Learn more about this card and find out how you can apply here.
The Capital One® Spark® Miles Select for Business is a popular cash back credit card that pays a flat, unlimited 1.5 Miles per $1 on every purchase, every day... and doesn’t charge an annual fee. Like many fellow cash back cards, it boasts a nice sign-up bonus, a special introductory APR promotion for purchases and balance transfers, and some other user-friendly perks.
The Capital One® Spark® Miles Select for Business is comparable to a number of other cash back cards, most of which also lack annual fees. Popular alternatives include members of the Discover it family, Chase Freedom, Citi Double Cash Card, BankAmericard Cash Rewards MasterCard, Barclaycard CashForward™ World Mastercard®, and American Express Blue Cash Everyday. The Capital One® Spark® Miles Select for Business is very similar to its Capital One cash back stablemate, the Capital One® QuicksilverOne® Cash Rewards Credit Card, which is easier to qualify for and offers similar cash back benefits, but comes with a $39 annual fee and higher interest rates.
Available once you spend $3,000 on purchases within 3 months from account opening, is a 20,000 Miles one-time bonus.
Cash Back Rewards and Redemption
Capital One® Spark® Miles Select for Business earns an unlimited 1.5 Miles per $1 on every purchase, every day... with no caps, restrictions, or tiered spending categories. You can manually redeem accumulated rewards in any amount for statement credits, gift cards, or paper checks. You can also schedule automatic redemptions that are triggered when you pass a specified cash back increment: $25, $50, $100, or $200.
The Capital One® Spark® Miles Select for Business card has an APR, entitling you to a 0% on purchases and balance transfers for 9 months. Qualifying transfers can be made at any time during the introductory window. However, Capital One doesn’t allow balance transfers from any other Capital One accounts, including merchant-branded cards (such as Kohl’s and GM) issued by Capital One.
There is no annual fee or foreign transaction fee associated with this card. Balance transfers cost a flat of the transferred amount, while cash advances cost 3% of the amount of the cash advance, but not less than $10. The late payment fee ranges Up to $39.
Capital One CreditWise
You get free access to Capital One CreditWise, a useful collection of tools and content to help you build and stay on top of your personal credit. It includes a free credit score accessible in your account dashboard and visible on your monthly statement.
Additional Cardholder Benefits
As a Capital One® Spark® Miles Select for Businessholder, you’re entitled to a number of general fringe benefits: 24/7 concierge service and travel booking assistance, 24/7 emergency card replacement for lost or compromised cards, and VIP/priority access to events such as sporting contests and special golf outings.
This card requires excellent credit. Minor credit blemishes aren’t likely to be disqualifying, but major issues can cause problems.
- No Annual Fee. The Quicksilver® card doesn’t come with an annual fee, which is a great help for cardholders who wish to maximize their cash back earnings. Some popular cash back cards (or cards that earn rewards which can be redeemed for cash) do have annual fees: American Express Blue Cash Preferred carries a $75 annual fee, while American Express EveryDay Preferred‘s annual fee is $95.
- Attainable sign-up Bonus. Available once you spend $3,000 on purchases within 3 months from account opening, you will recieve a 20,000 Miles Bonus. That’s a nice bonus relative to the Discover it family, which doesn’t offer a sign-up bonus at all.
- No Minimum Redemption Threshold. Although you need to have at least $25 in earned cash back to schedule automatic redemptions, you can manually redeem your cash back in any amount, at any time.
- No Spending Categories or Manual Activation Required. The Capital One® Spark® Miles Select for Business earns a flat N/A cash back on all purchases. You never have to worry about keeping track of tiered spending categories or – even worse – manually activating quarterly rotating categories. Chase Freedom and Discover it both require you to manually activate cash back categories once per quarter.
- No Foreign Transaction Fees. This card doesn’t come with a foreign transaction fee. That’s great news for cardholders who want to maximize their cash back earnings while traveling abroad. Barclaycard CashForward, among other competitors, charges a 3% foreign transaction fee.
- No Penalty APR. Capital One Quicksilver card doesn’t have a penalty APR. That’s great news for cardholders who occasionally miss payments, and a big advantage over Citi Double Cash, BankAmericard Cash Rewards, and American Express EveryDay.
- Free Credit Score and Credit-Building Tools. This card comes with a free credit score on-demand (and with your card statement every month), as well as a slate of useful credit-building and credit-tracking tools under the Capital One CreditWise aegis. This is a nice advantage over the BankAmericard Cash Rewards Card, which doesn’t offer regular credit scores or credit-building help.
- Rewards Accumulate at a Fixed Rate. The Capital One® Spark® Miles Select for Business always earns cash back at a fixed rate of N/A. With no tiered spending categories (such as BankAmericard Cash Rewards Card‘s 3% gas and 2% grocery categories) or rotating 5% categories (such as Chase Freedom and Discover it’s 5% quarterly categories), there’s no opportunity to earn more than the cash back baseline here. This could be a drawback if you concentrate your spending in specific categories that other cards reward more generously.
- Intro APR Period Shorter Than Many Competitors. This card’s introductory APR period lasts for 9 months. That’s short by competing cards’ standards: Citi Double Cash and Chase Freedom both have much longer intro periods, while Discover it and BankAmericard Cash Rewards have 12-month intro periods.
- Can’t Redeem for Merchandise or Travel. Capital One® Spark® Miles Select for Business doesn’t let you redeem your accumulated cash back rewards for merchandise, travel, or other non-cash-equivalents. Thanks to Chase’s Ultimate Rewards portal, Chase Freedom lets you redeem for nearly anything that can be sold in stores or online.
- Requires Excellent Credit. The Capital One® Spark® Miles Select for Business requires excellent credit. If you have any significant blemishes on your credit history, you’re not likely to qualify for this card outright. For a more attainable cash back rewards card, consider Quicksilver’s® stablemate: the Capital One® QuicksilverOne® Cash Rewards Credit Card. Just mind QuicksilverOne’s $39 annual fee. Chase Freedom is a nice no-annual-fee alternative.
The Capital One® Spark® Miles Select for Business – along with Barclaycard CashForward and a few other popular names – belongs to a newer generation of cash back cards. This generation emphasizes simplicity, consistency, and accessibility. Think of it as a response or reaction to cards like Chase Freedom and Discover it – both great options that now seem a bit dated and quaint due to their continued reliance on rotating spending categories and other gimmicks. That’s not to say that the Chase and Discover cards have no place in your wallet – just that the cash back tide seems to be ebbing away from them and toward cards like Quicksilver®.
Make sure to check out our other credit card reviews for more options, many of which have low fees, attractive rewards, and flexible terms.
Learn more about this card and find out how you can apply here.