My Experience Applying For The Spark Miles Card

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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.

Bottom line

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?

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Comments

  1. Question…doesn’t Cap1 biz cards report to personal credit companies? if so, wouldn’t this affect your 5/24?

  2. @AJ, yes Cap1 reports business cards to personal reports so getting a Spark card affects your x/24 number.

  3. Obviously they apply different rules for you. I received offer letter to apply this month for the business Spark in the mail. Applied and instant denial due to too many cc’s. I can’t imagine I have more cards than lucky.

  4. We are long time banking customers of Capital One, my husband responded to a mailed “preapproval “ for a Capital One card, received instant denial, despite excellent credit record, and our long term branch office did nothing to try to change things. We will need to be totally out of options before we apply for another of their cards!

  5. The 50K bonus is actually 50/2 x 1.5 = 37.5K after spending 5000 in 3 months. I may apply since I have never had a Cap1 card.

  6. @Kate. Try staying under 5/24 rather than blaming others for your attempts to get credit cards. Good luck with Chase.

  7. I too got an instant denial despite an 810 credit score, and never paying a credit card late. I have no idea why I was not approved. This seems very strange for them to approve lucky so easily given how many cards he has.

    I really cannot figure out their method for approval and not approving people.

  8. I wish this blog would stop using the words “incredible” and “incredibly” so liberally.

    When everything is incredible, nothing is.

  9. All these business cards lack some of the consumer protections that personal credit cards have. That is why the banks love to issue them – you are giving up a lot of your rights.

    For instance, my Ink card has a statement date of the 11th and a due date of the 24th. If you rely on getting that statement by mail it gives you almost no time to pay before you are late. Nice fee revenue for the card issuer.

    Be careful out there.

  10. I just got approved of the Capital One Venture personal card in Sep. Can I apply this card now in Dec? Does the 6 months rule apply on their business cards produce?

  11. Thanks! I’m 15/24 and received instant approval on the same day for the spark cash and spark miles cards. I have 2 businesses with EIN, 730 credit score. I too am happy Capital One Added transfer partners.

  12. Why is it so difficult to get approved for this card? A mileage broker friend of mine tried to get me to get this, and told me they are very selective in who they approve. When I told him I haven’t applied for a card in 6 months and my credit score was 810, he still said it was not for sure I’d get approved. Sure enough I was denied no idea why.

  13. Abe,

    You haven’t applied for a card in a whole 6 months? And you think that is a long time?

    I think I know why you were declined. My credit score is 826 and I was approved, but it’s over a year since my last credit card application

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