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INSIDER SECRET: The Capital One® Spark® Cash for Business is a rock-solid, easy-to-manage business cash back credit card because it earns an unlimited 2% back on all purchases, so you don’t have to worry about bonus categories or navigating confusing miles or points programs.
If you spend a lot to run your small business, you can earn $590 total cash back toward your bottom line with a single card offer. It sounds bonkers, but it’s possible with the Capital One® Spark® Cash for Business card.
Right now you can earn a $500 cash bonus after meeting minimum spending requirements, and with the bonus and full minimum spending considered, you’ll have $590 to spend however you like. Plus, you’ll earn unlimited 2% cash back on every purchase and pay no foreign transaction fees abroad.
The annual fee is also waived the first year, so if you have a lot of purchases coming up, there’s nothing to lose and a lot to gain. Let’s take a look at all the card’s details in our Capital One Spark Cash card review.
Capital One Spark Cash Card Review
Who Is This Card For?
The Capital One Spark Cash Business card is for anyone managing a small business or with a side hustle who prefers simple straight-forward rewards. The card earns cash back that can be used for any expense under the sun, not just travel expenses.
Not only that, but the Spark Cash Business card doesn’t have any specific spending bonus categories for you to worry about — you earn a flat 2% back on every purchase with no limit to the amount of cash back you can earn. This makes it a great choice for those business owners and freelancers who don’t spend a lot in a traditional business card bonus category, like advertising or gas.
The simplicity of not having to worry about navigating complex loyalty programs in order to make the most of your rewards can’t be overstated. Managing a growing business is hard enough without having to maximize your rewards for every purchase by juggling multiple credit cards with varying bonus categories.
If you like the certainty of knowing what your rewards are worth and exactly how much you’ll earn each time, this is the card for you.
Sign-Up Bonus: $500 Cash Bonus
With the Capital One Spark Cash for Business card, you can earn a $500 cash bonus after you spend $4,500 on qualifying purchases within the first three months of account opening. You’ll also earn an unlimited 2% cash back on all purchases. There are no foreign transaction fees, the $95 annual fee is waived the first year and employee cards are free.
Not only would you earn the $500 sign-up bonus, but you’ll also earn 2% cash back on the $4,500 spent to trigger it, which is an additional $90 ($4,500 X 2%). That’s $590 for signing up and using the card.
Keep in mind, Capital One pulls inquiries from all three credit bureaus when you apply for their cards, so you will incur three hard pulls — one from each bureau — and Capital One small business cards will appear on your personal credit report. So if you’re trying to stay under Chase’s 5/24 rule, know that this card will count toward your limit.
Main Benefits and Perks
If an item you bought is lost or stolen, you can file a claim to replace, repair, or reimburse eligible items within 90 days of purchase, up to $10,000 per claim and $50,000 per cardholder.
This benefit doubles a manufacturer’s warranty up to one extra year on warranties of three years or less.
Rental Car Insurance
The Capital One Spark Cash for Business offers primary car rental insurance for damage due to collision or theft when renting for business purposes. For personal rentals, coverage is secondary, which means your personal or business car insurance pays first.
How to Earn Cash Back
Earning cash back is simple. Just make a qualifying purchase with your card and you’ll get 2% back every time.
How to Redeem Cash Back
Redeeming your cash back is as easy as earning it.
You can request a check or statement credit, any time, with no minimum redemption amount. You can also set up an automatic redemption for a set time each year or for when you earn a specific threshold in rewards, like $50, for example. You also have the option to redeem rewards toward specific purchases you’ve made with your card or gift cards.
Folks who want an easy rewards program can use their cash back however they want without having to think about blackout dates, what qualifies for cash back or much else. Really, it couldn’t be simpler.
Is the Capital One Spark Cash for Business Worth the Annual Fee?
Other cash back business cards have no annual fee, but there are often catches to redeem the rewards you earn or you’ll earn a smaller percentage of rewards per dollar spent. With this card, you’re essentially paying the annual fee in exchange for the ease of using your points however you want and the ability to earn 2% back.
Whether it makes sense for you to keep the card year after year will vary from person to person, because everyone has individual spending habits and will value different parts of each rewards program.
You’ll need to spend $4,750 per year to earn $95 in rewards ($4,750 X 2%), but if you’re opening the Capital One Spark Cash for Business card to earn the big sign-up bonus, you’re likely already spending much more than that. And the value of $590 cash back with the current offer is more than enough to justify the annual fee for several years.
Who Is Eligible for the Capital One Spark Cash for Business?
This is a small business card, and lots of folks don’t realize they’re eligible to apply because they don’t think they have a business or their business is too new. But here’s how you might qualify for a business card and why you should get one.
Remember, Capital One will not process more than one application per six months. So if you’ve opened another Capital One card recently, you’ll need to wait to apply for this one.
Capital One also pulls from all three main credit bureaus (Experian, Equifax, and TransUnion) 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 Chase cards in the future, applying for this card might not be worth it.
If you have a credit score of 700+ and are looking for a big sign-up offer, this one is definitely worth your consideration.
Customer Support for the Capital One Spark Cash for Business Card
Capital One is known for their quality customer service support. They protect your card account with fraud coverage and alerts, and make it easy to set up alerts related to your account including due dates, credit limits and automatic payments.
Their website and phone apps are easy to use and laid out simply. The ease of use and excellent customer service has earned Capital One an excellent reputation over the years.
Credit Cards Similar to the Capital One Spark Cash for Business
Apply Here: Capital One® Spark® Miles for Business
Apply Here: Ink Business Unlimited Credit Card
Read our review of the Ink Business Unlimited
If your goal is to travel, you might consider the Capital One® Spark® Miles for Business card instead. It earns 2X Spark miles on every purchase, and you can redeem them for nearly any travel-related purchase. It has a similar sign-up bonus of 50,000 Capital One Spark miles (worth $500) after you spend $4,500 in the first three months.
While that may seem limiting, consider you can transfer your miles to 12 airline partners at a 2:1.5 ratio. That makes the miles you earn extremely flexible.
The card has the same $95 annual fee, which is also waived the first year.
If the spending requirements for this offer are too high, consider the Ink Business Unlimited Credit Card. You can earn $500 cash back (50,000 Chase Ultimate Rewards points) after you spend $3,000 on purchases within the first three months of opening your account.
You’ll also earn 1.5% cash back (1.5 Chase Ultimate Rewards points per $1) spent on the card. That’s not as much as the 2% cash back with the Capital One Spark Cash for Business card, but the Ink Business Unlimited Credit Card has no annual fee.
The Capital One Spark Cash for Business card offers up to $500 cash back after you meet minimum spending requirements. The $95 annual fee is waived the first year and it has no foreign transaction fees, so it’s a good card to use worldwide.
This is an excellent card for small business owners who want to earn easy rewards on their spending, because the rewards are simple to redeem with no minimums to think about.
If you have a lot of spending coming up, you might consider earning a huge amount of cash at the same time. You might already qualify for small business credit cards.
You can apply for the Capital One Spark Cash for Business card here. This is a limited-time offer, and we don’t know when it will end yet.
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