Capital One Spark Cash Select Card Review

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Capital One® Spark® Cash Select for businesses

  • Introductory bonus:

    $ 200

  • Annual subscription :

    $ 0

  • Regular APR:

    13.99% – 23.99% (Variable)

  • Recommended credit score:

    670-850 (good to excellent)

Reward rate:

Earn 1.5% unlimited cash back for your business on every purchase, anywhere, with no limits or category restrictions.

NextAdvisor’s Take

Advantages

  • 1.5% Unlimited Cash Back Rewards
  • Generous bonus offer
  • No annual fee

The inconvenients

  • Some business cards offer higher cash back rates
  • High APR potential
  • Excellent credit required
  • Few advantages for cardholders

The bottom line

The Capital One Spark Cash Select is a business credit card that offers 1.5% cash back on all expenses with no annual fee. The rewards you earn on business expenses with this card can be redeemed for cash back or statement credits, but you’ll need excellent credit to qualify.

Additional card details

  • Year-end summaries let you track your business spending
  • Download expense reports to Quicken®, QuickBooks® and Excel®
  • Free employee cards
  • No foreign transaction fees
  • Roadside assistance hotline
  • Extended warranty coverage

Full review

Card type

The Capital One Spark Cash Select is a business credit card for small business owners, entrepreneurs, or self-employed people who want to recoup money from their expenses.

Annual subscription

There is no annual fee for the Capital One Spark Cash Select, which makes it a good card option for your business in the long run.

Welcome offer

When you sign up for Capital One Spark Cash Select, you can earn $ 500 in cash back when you spend $ 4,500 within three months of opening the account. There is no introductory 0% interest period for this card.

Awards

With Capital One Spark Cash Select, you’ll earn 1.5% fixed cash back for every dollar spent. This reward rate is fixed, which means you earn the same rate on everything you buy. The rewards are also unlimited and do not expire while your account is open.

Costs

Capital One Spark Cash Select does not charge annual fees or overseas transaction fees. If you carry a balance, you will pay a variable APR of 13.24%, 16.24% or 19.24% depending on your creditworthiness.

Other fees to watch out for include late fees of up to $ 39 and a 3% cash advance fee (minimum $ 10) that apply if you use your card to get money from a bank. automatic teller machine. You may also incur an APR penalty for late payments of up to 29.4%.

Other benefits

If you’re looking for a business card with a ton of perks, the Capital One Spark Cash Select isn’t for you. This card does not have a lot of major advantages to speak of.

The benefits you can get are relatively common among business credit cards. This includes year-end summaries, downloadable expense reports, free employee cards, no overseas transaction fees, roadside assistance, and extended warranties.

Benefits of the Capital One Spark Cash Select card

The main reason for signing up for the Capital One Spark Cash Select card is that you enjoy simple, fixed cash rewards and don’t want to pay an annual fee. The reward rate on this card (1.5%) is good enough for a business credit card, and the rewards are unlimited, so you never have to worry about exceeding income limits with your business expenses.

The sign-up bonus on this card is also a good deal. You’ll need to spend $ 4,500 within three months ($ 1,500 per month for three consecutive months) to meet the threshold, and you’ll get an additional $ 500 in cash rewards.

Disadvantages of the Capital One Spark Cash Select card

There are a few reasons you might want to consider other rewards credit cards for your business, including the lack of benefits with the Capital One Spark Cash Select. If you’re someone who wants specific travel benefits, a travel credit card with a solid rewards program might be a better choice.

There are also other business reward credit cards that offer a higher cash back rate, especially if you are willing to pay an annual fee. For example, the Capital One Spark Cash Plus offers an unlimited 2% cashback on all purchases, as well as an attractive bonus offer, in exchange for an annual fee of $ 150. If your business expenses exceed $ 30,000 each year, you may exceed the value of the Spark Cash Select rewards with this card, after factoring in the cost of the annual fee (not including the increased value of the higher welcome bonus of this card).

Blue business moneyMT Another option for boosted cash rewards is the American Express Card. With no annual fee, you can earn a flat 2% discount on every purchase. But this card only earns 2% on the first $ 50,000 you spend each year (then 1% back), so check your company’s annual budget before you apply.

How to use Capital One Spark Cash Select

If you decide Capital One Spark Cash Select is the best card option for your business, you won’t have to work hard to maximize its benefits. You should use it for all of your business expenses in order to earn as many rewards as possible, and you can also get free cards that employees can add to your rewards pool with their business purchases.

Depending on how much you spend on a regular basis, you may want to strategize when you apply. To earn the $ 500 welcome bonus, you will need to spend at least $ 4,500 in the first three months after opening the account. If that doesn’t match your usual business expenses, consider waiting to apply when you have a large purchase to make.

Other than that, make sure you only charge what your business can afford to pay each month. If you accumulate debt that you cannot pay off, you will end up earning interest at a high variable APR.

Capital One Spark Cash Select card compared to other cards

  • Introductory bonus:
  • Annual subscription :

    $ 0

  • Regular APR:

    13.99% – 23.99% (Variable)

  • Recommended credit:

    670-850 (good to excellent)

  • Learn more external link icon on the secure site of our partner.
  • Introductory bonus:
  • Annual subscription :

    $ 150

  • Regular APR:

    N / A

  • Recommended credit:

    670-850 (good to excellent)

  • Learn more external link icon on the secure site of our partner.

Is Capital One Spark Cash Select Right For You?

There are many business credit cards on the market today, but they often charge an annual fee or limit the amount you can earn in rewards.

Capital One Spark Cash Select is not only free (as long as you don’t use it to accumulate debt), its 1.5% cash back rewards on every purchase can quickly add up, especially if your business expenses are low. do not. fit into common business card reward categories. The lack of additional perks can be a downside, but if you’re looking for a simple card to earn simple rewards on your spending, the Spark Cash Select might be a good choice.

Before you apply, be sure to compare this card to other cash-back business credit cards and assess your typical business expenses to make sure you choose the best card for your wallet.

Frequently Asked Questions (FAQ)

What credit score do you need for Capital One Spark Cash Select?

You will need excellent credit to have the best chance of qualifying for the Capital One Spark Cash Select. According to Capital One, you must never have filed for bankruptcy or defaulted on a loan, and it cannot have been more than 60 days late on a credit card or loan payment in the past year to be. approved. You should also have had a loan or credit card with a credit limit of $ 5,000 or more for at least three years.

Does Capital One Spark Cash Select charge foreign transaction fees?

The Capital One Spark Cash Select does not charge an overseas transaction fee when you use it for overseas purchases.

What is the credit limit of Capital One Spark Cash Select?

The minimum credit limit for the Capital One Spark Cash Select is $ 2,000.

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