Review: Capital One Spark Miles Select for Business

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Airlines got into the frequent flier mile game to promote loyalty among their customers. But by making awards difficult to find at the lowest mileage levels, these programs are now having the opposite effect.

Frustrated customers are now looking to earn rewards from their credit cards that do not depend on the whims of an airline. The Capital One Spark Miles Select for Business card allows small businesses and sole proprietors to earn 1.5 miles in Capital One’s program for each dollar spent. These miles can then be redeemed for 1 cent each as a statement credit toward any travel expense.

Advantages

  • Earn miles. One mile is earned per dollar spent. Then, Capital One credits cardholders with a 50 percent mileage bonus once a year, for a total of 1.5 miles per dollar spent.
  • Redeem miles easily. Miles are worth 1 cent each as statement credits toward any travel expense. Since you are purchasing travel the way you normally do, there are no blackout dates or restrictions. In fact, you can even earn additional points and miles from your travel provider on your award trip.
  • Promotional financing offer. New cardholders receive 0 percent APR promotional financing on all purchases until January 2014.
  • Low fees. There are no annual fees or foreign transaction fees with this card.

Disadvantages

  • No sign-up bonus. Many reward cards feature a sign-up bonus to attract new customers. This one does not.
  • No bonus categories. A lot of credit cards feature bonus categories of spending that earn extra rewards, as much as 6 percent. This card does not.
  • Higher interest rates. The standard interest rate is a 12.9-20.9 percent variable APR. This is a little bit higher than some of the more competitive cards. That said, those who use reward cards should be paying their balances in full each month.
  • You have to wait for it. Two-thirds of your rewards come each month, but the other third comes in a lump sum once a year.

Bottom line

Get it if: 1.5 percent rewards from all of your spending looks attractive.

Forget it if: You are not patient enough to wait all year for a third of your rewards.

Note: While we attempt to be completely objective when reporting on credit cards, this site may be compensated by issuers when a reader applies for a credit card through the links within credit card stories or on our credit card search page. Also note that any terms, rates or other features described in this article can change without notice. Always double-check everything with the issuer before applying for any credit card.

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