Reviews Capital One Spark Cash for Business review

Capital One Spark Cash for Business review

Published: June 29, 2017
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Ratings Policy
Business Rating:
4.5 rating
4.5 rating
4.5 / 5
Rewards Value 4.6
Annual Percentage Rate 1.5
Rewards Flexibility 4.8
Features 4.0

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

Sign-up Bonus
$500 after spending $4,500 in first 3 months

Annual Fee
$59, $0 first year

Average Yearly Rewards Value ($4,000 monthly spend)
$1,087

APR
17.99% (variable)

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

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, premium travel benefits, Visa Signature Concierge, lost luggage reimbursement

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Capital One Spark Cash for Business has one of the best and simplest business rewards credit card programs, with a generous sign-up bonus and excellent earning scheme. While it does have a $59 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 17.74 percent APR cancels out any profit you make with your 2 percent cash back.

Lofty sign-up bonus
The Capital One Spark Cash for Business card comes with a $500 bonus after you spend $4,500 in the first three months. If you include the 2 percent cash back that you regularly earn on spending, that actually pushes your initial earnings to $590 in the first two months.

High rewards rate
The card offers one of the highest rewards rates among business cards, and is particularly generous for a cash back card. 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.

On the other hand, if you are a rewards card hacker who enjoys juggling credit cards and transferring points to gain extra value from you rewards, you may be disappointed to find that the card doesn’t include 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.

Uncomplicated rewards
You get 2 percent cash back for each dollar spent, period. There are no bonus categories, no time limits and no spending limits, either. In terms of simplicity, this card is a dream.

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.

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.

Business benefits
The card offers quarterly and year-end summaries with custom itemized reports to help business owners manage expenses.

Reasons to get it:

  • You value cash back above 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 the $500 sign-up bonus.
  • You want to use the card abroad.

How to use it:

  • 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.

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