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Capital One® Spark® Cash for Business $500 Bonus Cash Back Review

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 $4,500 in the first three months of card ownership, you’ll receive a cool $500 cash back.  For a small business, spending $4,500 in a three 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.

Card Name
Initial Bonus
Rewards Rate
Annual Fee
Capital One® Spark® Cash for Business
$500
2%
$59 (Waived 1st year)
Ink Business Cash℠ Credit Card
$300
5% / 2% / 1%
$0
SimplyCash® Plus Business Credit Card from American Express
$200
5% / 3% / 1%
$0
Costco Anywhere Visa® Business Card by Citi
N/A
4% / 3% / 2% / 1%
$0

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

Smaller 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.

Capital One® Spark® Cash for Business Interest Rate

The variable interest rate on the Capital One® Spark® Cash for Business is 17.99%. This is slightly above average compared to other business cards in the same class (high rewards).  The cash advance APR is 23.99% and the penalty APR is 30.4%.  Needless to say, you should never use the cash advance APR unless it’s absolutely necessary.  If you’re stuck in penalty APR hell, call Capital One and beg for their forgiveness.  There is a $59 annual fee, but it’s waived for all cardholders in the first year.

The only negative to speak of when considering the Capital One® Spark® Cash for Business is that pesky $59 annual fee.  For small businesses that don’t spend six figures a year, there’s a lot of money to be saved by earning 2% cash back on every single transaction.  This business card is good enough for my wallet, I believe you should also strongly consider it for yours.

 

 

Capital One® Spark® Cash for Business

Capital One® Spark® Cash for Business
84

Rewards Program

10/10

    Up Front Bonus

    10/10

      Pricing Details

      8/10

        Annual Fee

        7/10

          Added Perks

          8/10

            Pros

            • 2% Cash Back on ALL Purchases
            • $500 Up Front Bonus

            Cons

            • $59 Annual Fee