The Capital One® Spark® Cash for Business has a simple rewards structure that pays an unlimited 2% cash back on every purchase. It comes with an annual fee of $95 per year, waived for the first year. There are no bonus categories to deal with and no spending caps to worry about.
If you’re one of those who don’t like figuring out the mess on how you can maximize the value of your points, the Capital One Spark Cash takes away all the guessing since you’ll earn the same 2% cash back on all your business spending. This means, you won’t be getting over-the-top returns that another card offers with their bonus categories. However, if you’re looking for something easy to use while earning rewards, this card may be worth it in return for some savings.
It also works well when you pair it up with one that offers bonuses on categories, such as travel and dining or office supplies. Nonetheless, this depends on the types of spending your business does most.
New cardholders can earn a $500 cash bonus when you spend $4,500 in the first 3 months of opening your account.
Editor’s Note: If you have a side business such as selling on eBay, Craigslist, or do freelance work, then your business is called “sole proprietorship.” Simply use your name as business ID and Social Security number as tax ID.
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Capital One Spark Cash for Business Summary
With the Capital One® Spark® Cash for Business:
• 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
Earn An Unlimited 2% Cash Back
The unlimited 2% cash back on all purchases you’ll be earning with the Capital One Spark Cash may be enticing. But, if it’s going to be your main business credit card, you should make sure other cards don’t offer something more for your expenses.
For instance, with the American Express® Business Gold Card (an annual fee of $295), you may be missing out on the bonus 4X points on 2 select categories in the first $150,000 in combined purchases per year. These include airfare, advertising, technology purchases, and more. The Amex Business Gold card also features more benefits suited for growing or established businesses.
You can also earn your cash back overseas, as the Capital One Spark Cash doesn’t charge foreign transaction fees.
It’s simple to redeem rewards with the Capital One Spark Cash. Redeem your earned cash back in any amount, either in the form of a statement credit or a check. This is the best way to redeem your rewards for the maximum value.
You can also set up automatic redemptions at a set time each calendar year or when you hit a specific amount in earned cash back. You can also redeem for credits for previous purchases or for gift cards, although redemption values vary.
With the Capital One® Spark® Cash for Business, if you value simplicity and have expenses high enough to justify the fee, it’s a great card to get.
However, if you don’t have a lot of business expenses, a no-fee card is a better option. In addition, there are many other business credit cards on the market that will earn a greater return than what the Capital One Spark Cash offers.
Nonetheless, it’s excellent for business owners who don’t want to mess with bonus categories or point redemptions. It’s also a great second card if you’re looking to boost your earning on everyday non-bonus spending.
And, if you travel internationally often, this card is also nice to have for those purchases, as it charges no foreign transaction fees.
If none of these benefits entice you, check out our list of Credit Card Promotions to find a card that best suits you.
Learn more about this card and find out how you can apply here.