Editor’s note: This post has been updated with the latest credit cards information and benefits. It was originally published on Oct. 25, 2019.
One year after Capital One cemented its place as one of the most rewarding credit card issuers by adding airline transfer partners to its Spark Miles and Venture Cards, the issuer is continuing to make waves by adding new partners, upping transfer ratios and offering 50,000 miles as a sign-up bonus for the Capital One® Spark® Miles for Business card after you spend $4,500 within the first three months of card opening. Based on TPG’s valuation of Capital One miles at 1.4 cents each, the full bonus is worth $700.
The Spark Miles has no foreign transaction fees, and the $95 annual fee is waived for the first year. While this card doesn’t have as many perks as pricier premium credit cards, there are a few benefits that might be of interest to business owners. Today we’ll take a look at some lesser-known benefits of the Spark Miles for Business.
No-cost employee cards
One way to quickly rack up spend to continue earning rewards long past the sign-up bonus is by adding employee cards. Thankfully, Capital One lets you add employee cards to the Spark Miles for Business for free, giving you more flexibility over how you manage your cash flow and more opportunities to earn rewards.
With a consistent 2 miles per dollar on all purchases, the Spark Miles earns about 2.8% back, making it a very compelling choice for everyday, non-bonus spending. Of course it’s possible to get a much higher return if you redeem your miles for premium cabin travel through programs like Avianca LifeMiles or Etihad Guest, but 1.4 cents per point is a helpful baseline to think about.
Sync your transaction history to Quickbooks and Excel
The sign-up bonus alone makes it obvious that Capital One is marketing this card toward higher-spending businesses, and the more money you have flowing in and out of your accounts over the year, the more carefully you’ll need to keep records to prepare for tax season.
Capital One wants to make this process as easy as possible. In addition to automatic fraud alerts and zero liability if your card is lost or stolen, you can get customized itemized spending reports each quarter and easily download and export your transaction history to multiple platforms including Quicken, Quickbooks and Excel.
Enroll in Visa SavingsEdge
From Amex Offers to Chase Offers (even Priority Pass is getting in on the action), we’re seeing more and more loyalty programs increase their value proposition by adding additional money-saving opportunities. With your Capital One Spark Miles for Business, you’ll be eligible to enroll in the Visa SavingsEdge program.
You must enroll your card at this link to take advantage of the offers, but once you do so you’ll automatically be able to earn cash-back rewards when shopping at popular merchants. TPG Reporter Katie Genter was even able to stack a Visa SavingsEdge offer with a cash-back portal and holiday sale to buy a $1,300 Lenovo laptop for only $635.
Primary car rental insurance
While many credit cards offer some form of rental car insurance, the Spark Miles for Business is one of the few to offer a primary collision damage waiver, which is important because it kicks in before your own personal insurance policy. Simply charge your entire rental to your Spark Miles card and decline the rental company’s collision damage waiver, and you’ll be covered for damage due to collision or theft. As with any insurance policy, there are some exclusions, so make sure to check out the full terms and conditions especially if you’re renting an exotic or antique car, a van or other large vehicle, or are renting in a foreign country.
Extended warranty and purchase protection
If you’re using the Spark Miles as your businesses main credit card, it’s likely that you’ll be making some pretty important purchases with it. You can rest assured knowing that Capital One will double the time period of an eligible U.S. manufacturer’s warranty, giving you up to one additional year on warranties of three years or less. This benefit is capped at $10,000 per claim and $50,000 per cardholder.
Also, if an item you purchase is stolen or damaged within 90 days after purchase, you may be eligible to have it replaced, repaired or reimbursed. This benefit is also capped at $10,000 per claim and $50,000 per card holder.
Bottom line
For a card with a very reasonable $95 annual fee (waived the first year), the Spark Miles for Business doesn’t have a whole lot of fancy perks weighing it down and driving up its cost.
What it does have, in addition to its 50,000-mile sign-up bonus, is a small but valuable list of benefits that can help you manage your businesses finances more efficiently and protect you from loss due to theft or damage. While you obviously hope to never have to use these insurance benefits, even a single use would more than offset the annual fee.
Feature photo by Wyatt Smith/The Points Guy.
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