Capital One® Spark® Cash Select for Business Credit Card Review
Capital One® Spark® Cash Select for Business
The Capital One Spark Cash Select for Business offers a simple rewards program that’s a good fit for small business owners. You’ll earn unlimited 1.5% cash back on all purchases, with no caps. Best of all, the card has an annual fee of $0, so you won’t pay for the privilege.
If you spend more than $19,000 per year, though, you may be better off with its sister card, the Capital One Spark Cash for Business. There are two main differences: The Capital One Spark Cash for Business card earns 2% cash back on all purchases, but also charges an annual fee. In other words: You’ll make an additional 0.5% on all purchases, but you need to spend enough to offset the annual fee to make it worth your while.
If you’re unsure which card is right for you, plug your spending into the CardCruncher tool. It’ll analyze how you spend and which card will provide the best rewards. If you’re still eyeing the Capital One Spark Cash Select for Business, here’s everything you need to know about before you apply.
Capital One Spark Cash Select for Business Highlights
Annual Fee: $0
APR: 13.99% - 23.99% (Variable)
Welcome Bonus: $200
Capital One Spark Cash Select for Business Benefits:
- Earn unlimited 1.5% cash back on all purchases
- No minimum cash-back redemption amount
- Quarterly and yearly summaries
- Rental car insurance
- Purchase protection
- Extended warranty protection
- Free employee cards
- No foreign transaction fees
- No balance transfer fee
Capital One Spark Cash Select for Business Minimum Payment: The greater of $25 or 1% of the balance, plus new interest charges, past due fees, and any past due amount.
Capital One Spark Cash Select for Business Fees:
- Cash advance fee of 3% of the transaction amount ($10 minimum)
- Late payment fee of up to $39
Why Apply for the Capital One Spark Cash Select for Business
Here are a few things the Capital One Spark Cash Select for Business has going for it and why you should consider applying.
Easy rewards structure
For a card with no annual fee, the Capital One Spark Cash Select for Business gives a solid rewards rate. It earns 1.5% cash back on every purchase, plus a one-time bonus of $200 after you spend $3,000 in the first three months from account opening.
Introductory 0% APR
The Capital One Spark Cash Select for Business offers a solid intro APR of 13.99% - 23.99% (Variable). While that’s not the longest 0% APR promotion on a business credit card, it still gives you valuable time to pay down a large purchase or daily operating expenses interest-free.
$0 annual fee
If cutting costs is your top priority and you don’t spend more than $19,000 a year on one credit card, the Capital One Spark Cash Select for Business makes a lot of sense. Otherwise, if you spend more, you can earn more rewards on the Capital One Spark Cash for Business.
Capital One Spark Cash Select for Business: Drawbacks and Downsides
The Capital One Spark Cash Select for Business may be a good fit for some, but isn’t necessarily the best for everyone. Here are some cons to consider.
No chance for bonus rewards
If you spend a lot in one category, a business credit card that offers bonus rewards on those purchases may be a better choice for your company. For example, the Amex Business Gold Card earns 4X points on the two categories where you spend the most money.
Not as valuable for big spenders
The card’s sister card, the Capital One Spark Cash for Business, offers 2% cash back on every purchase with an annual fee of $0 intro for first year; $95 after that. You’d have to spend $19,000 per year to earn enough cash back with that extra 0.5% cash back to offset the annual fee. If you do that regularly, don’t hesitate to spend on an annual fee.
No introductory 0% APR on balance transfers
The card doesn’t charge a balance transfer fee, but the 0% APR promotion doesn’t apply to balance transfers. If you have a balance on another high-interest credit card, it may be better to pick a card with a 0% APR period on transfers.
Capital One Spark Cash Select for Business Alternatives
If you’re on the fence about the Capital One Spark Cash Select for Business, here are some other options to compare.
Capital One® Spark® Cash for Business
Like an older sister, the Capital One® Spark® Cash for Business offers a beefed-up 2% cash back on everything. It also comes with a solid welcome bonus of $500 after you spend $4,500 in the first three months. And while there’s no 0% APR promotion, you can get a lot more value over the long run if you spend enough. The card’s annual fee is $0 intro for first year; $95 after that.
Ink Business Unlimited Credit Card
The Ink Business Unlimited Credit Card also doesn’t charge an annual fee, but gives you a lot more value than the Capital One Spark Cash Select for Business. Its welcome bonus is $500 after you spend $3,000 in the first three months. It also offers 1.5% cash back on everything, plus an APR of 14.74% - 20.74% Variable. There is, however, a 3% foreign transaction fee, so consider that if you spend frequently outside the U.S.
Capital One Spark Cash Select for Business FAQs
Here are a few other questions and their answers to help you make the most of the Capital One Spark Cash Select for Business.
How do I redeem my Capital One Spark rewards?
Once you’ve earned cash back with the card—there’s no minimum redemption amount—log into your account and click on your rewards balance. Then decide how you want to redeem your cash back. You can request cash back in the form of a check or statement credit, or you can use it to buy gift cards. If you’d rather automate the process, Capital One offers that option once you reach a certain dollar amount.
What’s the Capital One Spark Business credit limit?
Unfortunately, it’s impossible to say what your credit limit will be until you apply and get approved. Business credit card issuers may consider several factors, including your credit history, personal and business financials, other outstanding debts, and more.
Bottom Line: Should You Apply for the Capital One Spark Cash Select for Business?
The Capital One Spark Cash Select for Business is a decent cash-back credit card for new business owners who don’t have a lot of expenses. If you spend a lot, though, you’ll get better value from other business credit cards. Also, if you spend a lot on one category and you can earn bonus rewards on that category with another card, that may be a better choice. Give the CardCruncher tool a try to make sure you’re getting the best rewards you can—it’ll do the math.