Capital One has multiple cards for small businesses, some of which are not free — like the Spark Cash — and some that are free, such as the Spark Cash Select. It is only obvious that the latter offer lower rate of rewards, but then again – it doesn’t require a single dime to be paid upfront. Nevertheless, the Spark Cash Select still comes with $200 sign-up bonus, 0% introductory APR on purchases for the first 9 months, and no foreign transaction fee. Let’s look at the details…
- $200 sign-up bonus
- 1.5% cash back on all purchases
- Shopping and travel benefits
- Free employee cards
- No foreign transaction fees
- No annual fee
How It Works?
Cash back: Unlimited 1.5% cash back on all purchases. There is no limit to the amount you can earn and cash back does not expire. Once earned, the cash can be requested as a statement credit or check in any amount, without minimum requirements.
Sign-up bonus: $200 cash after spending $3,000 on purchases within the first 3 months of account opening.
Free employee cards: Along with the ability to set limits and track spending, so that the entire company could earn 1.5% cash back.
Small business tools: Including the ability to download quarterly and year-end summaries of itemized reports to help manage and organize your finances.
Visa business benefits: Auto rental collision damage waiver, purchase security and extended protection, as well as travel and emergency assistance services. Also, with Visa SavingsEdge, small businesses can enjoy discounts of as much as 15 percent with retailers such as Wyndham Grand Hotels and Resorts and OfficeFurniture.com.
APR: 0% introductory APR on purchases for the first 9 months. After that, it’s 13.24%, 17.24% or 21.24% variable.
Costs
- 13.24%, 17.24% or 21.24% Variable APR (0% introductory APR on purchases for 9 months)
- 0% Balance Transfer Fee
- 0% Foreign Transaction Fee
- $0 Annual Fee
At Capital One’s secure website
Pros
- Simple rewards – 1.5% cash back on every transaction with no rotating categories to deal with. Other employees could help a bit with their spending also adding to the total cash back the company would earn.
- Introductory APR – makes this card good to get before making a big purchase (if it can be paid off within the first 9 months).
- No foreign transaction fee – you can carry this card while visiting other countries without paying the usual 3% fee.
Cons
- Rewards rate could be higher – some non-business credit cards offer 2% cash back. Though most unlimited cards top at 1.5%.
- Potentially high APR – if you don’t qualify for the lowest APR of 13.24%, this could be an expensive card to carry the balance from month to month.
Is This The Card For Your?
The Capital One Spark Cash Select for Business Credit Card is a good option for companies spending around $10,000 per year. If you (your company) spends more, you could get some other card that offers better rewards, such as the “regular” Spark Cash. The annual fee this card — and some other cards include — will be easily paid off with higher earnings. That being said, the Spark Cash Select is still a solid product and we are sure some small businesses will find it appealing. The link below has a few additional details, so check it out.