Signing up for credit cards through partner links earns us a commission. Terms apply to the offers listed on this page. Here’s our full Advertising Policy.
If you spend a lot to run your small business, you can earn up to $2,000 in cash bonuses (after meeting minimum spending requirements) with a single limited-time card offer. It sounds bonkers but it’s possible with the Capital One® Spark® Cash for Business card.
Plus, you’ll earn an unlimited 2% cash back on every purchase, so you will earn an extra $1,000 back just from meeting the card’s tiered minimum spending requirement of $50,000. There is also a similar offer for the Capital One® Spark® Miles for Business card, but the miles you earn with that card can only be redeemed for travel purchases or transferred to Capital One’s airline partners. The rewards you earn with the Spark Cash card are simpler because you’re getting straight cash back.
The Spark Cash card’s annual fee is also waived the first year. Let’s take a look at all the card’s details. If the massive spending requirement isn’t feasible for you, don’t worry. We’ll cover alternative offers with smaller spending requirements at the end of this article.
Capital One Spark Cash card review
This is a business credit card, but you might qualify for a business credit card and not even realize it. Freelancers and independent contractors can be eligible. If the application process is confusing, we have a guide on completing a Capital One business card application that you should check out.
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. If you have a credit score of 700+ and are looking for a big bonus, this one is definitely worth your consideration, just be sure that you are able to meet the card’s big minimum spending requirements.
Capital One Spark Cash bonus: Up to $2,000
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 won’t find a bigger bonus offer than this one, but I also haven’t seen many minimum spending requirements as high as this one. Because this bonus is so huge it can make sense to pay a fee to put purchases on your card that you normally wouldn’t be able pay with a credit card. For example, you can pay taxes with a credit card for a fee of just under 2%, but the Spark Cash card earns 2% back on all purchases. Depending on when you file taxes, you will be able to pay your estimated quarterly or annual taxes with your card during the minimum-spending period. That could take a huge chunk out of the spending requirement.
Keep in mind, 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, this card will count toward your limit.
Benefits and perks of the Capital One Spark Cash
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 when you make the entire purchase with your Spark Cash card.
Rental car insurance
The Capital One Spark Cash offers primary car rental insurance for damage from collision or theft when renting for business purposes. For personal rentals, coverage is secondary, which means your other insurance pays first.
Lost luggage coverage
Your checked or carry-on luggage is covered up to $3,000 if lost or stolen when you charge your entire fare to your card.
Travel accident insurance
When you charge your entire travel fare to your Spark Cash card, you’ll receive coverage for accidental death or dismemberment.
Is the Capital One Spark Cash card worth it?
Some cash-back business credit cards have no annual fee, but it’s often complicated to redeem your rewards or the card doesn’t offer as high a return for each dollar spent. With this card, you’re essentially paying the annual fee (waived the first year) in exchange for the ease of redeeming your cash and 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. But, you’ll need to spend $4,750 per year to earn $95 (the annual fee after the first year) in rewards ($4,750 X 2%).
The Capital One Spark Cash Business card is for anyone running a small business or a side hustle who prefers straightforward 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 to worry about — you earn a flat 2% back on every purchase with no limit to the amount of cash you can earn. This makes it a great choice for business owners and freelancers who don’t spend a lot in any traditional business-card bonus categories, 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.
How to earn cash back with the Capital One Spark Cash card
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 anytime, 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 — say, $50. Or you can use your cash back to “erase” purchases you’ve made with your card, or for gift cards.
You don’t have to think about blackout dates or what qualifies for rewards. It couldn’t be simpler.
Does the Capital One Spark Cash card have a foreign transaction fee?
Customer support for the Capital One Spark Cash for Business card
Capital One is known for their quality customer service. 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 customer service has earned Capital One an excellent reputation over the years.
Credit cards similar to the Capital One Spark Cash 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, or you can transfer Capital One Spark miles to airlines. It has a similar bonus of 50,000 Capital One Spark miles after you spend $5,000 in the first three months and an additional 150,000 miles after you spend another $45,000 ($50,000 total) in the first six months.
Having to use Spark miles only for travel may seem limiting, but consider you can transfer your miles to any of 15 airline partners. That makes the miles you earn extremely flexible. The card has the same $95 annual fee, which is also waived the first year. Our Capital One Spark Miles review has more information on how to make the most of this offer.
If the spending requirements for these Capital One deals are too high, but you want to earn travel rewards, apply for the Ink Business Preferred℠ Credit Card. It has the same $95 annual fee (not waived) and you can earn 80,000 Chase Ultimate Rewards points after spending $5,000 in the first three months of account opening. That’s an amazing bonus (worth at least $1,200 in travel) for one-tenth the amount of spending. See our Chase Ink Business Preferred review to take advantage of the card’s many benefits.
Or if you’d like to earn cash back with a no annual fee credit card, the Ink Business Unlimited℠ Credit Card is the card for you. You can earn $500 cash back after you spend $3,000 on purchases within the first three months of opening your account.
You’ll also earn 1.5% cash back on all purchases you make with the card. That’s not as much as the 2% cash back with the Capital One Spark Cash for Business, but the Ink Business Unlimited has no annual fee and a much smaller spending requirement.
The Capital One Spark Cash for Business card offers up to $2,000 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. 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 bonus at the same time. Otherwise, you’ll want to apply for a business card with a smaller minimum spending requirement.
You can apply for the Capital One Spark Cash for Business card here. This is a limited-time offer, but we don’t know when it will end.
|For more credit card news, deals and analysis sign-up for our newsletter here.|
Featured image by Wyatt Smith.