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Capital One Spark Cash line of cards for business owners

By | John Preston

Capital One launched a new line of Spark Cash credit cards designed for small business owners. In addition to replacing the new Spark Cash Plus card, a top-up card, the bank now lists two Spark Cash Select cards on its website instead of one.

key takeaways

  • Capital One has updated its line of Spark Cash credit cards, offering three cards instead of two.
  • The new Spark Cash Plus card replaces the old Spark Cash card, and the bank now offers two Spark Cash Select cards, one for excellent credit and one for good credit.
  • The new Spark Cash Plus card is a top-up card designed for high-cost businesses.

Details of the new Capital One business credit cards

Capital One has a long list of strong business credit cards, which focus on high reward rates and flexible repayments. With the new line of Spark Cash cards, the bank is expanding its options to different types of small businesses.

Here’s how each card’s features fail:

Capital One Spark Cash Plus

The new Spark Cash Plus card replaces the Capital One Spark Cash, which had unlimited 2% cash back, a decent one-time bonus, and a $95 annual fee. Here’s what you’d expect from the new Spark Cash Plus:

  • New cardholders can earn up to $1,000 in the first six months; That’s $500 when you spend $5,000 in the first three months, then another $500 when you spend $50,000 in the first six months.
  • You will receive a $200 cash bonus for each year you spend $200,000 or more.
  • Earn unlimited 2% cash back on every purchase you make.
  • The card is a credit card, which means there is no interest fee, but you must pay your bill in full each month; otherwise, you will be charged a monthly late fee of 2.99%.
  • The card charges an annual fee of $150

This card can be a big coup for business owners who have a high cost. The great bonus for new cardholders is one of the best around, and the annual cash bonus is more than enough to cover the annual card fee.

Choose Spark Capital One Cash for great credit

The former Spark Capital One Cash Select was available to small business owners with good or excellent credit, but now the bank offers separate products for each credit level category.

With Spark Cash Select for Great Credit, you get a one-time $500 cash bonus after you spend $4,500 in your first three months, in line with the bonus offered by the old discontinued Spark Cash card.

You’ll receive unlimited 1.5% cash back on all purchases and pay no annual fee.

This card may be suitable for small business owners who don’t spend enough to justify paying for the new Spark Cash Plus card, but are still looking for a hefty welcome bonus and reasonable reward rate.

Choose Spark Capital One Cash, for good credit

Spark Cash Select for Good Credit offers the same 1.5% reward rate and also has no annual fee. But instead of offering a cash bonus to new cardholders, this one offers an introductory promotion of 0% APR on purchases for 12 months. Subsequently, the APR varies between 15.99% and 23.99% depending on credit solvency.

Should I apply for a new Capital One business credit card?

The new Spark Cash Plus credit card has some notable features, but the barrier to entry is high, and to get the best benefits, it requires a lot of spending and the ability to pay off the balance in full each month. However, if your business can meet these spending limits and prefers cash back to travel rewards, the modest annual fee for the card might be worth paying.

By contrast, Spark Cash Select cards don’t offer as much value in the long run. However, they do not charge annual fees, so they are worth considering for newer businesses. Be sure to check your credit before applying to find out which one is best for your business.

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