Capital One Spark Cash Plus Review

CardName REWARDS

CardName offers a straightforward rewards program that makes it easy for a business of any size to accumulate significant cash back... and that welcome offer is extreme in the best possible way.

Let's start with the basic program, which is simple. You earn 2% cash back on every purchase you make using your card. There is no limit on the amount of cash back you can earn, there are no spending caps to worry about. Additionally, cardholders can earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel.

Since there is no pre-set spending limit (more on that below) and you are able to obtain additional cards for your employees, the cash back could certainly accumulate quickly each month.

Now, about that welcome offer: Earn a one-time cash bonus of $1,200 once you spend $30,000 in the first three months

As an extra ongoing bonus, get your AnnualFees annual fee refunded every year you spend at least $150,000 with the card. (See Rates and Fees)

Even without the welcome bonus, you'd still stand to come out well ahead in any given year with spending like that.

CardName BENEFITS

CardName offers a business extensive spending flexibility thank to no pre-set spending limit to curtail your plans and goals. Rather, your spending limit can give you purchasing power that adapts to your spending needs.

Speaking of "no limit," as we mentioned earlier, remember that there's no limit on the amount of rewards you can earn, so your 2% cash back can track right along with your spending no matter how you're doing it.

It should be noted that Capital One Spark Cash Plus operates as a "charge card" and not a traditional "credit card."

What does that mean?

With a credit card, you can carry over a balance, month-to-month, without penalty and are charged an interest rate (APR) on your unpaid balance. With a charge card, on the other hand, you are expected to pay off your full balance every month. In the case of Capital One Spark Cash Plus, if you fail to pay your full balance by your payment date, you are charged a late fee of 2.99% on the balance. (See Rates and Fees)

This may sound inconvenient but it's actually a strong benefit for any business, especially a small business that is counting every penny. Having to pay your balance each month encourages responsible spending habits, accurate budgeting and accountability with employees who are authorized to charge to the account.

When it comes to additional benefits, the Capital One Spark Cash Plus card offers no foreign transaction fees, employee cards at no cost with unlimited 2% cash back from their purchases, and a host of additional money-saving and efficiency benefits that busy business owners will no doubt appreciate. (See Rates and Fees)

POTENTIAL DOWNSIDES OF CardName

CardName is a solid card, but, as with any card, there are always some potential drawbacks to consider.

Firstly, there is a AnnualFees annual fee to keep in mind. As with any business card with an annual fee, don't get it if you don't plan to use it. There is no point spending money every year for a card sitting unused in a drawer. There are other business credit cards in the marketplace with no annual fee, if you are simply looking for a "break glass in case of emergency" card.

Also, remember that Capital One Spark Cash Plus is a "charge card" and not a "credit card." Don't overlook the requirement to pay off your balance each month by the due date. You get hit with a fee of 2.99% for any remaining balance. This may not seem like much. But if your business has a $10,000 balance on your card and can't pay it off by the due date, the fee would be $290. This card requires responsible spending habits and strong budgeting/bookkeeping. In some ways, as we mentioned earlier, the need to pay this card off each month could help you stay on track and on budget, but it also means you don't want to get into a situation where you aren't paying it off every month.

One last thing ot think about: many small business cards are geared toward businesses of really any size, but the structure of the Spark Cash Plus rewards program – namely, the spending requirement to fully earn the bonus as well as the annual spending requirement to earn the yearly cash-back bonus – certainly targets businesses with pretty significant spending. If you're a rideshare driver who puts a few hundred dollars worth of gas in your vehicle each month, you probably won't fully reap the benefits this card offers and a different small business credit card is likely a better option.

CardName CARDHOLDER SCORES

CardRatings conducts a survey annually to learn what actual cardholders think of their cards. Here are the results:

*Scores above reflect the results of surveys with actual cardholders. Full methodology below.

HOW CardName COMPARES TO OTHER CARDS

CardName vs. CardName

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If you prefer a business credit card to a business charge card, not to mention one wihtout an annual fee, CardName offers a solid alternative to Spark Cash Plus.

Neither card charges foreign transaction fees and both offer simple, straightforward cash back rewards programs. While Spark Cash Plus offers 2% cash back on all purchases, CardName offers 1.5% back on all purchases.

As the name implies, this Spark Cash Select card offers a $750 welcome bonus that you earn by spending at least $6,000 in the first three months after account opening. Spark Cash Plus's welcoe offer allows cardholders to earn up to a one-time cash bonus of $1,200 once you spend $30,000 in the first three months

One significant difference is that CardName has no annual fee, compared to the AnnualFees annual fee charged by Spark Cash Plus. This fee alone could be a deciding factor for your small business. (See Rates and Fees)

And, of course, the biggest difference is that Spark Cash Select is a credit card. You are allowed to carry over a balance, month-to-month, with no penalty. The interest rate is RegAPR; carrying a balance could certainly mean a major dent in your business bottom line so it isn't recommended even though it is an option.

Spark Cash Plus vs. CardName

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CardName is another credit card alternative with similar features to the Capital One Spark Cash Plus card.

Both cards offer a simple cash-back rewards program. Capital One Spark Cash Plus offers 2% cash back on all purchases. Ink Business Unlimited® offers 1.5% on all purchases.

Ink Business Unlimited® has no annual fee, a plus if you are put off by the annual fee charged by Capital One Spark Cash Plus.

Ink Business Unlimited® is a traditional credit card, though it also features a nice introductory 0% APR on purchases for 12 months from account opening (then, RegAPR). This savings can be significant for a business operating on a tight budget or with a capital expense on the horizon.

When it comes to a welcome bonus, Ink Business Unlimited® offers a $750 bonus when you spend at least $6,000 in the first three months after the account is opened and, as is the case with the ongoing rewards the card earns, that bonus is awarded in the form of Chase Ultimate Rewards points. Those points can be combined with points earned through other Ultimate Rewards-earning cards, and redeemed for travel, cash back and more. If you're looking for another card to increase your Ultimate Rewards-earning potential, Ink Business Unlimited® is a better choice.

Spark Cash Plus vs. CardName

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CardName matches the 2% cash back on all eligible purchases offered by Capital One Spark Cash Plus, but only up to the first $50,000 in spent in a calendar year; after that, rewards drop to 1%. Rewards are automaticaly credited to your statement. (Amercian Express is a CardRatings advertiser)

The Amex Blue Business Cash™ Card has a $0 annual fee as well as a nice introductory 0% APR period on purchases for 12 months from account opening (then, RegAPR).

The American Express card also offers the ability to spend (and earn rewards on purchases) beyond your credit limit thanks to its Expanded Buying Power feature (note that the amount you can spend above your limit isn't unlimited; rather, it adjusts based on your use of the card, payment history, financial resources and more).

IS CardName A GOOD CARD?

The key with the Capital One Spark Cash Plus card is fiscal discipline and enough spending to fully maximize the card's bonus opportunities and earn plenty of rewards. If you run a tight budget and can pay your balance in full and on time each month, this can be an excellent card for your business. You can earn significant cash back, not to mention a solid welcome bonus, as well as an ongoing annual bonus which will more than make up for the annual fee.

Plus, as a charge card, Capital One Spark Cash Plus encourages responsible spending and accountability among those employees using the card.

Survey Methodology: CardRatings commissioned Op4G in September 2023 to conduct surveys among 1,869 cardholders nationwide. CardRatings website analytics from Jan. 1, 2023-Aug. 31, 2023 were used to determine a selection of the most popular cards and additional cards were included to add survey breadth. Responses to each of nine questions were given on a scale of 1-10 and respondents' scores were then averaged under broad topics. To determine the overall score, responses from questions 1-8 were summed and the answer to "How likely are you to recommend this card to a friend, coworker or family member?" was double weighted. “Current Scores” reflect scores from the most recent survey (2023); "Past Scores" reflect scores from the 2022 survey.

See Rates and Fees for CardName