Searching for a small business credit card that checks all the right boxes for your business model? Here’s what we dug up on Capital One Spark Miles for Business, a Capital One staple for small business owners.
Pros and Cons
Balancing the benefits and disadvantages of a potential credit card is essential to learning how a potential card will work for your business. Here are a few key pros and cons of using this small business credit card.
|Manage Employee Cards – Earn rewards from free employee cards with customizable spending limits.||No Cash Back – With a focus on travel rewards, this card doesn't give you cash rewards or credits towards your balance.|
|Spend Bonus - Receive a 50,000-mile bonus for meeting the $4,500 spend limit within the first three months.||High Penalties – Late fees up to $39 and a 31.65% variable APR can leave you hurting for cash after a few late payments.|
|Virtual Assistant – Capital One's Eno® keeps an eye on your account 24/7 to alert you when something seems off.||Miles Transfer – Mile rewards are transferable to limited partner airlines at a less than 1:1 ratio. (2:1 or 1.5:1)|
Mobile App Ratings
The Capital One mobile app for this small business credit card consistently receives high ratings (4.7 out of 5 stars) from both Apple and Android users. While the app helps you keep an eye on your spending and even your credit score, some functions of your account require a little extra help. Scheduling payments, setting up new bill-pays and searching for specific transactions are best done online.
Credit Card Reviews
With an overall score of 4.5 out of 5 stars on the Capital One website, this is one small business credit card that receives consistently high reviews in a myriad of online reviews. Favorite features tend to be excellent customer service and the ability to transfer mile rewards to airline partners, while high rates tend to be a key complaint.
With unlimited reward earning potential for customers looking for travel rewards, this is one small business credit card that caters to frequent flyers, even redeemable for Airbnb stays and Uber rides to and from your destination. For local businesses needing a more flexible cash back rewards program, you may want to look elsewhere for a card that matches your company’s anticipated spending habits.
The APR with this small business credit card varies between 19.24% and 31.65%. While the real draw is the travel reward program, you may be able to find business cards with lower APRs or more lenient penalties, depending on market conditions and timely payments.
Annual & Monthly Fees
Membership with the Capital One Spark Miles card is free for the first year but hikes up to $95.00 for every year after. Late fees and returned payments can also have your business on the hook for a monthly late charge of $39.00, putting this card at the higher end when it comes to fees.
This card is meant for companies with good to excellent credit scores. A FICO score between 690 and 850 is recommended for this small business credit card, so keep in mind that if your business or personal credit history isn’t quite up to par you may not be eligible.
Not every business credit card is built the same. Since Capital One Spark Miles for Business is primarily based on travel rewards, here are some unique benefits you should be aware of when it comes to redeeming your miles.
- Unlimited 2-mile earnings for every dollar spent on your business
- No blackout dates or seat restrictions for redeemed airline miles
- Up to $100.00 credit towards TSA Pre✓® or Global Entry application fee
As far as air miles go, this is one small business credit card that can help get you where you need to go. If you anticipate a lot of business-related travel, this is an excellent way to get bang for your buck with your everyday business purchases. However, online businesses and locally-based companies might not see these rewards worth the high fees and high APR. If you’re looking for more reviews of small business credit cards for business owners, see Revenued.com
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