Update: These offers for the Capital One® Spark® Cash for Business and the Capital One® Spark® Miles for Business have expired. Learn more about the current offers here.
At the beginning of the year I wrote a review of the Capital One® Spark® Miles for Business, though the benefits on this card have changed drastically since, so in this post I wanted to write an updated review of the card.
In this post I’ll take a look at the benefits of the card, and then how it compares to other business cards, including the Capital One® Spark® Cash for Business.
Here’s what you need to know about the card:
Capital One Spark Miles for Business bonus
The Capital One Spark Miles currently offers a tiered welcome bonus of up to 200,000 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
Given the card’s earning structure, this means you’d earn a total of up to 300,000 Spark miles after spending $50,000 within the first six months (a 200,000 Spark mile bonus plus the 100,000 Spark miles you’d earn for spend anyway).
Redeem your Spark miles for travel in Etihad business class
Capital One Spark Miles for Business annual fee
The Capital One Spark Miles has a $95 annual fee, though it’s waived for the first year.
Capital One Spark Miles for Business rewards structure
The Capital One Spark Miles offers unlimited 2x Spark miles.
Below we’ll talk about how redeeming Spark miles works, but in general you can expect that this card will offer you the equivalent of a return of two cents on the dollar towards travel, or up to 1.5 airline miles per dollar spent.
Redeeming Spark miles
Here’s what recently changed about this card, which puts the card into a whole new league, in my opinion. There are two primary ways you can efficiently redeem your Capital One Spark miles.
Redeeming Capital One Spark miles towards travel costs
One way to redeem Spark miles is at the rate of one cent per mile towards the cost of a travel purchase. This means you’re earning two cents per dollar spent towards travel, since the card offers unlimited 2x Spark miles.
If you want to redeem your miles towards the cost of a travel purchase, there are two primary ways you can do so:
- You can redeem them for past travel purchases using Purchase Eraser, where you can simply make an eligible travel booking using your card, and then you can go online after the fact and use your miles to pay for it within 90 days of the date of purchase; your credit will be applied to your account within 2-3 days
- You can book a travel reservation through capitalone.com or book by phone, and each mile can be redeemed for one cent towards the cost of a travel purchase
Eligible travel purchases include purchases made from airlines, hotels, rail lines, car rental agencies, limousine services, bus lines, cruise lines, taxi cabs, travel agents, and time shares.
Redeem Spark miles towards just about any travel purchase
Transfer Capital One Spark miles to loyalty partners
This is an exciting new way that you can redeem Spark miles. As of recently it’s possible to convert Spark miles into airline miles in a variety of programs, at a ratio of up to 2:1.5.
Here are the transfer partners and transfer ratios:
|Transfer Partner||Transfer Ratio|
|Aeromexico (Club Premier)||2 : 1.5 | 1000 : 750|
|Air Canada (Aeroplan)||2 : 1.5 | 1000 : 750|
|Air France KLM (Flying Blue)||2 : 1.5 | 1000 : 750|
|Alitalia (MilleMiglia Program)||2 : 1.5 | 1000 : 750|
|Avianca (LifeMiles)||2 : 1.5 | 1000 : 750|
|Cathay Pacific (Asia Miles)||2 : 1.5 | 1000 : 750|
|Emirates (Emirates Skywards)||2 : 1 | 1000 : 500|
|Etihad Airways (Etihad Guest)||2 : 1.5 | 1000 : 750|
|EVA Air (Infinity MileageLands)||2 : 1.5 | 1000 : 750|
|Finnair (Finnair Plus)||2 : 1.5 | 1000 : 750|
|Hainan Airlines (Fortune Wings Club)||2 : 1.5 | 1000 : 750|
|Qantas (Qantas Frequent Flyer)||2 : 1.5 | 1000 : 750|
|Qatar Airways (Privilege Club)||2 : 1.5 | 1000 : 750|
|Singapore Airlines (KrisFlyer)||2 : 1 | 1000 : 500|
Transfer Spark miles to Air France-KLM for redemptions in KLM business class
How should you redeem Spark miles?
Every dollar spent on the Capital One Spark Miles earns you two miles, and those two miles get you either two cents worth of travel, or up to 1.5 airline miles.
Which redemption option makes more sense depends on your spend patterns. If you value one of the partner miles at more than 1.33 cents each (2/1.5), then generally I’d say that’s the better redemption value.
To simplify things even further, I’d generally say that:
- If you want to redeem your Spark miles for anything other than flights, your best option is redeeming them at one cent each towards a travel purchase
- If you want to redeem your Spark miles towards airfare, you’ll get more value for international first and business class tickets when transferring miles to an airline partner
- If you want to redeem your Spark miles towards economy airfare (especially if it’s reasonably priced), your best option is redeeming them at one cent each to erase the cost of that purchase
Those are very general guidelines, and the best solution very much depends on the specific circumstances.
For economy redemptions you’re often better off redeeming miles for a cent each
Capital One Spark Miles for Business perks
The Capital One Spark Miles offers some other potentially valuable perks, including:
- No foreign transaction fees
- The ability to add employee cards at no additional cost
- Primary car rental coverage (assuming you’re renting for business reasons), purchase security and extended protection (coverage on items lost or stolen within 90 days), travel and emergency assistance services, and more; the full details of this can be found in the cardmember agreement
Capital One Spark Miles application restrictions
The terms of the Capital One Spark Miles application state the following:
This one-time bonus is available by clicking the “Apply Now” button on this page, and may not be available if you navigate away from or close this page. You may earn one or both spend bonuses. The bonuses may not be available for existing or previous Spark cardholders.
Anecdotally it seems that you can have both the Spark Miles and Spark Cash, though the terms aren’t explicit about that.
Then there are a few general Capital One restrictions to be aware of:
- 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
Differences between the Spark Miles & Spark Cash
The cards have the same annual fees, and on the surface the two cards seem fairly similar. So what are the differences?
- The Spark Cash offers 2% cash back; that’s cash that you can spend towards anything, and that’s a solid return
- The Spark Miles offers the equivalent of 2% back towards travel, or 1.5 airline miles per dollar spent
So which cards is better depends on whether you want to earn cash for your business spend that you can put towards anything, or if you want to earn travel rewards, with the flexibility to redeem miles as cash towards travel, or to transfer them to airline partners.
Other business credit cards worth considering
If you’re looking for an extremely lucrative business card, there are a few other options that are worth considering:
- The Blue Business℠ Plus Credit Card from American Express has no annual fee (Rates & Fees), and offers 2x Membership Rewards points on the first $50,000 spent per calendar year; this is the single most lucrative card for the first $50,000 of non-bonused spend annually, in my opinion (more info here)
- The American Express® Business Gold Card has a $295 annual fee (Rates & Fees) and offers 4x Membership Rewards points on the two categories of the below where your business spends the most each month (the limit applies to the first $150,000 in combined purchases for those two categories every calendar year, and you can find more info here):
- Airfare purchased directly from airlines
- U.S. purchases for advertising in select media
- U.S. purchases at gas stations
- U.S. purchases at restaurants
- U.S. purchases for shipping
- U.S. computer hardware, software, and cloud computing purchases made directly from select providers
- The Ink Business Preferred℠ Credit Card has a $95 annual fee and offers the best welcome bonus of any credit card at the moment, has an amazing cell phone protection plan, and offers triple points on the first $150,000 in combined purchases per anniversary year on travel, shipping purchases, internet, cable, phone services, and advertising purchases made with social media sites and search engines (more info here)
- If you’re willing to get more than one card, there’s huge value in pairing the Ink Preferred with the Ink Business Cash℠ Credit Card and/or Ink Business UnlimitedSM Credit Card, as the cards offer 1.5-5x points per dollar spent (more info here)
Combining Spark miles & Venture miles
Now both the Capital One Spark Miles and Capital One® Venture® Rewards Credit Card earn miles that can be redeemed for one cent each towards a travel purchase, or can be transferred to an airline partner.
While these cards are marketed differently — “Venture” miles and “Spark” miles — they’re more or less the same for all practical purposes.
What’s cool is that you can actually combine the miles on both cards, so you can rack up a lot of miles this way between your personal and business spend.
You can even share your Spark and Venture miles with others, making these points really flexible.
The Capital One Spark Miles is more lucrative than ever before. The card offers unlimited 2x Spark miles, and those miles can be redeemed for one cent each towards a travel purchase, or can be transferred to an airline partner at a ratio of up to 2:1.5.
If you have a business where you spend a lot in categories that otherwise don’t quality for bonus points on other cards, I’d say this is an excellent option.
You also can’t beat that the card has a welcome bonus of up to 200,000 bonus Spark miles. That means after spending $50,000 within the first six months you’d earn a total of up to $3,000 towards travel, or up to 225,000 airline miles. That’s the equivalent of a return of up to 6%, or of up to 4.5 airline miles per dollar spent.
The following links will direct you to the rates and fees for mentioned American Express Cards. These include: American Express® Business Gold Card (Rates & Fees), and The Blue Business℠ Plus Credit Card from American Express (Rates & Fees).