With the Capital One Spark Cash for Business card, you can earn a $500 sign-up bonus after meeting minimum spending requirements. Plus, cardholders earn unlimited 2% cash back on every purchase and pay no foreign transaction fees.
If you’re new to the world of miles & points, this is NOT the best card to start with. And I’ll explain why.
But this card could be worth considering for some folks because it has a valuable sign-up bonus, simple cash-back earnings structure, and the annual fee waived the first year.
I’ll help you decide whether the Capital One Spark Cash small business card is right for you. And share tips for getting approved for the card.
5 Capital One Spark Cash Approval Tips
Some folks avoid Capital One cards because they pull all 3 main credit bureaus when they process your application. So applying for a card from Capital One has a bigger temporary effect on your credit score.
Plus, it likely does’t make sense for folks trying to get under Chase’s 5/24 rule or those new to miles & points. Because applying for the Capital One Spark Cash WILL count toward your card limits with Chase. Keep in mind, unlike American Express, Capital One reports business cards to the credit bureaus. This means any new small business cards with the bank WILL appear on your personal credit report.
That said, if you’re well over Chase’s 5/24 limit and don’t want to apply for more Chase cards soon, consider the Capital One Spark Cash for Business card. Because it earns 2% cash back on every purchase and the rewards are easy to redeem. So if you’re looking for a straightforward cash back card, this is a good pick!
If you think this card is worth it for you, here are 5 tips for getting approved.
1. Know If You’re Eligible
Lots of folks don’t think they’re eligible to apply for the Capital One Spark Cash card because it’s a business card. But you should check out this post with how you can qualify for a business card, and reasons you should get one!
As long as you’re operating a for-profit business (even if you have a small amount of business income), it’s possible to get approved for a small business credit card. That’s great, because they can be a terrific way to really help your miles, points, and cash-back balances grow!
2. Maintain an Excellent Credit Score
Capital One suggests you only apply for the Capital One Spark Cash card if you have “excellent credit.” Capital One describes excellent credit to be anyone who has:
- Never declared bankruptcy or defaulted on a loan
- Has not been more than 60 days late on a loan in the past year
- Has had a loan or credit card for 3+ years with a credit limit of $5,000+
So if this describes you, you have a good chance at being approved! Just remember, regardless of your credit, Capital One always has the final say.
3. Fill Out the Application Correctly
The Capital One Spark Cash card application is fairly straightforward, like most business card applications. But there are more questions than you see on a personal card application.
Keep in mind, you can apply using just your social security number if you don’t have an EIN (Employer Identification Number).
Many Million Mile Secrets team members enter their social security number when applying as a sole proprietor for small business cards. And if you’re applying as a sole proprietor (meaning you’re not in any type of partnership), you can use your name as the legal business name.
4. Include ANY and ALL Income You Earn!
Besides your credit score, the total income you report on your credit card application can be an important factor in receiving approval and the amount of your credit limit.
In most cases you can include income beyond traditional salaries and wages, like:
- Investment income
- Social security
- Retirement benefits
- Military allowances
- Shared income from a partner
Just remember to always tell the truth in your application. And be prepared to explain any income sources to the bank!
5. Call Capital One If You Don’t Receive an Instant Approval
If you’re declined for a card, it’s worth a call to the bank and speaking to a credit representative to find out what’s going on.
When calling, remember to always be friendly. If you call and aren’t getting the answers you’re looking for, you could always politely hang up and try again.
Also, be prepared to provide documentation regarding your business, such as a copy of a business card, proof of mailing address, invoices, etc. And be able to explain why you’re applying for the card (not just the sign-up bonus!).
Capital One Spark Cash Card
You’ll also earn unlimited 2% cash back on all purchases. And redeeming your cash back is easy.
You can request a check or statement credit, any time, with no minimum redemption amount. Or you can set-up an automatic redemption, like $50 per month, for example. Whatever works for you!
The $95 annual fee is waived the first year. And the card does NOT have foreign transaction fees, so it’s great to use when traveling overseas!
If you decide to apply for the Capital One Spark Cash for Business card, be sure you meet requirements like:
- Having excellent credit
- Qualifying for a small business card
- Reporting all the income you earn, including from sources other than a traditional W2 jobs
And be aware, Capital One pulls from all 3 main credit bureaus when they process your application. And they report small business cards to your personal credit reports. So if you’re new to miles & points or want to apply for more valuable Chase cards, applying for this card might not be worth it.
That said, with a valuable $500 sign-up bonus, simple cash-back rewards structure, and no foreign transaction fees, the Capital One Spark Cash for Business card could make sense for some!