Capital One Spark Cash for Business review

Capital One Spark Cash for Business review

Published: November 17, 2020

Partner Offer: carefully review product terms on Capital One's site before applying

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Published: November 17, 2020

Partner Offer: carefully review product terms on Capital One's site before applying

Apply Now
Ratings Policy
Business Rating:
4.1 rating
4.1 rating
4.1 / 5
Rewards Value3.7
Annual Percentage Rate2.3
Rewards Flexibility4.8
Features3.0
Issuer Customer Experience4.0

In a Nutshell:

If you want a simple business credit card with a superb cash-back rate, you will love the Capital One Spark Cash for Business card.

Learn more about this card

Rewards Rate
2% cash back on all purchases

Excellent

Sign-up Bonus

$500 after spending $4,500 in first 3 months

Very Good

Annual Fee
$95, $0 first year

Fair

Average Yearly Rewards Value ($4,000 monthly spend)
$1,063

Excellent

APR
20.99% (variable)

Average

Rewards Redemption
Pros

  • Cash back doesn’t expire
  • Redeem points for gift cards, charitable donations or cash back
  • Redeem cash back for any amount, anytime
  • Set threshold to receive cash back automatically

Cons

  • Lack of travel transfer partners and oversized travel awards
Excellent

Capital One Customer Service Ratings

  • J. D. Power 2020 customer satisfaction rating: 808 (40% of issuers in this category ranked higher)
  • 24/7 customer service?: Yes
  • Online chat available?: Yes
  • Google Play Store mobile app rating: 4.8/5
  • Apple Store mobile app rating: 4.7/5
Very Good

Other Notable Features: Free employee cards, quarterly and year-end summary and other business tools, fraud coverage, no foreign transaction fees, purchase security, price protection, roadside assistance

Capital One Spark Cash for Business has one of the best and simplest business rewards credit card programs, with a large sign-up bonus and excellent earning scheme. While it does have a $95 annual fee, it is waived for the first year, thus lowering the risk of trying out the card for a preliminary period. Carrying a balance on this card, however, is a losing proposition. The 20.99 percent variable APR cancels out any profit you make with your 2 percent cash back.

Generous sign-up bonus

The Capital One Spark Cash for Business card comes with a bonus offer of $500 after you spend $4,500 in the first three months. If you include the 2 percent cash back you’ll earn on the way to the sign-up bonus, that pushes your initial earnings to $590 in the first three months ($500 for the bonus and $90 earned via card spend).

High rewards rate

The card offers one of the highest rewards rates among business cards, and is particularly generous for a cash back card. You get 2 percent cash back for each dollar spent, period. There are no bonus categories, no time limits and no spending limits. In terms of simplicity, this card is a dream.

It is rare to find a cash back card that offers a 2 percent rate on all purchases. Fans of simple rewards schemes will appreciate the fact that rate is the same across all purchases, but if you’re used to putting a bit of work into earning rewards by using different cards for different purchases and transferring points to maximize your rewards earnings, you may be disappointed by the card’s lack of bonus categories. In addition, there is no potential to transfer points to other cards or to use points for travel deals. This is a pure cash back card. What you see is what you get.

No redemption threshold

Many credit card issuers have developed a bad habit of increasing rewards redemption thresholds. Refreshingly, the Capital One Spark Cash for Business allows you to redeem your cash back when you need it, with no minimum. Rather than making you jump through hoops, this card even lets you set up the threshold to redeem cash back automatically.

No foreign transaction fee

The card has no foreign transaction fee, making it handy to have when you’re traveling abroad. Most cards charge a 3 percent fee for foreign purchases, which can add up over a long trip. With this card, you can conveniently use your card just as you would at home without having to worry about the extra fees.

Business benefits

The card offers quarterly and year-end summaries with custom itemized reports to help business owners manage expenses. You can also add employee cards for free and set customized spending limits for employee cards. This allows you to track and control spending while also earning rewards on employee purchases.

How do businesses use the Capital One Spark Cash for Business card?

Given its generous unlimited 2 percent cash back rate,  Capital One Spark Cash for Business card could be a good option for businesses looking for reliable, no-fuss cash back rewards. Here’s how one small business owner made the most of the card:

Small Business Credit Profiles

How Good Start Packaging uses the Capital One Spark Cash for Business card

Good Start PackagingI earned $36,000 in cash back rewards, and with it we covered 100 percent of the premiums of our full-time employees who needed coverage.

Ken Jacobus of Good Start Packaging, which supplies compostable foodservice packaging to businesses such as juice bars, restaurants and cafes, used the Capital One Spark Cash for Business card to create a steady cash flow stream via cash back rewards. Here’s his advice to other business owners considering the card:

  • Use the cash back you earn to benefit your employees. For example, Good Start Packaging used much of its rewards earnings to increase its investment in employee healthcare. It even used the cash back to fund bonuses and vacations.
  • Take advantage of the less obvious benefits of being a cardholder. Good Start Packaging, for example, needed extra call center support and found Capital One’s customer service representatives very helpful in dealing with billing questions.
  • Integrate your credit card account with your accounting system to make entering and reconciling expenses less labor-intensive.
Read more of our Small Business Credit Profiles

Why get the Spark Cash for Business card?

  • You value cash back over miles or points.
  • You value simplicity in both earning and redemption.
  • You have employees to help you collect cash back. (There are no fees for employee cards.)
  • You want to grab a big sign-up bonus.
  • You want to use the card abroad.

How to use the Spark Cash for Business card:

  • Use it everywhere, unless you have another card that offers better cash back in some categories.
  • Set up your automatic redemption threshold.
  • Don’t use this card if you have to carry a balance.
  • When you use this card abroad, always choose the option to pay in local currency.

Is the Spark Cash for Business card worth it?

If you’re looking for a simple way to earn cash back on all of your business spending, the Capital One Spark Cash for Business card is a solid choice. You’ll earn unlimited cash back at the same rate, no matter where, when or what you buy, saving you the hassle of tracking bonus categories or juggling multiple cards. And while the card’s perks are not the most impressive, it comes with a nice sign-up bonus and no annual fee in the first year.

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All reviews are prepared by CreditCards.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the bank’s website for the most current information.

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Partner Offer: carefully review product terms on Capital One's site before applying

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