Capital One Spark Cash Select for Business review - October 2018 | finder.com

Capital One Spark® Cash Select for Business review – October 2018

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Get 1.5% cash back on all purchases with this no-frills business card.

  • Get this card if you want cash back without paying an annual fee.
  • Pick something else if you want travel rewards.
  • Apply with an excellent credit score of 675 or higher.
Product NameSpark® Cash Select for Business
Card TypeVisa
Annual Fee$0
APR (Annual Percentage Rate) for Purchases14.74%, 18.74% or 22.74% variable
Introductory Purchase APR0% for the first 9 months (then 14.74%, 18.74% or 22.74% variable)
Cash Advance Rate24.74% variable
Cash Advance Fee$10 or 3% of the cash advance amount, whichever is greater
Interest Free PeriodUp to 25 days
Late Payment FeeUp to $39
Additional Cardholder Fee$0
Rates & FeesRates & Fees
Minimum Age18 years of age
Welcome OfferEarn a one-time 200 cash bonus once you spend $3,000 on purchases within the first 3 months from account opening
Reward Value per Dollar1.5% cash back
Rewards Points ExpiryNever

The basics

The Spark® Cash Select for Business is a simple but effective card, offering a flat cashback rate on all spending. It’s a good pick if your spending is spread evenly throughout many categories. And with no annual fee, it can be a great business tool if you’re on a budget.

The perks

  • Annual fee: None.

    When expenses are tight, rest easy knowing you won’t pay an annual fee for the Spark® Cash Select for Business. You can get the card and keep it long term without feeling pressured to offset its cost with the rewards you earn.

    Many business credit cards come with annual fees. In that regard, the Spark® Cash Select for Business‘s $0 annual fee stands out.

  • Signup bonus: $200 cash bonus.

    When you spend $3,000 on purchases within the first 3 months of opening your account, you’ll earn a $200 cash bonus.

    This is a low signup bonus compared to other business credit cards. Still, most business credit cards with great signup bonuses also come with annual fees.

  • Intro APR: 0% for 9 months on purchases.

    For the first 9 months after opening your card, you’ll receive a 0% intro APR on purchases. After that, you’ll receive a purchase APR of 14.74%, 18.74% or 22.74% variable depending on your credit.

  • Rewards: 1.5% cash back on every purchase.

    This flat rewards rate is the highlight of the card. If you’re tired of keeping track of different reward tiers, you’ll like the simplicity of the Spark® Cash Select for Business.

    Your cash back won’t expire, and there’s no minimum to redeem it.

You’ll also like …

  • foreign transaction fees.

    You won’t incur fees when you use your card abroad or at foreign websites. Typically, providers charge a 3% fee each time you use your card for an international transaction. It doesn’t sound like much, but it can add up over a trip spanning several days.

    Since the Spark® Cash Select for Business comes with foreign transaction fees, it’s an excellent choice for vacations or business trips.

  • Add employee cards at no cost.

    You can add employees to your card account for free and earn rewards on their spending.

  • Travel benefits.

    When you rent an eligible car with your Spark® Cash Select for Business card, the vehicle will be covered against collision or theft.

    Also, get access to Visa emergency services like legal or medical referrals, ticket replacement and other forms of travel assistance.

  • Purchase security and extended protection.

    Eligible items you buy with your Spark® Cash Select for Business are covered against theft or accidental loss. Also, enjoy extended warranties on eligible purchases.

What to watch out for

  • Potentially high APR.

    Your ongoing APR for purchases and balance transfers could be as high as 22.74% variable depending on your credit.

  • No intro APR for balance transfers.

    The Spark® Cash Select for Business offers a 0% intro APR for purchases only.

  • Penalty APR.

    If you make a late payment, Capital One may raise your purchase, balance transfer and cash advance APR to 31.15% variable. This is known as a penalty APR. Capital One may apply this rate to your account indefinitely.

Consider other cards if …

  • You want travel rewards.

    With the Spark® Cash Select for Business, you’ll earn cash back on your spending. For a card that offers flat travel rewards, consider the Spark® Miles Select for Business. If you’re a frequent traveler, you might like cards like the Ink Business Preferred℠ credit card or the Business Platinum Card® from American Express.

  • You want a bigger signup bonus.

    The Spark® Cash Select for Business offers a $200cash bonus if you spend $3,000 on purchases in the first 3 months of opening your account. Meanwhile, the Ink Business Cash℠ credit card offers a $500 cash bonus if you spend $3,000 on purchases in the first 3 months of opening your account, and it doesn’t have an annual fee.

    If you’re willing to pay for a business card with an annual fee, you’ll find very strong signup bonuses. For example, the Ink Business Preferred℠ credit card comes with a $95 annual fee, but it offers 80,000 bonus points after you spend $5,000 on purchases in the first 3 months after account opening. That's $1,000 toward travel rewards when you redeem through Chase Ultimate Rewards®.

  • You want a market-leading intro APR.

    Consider the Blue Business℠ Plus Credit Card from American Express, which offers a 0% intro APR on purchases and balance transfers for 15 months after opening your account. After that, the APR will revert to 13.24%, 17.24% or 21.24% variable . The Ink Business Cash℠ credit card offers a 0% intro APR on purchases and balance transfers for 12 months after opening your account. The APR will range from 14.99% to 20.99% variable after that.

  • You have fair credit.

    Look into the Spark® Classic for Business, which is available to business owners with average credit. It offers 1% cash back on all purchases and has a $0 annual fee.

Compare business credit cards

Updated October 21st, 2018
Name Product APR (Annual Percentage Rate) for Purchases Introductory Purchase APR Annual Fee
None (Charge Card)
$450
New cardholders can earn 75,000 Membership Rewards® bonus points by spending $10,000 on purchases for the first 50,000 points and then another $10,000 for the next 25,000 points on their new card in the first 3 months.
None (Charge Card)
$0 annual fee for the first year ($250 thereafter)
This charge card gives you the option to pay in full each month or to carry a balance for up to 60 days with no interest.
20.24% variable
$0 annual fee for the first year ($175 thereafter)
Earn 50,000 Membership Rewards® points after you spend $5,000 in qualifying purchases on the Card within your first 3 months of Card Membership.
14.24%, 19.24% or 21.24% variable
0% for the first 9 months (then 14.24%, 19.24% or 21.24% variable)
$0
Save on interest with a 0% intro APR on purchases for 9 months; after that your APR will be 14.24% - 21.24% variable.
14.99% to 20.99% variable
0% for the first 12 months (then 14.99% to 20.99% variable)
$0
$500 bonus cash back after you spend $3,000 in the first 3 months.
17.74% to 22.74% variable
$95
80,000 bonus points after you spend $5,000 on purchases in the first 3 months after account opening. That's $1,000 toward travel rewards when you redeem through Chase Ultimate Rewards®.
17.74% to 24.74% variable
$0 annual fee for the first year ($99 thereafter)
75,000 Bonus points after you spend $3,000 on purchases in your first 3 months from your account opening with your Marriott Rewards Premier Business credit card.
24.74% variable
$0
Get the credit you want for your business, and unlimited 1% cash back on every purchase, every day.
14.74%, 18.74% or 22.74% variable
0% for the first 9 months (then 14.74%, 18.74% or 22.74% variable)
$0
Unlimited 1.5X miles per dollar on every purchase, every day.
18.74% variable
$0 annual fee for the first year ($95 thereafter)
Unlimited 2 miles per dollar on every purchase, every day.
14.74%, 18.74% or 22.74% variable
0% for the first 9 months (then 14.74%, 18.74% or 22.74% variable)
$0
Unlimited 1.5 cash back on every purchase, every day.
18.74% variable
$0 annual fee for the first year ($95 thereafter)
Unlimited 2% cash back from Spark Cash could mean thousands of dollars each year going back into your business. No minimum to redeem.
17.74% to 24.74% variable
$0 annual fee for the first year ($95 thereafter)
50,000 bonus miles after you spend $3,000 on purchases in the first 3 months your account is open.
17.74% to 24.74% variable
0% for the first 9 months (then 17.74% to 24.74% variable)
$99
Earn 2x points on Southwest® purchases and 1x point on all other purchases. Plus 6,000 anniversary bonus points.
17.99% to 25.99% variable
$0 annual fee for the first year ($99 thereafter)
For a limited time, earn 70,000 American Airlines AAdvantage® bonus miles after making $4,000 in purchases within the first 4 months of account opening.

Compare up to 4 providers

What size business is the Spark® Cash Select for Business good for?

The no-annual-fee Spark® Cash Select for Business can be a good choice for businesses of all sizes. Because it offers 1.5% cash back on all purchases, it’s probably most effective if your business spends evenly in a variety of categories.

If your business has a high volume of spending in specific categories, you might earn more rewards from a different card. For example, the Ink Business Preferred℠ credit card offers 3x points in categories like travel, shipping purchases and select online advertising on up to $150,000 in combined purchases each card year, then 1x points after that. And if you take a lot of business flights, you might like an airline credit card.

What should I know before I apply?

To apply for the Spark® Cash Select for Business, you must be:

  • At least 18 years old.
  • A resident of the US or a US military location.

Information you’ll need

To complete the application, you’ll need to provide information about yourself and your business, including:

  • Your name, residential status and residential address.
  • Your Social Security number.
  • Your email address, phone number and date of birth.
  • Financial information like your annual income and source of income.
  • The name of your business, its mailing address and its employee count.
  • Your years in business and annual business revenue.
  • Your tax identification number.

What credit score do I need?

You’ll have a better chance of being approved for the Spark® Cash Select for Business if you apply with an excellent credit score of 675 or higher.

If you have a healthy business and excellent credit, your likelihood of approval is strong. Here are a few other factors that might affect your odds of approval:

  • Hard pulls on your credit report. If you have several hard inquiries — or hard pulls — on your report, it could imply you’re having trouble managing your debt. Capital One might think you’re desperate for credit and may be less likely to take you on as a customer.
  • Factors that tie into your credit score. Your credit utilization is a major factor Capital One considers. The bank prefers a customer with low balances relative to their credit limit. Having many new card accounts may be a red flag too, as it could indicate you’re desperate for credit. It may also give the impression that you’re a flighty customer who’s just hunting for signup bonuses.

What do customers say about the Spark® Cash Select for Business?

Customers are typically impressed with the card’s cash back. Some note that the card is well suited for small and mid-sized businesses.

The Capital One Financial Corporation has been accredited with the Better Business Bureau since 1995 and earns an overall A+ rating as of June 2018. However, over 90% of its customer reviews are negative, with many cardholders having issues disputing fraudulent charges and making payments.

The company earns a Trustpilot score of 4.6 out of 10. Many negative reviews cite poor customer service for account issues such as bill pay and penalty fees. Other reviews say Capital One offers good cardholder benefits and friendly service. Overall, your mileage may vary with Capital One customer support.

How to apply for the Spark® Cash Select for Business

  1. Go to the Capital One website and click Apply now.
  2. Complete the application with details like your name, address, annual income, Social Security number and business information.
  3. Review and submit your application.

How long will it take to get my Spark® Cash Select for Business?

Because conditional credit approval is automated on the website, you may get a decision on your application within a few minutes. If more information is needed from you, it may take a few business days up to a few weeks.

After you’re approved, you’ll typically receive your card within seven to 10 business days.

I got the card. Now what?

  • Track your spending. Monitor your spending and payments online 24/7.
  • Avoid fees. Avoid late fees of up to $39 by setting up automatic payments for billing statements.
  • Earn more rewards with your employees’ help. Earn extra rewards by adding employees to your card account as authorized users.
  • Contact customer service. Call Capital One at 1-800-867-0904 or by signing in to your Capital One account online if you run into any issues with your card.

Bottom line

The Spark® Cash Select for Business keeps things simple with 1.5% cash back on all purchases and a $0 annual fee. It’s a solid pick if you want a no-frills card that rewards a variety of spending.

If you’re not convinced this is the card for your business, compare your options with our guide to business credit cards.

Frequently asked questions about the Spark® Cash Select for Business

Images: capitalone.com

Adrienne Fuller

Adrienne Fuller leads the publishing team at finder.com. She has one goal: to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. When she's not helping folks save money, she's hiking with her two Catahoulas around her home in San Diego.

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