Capital One® Spark® Cash Select for Business (Review) – 1.5% Cash Back
Learn more about this card and find out how you can apply here.
Capital One® Spark® Cash Select for Business is a popular business cash back credit card with no annual fee and a simple rewards program that earns an unlimited 1.5% cash back on every purchase. Like many other business credit cards, it offers some useful benefits for business owners, such as free employee cards and spending reports.
Spark Cash Select competes with a host of other business rewards cards, including Chase Ink Business Cash, Chase Ink Business Preferred ($95 annual fee), American Express SimplyCash Plus, and Capital One’s own Spark Cash for Business (with an increased 2% cash back rate in exchange for a $95 annual fee).
You get $200 in bonus cash when you spend at least $3,000 within 3 months of opening the account.
This card earns a flat 1.5% cash back on every $1 spent, every day, with no caps or restrictions. Accumulated cash back can be redeemed in any amount for statement credits and paper checks. You can also set up automatic redemption, which clears your cash back account in the manner of your choosing (statement credit or check) once you reach a predefined redemption threshold: $25, $50, $100, or $200.
Additionally, you can redeem your cash back for gift cards and charitable donations, though doing so may diminish the value of your cash back and may entail a minimum redemption threshold.
There is a 0% intro APR on purchases for 9 months.
There is no annual fee, balance transfer fee, foreign transaction fee, or fee for employee cards. The cash advance fee is the greater of 3% or $10, and the late payment fee is $39.
At the end of every quarter and year, Capital One sends you a detailed summary of your spending during the period, including categorized line items that simplify budgeting, accounting, and tax preparation. Spending on employee cards, if any, is included in this report as well.
Capital One offers downloadable purchase reports that can easily be exported to accounting software such as QuickBooks, Excel, and Quicken – another benefit for accounting and tax preparation.
Spark Cash Select has a number of general benefits, including a complimentary auto rental collision damage waiver when you charge the full amount of the rental to your card, and 24/7 emergency travel assistance services, including ticket replacement and lost card replacement.
This card requires good to excellent credit. A few credit history imperfections probably won’t disqualify you from consideration, but serious blemishes are likely to be a problem.
Aside from the name and a handful of perks that aren’t available on Capital One consumer credit cards, Capital One® Spark® Cash Select for Business doesn’t much look like a business credit card. In fact, its basic parameters are nearly identical to Capital One Quicksilver, the issuer’s flagship consumer cash back card.
However, this isn’t necessarily a bad thing. If you want to earn the same cash back rate on every single purchase you make for your business, without paying a hefty fee each year, this is a great card to have in your wallet. Depending on your non-business spending needs, you might want to get a Quicksilver card to keep it company.
Learn more about this card and find out how you can apply here.
Capital One® Spark® Cash Select for Business is a no-nonsense credit card with a simple, straightforward cash back rewards program and minimal fees. That makes it ideal for business owners who spend in lots of different categories, prefer not to pay much to use their cards, and don’t want to worry about spending caps. It’s not a good fit for business owners who like lots of fringe benefits, travel frequently, or concentrate their spending in a few specific categories, such as office supplies and telecommunications, that earn higher rewards elsewhere.
This card’s minimal fees, simple, flexible rewards and redemption, nice early spend bonus, and lack of spending caps are all perks.
Its limited business benefits and lack of high-earning rewards categories may be drawbacks for some.
Overall, it’s a great card for business owners with broad spending requirements and an aversion to caps.
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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