The Spark Miles Card by Capital One invitation for getmyoffer.capitalone.com is a business credit card with a lot of travel perks and a generous miles-based rewards program. However, these benefits are balanced out by a strict fee schedule and APR that can't be considered low.
The Spark Miles card also comes with an annual fee. Businesses that have significant travel expenses of any kind, from hotel stays to car rentals and airfare, will quickly see the benefit of the Spark Miles card. Other business owners that only take a trip or two a year may not see the benefits of the Spark card. However, there could be a few exceptions. To learn the ins-and-outs of the Spark Miles Card, read the full review below.
The getmyoffer.capitalone.com Spark Miles Card mailer is for a business owner that travels frequently. The good news is that unlike other travel cards that emphasize airfare redemptions, the Spark Miles Card offers bonus points on car rentals and hotels as well as better redemption rates on these types of purchases in addition to air travel expenses.
To be very specific, this is a card meant for larger SMBs with several thousand dollars in travel expenses per month if not at least $10,000 per month for maximum benefit. You'll also need excellent business credit to be accepted into the Spark Miles Card program.
The Spark Miles Card has somewhat-high APR and a single rate for all cardmembers. This is variable rate APR so it's a margin plus the prime rate. At the time of this writing, the total APR rate was 20.99% for purchases and 26.99% for cash advances.
If two payments are made late within a year or if any payments are missed for a whole billing cycle, a penalty APR rate will apply. This penalty rate, at the time of this writing, is 29.4% and will vary with the Prime Rate. This penalty rate will apply for at least a year. However, if any additional payments are missed or made more than 3 days after the due date, the penalty rate may continue indefinitely.
The minimum credit line for the Spark Miles Card is $2,000 and there is no maximum limit. Credit line increases can be applied for every 6 months and, as long as the account is in good standing and frequently used, are likely to be granted. However, increases over $10,000 may require additional income or other financial verification.
- Annual Fee – The annual fee for the Spark Miles Card is $95. However, this fee is typically waived for the first year.
- Cash Advance Fee – The cash advance fee for the Spark Miles Card is the greater of $10 or 3% of the total cash advance.
- Foreign Transaction Fee – There is no foreign transaction fee for purchases made with the Spark Miles Card.
- Late Payment Fee – The late payment fee for the Spark Miles Card is $39. Two or more late payments in a year also trigger penalty interest.
- Return Payment Fee - There is no additional return payment fee for checks. Other payment methods may incur specific fees.
- Authorized User Fees – There are no authorized user fees with the Spark Miles Card. Employee cards can also have special permissions, be deactivated, or be replaced at no additional charge up to a specified number of cards.
- Balance Transfer Fee – There are no balance transfer fees for the Spark Miles Card as there are no balance transfer options.
The Spark Miles credit card by Capital One is, as the name says, a miles-based rewards card. It also has a handful of other benefits, but what makes it worth the yearly fee is all in how many miles you could earn and how quickly.
For most purchases, you'll earn 2x miles. The basic redemption value of any mile is set at about a penny, though it can be much more depending on how those miles are redeemed. It's also possible to earn 5x miles per dollar spent on qualifying car rentals and hotel bookings.
Miles can be redeemed in quite a few ways. Through Capital One Travel you can use miles to pay for travel purchases. You can do this by using the miles in place of another currency or to “erase” a purchase from your statement. This is an excellent perk for getmyoffer frequent travelers. Alternatively, miles may be transferred to one of over 15 travel partner programs.
Pros – Advantages of the Spark Miles Business Credit Card
The Spark Miles Card has more benefits than just those offered by the Miles Rewards program.
- Statement Credit Miles Redemption – The best option, in most cases, is to use the Purchase Eraser feature of your card. This offers the best average redemption value for miles unless the current airline partners are options you would frequently choose.
- Zero Foreign Transaction Fees – The Spark Miles Card has no foreign transaction fee.
- Purchase Tracking – Purchase records can easily be integrated with accounting software of all kinds.
- Security – It's easy to report a lost card, stolen card, or temporarily freeze a card. There is also $0 fraud liability.
- Global Entry and TSA Pre-Check Fee Credit – Each cardmember is given up to $100 in credit every four years to enroll in one or both of these programs.
Cons – Disadvantages of the Spark Miles Business Credit Card
There are a few aspects of the Spark Miles Card that it could change or do without.
- Poor Miles Redemption or Transfer Rate – For specific transactions and transfers to specific partners, you may get a redemption rate far less than the norm for your miles.
- Poor Choice of Airlines – Note to getmyoffer.capitalone recipients, if you choose to redeem through Capital One Travel, you may find your redemption offers for airfare are quite limited. Transferring to a travel partner can help, but may require more miles and time to complete the transaction.
Intro and Welcome Offers
For anyone new to the Spark Miles Card program, it's possible to accept a bonus-miles introductory offer while applying. With this offer, if you are able to spend at least $4,500 on qualifying purchases during the first 90 days after your account is opened, you will receive 50,000 bonus miles within 3 to 6 additional billing cycles.
The Spark Miles Card offers a business credit card with competitive travel rewards, a low annual fee, and reasonable limits and terms. It's not the best travel card due to partner restrictions and lack of access to unique perks. It could be a nice-enough starter card if it wasn't for the fact that you need excellent business credit to be approved.
This is true unless the current partners and partner offers when you go to apply are partners you do business with frequently. If so, this is a great program and one that earns many more miles, for specific redemption partners, than much of the competition. As long as these partners are right for your business needs, the Spark Miles Card is an excellent Business Miles Rewards credit card.