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The Capital One Spark Cash Select is a business credit card geared to small business owners, entrepreneurs, or self-employed individuals who want to earn cash back on their spending.
There is no annual fee for the Capital One Spark Cash Select, which makes it a good card option for your business long-term.
When you sign up for the Capital One Spark Cash Select, you can earn $500 in cash back when you spend $4,500 within three months of account opening. There’s no introductory 0% interest period for this card.
With the Capital One Spark Cash Select, you’ll earn a flat 1.5% in cash back for each dollar you spend. This rewards rate is fixed, meaning you earn the same rate on everything you buy. Rewards are also unlimited, and they don’t expire as long as your account is open.
The Capital One Spark Cash Select doesn’t charge an annual fee or any foreign transaction fees. If you carry a balance, you’ll pay a variable APR of 16.24% to 22.24% depending on your creditworthiness.
Other fees to watch out for include a late fee up to $39 and a cash advance fee of 3% of the amount of the cash advance, but not less than $3. That applies if you use your card to get cash from an ATM. You may also incur a penalty APR for late payments up to 32.40%.
If you’re looking for a business card with a ton of perks, the Capital One Spark Cash Select isn’t it. This card doesn’t have many major benefits to speak of.
Perks you can get are relatively standard among business credit cards. This includes year-end-summaries, downloadable spending reports, free employee cards, no foreign transaction fees, roadside assistance, and extended warranties.
Benefits of Capital One Spark Cash Select Card
The main reason to sign up for the Capital One Spark Cash Select Card is if you value simple, flat cash rewards and don’t want to pay an annual fee. The rewards rate on this card (1.5%) is pretty good for a business credit card, and rewards are unlimited, so you’ll never have to worry about exceeding earning caps with your business expenses.
The sign-up bonus on this card is also a great deal. You’ll need to spend $4,500 within three months ($1,500 per month for three months in a row) to meet the threshold, and you’ll get an extra $500 in cash rewards.
Drawbacks of Capital One Spark Cash Select Card
There are a few reasons you may want to consider other rewards credit cards for your business, including the lack of benefits with the Capital One Spark Cash Select. If you’re someone who wants travel benefits especially, a travel credit card with a robust rewards program could be a better fit.
There are also other rewards credit cards for businesses that offer a higher rate of cash back — especially if you’re willing to pay an annual fee. For example, the Capital One Spark Cash Plus offers unlimited 2% back on all purchases, plus a valuable bonus offer, in exchange for a $150 annual fee. If your business spending exceeds $30,000 each year, you can outpace the Spark Cash Select in rewards value with this card, after accounting for the cost of the annual fee (not including the boosted value from this card’s higher welcome bonus).
The American Express Blue Business CashTM Card from American Express is another option for boosted cash rewards. For no annual fee, you can earn a flat 2% back on every purchase. But this card only earns 2% on the first $50,000 you spend each year (then 1% back), so check your business’ annual budget before you apply.
How to Use Capital One Spark Cash Select
If you decide the Capital One Spark Cash Select is the best card option for your business, you won’t have to work hard to maximize its benefits. You should use it for all your business spending to earn as much in rewards as you can, and you can also get free cards for employees to add to your rewards pool with their business purchases.
Depending on how much you regularly spend, you may want to strategize when you apply, though. To earn the $500 welcome bonus, you’ll need to spend at least $4,500 within the first three months of account opening. If that’s not in line with your regular business spending, consider waiting to apply when you have a large purchase to make.
Other than that, make sure you only charge what your business can afford to pay off each month. If you rack up debt you can’t pay off, you’ll wind up accruing interest at a high variable APR.
Capital One Spark Cash Select Card Compared to Other Cards
Capital One Spark Cash Plus
- Intro offer:Up to $1,000 cash bonus
- Annual fee:$150
- Regular APR:N/A
- Recommended credit:740-850 (Excellent)
American Express Blue Business Cash™ Card
Is the Capital One Spark Cash Select Right for You?
There are many business credit cards on the market today, but they often charge annual fees or limit the amount you can earn in rewards.
The Capital One Spark Cash Select is not only free to own (as long as you don’t use it to rack up debt), its 1.5% cash back rewards on every purchase can quickly add up, especially if your business spending doesn’t fit into common business card rewards categories. The lack of added benefits can be a drawback, but if you’re looking for a straightforward card to earn simple rewards on your spending, the Spark Cash Select could be a good fit.
Before you apply, just remember to compare this card to other flat cash back business credit cards and evaluate your regular business spending to make sure you choose the best card for your wallet.
*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)
What credit score do you need for the Capital One Spark Cash Select?
You’ll need excellent credit for the best chances of qualifying for the Capital One Spark Cash Select. According to Capital One, you must have never filed for bankruptcy or defaulted on a loan, and that cannot have been more than 60 days late on a credit card or loan payment in the last year to get approved. You should also have had a loan or credit card with a credit limit of $5,000 or more for at least three years.
Does the Capital One Spark Cash Select charge foreign transaction fees?
The Capital One Spark Cash Select does not charge foreign transaction fees when you use it for purchases abroad.
What is the credit limit on the Capital One Spark Cash Select?
The minimum credit limit for the Capital One Spark Cash Select is $2,000.