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Capital One Spark Miles Select Full Review
One major benefit of the Capital One Spark Miles Select Credit Card is its lack of an annual fee. Capital One’s other business travel card option, the Capital One Spark Miles Credit Card, features a higher 2x rewards rate in exchange for a $95 annual fee after the first year.
You can earn 20,000 bonus miles when you spend $3,000 on purchases within three months of account opening, or about $1,000 in business expenses each month. This bonus is worth $200 toward travel — or potentially more if you transfer to airline and hotel partners.
The Capital One Spark Miles Select Credit Card offers a 9-month 0% introductory period on purchases for new cardholders. After that, you’ll pay a variable APR of 16.99% – 26.99% for any balances on the card.
With Capital One Spark Miles Select, you can earn a flat 1.5x miles for each dollar you spend. That’s not the highest flat rewards rate available — for personal or business credit cards — but flat rewards can be lucrative if your business expenses don’t fall under typical categories.
The Capital One Spark Miles Select Credit Card charges no annual fee, and it doesn’t charge any foreign transaction fees if you use it for purchases abroad.
You will take on a $3 or 3% cash advance fee (whichever is greater) if you use your credit card to get cash from an ATM. A $39 late fee can also apply if you pay your credit card bill beyond the due date. There’s no transfer fee, but since this card offers no 0% intro period on balance transfers, it’s not a good option for debt payoff.
You won’t get a ton of benefits with the Capital One Spark Miles Select Credit Card, but there are some perks for business owners worth noting. For example, you can download purchase records to Quickbooks, Quicken, or Excel, as well as year-end summaries of your spending, which can be helpful for accounting purposes. You can also get free cards for your employees, and you can even pick your own due date.
Additional cardholder perks include roadside assistance and extended warranties on eligible items that come with a manufacturer’s warranty.
Benefits of Capital One Spark Miles Select
The main benefit of the Capital One Spark Miles Select Credit Card is its flexible travel rewards for no annual fee.
The miles you earn with this card can be used in more than one way, including for statement credits to cover airfare, hotel stays, and other travel expenses charged to your card. You’ll also have the option to transfer your miles to Capital One airline and hotel partners, which include Air France/Flying Blue, British Airways and Wyndham Rewards, among others.
If you have a large upcoming business expense — such as an investment in equipment or inventory you need to operate — you can also benefit from the Spark Miles Select’s 0% intro APR on purchases for 9 months.
Drawbacks of Capital One Spark Miles Select
Capital One Spark Miles Select is a solid option for travel rewards — especially for no annual fee. But it’s not the most lucrative option available. You won’t get many added benefits, and there are other options from Capital One that offer the same type of rewards with a better earning rate. For example, the paid version of this card, Capital One Spark Miles Credit Card, offers a flat rate of 2x miles for each dollar you spend and a much larger welcome bonus. However, a $95 annual fee applies after the first year.
How to Use Capital One Spark Miles Select
Start maximizing your card after approval by working toward the 20,000-mile welcome bonus. You’ll need to spend at least $3,000 within the first three months of account opening to qualify, or about $1,000 per month.
Since the Capital One Spark Miles Select Credit Card offers a flat rewards rate for each dollar you spend, you won’t have to work hard to maximize its benefits over time. Just use your card for all your business-related spending and bills, and you’ll automatically rack up miles you can use for travel.
If you want to earn more miles on your business expenses, you do have the option to request employee cards. These additional cards are free, and you can set spending limits for each employee.
If you do carry a balance on your card during the 9-month introductory 0% APR period, make sure you have a plan to pay your balance off before the intro period ends. If you don’t, you’ll wind up paying down your balance at the regular variable APR, which can be much more costly than any rewards you earn.
Capital One Spark Miles Select Card Compared to Other Cards
Is the Capital One Spark Miles Select Right for You?
If you’re a business owner who wants to earn flexible travel rewards and your business expenses don’t fall into specific categories, the Capital One Spark Miles Select Credit Card could be for you. A flat rate of 1.5x miles for each dollar you spend means you don’t have to deal with bonus categories or rewards caps, and can maximize rewards with your card without strategizing where you spend.
If you want a business credit card from Capital One but your credit isn’t great, consider the Capital One Spark Classic. This card is available for business owners with fair credit, and earns 1% back in cash rewards.
With that being said, always make sure you evaluate your business spending and the redemption options that will bring the most value to your business before you apply. Compare other business credit cards — including other Capital One Spark credit cards — to make sure you find the right fit.
Frequently Asked Questions (FAQ)
What are Capital One Spark miles worth?
Capital One Spark miles are worth one cent each when redeemed for statement credits to cover travel expenses.
What credit score do you need for the Capital One Spark Miles Select?
You need excellent credit for the best chances of approval for this card, According to Capital One, you are also more likely to be approved if the following criteria is true for you: “I’ve never declared bankruptcy or defaulted on a loan; I haven’t been more than 60 days late on any credit card, medical bill, or loan in the last year; I’ve had a loan or credit card for 3 years or more with a credit limit above $5,000.”
What does 20,000 miles get you with the Capital One Spark Miles Select?
You can redeem 20,000 miles with the Capital One Spark Miles Select for credit toward $200 in travel expenses charged to your card. You can also transfer your miles to Capital One airline and hotel partners, although transfer ratios vary.
Does the Capital One Spark Miles Select charge foreign transaction fees?
The Capital One Spark Miles Select does not charge foreign transaction fees.
*All information about the Capital One Spark Miles Select and Capital One Spark Miles for Business has been collected independently by NextAdvisor and has not been reviewed by the issuer.