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. The no annual fee version of this card, the Capital One® Spark® Cash Select for Business, earns at a 1.5% rate.
This means, you won’t be getting over-the-top returns that other credit cards offer 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.
If you’re interested for more offers from Capital One, check out all the ongoing Checking/Savings account bonuses!
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
Earning The Capital One Spark Cash $500 Bonus
Take advantage of the Spark Cash card’s $500 bonus cash introductory offer. To qualify, charge at least $4,500 to your card within the first 3 months of opening your account.
Here are some ideas on meeting the spending requirement:
• Plastiq: Plastiq allows you to pay for expenses that you generally won’t be able to with your card like rent, tuition, auto lease, mortgage payment, and more. There’s a 2.5% processing fee for using your credit card. However, this’ll be worth the card bonus you’ll get. There’s also a referral program where you can earn “Fee-Free Dollars” to use towards processing fees. See our Plastiq review.
• Fund Checking accounts with your card: Many banks will allow you to fund the opening deposit with a credit card. Consider opening Checking accounts that also offer a sign-up bonus. This way, you can work towards bonuses from two different sources. Big banks like Chase, HSBC, Huntington, and TD Bank have great offers and allow credit card funding. You can generally fund anywhere from $50 to $1,000 towards the opening deposit with a credit card, depending on the bank.
• Buy gift cards: Consider buying gift cards with your credit card that you can then spend later at your leisure. Individual merchant cards (restaurants, gas stations, supermarkets, etc.) generally don’t have purchase fees, so this is a plus. On the other hand, American Express and Visa gift cards will have purchase fees. Amazon gift cards are a great idea as you can shop for almost anything there with no purchase fees either. Unfortunately, Citi credit cards tend to code gift card purchases as Cash Advances and there’ll be a fee. Call in to customer service and lower your Cash Advance limit to $0 before purchasing gift cards. You can also buy discounted gift cards as well from Raise or find gift cards on eBay.
• Everyday spending & bills: Always using your credit card for everyday spending, such as for dining, gas, groceries, etc. You can also use your credit card to pay for things like insurance bills, property taxes and income taxes. However, you’ll have to consider the convenience fees.
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.
The Capital One® Spark® Cash for Business does not come with travel benefits high-end business rewards cards offer. Nonetheless, it does come with standard Visa Signature perks. These include:
- Auto Rental Collision Damage Waiver: Decline the rental car company’s collision insurance when you rent a car for business purposes using the Spark Cash for Business. You’ll be covered up to the cash value of the vehicle in the case of theft or collision damage. This is valid on most rentals in the U.S. and internationally. Coverage is primary if the vehicle rental is for commercial and/or business purposes. Thus, you can make a claim without involving your own personal car insurance policy.
- Purchase Protection: Get your new purchases covered for up to 90 days against damage or theft up to $10,000 per claim.
- Employee cards at No Additional Cost: Get employee cards at no additional cost. You’ll earn the same 2% cash back on them as well. You can establish individual spending limits for your employees who use this card.
- Lost Luggage Reimbursement: When you charge your ticket to your card, your checked or carry-on luggage is covered up to $3,000 if it’s lost or stolen.
- Quarterly & Year-End Summary: Get a custom, itemized report of your spending to help simplify planning, budgeting, and tax time.
- No Foreign Transaction Fees: You won’t pay a transaction fee when making purchases outside of the U.S.
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.
Other Credit Cards To Consider
With the Ink Business Preferred℠ Credit Card:
• Earn 80,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening. That's $1,000 toward travel when you redeem through Chase Ultimate Rewards®
• Earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year
• Earn 1 point per $1 on all other purchases - with no limit to the amount you can earn
• Points are worth 25% more when you redeem for travel through Chase Ultimate Rewards
• Redeem points for travel, cash back, gift cards and more - your points don't expire as long as your account is open
• No foreign transaction fees
• Employee cards at no additional cost
• $95 Annual Fee
With the Chase Ink Business Cash℠ Credit Card:
• This card offers a $500 bonus after spending $3,000 within the first 3 months.
• 5% cash back on the first $25,000 spent at office supply stores, on internet, cable & phone services for every account anniversary year (combined purchases)
• 2% cash back on the first $25,000 spent at gas stations & restaurants for every account anniversary year (combined purchases); 1% on all other purchases with no limit
• This card has No Annual Fee
Learn More About This Card
Learn more about this card and find out how you can apply here.
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