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With the Capital One® Spark® Cash for Business card, you can earn up to $2,000 in cash bonuses after meeting minimum spending requirements with a limited-time card offer. And no, you’re not reading that wrong. The increased bonus is one of the reasons this card is on our list of both the best Capital One cards and the best business credit cards.
In addition, cardholders earn unlimited 2% cash back on every purchase and pay no foreign transaction fees.
If you’re new to the world of miles and points, this likely isn’t the best card to start with, and we’ll explain why. But this card could be worth considering for some folks because of its incredibly valuable sign-up bonus, simple cash-back earnings structure and the waiver of the annual fee for the first year.
We’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 three 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. It also may not make sense for folks trying to get under Chase’s 5/24 rule or those new to miles and points, because applying for the Capital One Spark Cash will count toward your card limits with Chase.
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. It has an excellent welcome offer, earns 2% cash back on every purchase and the rewards are easy to redeem. If you’re looking for a straightforward cash back card, this is a good pick.
Here are five tips for getting approved:
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 about how you can qualify for a business card. 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.
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 this as 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+
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.)
Fill out the application correctly
The Capital One Spark Cash card application is fairly straightforward, but there are more questions than you would see on a personal card application.
Keep in mind that 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. 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.
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.
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 to speak 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.
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 (beyond the sign-up bonus).
Capital One Spark Cash Card
With the Capital One Spark Cash for Business card, you can earn a $500 cash bonus after you spend $5,000 on qualifying purchases within the first three months of account opening. You’ll earn an addition $1,500 back after spending another $45,000 ($50,000 total) in the first six months of account opening. You’ll also earn unlimited 2% cash back on all purchases.
Redeeming your cash back is easy. You can request a check or statement credit at any time with no minimum redemption amount. Or you can set up an automatic redemption — $50 per month, for example.
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. You’ll find our full review of the Capital One Spark Cash card here.
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
Capital One does pull from all three 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 and points or want to apply for more valuable Chase cards, applying for this card might not be worth it.
That said, with a valuable sign-up bonus of up to $2,000, a simple cash-back rewards structure and no foreign transaction fees, the Capital One Spark Cash for Business card could make sense for some.