Capital One Spark Cash Plus credit card rating

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Capital One Spark Cash Plus valuation

Capital One Spark Cash Plus credit card

  • reward

    Unlimited 2% cashback on every purchase

  • Welcome bonus

    $ 500 if you spend $ 5,000 in the first three months and another $ 500 if you spend $ 50,000 in the first six months

  • annual fee

  • Promotion APR

  • Regular annual interest

    No APR; pay off your balance in full each month to avoid a 2.99% overdue fee

  • Transfer fee for the credit

  • Foreign transaction fee

  • Credit needed

advantages

  • Lucrative welcome offer
  • No current spending limit
  • Free employee cards
  • Roadside assistance services
  • No foreign transaction fees

disadvantage

  • The remaining amount must be paid in full each month
  • Annual cash bonus of $ 200 requires annual spending of $ 200,000

Information on Capital One Spark Cash Plus has been independently collected by Select and has not been reviewed or provided by the issuer prior to publication.

Welcome bonus

The welcome bonus with the card is straightforward but requires a large spending budget to maximize it.

You can earn up to $ 1,000 in the first six months: $ 500 if you spend $ 5,000 in the first three months and $ 500 if you spend $ 50,000 in the first six months output.

If you spent exactly $ 50,000 in the first six months, including the 2% cashback you earn on spending, you would have earned a total of $ 2,000 in cashback. And the best part is that these credit card rewards are not taxable.

Benefits and discounts

While some credit cards offer a seemingly endless list of benefits, the Capital One Spark Cash Plus is simple but effective. The card comes with:

  • 2% cashback on all eligible purchases
  • No pre-set spending limit
  • Annual cash bonus of $ 200 for every year you spend more than $ 200,000
  • Receipts of purchase that can be integrated into popular accounting software such as Quickbooks
  • Free employee cards
  • Extended warranty and protection
  • Roadside assistance
  • No foreign transaction fees

Select calculated how much cashback is the averagee Americans can make money in a year using their Capital One Spark Cash Plus. We worked with location intelligence firm Esri, who gave us an annual spending budget of $ 22,126.

The budget has six main categories: groceries ($ 5,174), gasoline ($ 2,218), dining out ($ 3,675), travel (2,244), utilities ($ 4,862), and general purchases ($ 3,953).

Taking all expenses into account, this would return $ 442 in cash to a cardholder for the first year, and if you include the $ 1,000 welcome bonus that would be $ 1,442. Over a five-year period, cardholders were able to earn $ 2,768 in cashback, including the welcome offer. Cardholders could earn more (or less) cashback depending on their annual spending habits.

How to redeem cashback

Redeeming Capital One Cashback is extremely easy.

You can see your accumulated cashback in your Capital One customer portal and you have two options for redeeming it:

  • Credit directly to your credit card account
  • Have a check mailed to you directly

You can redeem it anytime, and there is no minimum to redeem it.

Prices and Fees

The card has an annual fee of $ 150. There are no foreign transaction fees.

In addition, the card does not charge any interest. If you are late, you only owe 2.99% of the unpaid portion of your statement. However, your account will be considered overdue until you have made your payment in full.

Map comparison

The Capital One Spark Cash Plus is a solid choice for business owners who need purchasing power to make big purchases. However, it isn’t the only credit card that you should consider for your business expenses.

Pick analyzed two other credit cards to see how they match each other.

Capital One Spark Cash Plus vs. Chase Ink Business Cash® credit card

The Chase Ink Business Cash® credit card is an excellent choice for a business credit card as it brings in up to 5% cashback with a tiered cash back system. When you spend on the card you will earn:

  • 5% cashback on the first $ 25,000 spent on combined purchases at office supply stores, internet, cable, and phone services each year on the anniversary of the account
  • 2% cashback on the first $ 25,000 spent on combined gas station and restaurant purchases each year on the anniversary
  • 1% cashback on all other qualifying purchases

Additionally, the card offers a more achievable welcome offer compared to the Capital One Spark Cash Plus: $ 750 bonus cashback after spending $ 7,500 on purchases in the first three months after opening your account.

And if you need flexibility in your spending, get an introductory APR of 0% for purchases for 12 months from the time you open an account. Thereafter, the card has a variable APR of 13.24% to 19.24%.

When deciding between these two cards, there are two factors to consider: the amount you are spending and where you are spending.

If an established line of credit is a hassle and you need flexibility to spend on demand, the Capital One Spark Cash Plus is likely the better of the two. If you think you can earn more cashback by taking advantage of the cashback categories, consider the Chase Ink Business Cash® card for your wallet.

Capital One Spark Cash Plus vs. Chase Ink Business Preferred® credit card

The Chase Ink Business Preferred® credit card is another great business credit card for earning Chase Ultimate Rewards points. So instead of filling your pocket with cashback, you can earn thousands of dollars in travel rewards with your business expenses.

When you spend on the card you will earn:

  • Triple points for every dollar spent on the first $ 150,000 spent on combined purchases in the following categories of each account anniversary year – mail order purchases, promotional purchases through social media sites and search engines, internet, cable and phone services, and travel
  • 1X points for every dollar spent on all other qualifying purchases

The card also comes with a valuable welcome offer: 100,000 bonus points after spending $ 15,000 on purchases in the first three months after opening your account. That’s $ 1,250 in travel rewards when you redeem through Chase Ultimate Rewards. You can also transfer Chase Points to any of Chase’s hotel or airline partners, including United and Hyatt.

Similar to the comparison above, the Capital One Spark Cash Plus is best if you need spending flexibility and want to use cash back for your business. However, if you travel a lot, you will likely enjoy the Chase Ink Business Preferred® credit card rewards more than cash back.

For whom the Capital One Spark Cash Plus is best suited

The Capital One Spark Cash Plus is a great option for small business owners looking for a no hassle credit card to save money on their expenses.

Earning a simple 2% cashback on all eligible purchases makes the card fairly easy to use as you don’t have to memorize spending categories or keep track of unique redemptions.

However, this card is also great for creating a credit card strategy. For example, you can combine it with the Chase Ink Business Cash® credit card for maximum cashback for certain categories as well as multiple welcome offers.

It’s also ideal for business owners who need spending flexibility for their business as the card doesn’t have a pre-set spending limit. However, this does not mean that you can spend an unlimited amount on the card.

Bottom line

frequently asked Questions

What is a Capital One Spark Card?

Capital One Spark cards are not just one card, but several business credit cards offered by Capital One.

What Credit Do You Need for Capital One Spark?

There are six different Capital One Spark credit cards, each of which requires a different credit rating for approval.

How do you apply for Capital One Spark?

You are eligible to apply for a Capital One Spark card if you have a small business.

Is the Capital One Spark Plus a Visa or Mastercard?

The Capital One Spark Plus card is a Visa card.

Our methodology

To determine which credit cards offer the best value, Select analyzed 234 of the most popular credit cards available in the US, fees and factors such as credit requirements and customer ratings, if available. We have also considered additional perks, the application process and the ease with which the consumer can redeem points.

CNBC Select has teamed up with location intelligence company Esri. The company’s data development team has provided the most current and comprehensive consumer spending data based on the 2019 Bureau of Labor Statistics consumer spending surveys. You can read more about their methodology here.

Esri’s data team created an example of an annual budget of approximately $ 22,126 for retail spending. The budget has six main categories: groceries ($ 5,174), gasoline ($ 2,218), dining out ($ 3,675), travel (2,244), utilities ($ 4,862), and general purchases ($ 3,953). General purchases include items such as household items, clothing, personal care products, prescription drugs and vitamins, and other vehicle expenses.

Select uses this budget to estimate how much the average consumer would save over the course of a year, two, and five years trying to maximize their rewards potential by earning all of the welcome bonuses on offer and using the card on all applicable purchases. All total estimates of the premiums are net of the annual fee.

Although the five-year estimates we considered were derived from a budget equivalent to the spending of the average American, you can get a higher or lower return depending on your shopping habits.

Information on Capital One Spark Cash Plus has been independently collected by Select and has not been reviewed or provided by the issuer prior to publication.

Note to editors: Opinions, analysis, reviews or recommendations expressed in this article are solely those of the Select editors and have not been reviewed, approved or otherwise endorsed by third parties.


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