Update: This offer for the Capital One® Spark® Miles for Business has expired. Learn more about the current offers here.
To me the Capital One® Spark® Miles for Business is one of the most exciting new business credit cards, thanks to some recent developments to the card.
This card has long been a solid card, though as of December the card is being kicked up a notch, as Capital One is introducing airline transfer partners. On top of that, we’re seeing a huge new welcome bonus on this card.
The core value proposition of the card
The Capital One Spark Miles offers 2x miles per dollar spent, and those miles can be redeemed in one of two ways:
- For one cent towards the cost of a travel purchase
- Starting in December, transferred to an airline partner at a ratio of up to 2:1.5
In other words, every dollar spent on the card gets you up to two cents towards travel, or up to 1.5 airline miles, which I’d consider to be incredibly well rounded for non-bonused spend.
On top of that, the card has a spectacularly good limited time welcome bonus, as it’s offering:
- 50,000 Spark miles when you spend $5,000 within the first three months
- An additional 150,000 Spark miles when you spend $50,000 within the first six months
That means if you spend $50,000 on the card in the first six months you’d earn a total of 300,000 Spark miles, which can get you either $3,000 towards travel, or 225,000 airline miles.
A return of up to 6% or 4.5 airline miles per dollar spent on the first $50,000 is exceptional.
I applied for the Spark Miles Card
Last night I submitted my application for the Capital One Spark Miles thanks to the welcome bonus of up to 200,000 bonus miles.
The process was similar to most other business card applications, and much to my surprise, I got an instant approval with a generous credit line. I feel like I only rarely get instant approvals on cards nowadays, so I was very happy about that.
I was able to immediately set up my online account (this is the only Capital One card I have at the moment), and look forward to putting spend on the card.
What does it take to get a business credit card?
Eligibility for a small business credit card is easier than you might think. You don’t need to have a big company, and don’t even need to be incorporated. A small side business with limited business revenue makes you eligible for a business credit card, which could include selling things on eBay, having a rental property, and freelancing.
It goes without saying that you should always answer credit card applications honestly. If you are a sole proprietorship:
- Your legal business name can also be your name
- Your business mailing address & phone number can be the same as your personal info
- For your tax identification number you can put your social security number
Anecdotally I’ve heard that it’s often easier to be approved for a business card than personal card with Capital One, so the Capital One Spark Miles is an excellent option.
The Capital One Spark Miles has long been a solid business card, though they really took it to the next level by introducing airline mileage transfer partners and a new welcome bonus of up to 200K bonus miles.
Has anyone else applied for the Spark Miles Card? What was your experience like?