Capital One® Spark® Cash for Business (Review) – Unlimited 2% Cash Back
Learn more about this card and find out how you can apply here.
Capital One® Spark® Cash for Business is a business cash back credit card with a $95 annual fee (waived in the first year) and a straightforward rewards program that pays you an unlimited 2% cash back on every purchase you make. Like many fellow business credit cards, it offers business benefits such as free employee cards and spending reports, though it’s a bit less generous on this front than some competitors.
Spark Cash for Business is comparable to a number of other business rewards cards, some of which are annual-fee-free and some of which charge annual fees ranging as high as $450. They include: Chase Ink Business Preferred ($95 annual fee), American Express SimplyCash Plus (no annual fee), and American Express Blue Business Plus, among others.
Learn more about this card and find out how to apply here.
Capital One® Spark® Cash for Business has a two-part sign-up bonus.
First, when you spend at least $5,000 in eligible purchases within 3 months of opening your account, you get a $500 cash bonus.
Second, when you spend at least $50,000 in eligible purchases within 6 months of opening your account, you get a further $1,500 cash bonus. All told, that’s a total potential early spend bonus of $2,000 over 6 months.
Capital One Spark Cash for Business earns a flat, unlimited 2% cash back.
You can redeem your accumulated cash back in any amount for paper checks or statement credits. Alternatively, you can elect to receive automatic redemptions (statement credits or checks) once you hit a preset threshold: $25, $50, $100, or $200.
Capital One also allows you to redeem cash back for gift cards. However, this can cut the value of your cash back significantly and may entail a minimum redemption threshold, subject to terms that can change without warning.
The $95 annual fee is waived in the first year. There is no balance transfer fee, foreign transaction fee, or fee for extra employee cards. The late payment fee is $39, and the cash advance fee is the greater of $10 or 3%.
With your account, you receive periodic spending summaries that feature detailed, categorized, and itemized looks at your spending, as well as that of your employees, if applicable.
Your account comes with downloadable purchase reports that are ready for export to accounting platforms such as Excel, QuickBooks, and Quicken, streamlining your business’s year-end accounting and tax preparation process.
This card comes with a nice lineup of additional benefits, including 24/7 emergency card replacement, complimentary loss and damage coverage on rental cars charged in full, and lost luggage protection up to $3,000 per trip when you charge the full value of the travel ticket (airfare, train fare, and so on) to your card.
This card requires excellent or good credit. A few minor dings probably won’t disqualify your application, but more serious issues aren’t acceptable.
Spark Cash Select, the annual-fee-free junior cousin of Spark Cash for Business, earns an unlimited 1.5% cash back on all purchases. Aside from a few business benefits not available with Capital One’s consumer cards, it’s nearly identical to the Capital One Quicksilver Card, though the lack of balance transfer fees is an important Spark Cash Select benefit that’s not available to Quicksilver cardholders.
Meanwhile, with a flat, unlimited 2% cash back rate on all purchases, Capital One® Spark® Cash for Business is like a turbocharged Quicksilver – again, with the added benefit of nonexistent balance transfer fees. Although many other business cards have more generous benefit packages, it’s hard to do better than Spark Cash’s baseline earning rate. If all you care about is the bottom line, this card needs to be high on your list.
Learn more about this card and find out how to apply here.
Learn more about this card and find out how you can apply here.
Capital One® Spark® Cash for Business is an ideal general-spending card for business owners with moderate to high spending needs spread across a wide variety of categories. It’s not as useful for more frugal business owners, those who want to be able to redeem their rewards for travel or merchandise, and those who enjoy lots of fringe benefits and value-added perks.
This card’s great early spend bonus, high cash back rate, flexible redemption options, and its lack of balance transfer and foreign transaction fees and spending caps are all major perks.
The annual fee, lack of intro APR, limited business benefits, and limited non-cash redemption options are troublesome.
Overall, a great general spending card for business owners who spend enough to cover the annual fee and have an aversion to spending caps in general.
Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
Categories: Capital One, Credit and Debt, Credit Cards, Reviews, Small Business
Brian Martucci writes about frugal living, entrepreneurship, and innovative ideas. When he’s not interviewing small business owners or investigating time- and money-saving strategies for Money Crashers readers, he’s probably out exploring a new trail or sampling a novel cuisine. Find him on Twitter @Brian_Martucci.
Comments Disclosure: The below responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.
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