- Earn 2% cash back on all purchases
- Pay no foreign transaction fees
- Earn a massive sign-up bonus to get started on the right foot
- Annual fee after the first year
- Relatively high APR
- No bonus rewards on business-related expenses
Application Process: Apply online and get a response within 60 seconds.
Rewards: Earn 2% cash back on all purchases.
Bonus Offers: Earn a $500 bonus when you spend $4,500 within the first 3 months.
APR: 18.49% variable.
Annual Fee: $0 for the first year, then $95 after that.
Approximately 14 million small business owners have company credit card accounts. When used responsibly, a business credit card like the Capital One Spark Cash can help your company grow into - or remain - a profitable venture. Whether you plan to buy new office equipment, pay for business trips, or supplement payroll, the Capital One Spark Cash can be a practical solution for your company’s financial needs.
CAPITAL ONE SPARK CASH FOR BUSINESS CREDIT CARD REVIEW
The Capital One Spark Cash Business credit card is a solid choice, especially if you’d rather collect cash rewards than airline miles or complimentary hotel rooms. You generally need excellent credit to get approved for the Spark Cash Business card, but the Spark Classic is an option for business owners with average credit.
Capital One keeps things simple with fixed-rate rewards, and that’s something many time-crunched business owners appreciate. There are no rotating categories or tiered percentages to remember; you simply buy what you need and earn unlimited 2% cash back.
There’s an annual fee, but it’s waived the first year. That gives you time to take advantage of the promotional cash-back offer (more info on that below) and decide if the card’s benefits balance out its costs.
CAPITAL ONE SPARK CASH FOR BUSINESS CREDIT CARD REWARDS AND PERKS
Earn 2% cash back for all qualifying purchases made with the Capital One Spark Cash Business card. Some credit cards cap cash rewards, but this one offers unlimited ones.
Let’s break down the cash-back rate to see how this might help your business:
If you spend $1500 per month entertaining clients, then you’ll score $30 in cash rewards per month. That’s $360 per year.
Let’s say you also put $1,000 in office supplies on your card on a monthly basis. That’s an additional $20 in cash rewards per month, or $240 per year.
If you put $50,000 in payroll expenses on the card each year, that’s $1,000 in annual cash rewards. Depending on your industry, you can potentially pay one full-time employee’s wages for a week or two with those rewards.
But what if you don’t spend anywhere near that much? Hey, no problem. There are no minimum redemption amounts for statement credits, so you get rewarded whether you earn a few bucks or rake in $1,000 per month. You can also request a paper check or trade your cash for a gift card. Gift cards make great gifts for employee appreciation banquets or special occasions, but keep in mind gift card values don’t always match your cash-rewards value.
Make sure to take advantage of the promotional offer for new cardholders if you like cash-back rewards. You get a $500 cash bonus if you spend at least $4,500 on purchases during your first 3 months as a cardholder.
CAPITAL ONE SPARK CASH FOR BUSINESS CREDIT CARD BENEFITS
If you have a personal Capital One card, you’ll probably recognize many of the benefits that Spark Cash Business cardholders receive. There are also some perks tailored toward businesses, like downloadable purchase records.
Here’s a list of the features and benefits associated with the Capital One Spark Cash Business credit card:
- $0 fraud liability
- 90-day purchase protection for items that are stolen or damaged
- Extended warranty protection for up to one year after the manufacturer’s warranty
- Visa SavingsEdge discounts as high as 15% off regular prices from participating merchants
- Itemized spending reports
- Downloadable purchase records
- Travel and emergency assistance
- Auto rental collision damage waiver
- Medical referral assistance
- Customer support 7 days a week
- Online and mobile account access
In addition to the benefits listed above, you can request complimentary cards for employees who access your credit card account.
CAPITAL ONE SPARK CASH FOR BUSINESS CREDIT CARD COSTS AND FEES
Annual fees for rewards cards are a necessary evil in the credit card world, so it’s not surprising that there’s a $95 annual fee for this one. However, Capital One waives the fee during the first 12 months if you’re a new cardholder.
There are no balance transfer fees, but the company does assign an APR. The variable APR for purchases is 18.74%, but it jumps to 31.15% if you miss a payment. Late payments also have a fee of up to $39, but you can often get your first late payment fee waived.
There is a variable APR of 24.74% for cash advances, plus $10 or 3% of each cash advance total, whichever is greater. The card does not have any foreign transaction fees.
DOES THE CAPITAL ONE SPARK CASH FOR BUSINESS CREDIT CARD MAKE SENSE FOR ME?
Yes, if you want a simple business credit card with straightforward benefits. It’s great for small business owners who don’t travel often or dedicate most of their funds to specific products or services.
If you don’t identify with those statements, you might want to review other options before applying for the Capital One Spark Cash Business card. Check out the SimplyCash® Plus Business Credit Card from American Express and the Chase Ink Business Cash card to see if they are better choices for your business.
Cash Advance APR24.49%
Rewards Rate2% cash back on all purchases.
Annual Fee$0 for the first year, then $95
Bonus OffersA one-time $500 cash bonus once you spend $4,500 on purchases within 3 months from account opening.
- Earning unlimited 2% cash back could mean thousands of dollars each year going back into your business
- Plus, a one-time $500 cash bonus once you spend $4,500 on purchases within 3 months from account opening
- Use Spark Cash across all your business spend, with no categories to limit your purchasing
- $0 intro annual fee for the first year; $95 after that
- Rewards won't expire for the life of the account, and you can redeem your cash back for any amount
- Get employee cards at no additional cost, and earn rewards from their business spend