Unlimited Cash Rewards for Your Business: Capital One Spark Cash for Business Credit Card Review

By Christina Majaski. Last updated 28 June 2018. 0 comments

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The Capital One® Spark® Cash for Business Credit Card offers the opportunity to earn cash back for your business purchases. Here are the features that separate it from other business cards, to help you determine if this card is best for your business. (See also: 5 Best Credit Cards for Small Businesses)

Why We Like This Card

  • $500 one-time cash bonus offer
  • 2% cash back for all purchases

How This Card Works

This card awards 2% cash back on all purchases made with the card. There is no limit to the amount of cash back you can earn, and your rewards do not expire for the life of the account. 

Bonus offer: Earn a one-time $500 cash bonus after spending $4,500 on purchases within 3 months of account opening.

You can redeem your cash back in any amount without any minimum requirements, in the form of a statement credit or check.

Other Benefits

Free employee cards. You can add employee cards to your account, set individual limits, and track spending at no additional cost, which will allow you to earn cash back on the purchases they make.

Small business tools. Create and download quarterly and year-end summaries of custom, itemized reports, to help manage and organize your finances.

Visa business benefits. This card includes Visa business benefits such as auto rental collision damage waiver, purchase security and extended protection, and travel and emergency assistance services for help with services such as legal or medical referrals or ticket replacement when you are traveling.

Costs

  • $95 Annual Fee (waived the first year)
  • 18.74% Variable APR
  • $0 Balance Transfer Fee
  • $0 Foreign Transaction Fee

Pros

Valuable bonus. The spending requirement of $4,500 is slightly higher than most bonuses, but the bonus itself is also more than the amount that credit cards usually offer. If you need to make a large business purchase right away, you can essentially receive a $500 discount just for using your credit card. This bonus can also help cover the annual fee for several years after the first waived year. (See also: 5 Best Credit Cards That Offer Bonus Cash for Sign-Up)

No balance transfer fee. If you need to transfer and pay down a balance currently on a credit card with a higher APR, you can do so without paying the fee typically charged by most business credit cards. (See also: 5 Best Credit Cards with No Balance Transfer Fees)

Flat rate rewards. There are no spending categories or quarterly rotating categories to sign-up for or manage. Every purchase made with the card, regardless of the type of purchase, conveniently earns a flat rate cash back

No foreign transaction fee. If you frequently travel abroad, or you need to make purchases outside of the United States, a foreign transaction fee would cancel out any rewards earned from the card. Not all business cards do not charge a foreign transaction fee. (See also: 5 Credit Cards with No Foreign Transaction Fees)

Cons

Annual fee. Although the annual fee is waived the first year, you should make sure you earn enough rewards each year to help pay for carrying the credit card and still benefit. If you won't use the card enough to cover the annual fee, credit cards without annual fees can be more cost effective choices. (See also: 5 Best Credit Cards with No Annual Fees)

Higher APR. The APR on this card is quite high when compared to many other business credit cards. The APR is less of an issue if you typically pay your balance in full rather than carry balances from month to month. But, if you regularly carry a balance, you should select the card that offers the lowest APR possible, even it means sacrificing a rewards program. (See also: 5 Best Low Interest Rate Credit Cards)

Who This Card Is Best For

The Spark Cash for Business Credit Card is best if you can spend enough every year to earn the rewards needed to cover your annual fee. This card is also best for consumers who prefer a flat rate rewards program, generally pay balances in full each month, and for those who may need to use the card for foreign transactions.

Click here to learn more and apply for the Capital One® Spark® Cash for Business Credit Card today!


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