Capital One's Spark Miles card is offering up to 200,000 bonus miles right now - that could be worth $3,000 toward free travel

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  • Capital One offers a slate of great rewards cards, and business owners are not left out of the mix.
  • If you act soon and can meet some hefty spending requirements, you can earn up to 200,000 bonus miles from the Capital One Spark Miles for Business credit card.
  • 200,000-mile offers don't come around often in the credit card landscape, so it is important for miles and points enthusiasts to catch this offer before it's gone.

Let's take a look at how you can earn the mammoth, limited-time bonus on the Capital One Spark Miles for Business credit card, and what you can do once it shows up in your Capital One account.

What is the Spark Miles for Business credit card?

Spark Miles for Business is a credit card from Capital One. Odds are you've come across the popular Capital One Venture Rewards Credit Card (or at least an advertisement for it) at some point. This is a somewhat comparable card for businesses.

The card pays 2x miles per dollar on all purchases with no limits to what you can earn. The card charges a $95 annual fee, which is waived the first year. Like all bonuses, you double dip on rewards for the ones you earn that also count toward the bonus, so remember that any bonus you earn will likely be worth even more by the time all of the miles come through.

The card offers valuable benefits including no foreign transaction fee, rental car insurance, and purchase protection.

Earning 200,000 bonus Spark Miles

Capital One currently has a limited-time offer of up to 200,000 bonus miles.

Earning all of those miles isn't easy for all businesses, however. Get a still respectable 50,000-mile bonus after spending $5,000 on purchases in the first three months after opening a new account and another 150,000 after spending a total of $50,000 in the first six months you have the account.

Keeping in mind that you earn 2x miles per dollar you spend, you'll earn another 100,000 miles on the way to the 200,000 bonus miles. That means you'll end up with 300,000 total miles if you earn the bonus.

Miles are worth 1 cent each when you redeem as a statement credit for travel purchases. That means you can pay for any plane ticket, hotel reservation, cruise, or other qualifying travel-related purchase and reimburse yourself with miles. That means no blackout dates, limitations, or airline restrictions. At that rate, the full 300,000 miles is worth $3,000 toward travel.

In addition to travel statement credits, you can transfer points to partners at a rate of 2 Spark Miles = 1.5 partner miles/points. Those partners include Aeromexico, Air Canada (Aeroplan), Air France & KLM (Flying Blue), Alitalia, Avianca, Cathay Pacific, Etihad, EVA, Finnair, Hainan Airlines, Qantas, and Qatar Airways. Depending on the reward, that may or may not be worth it compared to the 1 cent statement credit rate.

Read more: 11 lucrative credit card deals you can get when opening a new card in December - including a 200,000-mile bonus

What you can do with the Spark Miles reward

$3,000 is a lot of cash for an upcoming vacation. Whether you want to put your family up in a luxury hotel after a road trip or fly a special someone across the world for a romantic getaway, you can use that $3,000 toward virtually any travel-related purchase.

Purchases at airlines, hotels, rail lines, car rental agencies, limousine services, bus lines, cruise lines, taxi cabs, travel agents and time shares typically get coded as travel for reimbursement purposes.

If you have flexible travel plans, you can stretch that $3,000 a long way. Redeeming miles for flights, for example, could get you pretty much anywhere in the world, maybe even with a travel companion.

A fun aspect of Capital One miles is that you can redeem for part of the cost of a trip. If you book a trip that costs $3,200 and put the entire cost on your card, you can redeem the 300,000 miles for $3,000 of the cost and pay the remaining $200 yourself.

Treat big card bonuses with care

Earning credit card miles may feel like a game, but these are serious financial accounts. When working on earning a sign-up bonus, make sure to keep track of your balances and pay off the card in full each month to avoid interest charges.

And just as you put care into how you earn miles, don't waste them on a poor-value redemption. When booking any travel, spend a little time doing some research to make sure you get the best possible value. That could be $3,000 in statement credits, but it could also be transferring those miles to Eithad for a world-class business class trip.

Part of the fun of miles and points is that you can use them however you want. Whether it is a trip home for the holidays or an exotic vacation, Spark Miles can get you there.

If your business could spend enough to bring this massive bonus home, you should seriously consider it.

Click here to learn about the Spark Miles for Business card from Capital One from Insider Picks' partner: The Points Guy

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