For a first-order reaction, the half-life \( t_{1/2} \) is related to the rate constant \( k \) by the formula:
\[
t_{1/2} = \frac{0.693}{k}
\]
Given that the half-life \( t_{1/2} = 1402 \, \text{s} \), we can solve for \( k \):
\[
k = \frac{0.693}{t_{1/2}} = \frac{0.693}{1402 \, \text{s}} = 0.49 \times 10^{-3} \, \text{s}^{-1}
\]
Thus, the rate constant \( k \) is \( 0.49 \times 10^{-3} \, \text{s}^{-1} \).
Therefore, the correct answer is option (B).