Capital One Spark Cash is among the best business rewards credit cards on the market, particularly for applicants who prefer cash back to travel rewards. The Spark Cash Card’s rewards are simple, yet highly lucrative, as all cardholders earn
2 - 5% cash back on purchases. That includes employee authorized users, for whom cards are free, by the way. New applicants who spend
$10,000 within
3 months of opening an account will also earn an initial rewards bonus of
$1,000.
With those rewards in mind, the Capital One Spark Cash Card’s annual fee seems like a bargain. It’s
$0 intro for the first year and
$95 each year after. Not only will the value of the initial rewards bonus cover the cost of Spark Cash annual fees for years, but the card’s ongoing rewards allow users to break even each year after the first by spending just $4,750, according to WalletHub’s calculations.
The Spark Cash business credit card is not perfect, however. For one thing, It probably won’t help you save on interest, offering no introductory financing deals and a fairly high regular APR. Spark Cash isn’t available to everyone, either. You need excellent credit to be approved.
That’s the short story. Below, you can find a breakdown of all of the most important factors to consider before applying for Capital One Spark Cash for Business
Capital One Spark Cash for Business Review Highlights
Earn a big initial bonus.
The Capital One Spark Cash card offers
$1,000 after spending
$10,000 in the first
3 months of account opening. That’s one of the biggest cash-back bonuses available from any credit card, whether business or personal.
Simple, lucrative ongoing rewards.
You won’t need to worry about how your expenses are categorized with the Spark Cash Card, as its earning rate doesn’t really vary based on what you buy. Instead, you’ll earn
5% cash back on hotel and rental cars booked through Capital One Business Travel, and 2% cash back on all other purchases. Plus, the rewards you earn with this card won’t expire as long as your account is open.
No annual fee the first year.
The Capital One Spark Cash Card is neither the most expensive business credit card available nor the cheapest. In fact, its
$95 annual fee is nearly 4 times the average credit card’s
$28.25 yearly charge. But it’s waived the first year, fortunately, and shouldn’t deter you from taking advantage of the Spark Cash Card’s rewards.
Free employee cards.
Spark Cash lets business owners add employees as authorized users and give them cards tied to the account at no extra cost. Employee cards earn unlimited 2% back on all purchases, too, and all the rewards go back to the business.
Excellent credit recommended.
You generally need excellent personal credit to be considered for the Capital One Spark Cash Card. After all, your creditworthiness matters a lot more than that of your business, given how
personal in nature business credit cards really are. If you don’t know where your credit currently stands, you can
check your latest credit score for free here on WalletHub.
Fairly high APR.
The average credit cards for people with good and excellent credit charge interest at annual rates of
23.26% and 17.11%, respectively, according to our research. Capital One Spark Cash charges a bit more than the good-credit average.
So you’re going to overpay on interest if you carry a balance from month to month with Spark Cash. As a result, you’re better off using a general-consumer 0% credit card for company financing. You can learn more about why that’s the case from
WalletHub’s business credit card study.
Finally, if you’re interested in Capital One Spark Cash but are not keen on paying an annual fee, consider
Capital One Spark Cash Select (see Rates & Fees). It’s got slightly scaled down rewards but has no annual fee.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.
