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Capital One Spark Cash for Business

The very first business credit card I applied for (and was approved for) was the Capital One Spark.  In 2010 when I was approved, I used that card exclusively for all of my business needs and it did the job.  Although the card only generated 1% flat cash back, it was an important stepping stone in getting my business set up.

Now that I have a solid credit history I’m able to request an upgrade from Capital One. That upgrade is to now own a Capital One Spark Cash for Business credit card.

Top Capital One® Spark® Cash for Business Perks

There are two terrific perks to owning the Capital One® Spark® Cash for Business and many smaller perks.  The first big perk is the up-front bonus for new cardholders.  After being approved and completing a spend hurdle of $5,000 in the first three months of card ownership, you’ll receive a cool $500 cash back.

It gets better. Spend $50,000 in the first six months and earn another $1,500 bonus. The total $2,000 bonus potential is one of the highest of any credit card available today. For a small business, spending $50,000 in a six month period can be difficult.  You can always time your credit card application to coincide with a high dollar purchase.  Wait until your business is looking to spend a lot, then apply to coincide with the bonus offer.

The second monster perk of the Capital One Spark Cash for Business is that it offers a flat 2% cash back on ALL purchases.  To my knowledge, there is no business credit card that does flat cash back better.  You might be able to earn 5% cash back on office supplies.  You might be able to earn 3% cash back on your phone bill.

However, the majority of small business purchases you make will always qualify in the “general” category and getting 2% back is very strong.  As an example, a business that spends $20,000 a year on their card will earn $400 in cash back.

Some of the additional perks of the Capital One® Spark® Cash for Business are as follows:

  • 2% Cash Back: Earn 2% cash back on all purchases. This is one of the few credit cards offering 2% in rewards
  • Welcome Bonus #1: Earn a $500 cash bonus when you spend $5,000 in the first 3 months of opening your account
  • Welcome Bonus #2: Earn $1,500 when you spend $50,000 in the first 6 months. Limited Time Offer
  • $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

Other Capital One Perks

No foreign transaction fees – If your business makes purchases outside of the United States (whether physically in another country or online with an international processor) you will NOT be charged a transaction fee.  Some credit cards charge up to 3% to exchange foreign currency from the buyer to the seller.  However, Capital One is a notorious issuer in not charging a foreign transaction fee on any of their credit cards.

Auto rental collision damage waiver – If you use your Capital One® Spark® Cash for Business to rent a vehicle, you do not have to pay for the added collision insurance because your credit card will cover it.  However, it is important to read the rules closely on which cars are covered and which are not.

Emergency assistance services – When you’re on the road, the phone number on the back of your Capital One card can be of great value.  Calling them will give you access to legal or medical referrals, assistance if you’re stuck on the side of the road or help in replacing a travel ticket you’ve lost.  Be advised that if you utilize a service such as roadside assistance, you’ll be charged from the merchant.

Compare this and similar business credit cards, and apply online, at CardRatings.com.

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