For a few months now these cards have offered increased limited time bonuses. This is a reminder that the elevated bonuses on these cards expire tomorrow, Monday, January 27, 2020, so you have just one day left to take advantage of these great deals.
These two cards ordinarily offer welcome bonuses of up to 50,000 Spark miles and $500, respectively, upon completing minimum spending. However, with these limited time offers you can earn up to four times as many rewards with the bonus.
Let’s look at the details of these offers.
Capital One Spark Miles 200K Bonus
The Capital One Spark Miles offers two Spark miles per dollar spent. The card has a $95 annual fee that’s waived the first year.
Spark miles can either be redeemed for one cent towards the cost of a travel purchase, or can be transferred to one of the Capital One airline partners at a ratio of up to 2:1.5.
The card ordinarily offers a welcome bonus of 50,000 Spark miles upon completing minimum spending, but for a limited time you can earn up to 200,000 Spark miles, as follows:
- Earn 50,000 Spark miles when you spend $5,000 within the first three months
- Earn an additional 150,000 Spark miles when you spend $50,000 within the first six months
In other words, if you spent a total of $50,000 on the card within six months you’d earn 300,000 Spark miles (200,000 bonus Spark miles, plus the 100,000 Spark miles you ordinarily earn for spending $50,000).
Those miles are enough for $3,000 worth of travel, which is pretty awesome. That’s the equivalent of 6% back towards travel. Those 200,000 Spark miles are also potentially enough to get 150,000 airline miles, or even more if there’s a transfer bonus.
Obviously this won’t be for every business — if you don’t spend that much on credit cards then you won’t be able to max this out, but for a business that spends a lot on credit cards (and there are lots out there), this is a great option.
Transfer your Spark Miles rewards to Air France-KLM Flying Blue
Capital One Spark Cash $2,000 Bonus
The Capital One Spark Cash offers unlimited 2% cash back. The card has a $95 annual fee that’s waived the first year.
The card ordinarily offers a welcome bonus of $500 upon completing minimum spending, but for a limited time you can earn up to $2,000, as follows:
- Earn $500 when you spend $5,000 within the first three months
- Earn an additional $1,500 miles when you spend $50,000 within the first six months
This means if you spent a total of $50,000 on the card within six months you’d earn $3,000 ($2,000 bonus through the welcome offer, plus the $1,000 you’d usually earn).
That’s the equivalent of 6% cash back on $50,000 spend, which is incredible.
As I said above, obviously this makes the most sense for businesses that spend a significant amount, so that you can max out this bonus.
Earn lots of cash back with the Spark Cash bonus
You Are Eligible For Both Of These Cards
Note that the Spark Miles and Spark Cash are considered separate products, so if you have one of the cards then you’re still eligible for the other card (including the bonus).
That being said, you typically can’t get both cards during the same promotion period, due to Capital One’s general restrictions on being approved for cards:
- Capital One pulls from three credit bureaus; personally I don’t find that to be a huge deal one way or another, but it’s worth being aware of
- You typically can’t apply for two cards the same day; the second card (even if different) will automatically be marked as a duplicate
- You can typically be approved for at most one Capital One card every six months, regardless of whether they’re personal or business cards
- While I can’t personally vouch for this, I’ve heard that anecdotally Capital One business cards are often easier to be approved for than Capital One personal cards
- Applying for Capital One business cards does count towards Chase’s 5/24 limit, if that’s something you’re concerned about
If you’ve been considering these bonuses but haven’t yet applied, you have just one day left to do so, as these offers are being pulled on January 27.
I have the Spark Miles personally, and I highly recommend it.