Similar videoNew Capital One Spark 2% Cash Plus Business Credit Card with a $1,000 bonus! How to get approved!
Capital one spark cash for business -
The new Capital One Spark Cash Plus – a revamped version of the Capital One Spark Cash for Business – has hit the ground running, offering the same generous flat cash back rate as well as new perks, including a boosted sign-up bonus, no preset spending limit and an enticing annual bonus geared toward big spenders.
Even with a $150 annual fee, the card should hold fantastic value for the average small-business owner and easily stands as one of the best business cards on the market if you prefer the simplicity of flat-rate cash back.
But if you’re looking for payment flexibility, the Spark Cash Plus will disappoint. As a charge card, the Spark Cash Plus requires you to pay off your balance in full each billing cycle and carries no ongoing APR or 0% introductory APR offers, making it of little use if you need to free up cash flow or chip away at business expenses over time.
See related: How do business credit cards work?
Why you might want the Capital One Spark Cash Plus
With an impressive cash back rate and variety of rewards redemption options, the Spark Cash Plus could be the card that helps your small business maximize rewards on everyday spending. If you prefer to earn cash back over travel points, the Spark Cash Plus is a good choice, allowing you to forgo the complicated math, redemption caveats and spending limits often found on rewards credit cards.
The card may not make the most sense for more modest spenders, but if you plan to spend at least $30,000 per year, you’ll likely earn more with the Spark Cash Plus than you would with the typical no annual fee business card. The card also carries very minimal fees for a charge card and its annual fee should only make a small dent in your rewards.
Maximize rewards on everyday purchases
The Spark Cash Plus card retains the streamlined rewards structure of the legacy Spark Cash card: You’ll earn unlimited 2% cash back on all qualifying purchases, with no need to track spending or enroll in bonus categories.
This is one of the highest flat rewards rates you’ll find on a business rewards card, with most offering just 1.5% back on all purchases or 1% back on general purchases and 2% to 5% back in specific spending categories, like dining or travel.
This makes the Spark Cash Plus a solid choice both for small-business owners who want to keep things simple by earning cash back on all their eligible spending and for those who want to fill a gap in their rewards strategy by earning boosted cash back on spending outside their other cards’ bonus categories.
Depending on your spending, the Spark Cash Plus card’s 2% flat rate could even make it more valuable than some no annual fee business cards. For example, compare the card with the Capital One Spark Cash Select – $500 Cash Bonus – which earns just 1.5% cash back but charges no annual fee – and you’ll find that the extra half-percent of cash back on the Spark Cash Plus more than makes up for its annual fee given a $48,000 estimated annual spend.
|Spark Cash Plus||$48,000 x 2% back – $150 =||$810|
|Spark Cash Select – $500 Bonus||$48,000 x 1.5% back =||$720|
As you can see, even with a sizeable annual fee, the Spark Cash Plus card’s generous rewards rate can help you come out on top – as long as you use the card for most of your business spending.
Flexible rewards redemption
The Capital One Spark Cash Plus card’s lineup of redemption options offers solid flexibility, so redeeming cash back with the card should be about as simple as earning it.
Capital One offers a great mix of cash back redemption options for Spark Cash Plus cardholders, including choices for a statement credit, check, gift card or payment through Amazon.com or PayPal. You can even transfer your rewards to another Capital One account if you’d rather redeem for travel, potentially at a higher value (such as to the Capital One Venture Rewards Credit Card at a rate of $1 cash back to 100 Capital One miles).
There’s also no minimum threshold required to redeem your cash back – you can claim your rewards anytime, in any amount. You can even set cash back to be redeemed automatically once per year on a specified date or when you reach $25, $50, $200, $500 or $1,500 in rewards. Considering some issuers only let you redeem rewards for cash back as a statement credit, the Spark Cash Plus definitely earns points with its redemption variety.
One of the best business card sign-up bonuses
One major improvement the Spark Cash Plus card makes over the legacy Spark Cash card is in its sign-up bonus. You can earn a welcome bonus of up to $1,000 – $500 if you spend $5,000 in your first three months and another $500 if you meet a total spending threshold of $50,000 in your first six months. That’s double the original card’s last bonus of $500 after spending $4,500 in your first 3 months.
This is a very generous offer for a business rewards card at this price level, beating out the bonus value you’ll find on several luxury business rewards cards from issuers like American Express and Chase.
Reasonable fees and no preset spending limit
Though the Spark Cash Plus card carries a somewhat high annual fee of $150, most small-business owners should be able to cover this cost with cash back earned via normal spending. In fact, you’ll only need to spend $7,500 with the card to reach $150 in cash back, so the annual fee shouldn’t pose too much of a risk if you use the card consistently.
The card also carries no preset spending limit, offering you the flexibility to spend as much as you’ve shown you can afford. That means you won’t have to worry about hurting your credit score with a high credit utilization ratio on the Spark Cash Plus card (though you also won’t enjoy the credit score benefit of maintaining low credit utilization).
The Spark Cash Plus also charges no foreign transaction fee, making it a great choice for international travelers and small businesses with employees overseas.
Tip: If you miss your payment due date, you’ll be charged 2.99% of the unpaid portion of your minimum payment as a late penalty.
Solid card benefits
The Spark Cash Plus card’s main selling points are its terrific ongoing flat cash back rate and generous welcome bonus, but the card also carries a handful of noteworthy perks for small-business owners. While these can’t match the luxury benefits you’ll find on top-tier business travel cards, they should offer solid value, especially for big spenders.
- $200 annual bonus – You’ll earn a $200 cash bonus every year you charge $200,000 or more to the card. Assuming you can meet the hefty spending requirement, this bonus alone will cover the card’s annual fee each year.
- Free employee cards – You can add employee cards to your account for no additional charge. Their purchases will also earn 2% cash back and contribute to the spending totals required to earn the card’s sign-up and annual bonuses.
- Travel and purchase protection – You’ll enjoy a suite of benefits, including travel and emergency assistance, extended warranty coverage, auto rental insurance, lost luggage replacement and purchase security. Purchase security covers purchases that need to be replaced, repaired or reimbursed for the first 90 days in the event of loss, damage, theft or fire. These are all useful travel insurance benefits, though not particularly impressive at this price point. Terms, conditions and exclusions apply. Refer to your Guide to Benefits for more details.
- Virtual card numbers – You can get an added layer of protection against fraud when using your card online with a virtual card number from Capital One. Virtual card numbers allow you to make online purchases without sharing your actual card number or paying through a third-party site like PayPal. This also gives you extra peace of mind in the event of a data breach at a company that’s used your virtual card number.
Why you might want a different card
The Spark Cash Plus offers a generous annual and sign-up bonus although meeting the required spending may be unattainable for the average small-business owner. Heavy spenders would need to meet more than the average yearly spend with the card to earn these rewards and you may want to consider other card options if you want to pay off a large purchase overtime since the Spark Cash Plus carries no 0% introductory APR.
Plus, if you are seeking a business card with an extensive list of card benefits, you may not find it here. The Spark Cash Plus offers solid benefits like travel protections, free employee cards and virtual card numbers but unfortunately, that’s about as long as its benefits list gets.
A risky choice for modest spenders
While the Capital One Spark Cash Plus card’s generous 2% cash back rate can make it a great value for many small-business owners in spite its $150 annual fee, it may prove costly for more modest spenders.
You may be better off with a no annual fee card if you don’t plan to put that much spending on a single card, even if it carries a lower rewards rate. Ignoring sign-up bonuses and cardholder perks, a no annual fee credit card with a 1.5% cash back rate will be more lucrative and less risky than the Spark Cash Plus if you charge less than $30,000 per year.
|Spark Cash Plus||$24,000 x 2% back – $150 =||$330|
|Spark Cash Select – $500 Bonus||$24,000 x 1.5% back =||$360|
If your business spends heavily in a particular category, such as office supplies or telecommunications, you may also want to consider opting for a card that earns elevated rewards on those purchases – either instead of or in combination with the Spark Cash Plus card.
If you aren’t sure whether you’ll use the card enough to justify its annual fee, know that you can find plenty of business credit cards that charge a lower annual fee (or no annual fee) while still offering solid rewards value and other perks like a 0% introductory APR on purchases or balance transfers. Depending on your priorities, it may be worth sacrificing some rewards potential for a lower annual fee card with different benefits or more peace of mind.
Hard-to-reach annual and sign-up bonuses
Just as the card’s 2% cash back rate only justifies the card’s cost with a decent spend, the spending required to earn the card’s sign-up bonus could put it out of reach for many cardholders. To earn the card’s $1,000 bonus, you’d need to spend an average of over $8,333 per month for your first six months to meet the $50,000 threshold in time, which is more than double our estimate of the average small-business owner’s monthly spending ($4,000).
Compare this with one of the few business cards that offers better bonus value than the Spark Cash Plus, the Ink Business Preferred® Credit Card from Chase. The Business Preferred card only charges a $95 annual fee and offers 100,000 Ultimate Rewards points – worth $1,250 when redeemed for travel with Chase – after you spend $15,000 in your first three months. While this is still a high spending requirement, it’s much more attainable, especially if you plan your application around upcoming large business expenses.
See related: Credit cards with 100,000-point bonuses
And though the Spark Cash Plus card also carries a terrific annual bonus of $200 cash back beyond its initial sign-up bonus, you’ll need to be a heavy spender if you want to meet the $200,000 spending threshold required to earn it. This certainly puts the perk out of reach for modest spenders.
Can’t carry a balance and no 0% introductory APR offer
The Spark Cash Plus card is a charge card, which means you’re expected to pay off your card balance in full each billing cycle. As such, it does not carry a regular APR and offers no 0% introductory APR.
While this could help you avoid high-interest debt and ensure you keep up with payments, it means you won’t ever have the flexibility to carry a balance should you need to. This may be a deal-breaker if you’re looking for a business card to help you free up cash flow or pay off large business expenses over time.
A number of business cards offer introductory APRs on new purchases and not only allow you to chip away at expenses over 9 months or more, but also earn rewards on those purchases.
See related: Best 0% intro APR business cards
How does the Spark Cash Plus card compare to other business cards?
The Spark Cash Plus card delivers terrific value despite its annual fee, offering a generous sign-up bonus, one of the best flat cash back rates you can find on a business card and a terrific annual bonus for big spenders.
Even so, it may not be the best fit for every small-business owner. If your spending is more modest or if you spend heavily in a particular category, another card may offer better long-term value at a lower cost. Here are a few of our top picks:
Ink Business Preferred® Credit Card
American Express Blue Business Cash™ Card
Brex 30 Card
|Rewards rate||Rewards rate||Rewards rate|
100,000 points if you spend $15,000 in first 3 months
$250 statement credit after you spend $3,000 in the first 3 months
50,000 in Brex Rewards points after you spend $9,000 in the first 30 days
|Other things to know||Other things to know||Other things to know|
Spark Cash Plus vs. Ink Business Preferred® Credit Card
Boasting a sign-up bonus that beats even the Spark Cash Plus card’s generous offer, the Ink Business Preferred card also carries a lower annual fee and greater redemption flexibility. You can trade your Ultimate Rewards points for cash back at 1 cent per point, or redeem for travel through Chase and enjoy a 25% boost in point value. And while you’ll only earn 1 point per dollar on general purchases, the card’s bonus category rewards rates could offer terrific value if you spend heavily on travel, shipping, internet, cable, phone services and advertising purchases.
Spark Cash Plus vs. American Express Blue Business Cash™ Card
Though it carries a much lower welcome bonus than the Spark Cash Plus card, the Amex Blue Business Cash card should still offer impressive long-term value for the typical small-business owner. You’ll enjoy the same 2% cash back rate on your first $50,000 in spending (after which it drops to 1% back) without an annual fee hanging over you. You can also take advantage of a 0% introductory APR on purchases for your first 12 months to chip away at expenses over time (after which a 13.24% to 19.24% variable APR applies), and you even have the option of spending over your credit limit if you qualify (terms apply).
Spark Cash Plus vs. Brex 30 Card
A great option for small-business owners and entrepreneurs who are in the market for a card that doesn’t require a personal guarantee, the Brex 30 Card offers a slew of bonus rewards categories and valuable perks, including discounts and credits with Amazon Web Services, Slack, Google Ads and more for no annual fee. The Brex 30 Card also carries a dynamic credit limit based on how much capital your company has raised and your company’s spending patterns.
How to use the Spark Cash Plus card:
- Use the card for all purchases, unless you’d earn more than 2% back with another card.
- Plan out large purchases in advance to give yourself the best chance of meeting the card’s sign-up and annual bonus spending requirements.
- Pay off your card balance in full each month, and be sure to pay on time to avoid a 2.99% penalty on any unpaid portion.
- Get employee cards at no additional cost to help you earn even more rewards.
- If you have a personal Capital One rewards card like the Venture and want to use cash back for travel, consider transferring your rewards to enjoy additional redemption flexibility.
Is the Spark Cash Plus card right for you?
The Spark Cash Plus card is a terrific option for small-business owners looking for a simple way to earn cash back on almost everything they buy. It should be an especially great fit for heavy spenders thanks to its annual bonus and flexible spending limits, but the card’s generous flat cash back rate means even the average small-business owner shouldn’t have much trouble justifying the card’s annual fee.
That said, the card may not be worth it for more modest spenders. If you plan to put less than $30,000 on the card each year, you’ll likely be better off with a no annual fee card that earns 1.5% back on general purchases or bonus cash back in specific categories relevant to your business. And since the Spark Cash Plus is a charge card, it won’t be helpful should you need to carry a balance.
Capital One Shakes Up Lineup of Spark Cash Cards for Business Owners
On Aug. 20, Capital One debuted a new lineup of Spark Cash credit cards designed for small business owners. In addition to replacing the Spark Cash with a new Spark Cash Plus Card—a charge card—the bank now lists two Spark Cash Select cards on its website instead of just one.
- Capital One has updated its line of Spark Cash credit cards, offering three cards instead of two.
- The new Spark Cash Plus card replaces the old Spark Cash card, and the bank now offers two Spark Cash Select cards, one for excellent credit, the other for good credit.
- The new Spark Cash Plus Card is a charge card designed for businesses with a lot of expenses.
Details on the New Capital One Business Credit Cards
Capital One has long had a strong lineup of business credit cards, focusing on high, flat rewards rates and flexible redemptions. With its new lineup of Spark Cash cards, the bank is widening its selection for different types of small businesses.
Here's how each card's features break down:
Capital One Spark Cash Plus
The new Spark Cash Plus card replaces the Capital One Spark Cash, which featured unlimited 2% cash back, a decent one-time bonus, and a $95 annual fee. Here's what to expect from the new Spark Cash Plus:
- New cardholders can earn up to $1,000 in the first six months—that's $500 once you spend $5,000 in the first three months, then another $500 when you spend $50,000 in the first six months.
- You'll receive a $200 cash bonus for every year in which you spend $200,000 or more.
- Earn unlimited 2% cash back on every purchase you make.
- The card is a charge card, which means there's no interest rate, but you must pay your bill in full every month—otherwise, you'll be assessed a 2.99% monthly late fee.
- The card charges a $150 annual fee.
This card could be a big hit with business owners with a lot of expenses. The large bonus for new cardholders is one of the best out there, and the annual cash bonus is more than enough to make up for the card's annual fee.
Capital One Spark Cash Select, for Excellent Credit
The old Capital One Spark Cash Select was available for small business owners with good or excellent credit, but now the bank offers separate products for each credit-level category.
With the Spark Cash Select for excellent credit, you'll earn a one-time $500 cash bonus after you spend $4,500 in the first three months—matching the bonus offered by the old Spark Cash card that has been discontinued.
You'll also get unlimited 1.5% cash back on every purchase and pay no annual fee.
This card could be a good fit for small business owners who don't spend enough to justify paying for the new Spark Cash Plus card but who still want to enjoy a solid welcome bonus and decent rewards rate.
Capital One Spark Cash Select, for Good Credit
The Spark Cash Select for good credit offers the same 1.5% rewards rate and also charges no annual fee. But instead of offering a cash bonus for new cardholders, this one provides an introductory 0% APR promotion on purchases for 12 months. After that, the variable APR ranges from 15.99% to 23.99% based on creditworthiness.
Should You Apply for a New Capital One Business Credit Card?
The new Spark Cash Plus credit card has some impressive features, but the barrier to entry is high, with its best benefits requiring a lot of spending plus the ability to pay the balance off in full every month. If your business can meet those spending thresholds, though, and you prefer cash back to travel rewards, the card could be well worth the moderate annual fee.
In contrast, the Spark Cash Select cards don't offer as much value in the long run. However, they don't charge annual fees, making them worth considering for newer businesses. Just be sure to check your credit before you apply to determine which one is best for your business.
Capital One® Spark® Cash For Business: Excellent Business Credit Card
Capital One is the premier credit card company and the Capital One® Spark® Cash for Business card is the premier business credit card.
For those of you who just started a business or who have a thriving business, the Capital One® Spark® Cash For Business card is great because it offers 2% cash back on all purchases. This way, you don’t have to think about when to best spend your card on various rotating categories. 2% cash back is 0.5% higher than the most popular business and personal cash back cards too.
What’s more, for a limited time, earn a $500 cash bonus when you spend $4,500 in the first 3 months.
Capital One® Spark® Cash For Business Review
Besides the incredible 2% cash back on all purchases and $2,000 introductory cash-back offer, here are some other great features of the Capital One® Spark® Cash For Business card:
- Quarterly and year-end summaries: Itemized reports are provided quarterly and yearly for your business, allowing you to stress less in regard to planning, budgeting and taxes.
- Visa SavingsEdge: You can save up to 15% at select merchants.
- Downloadable purchase records: Don’t worry about figuring out how to transfer purchase records to your given accounting program — they can easily be downloaded to Quicken, QuickBooks and Excel.
- Visa Signature Luxury Hotel Collection: With over 900 hotels, the Visa Signature Luxury Hotel Collection allows you to access exclusive benefits and bookings.
- Roadside dispatch: Don’t worry if your car is stuck; you’ll receive 24/7 towing and locksmith referral services in the U.S. and Canada.
- Auto rental collision damage waiver: You may be covered for theft or collision when you rent an eligible car with your card.
- Travel and emergency assistance: Access 24/7 emergency service when traveling. Services include ticket replacement, legal or medical referrals and more.
- Visa Signature Concierge service: Receive 24/7 access to representatives that will assist you in booking travel, events, reservations and more.
- Lost luggage reimbursement: Your checked or carry-on luggage is covered up to $3,000 if lost or stolen, as long as you charge your entire ticket to your card.
- Travel accident insurance: Charge your travel fare to your card and receive coverage for accidental death or dismemberment, at no extra cost.
- Fine Wine & Food: Great for a business excursion or client meeting; receive access to special dining and wine experiences.
- Various discounts: When making purchases on your card, you can receive discounts at retailers, and special access to popular sporting events, premiere golf benefits and more.
With all these card benefits, business owners would be crazy not to own a business rewards credit card. However, the Capital One Spark Cash for Business does come with an annual fee of $0 intro for first year; $95 after that. But a $95 annual fee is nothing given you’re getting huge sign-up bonuses in the first six months and 2% cash back on everything.
If you’ve already got a business that’s been operating for at least a year and generating $25,000 or more in revenue, you’ll be getting $500 – $1,000 a year in annual rewards.
That said, if you just hate paying an annual fee, you can check out the Chase Ink Business Unlimited credit card. You get 1.5% cash back on all purchases (versus 2% for Spark Cash), and a $500 sign-up bonus after you spend just $3,000 after three months. I own this card as well.
Maximize Your Capital One® Spark® Cash For Business Card
The best way to maximize the use of your Spark Cash card is to focus all your business transactions on your card. Not only will focusing your business spending on the card help you keep track of all your business expenses when it’s time to do your monthly or quarterly income statement, you also get 2% cash back on all spending.
When traveling abroad, use this card since there is no foreign transaction fee. This allows you to save on the 3 – 5 percent fee most other cards have.
Finally, make sure to meet the requirements for the Cash Bonus. At the very least, earn a $500 cash bonus when you spend $4,500 in the first 3 months. This should be easy to do for your small business.
As an online business owner, below is an example of an online business income statement I once faced. Having an online business is the best because the demand curve is unlimited and the business is highly scaleable.
In the below income statement, I’ll put $5,150 a month on my Capital One® Spark® Cash For Business card. Over the year, I’ll earn $1,236 in cash back to use as statement credit or whatever I choose.
Cash Back Redemption Is Easy
With 2% cash back for your business on every purchase, everywhere, you’ll accumulate lots of free money in no time. Getting cash rewards is the most responsible way to go because cash can be used for anything. You can also use your cash back for statement credit to pay down your monthly credit card bill.
You can set up automatic redemption either at a set time each calendar year or when a specific threshold ($25, $50, $100 or $200) has been reached. Other redemption options include statement credit and gift cards. However, rates for these redemption options may vary and are subject to change without notice. Make sure to double check.
Capital One® Spark® Cash Select for Business
You might also want to consider the Capital One® Spark® Cash Select for Business given it has no annual fee versus a $0 introductory annual fee and $95 after that for the Capital One® Spark Cash for Business card.
However, the Spark Cash Select card only offers 1.5% cash back on every purchase versus 2% for the Spark Cash card. Further, you only get $200 in free cash for signing up (versus $500) after spending $3,000 within the first three months.
|Capital One® Spark® Cash for Business||Capital One® Spark® Cash Select for Business|
|Annual Fee||$0 intro for first year; $95 after that||$0|
|Purchase Intro Rate||N/A||0% on purchases for 9 months|
|Balance Transfer Intro Rate||N/A||N/A|
|Balance Transfer Fee||None||N/A|
|Rewards||2% Cash Back for your business on every purchase, everywhere||1.5% Cash Back on every purchase|
|Sign Up Bonus||Earn a $500 cash bonus when you spend $4,500 in the first 3 months of your account opening.||One-time $200 cash bonus once you spend $3,000 on purchases within 3 months from account opening|
|Foreign Transaction Fee||None||None|
Capital One® Spark® Cash for Business Is A Good Card
The Capital One® Spark® Cash for Business is a great card for business owners who want a simple, 2% cash back on all purchases. The 2% cash back level is 0.5% higher than most other personal cash back and business cash back credit cards.
With up to $3,000 in free cash back for new cardholders, the Capital One® Spark Cash For Business card offers the highest absolute dollar amount for a sign-up bonus today.
As a business owner since 2009, it’s a no-brainer to have one or two cash rewards business credit cards. Each year, my business accumulates over $2,000 in cash back rewards to pay for annual off-sites to Hawaii. Once we’re there, we expense all our lodging, food, and team building activities on our business rewards credit card as well.
Pay Off Your Debt Faster
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Personal loan rates have come down significantly in comparison to the average credit card interest rate. Thus, if you have expensive credit card debt, consider consolidating your debt into a lower interest-rate personal loan.
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In addition, if you enjoyed this article and want to get more personal finance insights and tips, please sign up for the free Financial Samurai newsletter. You’ll get access to exclusive content only available to subscribers.
About the Author: Sam worked in investment banking for 13 years at GS and CS. He received his undergraduate degree in Economics from The College of William & Mary and got his MBA from UC Berkeley. In 2012, Sam was able to retire at the age of 34 largely due to his investments that now generate roughly $250,000 a year in passive income. He spends most of his time playing tennis, racking up cash back rewards, and taking care of his family.
Financial Samurai was started in 2009 and is one of the most trusted personal finance sites on the web with over 1.5 million pageviews a month.
Capital One Spark Cash for Business Review
As you know I’m a big advocate for getting business credit cards that only report to the business credit reporting agencies. That’s why I’m so passionate about our Unsecured Business Credit Lines program because it’s specifically designed to help you acquire 4-5 business credit cards that report only to the business credit agencies not personal credit.
However, another type of card that is important for you to be knowledgeable about are business credit cards that build your business credit but also report to your personal credit as well.
In today’s post, we are going to review one of those types of business credit cards that reports to both personal and business credit reporting agencies: The Capital One® Spark® Cash for Business card.
The Capital One® Spark® Cash for Business card is one of the best and easiest business rewards credit card programs out there. In a nutshell, if you want to earn money back on your business expenses then this card may be a card worth checking into to.
What first got my attention is the incentive for opening this card. You get a welcome offer of $500 if you spend $4,500 in the first three months. But what was even more exciting was the 2% cash back on every dollar you spend.
So, in the first 3 months of having this card you can get a total of $590 cash back from the $4,500 spent. A $500 bonus + $90 cash back reward. Not bad at all!
Capital One® Spark®Cash for Business: How it Works
This card is simple and straightforward.
You get 2% cash back for every dollar you spend on the card, period. No bonus categories, time limits, spending limits, points or any other rewards.
If you want to make a comparison to other cards, the only personal and business credit cards that offer higher rewards rates then this have awards that are limited to travel. This card gives you cash back on every dollar you spend no matter where you spend it.
What I like about this card is that your rewards won’t ever expire and you can redeem your cash back rewards regardless of the amount and at any time. No cash reward threshold or time frames to worry about. Let’s face it, you have a business to run.
In my opinion, this is a card where you want to pay your balance in full every month. If you do choose to carry a balance you can save your business the most money by making the highest monthly payment it can afford to eliminate any business debt as fast as possible.
Let’s review the pros and cons of this business credit card so you can make an informed decision on whether this card is right for your company.
The Pros of the Capital One® Spark® Cash for Business
- Use Spark® Cash across all your business spending, with no categories to limit your purchasing.
- Get unlimited cash back of 2% on all business purchases which could mean thousands of dollars each year going back into your business.
- Use your card anywhere in the world with no foreign transaction fees.
- Receive a $500 welcome bonus when you spend $4,500 in the first 3 months after approval.
- Get employee cards at no additional charge.
- Receive fraud alerts via phone, text or email when there is suspicious activity.
- Reports to the business credit reporting agencies.
The Cons of the Capital One® Spark® Cash for Business
- Reports to your personal credit reports
- No 0% introductory offer
- No additional rewards or points for spending on travel
- 17.99% (Variable) APR for purchases
- 17.99% (Variable) APR for balance transfers
- $59 annual fee (no annual fee for the 1st year)
Do you qualify?
First things first, if you apply for this card it’s important to know they will pull all three credit reports (Equifax, Transunion & Experian). Unfortunately, while most card issuers pull from one agency, Capital One® uses all three.
On the plus side, getting a card with a major card issuer like Capital One® is a plus for your business. Capital One® has various other credit products they may offer you as your business establishes a positive history with them.
Capital One® Spark® Cash for Business Requirements
- Strong personal credit (700-739 FICO® Scores)
- No bankruptcies
- No defaults on any loans
- No late payments of more than 60 days on any credit card, medical bill, or loan in the last year
- Must have a loan or credit card for 3 years or more with a credit limit above $5,000 (excludes authorized user accounts)
- For business credit reporting purposes, you will need to supply your company’s EIN on the app
You can get more details and learn how to apply online HERE.
The Capital One® Spark® Cash for Business card is a solid option if you plan to spend a great deal on your business credit card. In fact, you will need to spend at least $2,950 a year on the card just to make up for the annual fee of $59 per year.
Although this card reports both to personal and business credit agencies, this is one of the best cards for a business if it has a variety of expenses that are not in one specific category, like gas or travel. If you like to keep things simple then this rewards business credit card may be right for your business.
Want to apply for high limit business credit cards that only report to the business credit reporting agencies? Submit your information below and we will contact you within 24 hours. Plus receive my FREE business credit seminar audio & newsletter ($597 value) =>
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About the author
Marco Carbajo is a business credit expert, author, speaker, and founder of the Business Credit Insiders Circle. He is a business credit blogger for Dun and Bradstreet Credibility Corp, the SBA.gov Community, Business.com, About.com and All Business.com. His articles and blog; Business Credit Blogger.com, have been featured in ‘Fox Small Business’, ‘American Express Small Business’, ‘Business Week’, ‘The Washington Post’, ‘The New York Times’, ‘The San Francisco Tribune’,‘Alltop’, and ‘Entrepreneur Connect’.
Filed Under: Business CreditTagged With: business credit card, capital one, Capital One® Spark® Cash for Business Review, spark cash for businessИсточник: https://businesscreditblogger.com/2017/08/31/capital-one-spark-cash-for-business-review/
Business Card Showdown: Capital One Spark vs Chase Ink Business Preferred
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The Capital One Spark lineup and the Chase Ink Business Preferred® Credit Card are some of the most popular business rewards credit cards available. Although these cards earn rewards points on every purchase, there are many differences to suit different needs. To help you choose the right card for your business, read this Capital One Spark vs Chase Ink Business Preferred comparison.
Capital One Spark vs Chase Ink Business Preferred Review
The information for the Capital One Spark Cash for Business, Capital One Spark Miles Select for Business, and the Capital One Spark Classic for Business has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.
The Capital One Spark lineup consists of five different cards:
- Capital One Spark Cash for Business
- Capital One Spark Miles for Business
- The Capital One Spark Miles Select for Business
- Capital One Spark Cash Select for Business
- Capital One Spark Classic for Business
However, we’re going to focus on these two flagship products:
- Capital One Spark Cash for Business
- Capital One Spark Miles for Business
There are also several Ink Business cards:
The Ink Business Preferred Credit Card is the card we’ll be focusing on today.
This will also help give us an “apples to apples comparison” between the Capital One Spark Cash for Business, Capital One Spark Miles for Business, and Chase Ink Business Preferred Credit Card, who all come with a $95 annual fee, though, the $95 annual fee is waived for the first year on these Capital One Spark credit cards.
One of the largest differences between the Spark and the Chase Ink Business Preferred Credit Card is the purchase rewards. Although some of the other comparisons are just as important, you want to use the best business credit card that earns the most rewards points possible from your business spending.
Because every business spends money on different things, you might decide the Spark is the better option than the Ink Preferred. Or, you might decide that the Ink Preferred bonus categories are more relevant to your daily spending. It’s better to know which card is better now, than after you’ve already applied.
Capital One Spark Cards
The Capital One Spark Cash for Business gives you the ability to earn an unlimited 2% cash back for your business on every purchase, everywhere. There are no minimums to redeem cash back and no expiration dates for the life of the account. There are also free employee cards, which also earn unlimited 2% cash back on all purchases and $0 Fraud Liability if your card is lost or stolen.
The Capital One Spark Miles for Business gives you the opportunity to earn an unlimited 2x miles per $1 on every purchase, everywhere as well. There are also no minimums or expiration dates to worry about.
Unlike the Ink Business Preferred that lets you redeem your rewards points for cash or award travel, it’s one or the other with the Spark lineup, depending on the card you get.
Chase Ink Business Preferred Credit Card
The Chase Ink Business Preferred Credit Card has a tiered purchase rewards program that earns Chase Ultimate Rewards points on every purchase.
On the first $150,000 in combined annual spending, you’ll earn 3x Ultimate Rewards points per $1 for these categories:
- Travel Purchases
- Shipping Purchases
- Search Engine and Social Media Purchases
- Internet, Cable, and Phone Services
However, if you exceed the $150,000 annual spending cap, all remaining purchases in these categories earn 1 point per $1 until your next account anniversary.
All non-bonus spending categories will always earn an unlimited 1 point per $1. Points don’t expire either.
Related: Ink Business Preferred Card Review
Redeeming Rewards Points
Here’s the fun part of this Capital One Spark vs Chase Ink Business Preferred review—redemption options. Redeeming your rewards points is easy with all three of these credit cards. Your decision boils down to if you want to travel or cash rewards.
Capital One Spark
One downside to the Spark lineup is that your rewards points can only be redeemed for one type of award depending on which card you sign up for:
- Spark Cash: Cashback rewards
- Spark Miles: Travel statement credits or future award travel
With either card, each reward point is always worth one cent each. There is some exciting news though for Capital One Spark Miles for Business cardholders. Capital One has recently added 1:1 travel transfer partners and new airport lounges. This can be a helpful benefit, especially if you fly the airline partners frequently.
Chase Ink Business Preferred
The Ink Business Preferred® Credit Card lets you redeem your rewards points for cash rewards, award travel, 1:1 point transfers, and gift cards. You’re never locked into one redemption option for the entire time you own the card.
However, there’s an added incentive to redeem your points for award travel. With cash back and gift card rewards, your points are only worth 1 cent each; just like the Capital One Spark. When you redeem them for award travel, your points are worth at least 1.25 cents each. Thanks to the 1:1 point transfers, there are many opportunities that make your points worth at least 2 cents each!
Some of the 1:1 Ultimate Rewards travel partners include Southwest Airlines, British Airways Avios, United Airlines, and World of Hyatt. If you travel for business, the 1:1 points transfers are almost always a better option than going through the credit card travel portal.
You’re going to love or hate the Capital One Spark cards or Chase Ink Business Preferred, depending on how you can earn and redeem your points. But, the welcome bonus can be an additional incentive to choose one card over the other.
Capital One Spark
The Capital One Spark Cash for Business gives you the ability to earn a $500 cash bonus after spending $4,500 in the first 3 months of account opening.
The Capital One Spark Miles for Business gives you the opportunity to earn 50,000 miles after spending $4,500 in the first 3 months of account opening. This is equal to $500 in travel.
If you transfer miles to airlines, you can get up to $100 fee credit for Global Entry or TSA PreCheck.
Capital One travel partners include:
- Air France KLM (Flying Blue)
- Air Canada (Aeroplan)
- Asia Miles
- British Airways
- EVA Air
- Singapore Airlines
- TAP Air Portugal
- Turks Airlines
There are also hotel partners—ALL (Accor Live Limitless), Choice Hotels, and Wyndham Rewards.
Related: Best Capital One Credit Cards
Ink Business Preferred Credit Card
The Ink Business Preferred® Credit Card has the largest ongoing bonus offer for Ultimate Rewards Points. You’ll earn 100,000 Ultimate Rewards points after spending $15,000 in the first three months.
When redeemed for award travel, this bonus is worth $1,250 thanks to the 25% travel redemption bonus. This is one of the best credit card offers.
Of course, your points can be worth more if you transfer them to an Ultimate Rewards travel partner.
Chase transfer partners include:
- Aer Lingus AerClub
- Air Canada Aeroplan
- British Airways Executive Club
- Emirates Skywards
- Air France KLM Flying Blue
- Iberia Plus
- JetBlue TrueBlue
- Singapore Airlines KrisFlyer
- Southwest Airline Rapid Rewards
- United MileagePlus
- Virgin Atlantic Flying Club
Chase Hotel Partners
- IHG Rewards Club
- Marriott Bonvoy
- World of Hyatt
Related: Best Chase Credit Cards
Additional Card Benefits
The main value for both the Capital One Spark cards and Chase Ink Business Preferred Credit Card is the ability to earn and redeem rewards points with minimal effort. But, all three cards offer some additional benefits that you might like as well.
Capital One Spark
Here are a few of the additional Spark benefits:
- Secondary rental car collision damage waiver protection
- Extended warranty protection
- No foreign transaction fee (great for international travel)
- Can be redeemed for any amount with no expiration
- Miles can be transferred to Capital One travel partners (with the Spark Miles for Business card)
You can learn more about the Capital One Spark business card approval odds to be sure you’re in good standing.
Chase Ink Business Preferred
The Ink Business Preferred Credit Card offers these additional travel benefits:
- Primary rental car collision damage waiver protection
- Cell phone protection
- Extended warranty protection
- Trip cancellation and protection insurance
- No foreign transaction fee
Cardholders can redeem points for cash back, gift cards, travel, and more (points are worth 25% more when redeemed for travel through Chase Ultimate Rewards). Points don’t expire as long as the account is open. Additionally, cardholders get fraud protection and zero liability. Purchase protection covers new purchases for 120 days against damage or theft, up to $10,000 per claim and $50,000 per account.
Here’s how hard it is to get the Ink Business Preferred.
When the Capital One Spark is Better
The Capital One Spark is a better option in these instances:
- You benefit more from the 2% cash back or the 2x miles per $1
- Don’t want to pay an annual fee the first year
- Can’t earn the Ink Business Preferred sign-up bonus
The Chase Ink Business Preferred is Better When…
The Capital One Spark cards are solid reward credit cards, but you’ll benefit greatly from the Chase Ink Business Preferred Credit Card in these cases:
- Benefit from the 3x bonus categories
- Want 1:1 point transfers and the 25% travel redemption bonus
- Want more point redemption options
- Can achieve the spending requirement for 100,000 bonus Ultimate Rewards points
In summary, both the Capital One Spark vs Chase Ink Business Preferred can be good options for business needs. Which business credit card is better depends on your spending habits and point redemption preference. All three cards charge a $95 annual fee (though Capital One waives it the first year). You have to earn enough reward points to exceed that fee in order to offset the fee.
100,000 Bonus Points: Ink Business Preferred® Credit Card
Capital One Spark Cash for Business
Capital One Spark Miles for Business (Learn more: Business Credit Cards)
Chase Sapphire Preferred® Card
- Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Ultimate Rewards®.
- Enjoy new benefits such as a $50 annual Ultimate Rewards Hotel Credit, 5X points on travel purchased through Chase Ultimate Rewards®, 3X points on dining and 2X points on all other travel purchases, plus more.
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 60,000 points are worth $750 toward travel.
- With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories.
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Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airlines or hotel chain, and has not been reviewed, approved or otherwise endorsed by any of these entities.
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