Capital One® Spark® Cash for Business Credit Card Review

Capital One® Spark® Cash for Business Credit Card Review
Rebecca Hosley
on March 24, 2020
Read in 1 min

If you are a business owner who wants consistent, reliable rewards, then the Capital One® Spark® Cash for a Business credit card could be the right choice for you.

It offers unlimited 2% cash back on all purchases – which can add up to big savings.

Let’s review the details of this credit card, and how it stacks up to other options.

The Spark Business Card: The Basics

In addition to cash back for every purchase, you can also earn a one-time $500 bonus for spending $4,500 on purchases within the first three months after opening your account.

Rewards never expire as long as your account is active, and you can redeem your rewards for any amount at any time.

You can even schedule automatic redemptions when your rewards balance reaches a certain amount.

There are no foreign transaction fees on purchases you make outside of the United States, and you can also receive cards for employees to use at no additional cost and earn rewards on all of their spending as well.

Another perk – you can receive a custom, itemized report of your spending to help simplify planning, budgeting, and taxes.

The Spark Business card includes an auto rental collision damage waiver.

That means you’ll be covered for any damage when you rent an eligible car with your Spark Business card.

You’ll also be able to access emergency assistance services when traveling for business.

This includes ticket replacement, legal or medical referrals and more.

Another business bonus is extra coverage for eligible items you buy with your card if they are lost or stolen within 90 days of your purchase.

In addition, Spark doubles the length of the manufacturer’s warranty.

Capital One Spark Cash: By the Numbers

The card has a variable 18.49% APR, and one major plus for business owners is that there is no annual fee for the first year.

After that, there is a $95 annual fee.

The major draw here is cash back, which may explain why there are no introductory or balance transfer APRs to further entice business owners.

If you need a cash advance, the APR is 24.49% and will vary with the market based on the Prime Rate.

You will also be charged either $10 or 3% of the amount of each cash advance, whichever is greater.

If you are late on making a payment you will be charged a late fee of up to $39. A penalty APR of 30.9% may be assessed if you make a late payment.

Is This the Right Card for You?

This card is best for someone who has excellent credit and is looking for simple, flexible cash rewards.

If you are more interested in maximizing your cash back vs. eliminating annual fees, consider this your best option, since most other cards only offer 1% cash back.

However, if you don’t want to pay annual fees and are interested in introductory APR rates, you will want to shop around.

Rebecca Hosley Finance Journalist

Rebecca Hosley is a content writer based in Chicago.

She frequently writes about small business, insurance and finance.

In her free time, she enjoys trivia, craft beer and disc golf.