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What Is Capital One Purchase Eraser

By David Krug David Krug is the CEO & President of Bankovia. He's a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he's not reading about cryptocurrencies, he's researching the latest personal finance software. 4 minute read

With the Capital One Spark Miles for Firm credit card, your business may earn an unlimited 2 miles for every dollar spent on most transactions, and there’s no annual fee the first year. In the end, you may use your accrued miles to pay for things like plane tickets, hotel rooms, and vehicle rentals. Spark Miles’ miles are worth $0.01 each toward travel expenditures, but miles earned on many other business travel cards, such as the American Express Gold Delta SkyMiles Business Card, have different values.

Several other business travel cards provide similar perks to Spark Miles for Business. It’s most similar to Capital One’s Spark Miles Select for Business, which has no annual fee and offers a somewhat less lucrative rewards scheme (1.5 miles for $1 spent). Capital One’s non-Capital One rivals include the CitiBusiness / AAdvantage Platinum Select and the Marriott Bonvoy Business® American Express® Card.

The Capital One Spark Cash for Business and Spark Miles programs are quite similar to one another. This card gets the same 2% cash back rate as Spark Cash since each mile is always worth $0.01 against future travel expenses.

To be clear, there is a significant distinction: When you cash in your Spark Cash rewards, you get cash instead of miles, which gives you more flexibility. Here you can get all the details regarding this card and the application process.

Capital One Spark Miles for Business: Key Features

The Spark Miles card’s primary benefits are the ones listed above. The increased functionality for business customers is particularly noteworthy, as are the attractive early expenditure incentive, the pleasant (and straightforward) travel rewards program, and the strong early spend bonus.

Bonus for Spending Early

When you spend $4,500 or more on eligible purchases during the first three months of account opening, you’ll receive a one-time incentive of 50,000 bonus miles.

Getting Points for Vacations

For all purchases save one, you’ll earn 2 miles for every $1 you spend, with no limits or restrictions. That works out to a rate of return on travel expenditures similar to receiving 2% cash back. However, if you use your Spark Miles card to book a hotel or vehicle through Capital One Travel, you’ll get 5 miles for every dollar spent.

Redeeming Travel Rewards

Once enough miles have been acquired, they may be used in one of two methods to pay for airfare. If you already have a Capital One credit card, you may use the online portal or give them a call to apply travel rebates to your account. Requests for statement credits must be made no later than 90 days after the appropriate transaction.

You can utilize a minimum of 2,500 miles to offset a purchase in its entirety if you don’t have enough miles to cover the whole amount.

Second, through Capital One’s travel site, you may make direct bookings of airline, hotels, auto rentals, and other travel purchases with your points. To redeem using this technique, you don’t need to meet any certain threshold. Blackout dates, seat limits, and other limitations do not apply to any redemption option.

Transfer Miles to Travel Partners

Miles earned with Capital One can be transferred to any of its 15+ top travel partners at varied transfer percentages. Choice Hotels, Aeromexico, and Air Canada are just a few of our partners.

Alternative Redemption Methods

Capital One also provides the option to redeem miles for things other than travel, including as gift cards, cash, and merchandise; however, the value of these redemptions varies greatly, is typically less than $0.01 per mile, and is subject to change without notice, making them less than ideal.

Important Charges

During the first year, you won’t have to pay the $95 yearly charge. There is no cost for cash advances, and the fee for cash advances is the greater of $10 or 3% of the amount advanced. Employee replacement cards are free, but there is a $39 fine for losing one.

Quarterly and annual reports

Quarterly and yearly expenditure reports are provided to Spark Miles cardholders. The summaries provide a comprehensive, itemized, and classified analysis of your expenditures over the referenced time period, as well as comprehensive reports on staff expenditures, if relevant.

Purchase Records that are Downloadable

Your Capital One account comes with the ability to download your purchase history in Quicken, Excel, and QuickBooks compatible formats. These aid with bookkeeping and tax filing.

Additional Advantages

Some other perks of this card are as follows:

  • Discount on the cost of applying for TSA PreCheck or Global Entry of up to $100 if you apply in advance
  • Free damage waiver for paid-in-full car rentals, round-the-clock assistance for accidents (including ticket replacement and card replacement)
  • For fully charged airline, rail, or other transportation tickets, you can get up to $3,000.

Credit Required

You need exceptional to decent credit to qualify for this card. Minor flaws in your application won’t necessarily get you rejected, but major ones will.

Bottom Line

Many of the features of Capital One’s successful consumer travel rewards card, Capital One Venture Rewards, are also included in Capital One’s business-focused Capital One Spark Miles for Business. Similar to Spark Miles for Business, you may earn 2 miles on every transaction made with Venture Rewards.

You do not currently qualify for Spark Miles if you are someone who has always wanted to start their own business but has not done so because they lacked the necessary time or money. While this may be the case, you should check into the Venture Rewards program. This might be a good fit for you if you like what you see.

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