Capital One Spark Cash Select for Business is a well-liked business money again credit score card with no annual charge and a easy rewards program that earns a vast 1.5% money again on each buy. Like many different business bank cards, it affords some helpful advantages for business homeowners, corresponding to free worker playing cards and spending studies.
Spark Cash Select candidates can select from two distinct merchandise:
- Capital One Spark Cash Select – $500 Bonus, which delivers an early spend bonus value $500 after you spend $4,500 within the first 3 months of account opening.
- Capital One Spark Cash Select – 0% APR for 12 Months, which affords an interest-free (0% APR) interval on purchases for 12 months after account opening.
Spark Cash Select competes with a bunch of different business rewards playing cards, together with Chase Ink Business Cash, Chase Ink Business Preferred ($95 annual charge), and Capital One’s personal Spark Cash for Business (with an elevated 2% money again rate in change for a $95 annual charge).
These are the important thing options of the Spark Cash Select playing cards.
Early Spend Bonus (Spark Cash Select – $500 Bonus)
The Spark Cash Select – $500 Bonus card delivers a $500 money bonus after you spend not less than $4,500 in purchases inside 3 months of opening the account.
Introductory APR (Spark Cash Select – 0% APR for 12 Months)
The Spark Cash Select – 0% APR for 12 Months card affords 0% intro APR on purchases for 12 months from account opening. Thereafter, variable common APR applies.
Cash Back Rewards and Redemption (Both Cards)
Spark Cash Select earns a flat 1.5% money again on each $1 spent, day by day, with no caps or restrictions. Accumulated money again will be redeemed in any quantity for assertion credit and paper checks. You may also arrange computerized redemption, which clears your money again account within the method of your selecting (assertion credit score or examine) when you attain a predefined redemption threshold: $25, $50, $100, or $200.
Additionally, you’ll be able to redeem your money again for present playing cards and charitable donations, although doing so might diminish the worth of your money again and should entail a minimal redemption threshold.
Important Fees (Both Cards)
There is not any annual charge, overseas transaction charge, or charge for worker playing cards. The money advance charge is the higher of three% or $10, and the late cost charge is $39.
Quarterly and Year-End Reports (Both Cards)
At the top of each quarter and year, Capital One sends you an in depth abstract of your spending throughout the interval, together with categorized line gadgets that simplify budgeting, accounting, and tax preparation. Spending on worker playing cards, if any, is included on this report as effectively.
Downloadable Purchase Records (Both Cards)
Capital One affords downloadable buy studies that may simply be exported to accounting software corresponding to QuickBooks, Excel, and Quicken – one other profit for accounting and tax preparation.
Additional Benefits (Both Cards)
Spark Cash Select has numerous common advantages, together with a complimentary auto rental collision harm waiver if you cost the total quantity of the rental to your card, and 24/7 emergency journey help companies, together with ticket alternative and lost card alternative.
Credit Required (Both Cards)
Spark Cash Select requires good to wonderful credit score. Just a few credit score historical past imperfections most likely received’t disqualify you from consideration, however severe blemishes are prone to be an issue.
Here’s what Spark Cash Select has going for it.
- No Annual Fee. Capital One Spark Cash Select for Business doesn’t cost an annual charge. This is a particular perk for frugal business homeowners who don’t spend sufficient to offset an annual charge. Some competing playing cards, corresponding to Chase Ink Business Preferred and American Express Business Green Rewards, do carry annual charges.
- No Foreign Transaction Fees. This card additionally doesn’t cost overseas transaction charges. If you journey overseas repeatedly or do business in different international locations, it is a massive perk. Amex’s Blue Business Plus and Blue Business Cash each cost 2.7% for overseas transactions.
- Nice Early Spend Bonus on the Spark Cash Select – $500 Bonus Card. To be eligible to obtain the $500 early spend bonus on the Spark Cash Select – $500 Bonus Card, you will need to spend $4,500 on the card inside 3 months. Fortunately, that’s doable for many business homeowners.
- Rewards Can Be Redeemed in Any Amount. You can redeem your money again rewards in any quantity. This is nice if you happen to spend intermittently with this card and don’t need to wait till you hit a redemption threshold. Some different playing cards set minimal redemption necessities.
- No Spending Caps or Rotating/Tiered Spending Categories. Spark Cash Select’s money again rewards system couldn’t be less complicated – a vast 1.5% again on all purchases, it doesn’t matter what. If you’ll be able to’t be bothered with rotating or tiered spending classes, it is a welcome aid. Many competing playing cards, together with choices provided by Chase and American Express, have rather more complicated rewards schemes.
Consider these disadvantages earlier than making use of for Spark Cash Select.
- Rewards Capped at 1.5% Rate. Capital One Spark Cash Select’s money again incomes rate is capped at 1.5%. That’s an honest baseline, however it may well’t compete with larger charges accessible from playing cards with favored spending classes. For occasion, Chase Ink Business Cash and Chase Ink Business Preferred earn as much as 3% money again in choose spending classes (corresponding to telecommunications and office provides) as much as respective $25,000 and $150,000 annual caps. If you could have heavy spending wants and count on to interrupt by way of these caps, it might be extra advantageous to stay with Spark Cash Select. If you could have extra modest spending wants in particular classes, look to playing cards that favor these classes, because you most likely received’t exceed the caps frequently.
- Limited Business Benefits. Aside from the quarterly spending studies and exportable buy information, this card doesn’t have many advantages designed particularly for business homeowners. Other business bank cards are rather more beneficiant on this level. For occasion, American Express business playing cards embrace reductions as much as 5% (or an equal Membership Rewards point-earning rate) with choose companion retailers, together with FedEx.
- Non-cash Redemptions Are Not Ideal. If you need to redeem your money again for one thing apart from an announcement credit score or paper examine, you’ll be able to choose for a present card or charitable donation. However, present card redemptions might minimize the worth of your accrued money again – by as a lot as half, in some instances – and their phrases are topic to vary with out discover.
- Can’t Redeem for Merchandise. You can’t redeem your money again rewards for merchandise. That’s a bummer if you would like the flexibleness to spend your money with out taking it out of your Capital One account. Many of American Express’s business playing cards match into Amex’s Membership Rewards program, which is mainly an internet shopping center with affordable offers on a variety of common merchandise, transportation, experiences, and extra.
Aside from the identify and a handful of perks that aren’t accessible on Capital One client bank cards, Capital One Spark Cash Select – $500 Bonus and Capital One Spark Cash Select – 0% APR for 12 Months playing cards don’t a lot seem like business bank cards. In reality, these playing cards’ primary parameters are practically equivalent to Capital One Quicksilver, the issuer’s flagship client money again card.
However, this isn’t essentially a foul factor. If you need to earn the identical money again rate on each single buy you make for your business, with out paying a hefty charge every year, a Spark Cash Select card deserves a spot in your pockets. Depending in your non-business spending wants, you may need to get a Quicksilver card to maintain it company.