A low-fee business credit card with unlimited cash back.
30-second take
- Get this card for unlimited 2% cash back on business spending.
- Pick something else if you’re looking for a low intro APR.
- Apply with a good to excellent credit score of 700 or higher.
| Product Name | Capital One® Spark® Cash for Business |
|---|---|
| Balance Transfer Rate (not intro) | 18.49% variable |
| APR for Purchases ( Purchase Rate ) | 18.49% variable |
| Annual fee | $0 annual fee for the first year ($95 thereafter) |
| Cash Advance Rate | 24.49% variable |
| Card Type | Visa |
| Interest Free Period The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement. | Up to 25 days |
| Foreign Currency Conversion Fee (VISA) Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution. | 0% of transaction value |
| Minimum Credit Score | Good (700-739) |
|---|---|
| Minimum Age | 18 years of age |
| Annual fee | $0 annual fee for the first year ($95 thereafter) |
|---|---|
| Late Payment Fee | $39 |
| Cash Advance Fee | $10 or 3% of the amount of each cash advance, whichever is greater |
The basics
As its name implies, the Capital One® Spark® Cash for Business card can earn you money back on business expenses. On top of unlimited cashback earnings, you’re eligible for a one-time $500 signup bonus after you spent $4,500 on purchases in the first three months your account is open. And Capital One waives the card’s annual fee for your first year. After that, the annual fee will be $95.
If you’re looking for a low-fee business card, Capital One® Spark® Cash for Business could be for you. Other business cards in the Spark® suite are the Spark® Cash Select for Business, which offers an unlimited 1.5% cash back without an annual fee; the Spark® Classic for Business for those with fair credit looking for a cashback business card, and the travel-focused Spark® Miles for Business, which earns you 2 miles for every dollar spent.
The perks
Unlimited cash back.
Get 2% cash back on all purchases with no limits as to how much you can earn. Redeem your cash back as a statement credit, a check or for credits toward previous purchases, gift cards and more.
Signup bonus.
Spend $4,500 on purchases in the first three months your account is open to earn $500 in statement credit. It’s like a signup bonus that rewards you with 11% cash back.
You’ll also like …
Visa® Business benefits.
Get car rental insurance, purchase protection and 24/7 travel emergency services should you need medical, legal or other services while traveling.
Free employee cards.
Add employee cards to your account at no additional cost and earn cashback rewards on all employee purchases.
No foreign transaction fees.
You won’t pay fees on international transactions when you use your card abroad. Other cards charge up to 3% of each transaction.
Fraud alerts.
Get real-time alerts for fraud attempts and $0 fraud liability if you lose your card or it’s stolen.
APR on purchases and balance transfers.
The Capital One® Spark® Cash for Business comes with 18.49% variable APR on purchases and balance transfers. APRs for similar business cards can reach up to 20.74% variable.
What to watch out for
Annual fee.
Capital One has a $0 annual fee for your first year. After that, the annual fee will be $95. With 2% cash back on your purchases, however, you can offset the annual fee by spending $5,000 a year.
Late payment fees and interest.
You’ll pay up to $39 for late payments. If you’re late twice within 12 billing cycles, Capital One may apply a penalty APR of 30.90% to your account. And you could be stuck with the penalty APR until you make 12 consecutive on-time payments.
No travel rewards.
Airfare, hotel, rental car and other travel purchases won’t earn you additional rewards.
Consider other cards if …
You’re looking for a travel card.
For stronger rewards, consider the Spark® Miles for Business. It’s similar to the Capital One® Spark® Cash for Business, except it offers unlimited 2x miles on all purchases. Redeem the miles you’ve earned through Capital One’s travel platform for bookings at a rate of 1 cent per mile.
You want higher cash back in specific categories.
With a $0 annual fee, the SimplyCash® Plus Business Credit Card from American Express offers 5% cash back on wireless telephone services and supply stores in the US, 3% cash back in select categories and 1% on all other purchases. The 5% and 3% cashback rates apply on up to $50,000 in purchases a year, with rates then dropping to 1%.
As a bonus, you’ll get a 0% intro APR on purchases up to your credit limit for 9 months. The rate reverts to 13.99%, 18.99% or 20.99% variable after the promotional period.
You spend a lot on gas and office supplies.
The Business Advantage Cash Rewards Mastercard® credit card from Bank of America offers a strong 3% cash back on gas and office supplies on up to $250,000 annually, reverting to 1% after that. You can also earn 2% at restaurants and 1% on everything else. If you’re constantly on the road, this card could be a contender.
Compare business credit cards
What size business is the Capital One® Spark® Cash for Business good for?
Small businesses that don’t spend much on any one category of purchases — but spend enough to make the most out of the unlimited 2% cash back — could find this card rewarding.
Suppose your business spends $20,000 a month. After a year, you’d have earned $4,800 back in cash. The card’s $95 annual fee kicks in for your second year. But just $5,000 in purchases provide more than enough cash back to cover the fee.
What should I know before I apply
To apply for the Capital One® Spark® Cash for Business, you must be at least 18 years old and a US citizen or legal resident.
You’re required to provide information that includes:
- Your business name, address and industry.
- Ownership type, years in business and tax ID.
- Your annual revenue and monthly expenses.
- Your personal and financial information, including monthly housing costs.
What credit score do I need?
You can apply with a good business score of 700. But a high credit limit may require a higher credit score.
Keep in mind that Capital One conducts a triple pull on your credit history from TransUnion, Equifax and Experian, while other banks pull from one credit bureau only.
What’s my likelihood of approval?
To increase your chances of approval, apply with a good to excellent credit score of 700 or higher.
Always consider your options and your financial situation before you apply for a credit card.
What do customers say about the Capital One® Spark® Cash for Business?
You’ll find customers online who claim that the Capital One® Spark® Cash for Business affected their personal credit. Some complain about receiving their low credit limit and spotty customer service. Still others say they’re satisfied with the card’s unlimited 2% cash back and guidance with improving their overall financial health.
Capital One Financial Corporation earns an A+ rating from the Better Business Bureau, which has accredited the bank since 1995.
How to apply for the Capital One® Spark® Cash for Business
- Visit Capital One’s website.
- Select the Capital One® Spark® Cash for Business from the list of business credit cards and click Apply now.
- Complete the application form with the required personal, financial and business information.
- Review your application and submit it.
How long will it take to be approved?
Capital One automates conditional approval on its website, which means you could see a decision in minutes if you’ve provided accurate information. Applications that need further review may take several business days for processing.
How long will it take to get my Capital One® Spark® Cash for Business card?
After approval, you should receive your card by mail in seven to 10 business days.
I got the card. Now what?
- Set up automatic cash back. Visit Capital One online or call its rewards center at 1-800-228-3001 to set up when you’ll receive cashback rewards. You can specify each calendar year or after you a specific threshold of $25, $50, $100 or $200.
- Avoid paying fees and interest. Avoid late fees of up to $39 by paying your balance on time and a potential penalty APR of 30.9%. Pay your statement in full in your grace period to avoid unnecessary interest on your purchases.
- Earn more through employees. Get additional cards for your employees to earn more cash back.
- Get help. For any questions, call Capital One’s customer service at 1-800-867-0904 or log in to your online account.
Bottom line
The Capital One® Spark® Cash for Business card helps you earn unlimited cash back as you buy the things your business needs. It offers a consistent 2% cash back on your purchases with no limits on how much you can earn.
But with so many business cards out there, do your research before making a decision. Compare other Capital One credit cards or look into other card providers to find one that best suits your business.
Frequently asked questions about Capital One
Images: CapitalOne.com
