After you’re approved for the Capital One Spark Cash for Business*, you can earn a generous unlimited 2% back on each purchase you make for your business. These simple cash back rewards, combined with a $500 welcome bonus (after spending $4,500 in the first 3 months) and free additional cards for employees make this a solid choice for small business owners. Just make sure you spend enough to earn back the ongoing $95 annual fee.
At a Glance
- Unlimited 2% cash back on every purchase
- One-time $500 cash bonus when you spend $4,500 within three months of account opening
- 20.99% variable APR for purchases
- $0 annual fee the first year, then $95
Flat 2% cash back rewards
Generous welcome bonus
No foreign transaction fees
High variable APR
Limited rewards redemptions outside of cash back
$95 annual fee (waived the first year)
Not as many added benefits as other business credit cards
Additional Card Details
In addition to flat cash back rewards, you’ll get a few more benefits with the Spark Cash for Business, including free cards for your employees. Purchases made on employee cards will also earn cash back on your account, and you can set spending limits for each card.
- Roadside assistance
- Extended warranty
- Your choice of monthly due date
- Year-end summaries of your purchases
- Ability to download your records into common business accounting programs like Quicken, Quickbooks and Excel.
Should You Get this Card?
This card is best for business owners looking for simple rewards on their spending.
You’ll need to spend at least $4,750 each year ($395 each month) for your rewards to clear the annual fee cost before this card’s real value kicks in. If your business spending totals $20,000 annually, for example, your ongoing cash back rewards value will be $305. But with the waived annual fee and welcome bonus, that value increases to $900 over your first year.
Straightforward cash back rewards make the Spark Cash a great option for sole proprietors or freelancers whose expenses don’t fit into traditional business card categories or who don’t want to deal with the hassle of a more complicated rewards program.
Owners of larger businesses can benefit from this card, too. Free employee cards can increase your rewards earned, and the flat cash back system makes Spark Cash a good option for variable business expenses.
Alternative Cards to Consider
If your business spending isn’t enough to qualify for the welcome bonus or outpace the $95 fee, the Capital One Spark Cash Select for Business* might be a better fit. This card offers a lower 1.5% flat cash back rewards rate with no annual fee, plus an introductory 0% interest on new purchases for 12 months (variable APR of 17.49% to 25.49% thereafter).
Don’t carry a balance on the Capital One Spark Cash for Business. If you do, the high variable interest rate this card charges will wipe out your rewards.
On the other hand, if you have a lot of purchases in common business rewards categories — like travel, office supplies, and advertising — you may find more value from other cards with tiered bonus points or cash back in those categories.
How to Use the Capital One Spark Cash
Since the Capital One Spark Cash earns flat cash back rewards on every purchase, the best way to maximize rewards is by using it for each of your business-related expenses. You should also plan your spending so you qualify for the $500 cash bonus offer upon approval — you’ll need to make $4,500 in new purchases within three months of account opening.
Outside of using your card for all your business purchases, you should also pay your credit card bill in full each month so you can avoid interest payments that can wipe out the value of your rewards. This card’s high variable APR of 20.99% means carrying any balance month-to-month can quickly become costly.
Redemption is simple with your Spark Cash card: redeem cash back rewards as a statement credit or receive a check. You can redeem in any amount, and even set up automatic redemptions based on specific dates throughout the year or after you reach a certain threshold.
Capital One Spark Cash for Business Compared to Other Cards
If you’re a business owner looking to earn uncomplicated cash rewards on your spending, the Capital One Spark Cash may be a good fit. You can earn a solid welcome bonus and rack up 2% back for each dollar you spend. Even with a $95 annual fee, that great rewards rate makes it easy to quickly outpace the cost in cash back value.
*All information about the Capital One Spark Cash for Business has been collected independently by NextAdvisor and has not been reviewed by the issuer.
Frequently Asked Questions (FAQ)
Is Capital One Spark Cash a good card?
If you’re looking for straightforward cash back, Capital One Spark Cash is a good card based on its rewards rate alone. Where many similar business cards earn 1% to 1.5% back in rewards on regular spending, this card racks up a flat 2% back on each dollar you spend for business.
Is Capital One Spark Cash hard to get?
For best chances of approval, you should have a credit score of good-to-excellent (at least 670) before applying. You’ll also need to have some form of business to qualify, whether you own a business with employees or do contract work as a sole proprietor.
How do I redeem my Capital One Spark Cash rewards?
The Capital One Spark Cash lets you redeem your rewards for statement credits or a check. You can even set up automatic redemptions on a specific date each year, or any time you reach a specific threshold of rewards among these options: $25, $50, $100, $300, $500 or $1,500.