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The offer mentioned below for the Capital One Spark Cash Select for Good Credit is no longer available. The Capital One Spark Cash Select for Good Credit is no longer available for new applicants.
Capital One announced the launch of three new business credit cards, the Capital One Spark Cash Plus*, the Capital One Spark Cash Select for Good Credit* and the Capital One Spark Cash Select*. Each of these cards have their own unique offering to small business owners, while all offer cash-back rewards for spending.
This is one of many recent credit card updates from large issuers, following suit from Chase and American Express.
Here are the details on these new business credit cards from Capital One.
Capital One business credit card debut
Capital One Spark Cash Plus
The Capital One Spark Cash Plus is a charge card, meaning that there is no preset spending limit
The card has an annual fee of $150, but comes with a long list of benefits, including:
- Earn $2,000 cash back once you spend $30,000 in the first 3 months. Earn an additional $2,000 cash bonus for every $500K spent during the first year.
- Get your $150 annual fee refunded every year you spend at least $150,000
- Unlimited 2% cash back on every purchase
- Add employee cards for free, and earn unlimited 2% cash back from their purchases
Because this is a charge card, it is designed to be paid in full. However you have the option to carry over a portion of your balance with interest if needed. Keep in mind that your minimum payment is due in full every month. If you do not pay by your due date, you will be charged a late fee.
This card replaced the discontinued Spark Cash Card, which earned 2% cash back and had a $95 annual fee.
The Blue Business® Plus Credit Card from American Express has a similar rewards rate as it earns 2X points for every dollar spent on eligible purchases, up to $50,000 per year (then 1X point per dollar). The card has no annual fee. (see rates and fees, terms and limitations apply.)
The Capital One Spark Cash Plus is especially rewarding for businesses with a lot of credit card spending. It offers an additional bonus the first year and an ongoing annual fee refund, but both benefits have six-figure spending requirements.
- High flat-rate rewards
- Valuable welcome offer
- Has an annual fee
- High spending requirement to earn the welcome offer and qualify for the annual fee refund
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn a one-time cash bonus of $2,000 once you spend $30,000 in the first 3 months
- Earn an additional $2,000 cash bonus for every $500K spent during the first year. You can earn this bonus multiple times over the course of year 1!
- Earn unlimited 2% cash back on every purchase, everywhere—with no limits or category restrictions
- Enjoy big purchasing power so you can spend more and earn more rewards. The Spark Cash Plus card has no preset spending limit, so it can adapt to your needs based on your spending behavior, payment history, credit profile and other factors
- Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Business Travel
- Streamline your accounts payable process, employee spending, and more from your online account with free business management tools
- Empower your teams to make business purchases while you earn rewards from their transactions with free employee and virtual cards
- $150 annual fee - Spend $150,000 annually and Capital One will refund this fee every year
- Your card is designed to be paid in full. However you have the option to carry over a portion of your balance with interest if needed. Pay at least the minimum payment amount by your payment due date, otherwise you'll be charged a 2.99% late fee
- For businesses that need large spending capacity and want to maximize cash back
- Top rated mobile app
Capital One Spark Cash Select Credit Card* - Good Credit
The Capital One Spark Cash Select Credit Card* comes in two different versions. This version is designed for business owners with good credit, and that need payment flexibility.
In addition, the card comes with these benefits:
- Unlimited 1.5% cash back
- No annual fee
- Free employee cards
- Roadside assistance
Because this is a credit card you will have a credit limit, unlike a charge card, and will only be able to spend up to a certain amount before you need to pay off your balance again.
Capital One Spark Cash Select*
This version of the Capital One Spark Cash Select* is for business owners with excellent credit. This card does not come with a 0% intro APR, but comes with a significant welcome bonus:
- Earn a $750 bonus when you spend $6,000 in the first 3 months of account opening
- Unlimited 1.5% cash back
- No annual fee
- Free employee cards
- Roadside assistance
This card competes with the Chase Ink Business Unlimited® Credit Card, which offers a great welcome bonus of $750 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening (see rates and fees). Additionally, the card offers 1.5% cash back on all eligible purchases.
The Capital One Spark Cash Select has no annual fee and an above-average rewards rate on all purchases, which makes it a great choice for any business owner who wants a straightforward card.
- Valuable welcome bonus
- No annual fee
- Unlimited 1.5% cash back on every purchase
- Lacks valuable ongoing benefits such as statement credit offers
- No intro APR offer
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn a $750 bonus when you spend $6,000 in the first 3 months of account opening
- Earn unlimited 1.5% cash back for your business on every purchase, everywhere — with no limits or category restrictions
- No annual fee
- Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Business Travel
- Rewards won't expire for the life of the account
- Redeem your cash back rewards for any amount
- Free employee cards, which also earn unlimited 1.5% cash back on all purchases
- $0 Fraud Liability for unauthorized charges
- Top rated mobile app
How to apply for and pick a business credit card
There is a seemingly endless list of business credit cards available for small business owners. It can be overwhelming to try to pick the right card for your business, but it can be boiled down into a few key points.
Picking the right business credit card
When you are searching for a business credit card, keep in mind these few questions:
- What is your credit score?
- Do you have an established EIN (employer identification number)?
- Which benefit would help your business more: Cash back or travel rewards?
- Do you travel often for work? If so, consider a business credit card with travel benefits like the Chase Ink Business Preferred® Credit Card (see rates and fees) or The Business Platinum Card® from American Express. Terms apply.
- Are you spending often on a few categories such as shipping or travel? Or are you spending on a wide variety of categories? Selecting a business credit card with specific rewards categories or a card that earns rewards at a flat rate can heavily influence the amount of points or cash back you'll earn.
- Are you open to paying an annual fee? In many cases, if you take advantage of a credit card's benefits, the annual fee can be justified.
By keeping these questions in mind, you will be able to find a few business credit card options that work best for your company.
Applying for a business credit card
Applying for a business credit card is very similar to a regular credit card application, with just an extra few steps.
You will need the following information to document the status of your business:
- Business name, address and phone number
- Industry type and company structure
- Years in business
- Number of employees
- Annual business revenue
- Estimated monthly spend
- Tax identification number
- Personal information such as your social security number, name, birthday and address
Capital One says its business credit card application will take roughly 10 minutes. But if you have this information handy, it can be processed even quicker.
Bottom line
The Capital One business credit card portfolio may appeal to many types of small business owner. Whether you are looking for spending flexibility, payment flexibility or solid cash-back rewards, one of these three cards can help you run and operate your business's expenses.
Read more
For rates and fees of the Blue Business Plus, click here.
*Information about the Capital One Spark Cash Select Credit Card - Good Credit has been collected independently by Select and has not been reviewed or provided by the issuer of the cards prior to publication.
