Capital One Spark Cash Select Review: 1.5% Cash Back Simplified
The Capital One Spark Cash Select is a business credit card designed to offer simplicity and value for entrepreneurs and small-business owners. With a straightforward rewards structure, the card provides 1.5% cash back on all purchases, making it an attractive option for those seeking an uncomplicated, yet rewarding, financial tool for their business.
While some business credit cards come with annual fees that may offset the value of their rewards, the Capital One Spark Cash Select is a no-annual-fee card, making it even more appealing for cost-conscious business operators. Additionally, this card offers a strong welcome bonus for new cardholders, adding to its overall value proposition. For those with good to excellent credit, the Capital One Spark Cash Select can be an ideal choice for managing business expenses while earning valuable cash back rewards on every purchase.
Features and Benefits
The Capital One Spark Cash Select offers several features and benefits tailored to small business owners. One of its primary draws is the 1.5% cash back on all purchases, with no limits or restrictions.
Some additional perks include:
- No annual fee: This card has no annual fee, making it a cost-effective choice for businesses seeking rewards.
- Welcome bonus: New cardholders can earn a one-time cash bonus after meeting the required spending threshold within the first three months.
- 0% intro APR period: The Spark Cash Select offers a 0% introductory APR on purchases for an initial period, allowing businesses to make larger purchases without worrying about interest charges.
Moreover, the Spark Cash Select provides several valuable tools and protections for cardholders:
|Free employee cards:||Easily add employee cards at no additional cost, and earn rewards on their spending too.|
|Customizable spending limits:||Set individual limits for employee cards to control and manage expenses.|
|Fraud protection:||The card offers advanced fraud protection, including $0 fraud liability and account alerts.|
|Year-end summaries:||Receive detailed year-end summaries to simplify accounting and tax preparation.|
Overall, the Capital One Spark Cash Select is a solid choice for small businesses looking for straightforward cash back rewards and useful management tools.
Fees and Rates
The Capital One Spark Cash Select credit card offers competitive fees and rates that make it appealing to small business owners. The card comes with a $0 annual fee and a 0% introductory APR for the first 12 months.
Once the introductory period ends, the variable APR will apply based on your creditworthiness. As of 2022, typical variable rates ranged from 13.7% to 16.9% for credit cards. Make sure to check the card’s terms and conditions for the most updated APR rates.
When it comes to fees, the Spark Cash Select credit card offers:
- No annual fee
- No foreign transaction fee
- $0 charges for employee cards
However, note that late payment fees and returned payment fees may apply, so make sure to pay your balance on time to avoid additional charges.
The card’s straightforward fee structure and competitive rates make it an attractive option for small businesses looking to earn cash back on their purchases while avoiding high fees.
How to Apply
To apply for the Capital One Spark Cash Select, follow these simple steps:
- Visit the Capital One Spark Cash Select official webpage to start your application.
- Click the “Apply Now” button on the page, which will redirect you to the online application form.
- Provide your personal and business information, including your name, email address, Social Security number, business name, and annual revenue.
- Review the terms and conditions, and submit your application after agreeing to them.
Capital One will then evaluate your application based on your credit history and business financials. They may request additional information or documents to further assess your eligibility.
Approval for the Spark Cash Select usually takes a few business days. If you’re approved, Capital One will notify you of your credit limit, and you’ll receive your physical card within 7-10 business days.
If you face any issues during the application process or need assistance, you can contact Capital One’s customer support at 1-800-227-4825.
Rewards Redemption and Redemption Options
The Capital One Spark Cash Select card offers a straightforward rewards program, making it simple for cardholders to redeem their earnings. With a 1.5% cash back rate on all purchases, it’s easy to accumulate rewards over time.
To redeem cash back, cardholders can choose from several convenient options. According to Capital One, you can:
- Request a statement credit, which will be applied to your account balance
- Receive a check, which can be deposited into any account
- Redeem cash back for gift cards from various retailers
- Use rewards to cover recent purchases on your account
- Donate to select charities
One great feature of the Spark Cash Select card is that there are no minimum redemption amounts or caps on the cash back you can earn. This means you can redeem your rewards anytime, and your earnings are unlimited as long as your account remains in good standing.
In addition to cash back rewards, cardholders also have access to tools and benefits for managing their business. This includes user-friendly expense-tracking tools, year-end summaries, purchase security, and more. With these additional features, Capital One Spark Cash Select becomes more than just a cash back card—it’s a valuable tool for managing business finances.
Pros and Cons
The Capital One Spark Cash Select for Business is a popular credit card for small business owners, with its 1.5% cash back rewards program. Let’s explore some of its pros and cons:
- Unlimited 1.5% cash back: The card provides a flat cash back rate of 1.5% on every purchase made, with no limit on the amount that can be earned.
- No annual fee: The Spark Cash Select has no annual fee, making it an affordable option for small business owners.
- Introductory bonus: New cardholders can earn a one-time $200 cash bonus after spending $3,000 on purchases within the first three months.
- Ease of redemption: Cash back can be redeemed at any time and for any amount, providing flexibility for business owners.
- No bonus categories: Unlike some other business credit cards, the Spark Cash Select does not offer higher cash back rates for specific spending categories like office supplies or travel.
- Foreign transaction fee: This card charges a 2.7% foreign transaction fee, making it less suitable for businesses with international transactions.
- Limited additional card benefits: While the card does offer basic benefits like fraud protection and purchase security, it lacks many of the additional perks found in other business credit cards, such as travel insurance or complimentary lounge access.
Comparisons with Similar Cards
The Capital One Spark Cash Select competes with several other business credit cards that offer cash back rewards. Let’s take a closer look at some of its main competitors:
- Chase Ink Business Unlimited® Credit Card
- American Express Blue Business Cash™ Card
- Bank of America® Business Advantage Cash Rewards
The Chase Ink Business Unlimited® Credit Card also offers 1.5% cash back on all purchases, similar to the Spark Cash Select. However, it currently provides a more generous sign-up bonus of $750 after spending $7,500 within the first 3 months. This card also has a 0% introductory APR for the first 12 months on purchases.
With the American Express Blue Business Cash™ Card, cardholders can earn 2% cash back on all eligible purchases up to $50,000 per calendar year, and 1% cash back after that. This card also features a 0% introductory APR on purchases for the first 12 months. However, the Blue Business Cash™ Card has a foreign transaction fee of 2.7%.
The Bank of America® Business Advantage Cash Rewards credit card offers tiered cash back rewards, with 3% cash back in a category of your choice, 2% on dining, and 1% on all other purchases. If you’re a Bank of America Preferred Rewards for Business member, you can earn up to 5.25% cash back in your chosen category. This card also offers a $300 statement credit after spending $3,000 within the first 90 days.
Each of these cards targets different business needs and spending patterns. Choosing the right one depends on your specific requirements, such as the categories where you spend the most, your need for a 0% introductory APR, or your preference for a higher sign-up bonus.
The Capital One Spark Cash Select business credit card is an ideal option for small business owners seeking a simple, yet rewarding, cash back program. With 1.5% cash back on every purchase and no annual fee, this card offers a worthwhile return on everyday business expenses.
One of the standout features of this card is the welcome cash bonus. Earn a $500 cash bonus when you spend $4,500 in the first 3 months of account opening, providing an additional incentive for new cardholders to choose the Spark Cash Select.
Although the card may not offer as many perks as some other competitor cards, its simplicity and cash back rate make it a contender for businesses with average or moderate spending habits. With no annual fee and key features like fraud protection and no foreign transaction fees, the Capital One Spark Cash Select is a solid choice for small business owners.