this target otherwise you will miss out on any bonus! Spending, of course, is across all cardholders.
3. Benefit from no fees for using the card overseas
The card does charge any transaction fees for purchases in foreign currency, overseas or online and billed in a foreign currency. This does not though (in line with most other cards) apply to ATM cash withdrawals.
The Capital One® Spark® Miles for Business is a great card for business use overseas, and the offer of no foreign exchange fees is vital for this. Many other cards add a fee of around three percent. This can be a significant extra cost if you want to use for business travel.
4. Earn Capital One Venture Miles, not just cashback
Capital One offers several great credit cards. Some of these are cashback cards, and whilst this is a good reward for spending, there is much more flexibility and potential value with Venture Miles.
Using the Venture Miles program gives the option to use points for flight awards as well as straightforward cashback. This is the best way to get maximum value from miles. This can be even more rewarding with a business card – the possibly higher spending on company expenses and with multiple cardholders should help reach some high-value rewards faster!
5. High earning rate on all spending
The Capital One® Spark® Miles for Business rewards all spending at the same high rate of two Venture Miles per dollar spent. This is among the highest rates on offer that covers all spending.
There are no higher rates for certain categories as is seen with some cards (including some business cards provided by Chase). Each approach has its benefits. Businesses that spend significantly in these categories can do well from such bonuses, but will generally earn less for other general spending.
We like the approach of flat rate, higher-earning for all spending. You don’t need to think ahead about where you will spend when you apply for cards, or be concerned if the situation changes later on.
This same rate applies to all spending in the US and overseas. And with no fees on foreign transactions, you can easily build up miles when you travel.
6. Spend miles in several ways
The Capital One® Spark® Miles for Business has the same options for spending miles as any other card that earns Capital One Venture Miles. You can choose between fixed value cashback on travel booking if this suits your business, or you can transfer to a number of airline programs.
- Converting to cashback. This option offers the lowest miles value, at 0.5 cents per mile. In general, we advise to avoid this and get double value by using miles for travel, but this is a useful backup if you can’t use for travel or want to use the cash rebate for the business.
- Booking travel at a rate of one cent per mile. This can either be new travel booked through Capital One’s travel portal, or by ‘erasing’ any previous (within the past 90 days) travel purchase made with the card.
- Transferring miles to an airline partner. There are currently 15 partners available for transfer, and transferred miles can then be used for flight awards through their own loyalty program.
7. Get excellent value with premium travel rewards
Without doubt, the way to get the most value of Venture Miles is to use them for reward flights that would be expensive to purchase. Premium business and first class tickets, as well as last minute shorter trips can be great options. For a fuller discussion of the best ways to get value from miles, see our guide to redeeming Capital One Venture Miles.
This can be even better with a business credit card than a personal one, as the spending and miles earning are often higher. Long haul business and first class awards can require a lot of miles.
Miles can be transferred to 15 partner airlines loyalty programs. Most of these partners offer mileage transfer at a rate of 2:1.5 (so 10,000 Venture Miles would become 7,500 airline miles).
- Aeromexico Club Premier
- Air Canada Aeroplan
- Air France / KLM Flying Blue
- Alitalia MileMiglia
- Avianca LifeMiles
- Emirates Skywards
- JetBlue TrueBlue
- Finnair Plus
- Cathay Pacific AsiaMiles
- Singapore Airlines KrisFlyer
- Etihad Guest
- EVA Air Infinity MileageLands
- Hainan Airlines Fortune Wings Club
- Qantas Club
- Qatar Airways Privilege Club
With this set of partners, you have access to some of the best international long haul business and first class products around. Premium travel with airlines such as Singapore Airlines, Cathay Pacific, Qantas, Emirates, Etihad or Qatar are all great options for luxury experiences!
8. Add extra business card holders for no fee
The Capital One® Spark® Miles for Business is a business card, and as such it makes sense to make it easy to add extra cardholders. There is no charge for this, and you can easily manage spending and set limits for each cardholder.
And with the Capital One mobile app, you can monitor cards easily and even lock them individually if they are lost or misplaced.
9. All cardholders earn the same rewards
All purchases by additional cardholders enjoy the same benefits and protection.
And importantly – all purchase by all cardholders earn rewards into the same central Capital One Venture Miles account. This is, of course, a great way to boost miles earning from business spend, and reach high award targets faster.
10. One Global Entry membership provided
The Capital One® Spark® Miles for Business offers a rebate of up to $100 for Global Entry or TSA PreCheck membership when paid using the card. This is a worthwhile service for any frequent traveler, significantly speeding up airport security and immigration.
This rebate is offered once every four years (this is in line with the renewal period for Global Entry). It does not have to be taken out for the main cardholder, the rebate will apply to any membership fee as long as it is paid with the card.
11. Included Collision Damage Waiver with car rental – Primary cover for business use
Collision Damage Waiver cover is included whenever car rentals are paid using the card. This will cover most types of rental vehicle for theft or damage. This is provided for all cardholders, for rentals both in the US and overseas.
A great benefit with Capital One business cards is that this cover is primary cover when the rental is for business use. This means the included insurance will pay out before any other insurance that you have. For personal use with the card (and with other Capital One personal cards) the included cover is secondary.
12. Travel cover for all cardholders included for free
The Capital One® Spark® Miles for Business is an excellent card for business travel! When you book travel with the card you will receive the following benefits:
- Travel accident insurance which offers cover for injury with your main transport carrier.
- Luggage insurance offering cover for loss or damage to luggage when traveling with the main booked carrier.
As with most other benefits, these benefits apply to all company cardholders. This will help you plan travel with more security and also offer some level of cover for employees if things go wrong. Cover is not as extensive as that provided by some other personal credit cards. As with any type of insurance, you should make sure cover is adequate for your needs.
13. Purchase protection and extended warranty
Many credit cards offer some level of protection for purchases made with them, but this is often much more relevant (and valuable) with higher levels of purchases with business cards.
The Capital One® Spark® Miles for Business offers the following for all purchases by all cardholders:
- Purchase security. All purchases with the card are covered for theft or damage for 90 days from date of purchase. This is up to a limit of $10,000 per item – a high value, good for business expenses.
- Extended warranty. Any purchases with the card that comes with a US manufacturer warranty of three years or less are eligible for free warranty extension. This will double the original warranty, providing up to an extra year of cover.
The Capital One® Spark® Miles for Business is a great credit card for business owners with higher expenses and possible overseas business travel. Rewards earning is excellent with a high rate of two miles per dollar for all spending. There are no high earning lucrative categories (as seen for example with some Chase business cards) but instead this more flexible overall high rate.
With an annual fee and a high spending target for the sign up bonus, you should make sure your business will spend enough on the card. If not, you could consider the no fee but lower rewards Spark Miles Select for Business Credit Card.