Capital One Spark Cash

Don’t be fooled, there are so many cash back credit cards out there that there’s always a doubt at the back of our minds about which one is the best. The problem comes when we notice that many of them have a catch. Sometimes there’s a spending limit which puts a cap on how much you can actually get, other times there are select spending categories. 

That doesn’t happen with Capital One Spark Cash. It’s a great and unlimited cash back card that gives you some perks and rewards. All you have to do is spend without worrying about categories or limits. Which isn’t the same as saying this is the best possible option out there. 

There are some possible problems when it comes to fees. So you’ll have to evaluate your spending patterns carefully before you make any decision or try to get approval for this card. 

Knowing the pros and cons can help you choose the best credit card for your financial health. Keep reading to understand how this card works, what’s good about its rewards program and other info before applying. 

How does the Capital One Spark Cash work? 

This is a business credit card that’s best for small business owners and entrepreneurs. Does that mean you can’t use it if you run a big business? Not really, but you can certainly get some better options with different financial status. 

Its main focus is cash back. Are you someone who spends a lot on credit cards? Maybe you’re losing money even if your card has no fees to its name. After all, you could be getting statement credits or even offsetting your purchases with cash back by using the Capital One Spark Cash. 

Capital One didn’t hold back for one of their newest business credit cards. It comes complete with cash back, rewards and even an impressive intro offer. That’s why this credit card should be in your list of best options of the year. 

But there are some cons, such as a higher annual fee than usual. We’ll explain everything in detail below. 

Main advantages of the Capital One Spark Cash

The Capital One Spark Cash brings a complete rewards business card. The cash back is the star here, since you’ll get 2% for every purchase without a limit. Any big spender will love this option, since most other credit cards with high cash back impose a limit on the spending that will give you rewards. 

Other bright points are: 

• Unlimited 2% cash back for every purchase;
• Up to $1.000 as reward for spending in the first 6 months; 
• No spending limit for cash back; 
• Rewards never expire if your account is active;
• No foreign transaction fee;
• Free employee cards;
• Roadside assistance; 
• $200 annual cash bonus if you meet requirements. 

As you can see, there are many types of rewards you can get as well as the cash back. But we warn you: this is a credit card that won’t benefit you much if it just lays there in your wallet. You’ll have to use it and a lot to make up for the annual fee. 

Understand the rewards program for this card

Finally we get to the point that everyone was waiting for: the rewards. There’s a lot of cash back potential with the Capital One Spark Cash, but you’ll find out that there are even better ways to use this card. 

Whenever you make a purchase, no matter the category, you’ll get 2% cash back. But there’s a different tier of rewards when it comes to Capital One Travel. This service allows you to book hotel rooms and rental cars using a simple interface. If you pay using your Capital One Spark Cash, you’ll get 5% cash back on those purchases. 

Are you a frequent traveler? Great, because you can enjoy this perk even more. 

Redeeming rewards

Capital One is one of those credit card issuers that try to simply their redemption process. For starters, there’s an automatic redemption option for those who don’t want to find time in their busy day to choose their options. You can set a date and a certain threshold for your cash back, such as $50, $100 or even $1.000 to and the app will redeem it for you. 

There are many options for that, including: 

• Gift cards;
• Checks;
• Statement credit;
• Payments using Amazon or PayPal. 

Intro offer

You’ll get up to $1.000 cash bonus by signing up to this card and meeting certain spending criteria in the first six months: 

• $500 after spending $5.000; 
• Another $500 after spending $50.000.  

While you might not consider this a lot, it’s one of the highest intro bonuses among business credit cards. It already makes up for the $150 annual fee we’ll talk about further. 

Do you get travel benefits?

There are some benefits, but remember that this isn’t actually a travel card. When you make eligible purchases using this card, you’ll be able to get protection for 90 days, as well as extending warranties. Paying for rentals and luggage, you’ll also be eligible for reimbursement policy. 

There’s also: 

• 24/7 travel assistance; 
• Roadside assistance;
• Complimentary concierge services. 

While these perks are helpful, they aren’t rare in other credit cards. So don’t get the Capital One Spark Cash just for them. 

Interest rates and fees

Here is the worst part of the deal: the fees. Despite having plenty of perks and rewards, the Capital One Spark Cash can be quite expensive to keep. After all, if you don’t use it constantly and get some cash back, the annual fees and others could make you pay more than planned. 

Check out what you’re getting into once you get the Capital One Spark Cash approved: 

• $150 annual fee;
• 2,99% late fee; 
• $10 or 3% cash advance fee. 

There isn’t an ongoing APR for this credit card because you can’t hold a balance in it. Your payment must happen in full every month. In case you don’t manage to do that, instead of holding a balance you’ll pay a 2,99% late fee.

How to request

Requesting the Capital One Spark Cash business credit card involves a straightforward application process. Here’s how you can do it:

Steps to Request the Capital One Spark Cash Credit Card:

1. Gather Necessary Information:
   • Personal Information: Full name, Social Security number, date of birth, and contact information.
   • Business Information: Business name, business address, legal structure (e.g., sole proprietorship, LLC), tax identification number, years in business, and annual revenue.
   • Financial Information: Estimated monthly spending, existing debt, and possibly personal income.
2. Visit the Capital One Website:
   • Go to the Capital One Spark Cash page.
3. Start the Application:
   • Click on the “Apply Now” button to begin the application process.
4. Fill Out the Application Form:
   • Enter your personal, business, and financial information accurately.
   • Ensure all details are correct to avoid any delays or issues with your application.
5. Review the Terms and Conditions:
   • Carefully read the terms and conditions, including the interest rates, fees, and rewards program details.
6. Submit the Application:
   • After filling out the form and reviewing the terms, submit your application.
7. Wait for a Response:
   • Capital One will review your application and make a decision. This process can take a few minutes to a few days.
   • You might receive an immediate decision, or Capital One might contact you for additional information.
8. Receive Your Card:
   • If approved, you’ll receive your Capital One Spark Cash card in the mail within 7-10 business days.

Additional Tips:

• Check Your Credit Score: Before applying, it’s a good idea to check your credit score. A good or excellent credit score increases your chances of approval.
• Compare Options: While the Capital One Spark Cash card is a great choice, ensure it aligns with your business needs by comparing it with other business credit cards.
• Understand the Requirements: Ensure you meet the eligibility requirements, such as minimum revenue and years in business.

By following these steps, you can efficiently apply for the Capital One Spark Cash business credit card and start enjoying its rewards and benefits for your business.

Conclusion

In conclusion, the Capital One Spark Cash business credit card stands out for its simplicity and generous rewards structure, making it an attractive option for small business owners and entrepreneurs. The card offers unlimited 2% cash back on all purchases, ensuring that you earn rewards without the hassle of category restrictions or spending limits. The substantial sign-up bonus and additional benefits such as no foreign transaction fees, free employee cards, and travel-related perks further enhance its appeal.

However, the $150 annual fee and the requirement to pay off the balance in full each month should be carefully considered. If your business has substantial monthly expenditures and can consistently leverage the cash back rewards, the Capital One Spark Cash card can provide significant value and offset the annual fee. Conversely, if your spending is lower or irregular, the annual fee might outweigh the benefits.

Ultimately, evaluating your business’s spending patterns and financial needs will help determine if the Capital One Spark Cash card is the right fit. Its straightforward, unlimited cash back rewards program makes it a strong contender among business credit cards, provided you can utilize its benefits fully.