Capital One launches Spark small business credit card line
October 31, 2011
By: Megg Mueller
The Spark small business credit card line was recently launched by Capital One and the company, in a press release, notes it wants to offer small business owners increased rewards from everyday purchases. The company's new portfolio offers a total of six credit card choices.
The six new credit cards are offering such rewards as 2 percent back on all purchases, and double miles, depending on the card chosen. Some of the cards offered and their major features include:
- Spark Cash: Good for businesses that make large purchases and have excellent credit. Offers 2 percent cash back on every purchase made, and a $100 bonus opportunity. The card has a 13.9 percent variable APR on purchases and balance transfers; no annual fee for the first year, but an annual fee of $59 after that.
- Spark Miles: Best for businesses where travel is frequent, and miles are the desired reward. Earn 2 miles for every dollar spent plus the opportunity to earn 10,000 extra miles. The card carries a 13.9 percent variable APR on purchases and balance transfers; no annual fee for the first year, but an annual fee of $59 after that.
- Spark Select: Good for businesses that travel and want no annual fee and a low introductory rate. This card offers 1 mile for every dollar spent. Until July 2012 there is no interest; after that it becomes variable from 9 percent to 19.9 percent.
Also offered for small business customers are the Spark Cash Select, the Spark Miles Select and the Spark Classic. These cards offer lower rewards such as 1 percent cash back on purchases and no annual fees but generally higher variable interest rates. Capital One notes that its travel reward cards offer miles that do not expire, can be used on any airline and have no blackout dates. Each of the new Spark cards include free employee credit cards that businesses can use to set spending limits.