Capital One Spark Cash Select for Business Credit Card

Andrew Reyes  | 
  • Annual percentage rate (APR): 13.99% to 23.99%.
  • Purchase intro APR: 0% for nine months.
  • Rewards: 1.5% cash back; $200 cash bonus.
  • Annual fee: $0.
  • Late fee: $39.
  • Credit score: Good to Excellent (700-850).
  • Compare cards here.

Benefits

  • Simple rewards with high potential: Business owners stand to gain a lot of rewards through smart credit card use, and 1.5% unlimited cash back on all purchases is very generous for a business credit card. Further, because rewards are not tied to specific categories or retailers and never expire, businesses with a wide range of expenses can maximize their cash-back benefits with this card. Note that this reward also applies to associated employee cards, which can be acquired for free. Compared to other Capital One Spark offerings, Cash Select is the best rewards rate for a card with no annual fee.
  • Introductory 0% APR for purchases: It probably goes without saying, but a nine-month 0% APR period provides businesses with a huge amount of financial flexibility. For example, even if you have an APR of 13.99%, you can expect to pay just over $1,100 over the nine-month period if you accrue $20,000 on the card. With a 0% APR, you’ll avoid this interest. Combined with the cash back you’ll be making on purchases, this is a tempting value proposition for business owners seeking a new credit card to cover expenses.
  • Business benefits: There is a suite of additional benefits available to Capital One Spark Cash Select cardholders. This includes fraud detection, purchase security, extended warranty protection, an auto rental collision damage waiver, and travel/emergency assistive services. All of these benefits can mitigate risks and give business owners greater peace of mind.

Drawbacks

  • Lack of reward categories: The simple, flat 1.5% cash-back rate across all purchases has benefits and drawbacks. While the flat rate ensures more consistent rewards, other cash-back rewards cards offer higher rates for specific categories of products. If you can find a rewards card that offers more lucrative rates for items that you’ll be purchasing on a regular basis, those options may lead to greater rewards.
  • High penalty APR: Many credit cards have penalty APR rates, and these can go into effect once a cardholder misses payments. While the APR for this card is highly competitive — particularly for business rewards cards — failing to make payments can result in a penalty APR of up to 29.40%. Of course, this penalty can be avoided by being diligent with credit card payments.
  • Introductory 0% APR does not apply to balance transfers: Balance transfers will not be eligible for the promotional 0% APR period. Business owners looking to make substantial balance transfers may be better served by seeking out an alternative credit card option.

What Can You Expect From the Capital One Spark Cash Select Credit Card?

When using the Capital One Spark Cash Select for Business Credit Card, you can expect some benefits shared by other Capital One cardholders. This includes many features through the bank’s mobile app and online portal, as well as other benefits.

The Capital One Credit Cards Mobile App

The Capital One mobile app is available for both Android and iOS devices. It gives users convenient access to many features, though most of these are also accessible through Capital One’s online portal that can be accessed via browsers.

Beyond simple features, such as checking your balance and making payments, users can also report a lost or damaged card and view their credit score. The latter of these features is available through a service called CreditWise — a useful tool for Capital One Spark Cash Select users looking to maintain or further improve their high credit rating. It allows you to see the factors that are having the biggest impact on your score and gives you actionable insights for making improvements.

Other Perks for Capital One Cardholders

In addition to the unique benefits of the Capital One Spark Cash Select Credit Card, Capital One cardholders also get access to some additional benefits. This includes:

  • No foreign transaction fees: Capital One does not have foreign transaction fees on any of its credit card offerings.
  • Account alerts: Users can set up email or text alerts to screen for potential mistaken or unexpected charges.
  • Travel accident insurance: When you purchase your fare with your Capital One credit card, you’ll be automatically insured for any covered loss at no charge.
  • Card lock: If your card is lost or stolen, you can report it and lock all card use to prevent fraud via the mobile app or online portal.
  • Virtual card numbers: Eno — a virtual assistant for Capital One — is able to provide virtual credit card numbers that you can save for all future purchases with specific merchants. All charges will go through as normal, but you’ll be much more able to discover and prevent fraud when shopping online.

While this isn’t a comprehensive list, it demonstrates the level of security and control users have with their accounts.

Who Should Get the Capital One Spark Cash Select Credit Card?

Business owners who are interested in a new cash-back rewards credit card should strongly consider Capital One Spark Cash Select for Business. It offers a 1.5% cash-back rate for all purchases, which is an extremely valuable benefit for business owners who make a wide variety of purchases in different categories from various vendors.

While some other cash-back cards may offer higher cash-back rewards for specific categories, the Spark Cash Select’s flat rate can be more lucrative for everyday use. Further, you can get a $200 cash bonus for the first $3,000 you spend on purchases (within the first three months of opening the account).

These rewards can then be rolled back into your business, which is a useful tool for achieving growth. This is particularly true for the first nine months of the card, in which users will not accrue any credit card interest. Be sure to do some calculations (using your past spending habits or future projections as a guide) to determine if this Capital One offering is the ideal card for your needs.

Given the Capital One Spark Cash Select Credit Card’s many benefits, and the lack of any annual fees, it is clear that it’s a highly competitive offering for any business owner in the market for a new rewards card.

Compare other cash back credit cards and learn more here.


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