The 6 Best Capital One Business Credit Cards for Cash-Back and Rewards

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If you own a business, you understand the need to keep personal and business expenses separated and the importance of having an organized system to keep track of those expenses. Ideally, you’ll also have a system for earning rewards on every purchase your business makes. All of these reasons make a good case for your operation to have at least one business credit card.

Capital One, traditionally known for their personal credit card marketing jingle, “What’s in your wallet?” also issues a respectable collection of business credit cards that, just like their personal cards, deliver earnings on every purchase you make.

Known for their lack of complexity, Capital One credit cards offer simple earning structures, easy redemption options, and minimal bells and whistles when it comes to benefits. Don’t let the simplicity fool you, however, as the right Capital One business credit card could be an appropriate fit for your business.

Let’s take a look at the business credit cards Capital One has to offer and find out if there is a gem in here that makes sense for your business operation.

Best Capital One Business Cards for Travel

With unlimited earnings, every expense your business makes will be rewarded when you use a Capital One Spark Miles cards.

Whether you use your earned miles for flights, hotels, or other travel expenses, Capital One Spark Miles cards can  help reduce the cost of travel.

Capital One® Spark® Miles for Business

Top Card Benefits

  • Limited Time Offer: Earn up to 200,000 bonus miles worth up to $2,000 to spend on travel—flights, hotels and more
  • Low annual fee waived the first year
  • 2 miles per dollar earned on every purchase
  • Unlimited earnings
  • Transfer miles to airline partners
  • Global Entry or TSA PreCheck fee reimbursement

Best For

Businesses that have high expenses that do not fall into the traditional business credit card bonus categories may benefit from the Spark Miles card. With unlimited earnings on every purchase, you can count on 2x rewards on all your expenses.

The Spark Miles card may be a fit for the business owner who prefers a simple earning structure and wants to utilize the cash-back to offset the business’s bottom line or negate travel expenses.

Downside

  • High interest rates for carry over balances
  • Late payments incur a penalty APR rate
  • Has an annual fee at the first card anniversary

Capital One® Spark® Miles Select for Business

Top Card Benefits

  • Welcome bonus worth up to $200 in travel
  • No annual fee
  • 1.5 miles per dollar earned on every purchase
  • Unlimited earnings

Best For

A business with an upcoming large purchase or purchases could utilize the 0% APR and finance the expense with no interest charges.

The Spark Miles Select card is best for the business owner who does not want to pay an annual credit card fee, would prefer a simple earning structure, and wants an easy process for redeeming their miles.

The business owner should have sufficient cash flow to pay off the balance each statement period to avoid high interest charges.

Downsides

  • Doesn’t maximize earnings for businesses with big spending
  • Higher variable interest rate

Bottom Line: If your business has high earnings that do not fall in to traditional business expense categories, and you have business travel expenses to offset, the 2x earnings on all purchases and the ability to offset the cost of business travel could make the Spark Miles card a contender. 

businessman with carry on luggage
It’s easy to redeem your Capital One miles for travel. Image Credit: Shutterstock

Redeeming Capital One Miles

Although Capital One rewards are referred to as miles, they are not frequent flyer miles but simply redeemable points.

Fortunately, the Capital One Miles earned on your Spark business card are easy to redeem with Capital One’s Purchase Eraser and the ability to transfer miles to airline partners.

You can purchase travel from any travel provider using your Spark Miles card and once the charge shows up on your card statement, just redeem your miles online for a credit against your purchase.

You can also call the Capital One Rewards Center and book travel directly using your miles.

Capital One miles are worth one cent each towards travel for either of these 2 options. For additional potential value, you can transfer your Capital One miles to airline transfer partners and book award tickets.

There are other options for redeeming your miles such as statement credits for other purchases, experiences, or gift cards. However, the value you receive could be much less than 1 cent per mile.

Bottom Line: Capital One miles are easy to redeem for travel via Purchase Eraser or through the Capital One Rewards Center. Additional value may be realized, however, by transferring Capital One miles to airline partners. 

Best Capital One Business Cards for Cash-Back

Cash-back rewards are as liquid as you can get and make it easy to reinvest the funds directly back into your business. Capital One has 3 business cards offering cash-back rewards.

Capital One® Spark® Cash for Business

Top Card Benefits

  • Limited Time Offer: Earn up to $2,000 in cash bonuses.  Welcome bonus is a  cash bonus, can be applied to more than just travel.
  • 2% cash-back on every purchase
  • Unlimited earnings
  • Low annual fee waived the first year

Best For

Businesses that have high expenses in non-bonus categories could benefit from the unlimited 2% earnings on every purchase.

For example, business credit cards normally have bonus earnings on gas, dining, shipping, phone, internet, and other common business expenses. If your business spends a lot on heavy equipment, services, merchandise, or other non-bonus spending categories, a 2% cash-back Spark card could work for you.

Downsides

Capital One® Spark® Cash Select for Business

Top Card Benefits

  • Welcome bonus worth up to $200
  • No annual fee
  • 1.5% cash-back on every purchase
  • Unlimited earnings

Best For

The Spark Cash Select card is best for business owners who do not want an annual fee and their businesses have lower spending.

Downsides

  • Businesses with high spending will receive better earnings with other cards

Capital One® Spark® Classic for Business

Top Card Benefits

  • No annual fee
  • Unlimited 1% cash-back
  • Does not require excellent credit to be approved

Best For

If your credit is less than perfect, the Spark Classic card may be a good choice as it does not require an excellent credit history for approval. You’ll also have the benefit of earning cash-back rewards without having to pay an annual fee.

You may also be starting out in business and need to make several purchases to get your business up and running. The Spark Classic offers 0% APR for purchases that would allow you to repay for those purchases over time without incurring interest charges.

You should be able to pay off your card balance each month, however, as ongoing interest rates on the card are high.

Downsides

  • No welcome bonus
  • High ongoing and penalty interest rates

Redeeming Cash-Back Rewards

Your cash-back rewards can be redeemed at any time for any amount. When redeeming your cash-back for a statement credit or check, you can expect to receive a full 1 cent value for each 1 cent in cash-back you have in your account. You may receive less value for other redemptions such as gift cards.

Cash-back does not expire as long as your account is open.

Bottom Line: Businesses that have higher spending would fare better with the Spark Cash card versus the Spark Cash Select. If you spend $10,000 per month, you would earn $1,800 annually with the Spark® Cash Select and $2,400 with the Spark® Cash.

BuyPower Business Card™

If you plan to purchase a GM vehicle in the future and your business spends at GM dealerships, gas stations, restaurants, and office supply stores, you may benefit from the BuyPower Business Card.

Top Card Benefits

  • No annual fee
  • 5% earnings per dollar spent at GM dealerships
  • 3% earnings per dollar spent at gas stations, restaurants, and office supply stores
  • Unlimited earnings that don’t expire
  • World Elite Mastercard benefits

Best For

In order to maximize earnings, the business must spend a lot on gas and have vehicles that get serviced often at GM dealerships. The business would also spend a lot on dining out, and at office supply stores.

In order to redeem earnings for maximum value, the business must purchase a new qualifying GM vehicle.

A business with a large purchase or purchases could utilize the 0% APR introductory offer to finance the repayment without interest charges.

Downsides

  • The card does not offer an upfront welcome bonus
  • Cardholders must be in the market for a new GM vehicle
  • Earnings must be redeemed towards the purchase or lease of eligible new vehicles from Chevrolet, Buick, GMC, or Cadillac, or a statement credit (up to $250 per year) for GM repairs and service
  • Earnings cannot be redeemed for travel, cash, or gift cards
Person driving an Audi
Capital One Visa Signature cards come with car rental collision damage waiver coverage. Image credit: Andraz Lazic via Unsplash

Additional Benefits of Capital One Business Cards

Business Benefits

  • Free employee cards
  • Customized spending limits for each card
  • Downloadable expense reports
  • Annual summaries for tax purposes
  • Ability to immediately track expenses
  • Zero fraud liability

Travel and Shopping Benefits/Protections — Visa Signature Business Cards

Capital One business cards that are issued as Visa Signature cards come with the following additional benefits:

  • Auto rental collision damage waiver — receive primary car rental coverage when used for business purposes (secondary for personal use) for damage, loss of use, and theft.
  • Emergency travel assistance — provides assistance with referrals for legal, medical, translation, lost luggage, and more.
  • Roadside assistance — receive 24/7 assistance services for towing, emergency gas, flat tire changes and more. Cardholder is responsible for actual services.
  • Travel accident insurance — up to $250,000 in benefits for accidental death or covered severe injury when traveling on a licensed common carrier.
  • Lost luggage insurance —- provides excess coverage of up to $3,000 for checked or carry-on luggage when damaged, lost, or misdirected by the common carrier.
  • Price protection — covers eligible items for up to $500 per item if the price decreases within 60 days from purchase date.
  • Purchase security — covers eligible items for 90 days from purchase date for theft and damage, up to $10,000 per claim/$50,000 per cardholder.
  • Extended warranty protection — extends the manufacturer’s warranty on eligible items for 1 additional year on manufacturer’s warranties of 3 years or less.

Note that this is a summary of benefits and protections. Please review the benefits guide for Capital One Visa Signature business cards for more information on coverage descriptions, terms and conditions, and a complete list of card benefits.

Everything Else You Need to Know

Capital One Spark business cards are likely to be issued as a Visa Signature card but you could also receive a Visa Platinum. Which card you receive will depend on your creditworthiness as determined by Capital One.

Although initially your personal credit may be used to determine approval, Capital One business cards report to business credit bureaus such as Experian, Dun and Bradstreet, and the Small Business Financial Exchange. This makes it possible to build your business credit via Capital One business cards.

Take your Capital One business card along when you travel as there are no foreign transaction fees charged on any of the Capital One business cards.

Final Thoughts

You’ll need excellent credit to get approved for most Capital One business credit cards and it’s important to select the one that gives you the most value.

If your business involves a lot of travel, for example, you may want to consider a premium business travel rewards card such as the Business Platinum® Card from American Express. The card comes with far more luxury travel benefits than any of the Capital One business cards.

If your business spends a lot on airline purchases, there may be better cards that offer travel benefits.

If your spending doesn’t fall into standard business bonus spending categories such as office supply stores, shipping, internet, phone, dining, or gas stations, you may fare well with a Capital One business card that offers 2x unlimited earnings on every purchase such as the Spark Miles card.

In many cases, a combination of more than one business credit card becomes an appropriate solution to maximize earnings, meet your redemption goals, and receive the desired benefits.


FAQ

Which is the best Capital One business credit card?

The best Capital One business card will depend on how much your business spends and the category of your biggest expenses.

If you spend more than $20,000 per year, you are better off paying an annual fee and getting either the Spark® Miles or Spark® Cash card which both offers unlimited 2x earnings on all purchases.

If your business spends a lot on travel and you appreciate luxury travel benefits such as airport lounge access, hotel elite status, and travel purchase statement credits, a premium travel rewards card may be a better fit.

Can I transfer Capital One miles to airlines?

Yes, Capital One miles can be transferred to several airline partners and then redeemed for award tickets.

The process is simple as you just log in to your online Capital One credit card account and initiate the transfer. Once the miles transfer is complete, the Capital One miles become frequent flyer miles that can be used to purchase award tickets.

The process is not reversible, however, as once you have transferred Capital One miles to an airline partner, they cannot be transferred back.

Do Capital One miles or cash-back expire?

Neither the Capital One miles nor the cash-back you accumulate in your account expire as long as your account is active.

If you close your account, any unused rewards will be forfeited.

How many Capital One business cards can I have?

The official policy is that Capital One allows you to have a total of 2 business credit cards at 1 time.

How do I use my Capital One miles?

Redeeming your Capital One miles is quite simple. You would first log in to your online Capital One account and access the Rewards Center.

In the Rewards Center you can select Purchase Eraser to use your miles at 1 cent each as a credit against previous travel purchases for up to 90 days after the purchase posted to your account.

You can also call the Rewards Center and use your miles to purchase travel directly.

Both options deliver a value of 1 cent per mile.

To receive potentially greater value, you can transfer your Capital One miles to airline partners and use them to purchase airline award tickets.

Christine Krzyszton

About Christine Krzyszton

Christine, who lives in Northern Michigan, travels about 300,000 miles a year despite her remote location. Her expertise is traveling the world on a weekend with no pre-determined destination in mind, letting the cost of the airfare determine where she will go. She has over four million flown miles and elite status on all three major domestic carriers.

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