The Capital One Spark Miles for Business card (read more) recently added the capability to transfer your points over to airlines, which means that it’s now a solid option when you’re considering a business card. Not only this, the card is also offering a high welcome bonus — the highest of any business credit card. What are the other fine details and perks you need to know to see if this card is right for you?
The Early Spend Bonus
The card’s early spend bonus (learn more) will give you 200,000 Capital One miles.
- Earn 50,000 miles when you spend $5,000 in the first three months
- Earn 150,000 more miles when you spend $50,000 in the first six months
This does seem like a high spend requirement, but note that it is a business card and so for many business owners, this amount isn’t out of reach at all. Even if you’re a small business, you can likely reach the spend threshold if you put all of your business expenses on the card.
The 200,000 miles from the sign-up bonus translates into almost $3,000 in travel miles.
However, you can think of it another way. The card earns 2 miles per dollar, so if you spend $50,000, then you’ll actually be getting an additional 100,000 miles on top of the bonus miles, giving you 300,000 miles total, or about $4,200 in travel.
The Capital One Spark Miles for Business card has a very straightforward earning structure. You get 2 miles for every $1 spent, no cap. That’s it. However, the bad side of this is that 2 miles is all you can get. There’s no extra categories wherein you can earn way more miles on things like flights and hotel stays, or even business expenses. It’s just 2 miles with ONE exception. You’ll earn 10X Venture miles at hotels.com, if you make a booking through January 2020.
There are some very nice newly added redemption partners that Capital One announced.
- Air Canada Aeroplan
- Air France/KLM
- Cathay Pacific
- Emirates Skywards
- Singapore KrisFlyer
Emirates and Singapore allow miles transfers at a 2:1 ratio. All other airlines transfer at a 2:1.5 ratio. Look out for good redemption options from Aeroplan, LifeMiles, Flying Blue and Etihad Guest.
So, if you have those 300,000 miles from spending $50,000, what could you get? Well, how about Lufthansa first-class seats for 116,000 miles (when you book through Avianca LifeMiles)?
However, if you don’t wish to redeem your miles earned with a transfer partner, you can also redeem your miles at a fixed value of 1 cent apiece when you book new travel through Capital One or you just indicate you want to use your miles to cover a recent travel purchase you made on the card (these include flights, hotels, Uber rides, Airbnb stays and more, and there’s no minimum redemption amount).
There are a few extra bonuses that you get with this card as well.
There’s purchase protection up to 90 days for damage and theft up to $10,000 per claim and $50,000 per account.
You receive an auto rental collision damage waiver when you rent a car for business using the card. You can decline the offered collision insurance from the rental agency and still know that you’re covered.
There are no foreign transaction fees.
With Visa SavingsEdge, you get particular savings with certain vendors, but you do have to separately enroll in the program online and then activate offers before actually making your purchase, which can be kind of a pain.
You’ll also be able to get free employee cards.
Is the Capital One Spark Miles for Business card right for you?
This card is particularly worth looking into thanks to the very nice sign-up bonus that it currently offers. If you have a business, you may want to consider it for that alone. However, as for long-term spending, it does certainly beat out other cards that offer 1.5 percent on everyday spending, like the Ink Business Unlimited℠ which also has foreign transaction fees and a smaller welcome bonus. But, if you’re a big spender in the travel categories, you could possibly benefit from a card with a wider array of travel perks (like the Amex Platinum for Business), so long as you’re fine with upping your annual fee from the Spark Miles’ $95 to something much, much heftier.