If you’re looking for a business credit card that offers decent rewards, you should consider the Capital One Spark Cash Plus and the Capital One Spark Miles for Business cards.
While either option could be a welcome addition to your company’s financial arsenal, one card may align better with your business’ current situation and goals. The Capital One Spark Cash Plus card could earn a significant amount of cash back, for example, while the Capital One Spark Miles for Business card can help you rack up miles for travel.
To learn which business credit card may work best for you, keep reading for our detailed comparison.
|Welcome bonus||Up to $1,000 cash back: $500 if you spend $5,000 within 3 months of account opening, and $500 more if you spend $50,000 within 6 months of account opening||50,000 miles when you spend $4,500 within 3 months of account opening|
|Rewards rate||2 percent cash back on all purchases||2X miles on all purchases|
|Annual fee||$150||$95 ($0 for the first year)|
Capital One Spark Cash Plus vs. Capital One Spark Miles for Business highlights
Welcome bonus winner: Tie
The Capital One Spark Cash Plus card offers one of the most generous introductory bonuses on the market of up to $1,000. However, even though the Capital One Spark Miles for Business card’s bonus is smaller at 50,000 miles (worth $500), it’s more attainable, especially for small business owners who don’t spend a lot.
You’d have to spend $50,000 within six months of opening your Capital One Spark Cash Plus account to get the full welcome bonus, for example. But, with the Capital One Spark Miles for Business card, spending just $4,500 within three months of account opening will get you the welcome bonus.
Plus, according to The Points Guy, if you book travel through a Capital One transfer partner, your Capital One Spark Miles for Business miles have a value of 1.85 cents each, meaning your welcome bonus could be worth up to $925. So, if rewards are redeemed this way, the Capital One Spark Miles for Business welcome bonus could be nearly as rewarding as the Capital One Spark Cash Plus.
Rewards rate winner: Tie
Both the Capital One Spark Cash Plus card and the Capital One Spark Miles for Business card offer the same rewards rate. You’ll earn 2 percent cash back or 2X miles for every dollar you spend. Plus, there’s no cap on how much you can earn with either option, and your rewards will never expire.
Annual fee winner: Capital One Spark Miles for Business
The Capital One Spark Miles for Business card is the clear winner in this category because you don’t have to pay an annual fee during your first year as an account holder. You’ll pay $95 to maintain your account after the first year, which is still lower than the Capital One Spark Cash Plus card’s $150 annual fee.
On the other hand, with the Capital One Spark Cash Plus card, you’ll break even each year if you make at least $7,500 worth of purchases (which earns $150 in rewards). With the Capital One Spark Miles for Business card, you’ll have to spend about $4,800 per year ($96 in rewards) to cover the annual fee.
Foreign transaction fees winner: Tie
If you plan to use your card internationally, you’re in luck. Neither card charges foreign transaction fees on purchases made abroad.
Intro APR winner: Tie
Neither card includes an introductory APR offer for purchases or balance transfers for new cardholders. The Capital One Spark Miles for Business card has a regular variable APR of 21.24 percent, and the Capital One Spark Cash Plus doesn’t have an APR because it’s a charge card that must be paid in full each month. The upside is that you won’t have a preset spending limit with the latter card, but the downside is that you can’t use this account to finance large purchases over time.
Which card earns the most?
To determined which card will earn the most rewards, let’s take a look at a spending example.
Capital One Spark Cash Plus vs. Capital One Spark Miles for Business spending example
Let’s say you use your Capital One Spark Cash Plus card to pay for a $3,000 business trip. At 2 percent cash back on all purchases, you’ll earn $60 in cash back. Alternatively, the Capital One Spark Miles for Business card, which earns 2X miles for every dollar spent, would earn 6,000 miles.
Since both types of rewards are worth 1 cent each, you’ll get $60 in rewards for either purchase. However, the Capital One Spark Miles for Business card lets you transfer your miles to Capital One partners to increase their value, meaning your miles could be worth 1.85 cents apiece. So, your 6,000 miles could be worth up to $111 in rewards.
Therefore, if you plan to book travel through one of Capital One’s partners, the Capital One Spark Miles for Business card can earn more than the Capital One Spark Cash Plus card. Otherwise, purchases on either card will earn you the same amount of rewards.
Why should you get the Capital One Spark Cash Plus?
The Capital One Spark Cash Plus offers an annual cash bonus of $200 if you spend at least $200,000 per year using your card. You’ll also receive free cards for your employees and access to account management tools. Otherwise, the card offers standard benefits like:
- Travel benefits, such as complimentary concierge service, lost luggage replacement, roadside assistance and 24/7 emergency assistance
- Purchase protection for up to 90 days in the event of loss, theft, fire or damage (on eligible purchases)
- Extended warranty coverage
- Virtual credit card numbers for secure shopping online
While you can’t get your Capital One Spark Cash Plus rewards directly deposited into your bank account, you can redeem them for checks, gift cards, statement credits, credits for prior purchases or Amazon and PayPal purchases. You can also redeem your rewards automatically on a certain date every year or when you reach an earnings threshold of $25, $50, $200, $500 or $1,500.
Recommended credit score
You’ll need good to excellent credit to qualify for the Capital One Spark Cash Plus card. That means your credit score should be at least 670.
Why should you get the Capital One Spark Miles for Business?
With the Capital One Spark Miles for Business card, you’ll get standard benefits like free employee cards, purchase protection, extended warranty coverage (on eligible purchases), card lock control, $0 fraud liability, rental car collision coverage (on eligible vehicles) and account management tools, among others. Plus, you’ll also get more notable benefits like:
The best way to redeem your Capital One Spark Miles for Business rewards is for travel, which can be applied to new bookings or costs incurred within the previous 90 days. When it’s time to cash in your Capital One miles, you’ll never have to deal with blackout dates, seat restrictions, or minimum redemption requirements.
Recommended credit score
For the Capital One Spark Miles for Business card, you’ll need good to excellent credit. So, be sure your credit score is over 670 before submitting your application.
The bottom line
The Capital One Spark Cash Plus card could make sense for you if you have higher business expenses, can afford to pay your bill in full each month and want to earn cash back. But, if you want the option to carry a balance or if you want to redeem rewards for travel, the Capital One Spark Miles for Business card would be a better fit.
However, it’s worth noting that other business credit cards offer a higher cash back rate (for example, 3 to 5 percent) if you spend in specific business-related categories. So, it’s important to explore all of your options, including other Capital One cards, before choosing a card.