The Capital One Spark business credit limit is $500 for Spark Classic and $2,000 for the Spark Cash and Spark Miles cards. You may receive a higher limit depending on how high your credit score and income are.
There are five Spark cards in total. Spark Classic is designed for businesses with fair credit. For business owners with excellent credit, there’s the Spark Cash and Spark Miles cards. The Cash and Miles brands each have an option with no annual fee as well as a Select version that earns more rewards but has an annual fee. The minimum credit limits on the regular and select versions are identical.
Capital One and other credit card issuers determine credit limits through a process known as underwriting. The exact formula varies depending on the issuer. Generally, it includes calculating such factors as your credit score, payment history and income level.
Here’s what you should know about the Capital One Spark Business credit limit:
- Capital One Spark Cash and Cash Select: $2,000 minimum credit limit
- Capital One Spark Miles and Miles Select: $2,000 minimum credit limit
- Capital One Spark Classic: $500 minimum credit limit
- Spark Classic requires at least a fair credit score (640+) for approval.
- You’ll need excellent credit (750+) to be considered for the Spark Cash and Spark Miles cards.
- If you request a credit limit increase for a Spark business credit card, you’ll need to provide Capital One with your total annual income, both personal and business. Requesting a credit limit increase triggers a hard inquiry on your credit, which will cause a small dip in your credit score.
- Capital One Spark accounts must be open for at least three months to be eligible for a credit limit increase. And you can’t have received a higher limit in the past six months.
- Spark Classic will be considered for an automatic credit limit increase after you’ve made five consecutive on-time payments. For all other Spark business cards, it’s six months. Automatic increases only use a soft inquiry and do not hurt your credit.
Finally, it’s important to point out that Capital One will need to review both your personal and business credit history. This is because you will be personally liable for any business debts.