Capital One Spark Classic for Business review
Best for business owners with fair credit
- Rewards rate: 1 percent unlimited cash back for all business purchases
- Welcome offer: N/A
- Annual fee: $0
- Purchase intro APR: N/A
- Balance transfer intro APR: N/A
- Regular APR: 26.99 percent (variable)
Business owners need business credit cards for a variety of reasons, but what if you happen to have fair credit or are rebuilding your credit? The Capital One Spark Classic for Business is a credit card designed to provide a solid option for businesses without bells and whistles. While you will earn 1 percent unlimited cash back on all your business purchases, this credit card also comes with a high APR on purchases and balance transfers.
Current sign-up bonus
There is no current sign-up bonus offered for this card. However, upon approval for the Capital One Spark Classic for Business , you can immediately start earning the 1 percent unlimited cash back for your business purchases.
Earning cash back with this card for everyday purchases can help your business recoup some of its expenses.
Earning cash back
To earn the unlimited 1 percent cash back, use this credit card for all your business purchases. Not only do the purchases on your credit card as the business owner count, but your employee’s cards earn cash back as well. However, cash advances, balance transfers and checks do not count toward your cash back earnings.
Redeeming cash back
Redeeming cash back is a straightforward process with this card. You can request to get your cash back as a statement credit or a check. You can also automatically receive your cash back once you meet certain thresholds. For instance, you can choose to get cash back at a set time each year or when you’ve achieved specific amounts. Plus your earnings never expire, so you don’t have to worry about redeeming before a certain time period.
Build your credit
With this card, you can work on building or rebuilding your credit score. The card is designed for those with fair credit, unlike other business cards where you must have an excellent credit rating to qualify.
Control over employee cards
You can give employees their own cards and also set spending limits on employee cards. You can assign account managers to authorize payments or review and dispute transactions. The control is in your hands as the business owner.
Fraud and liability protection
If your Spark Classic card is lost or stolen, zero fraud liability means you won’t have to worry about paying for unauthorized transactions. You can also set up fraud alerts to be notified if there is suspicious activity on any of your cards.
You can relax when you’re out and about knowing this card has you covered if you need roadside assistance. If you need help with changing a tire, towing or a jump-start, then all you have to do is call.
Rates and fees
The Spark Classic comes with no annual fee. If you need to use your business card for travel overseas, you also won’t have to pay any foreign transaction fees. Cash advances are subject to a minimum of $10 or 3 percent of the advance, whichever is greater.
The APR for the Spark Classic is high compared to other business cards, at 26.99 percent variable, and there aren’t any enticing intro offers to help offset this. Balance transfers are subject to the same high APR.
How does the Spark Classic from Capital One compare to other business cards?
Let’s look at other popular business credit cards to see how the Spark Classic compares.
The Blue Business® Plus Credit Card from American Express is another business card without any annual fee. You’ll have access to benefits such as 2X Membership Rewards points on everyday business purchases up to $50,000 per year (1X points thereafter). You’ll also enjoy a 0 percent intro APR on purchases for the first 12 months (13.24 percent to 19.24 percent variable APR thereafter). Although it has no annual fee, you will be subject to a 2.7 percent foreign transaction fee for any overseas purchases.
If you’re a startup and looking for a business card, the American Express Blue Business Cash™ Card is another option with startups in mind. The benefits and fees are similar to the Blue Business Plus, but instead of earning reward points, you’ll earn 2 percent cash back on the first $50,000 in purchases you make each year (1 percent thereafter). It also comes with a 0 percent intro APR for the first 12 months (13.24 percent to 19.24 percent thereafter), so this could be a great option for those who need to make large purchases in the first year and want to earn cash back.
|Capital One Spark Classic for Business||The Blue Business® Plus Credit Card from American Express||American Express Blue Business Cash™ Card|
|Rewards rate||1% unlimited cash back||2X Membership Rewards points on everyday business purchases up to $50,000 per year (1X points thereafter)||2% cash back on business purchases up to $50,000 per year (1% thereafter)|
|Welcome bonus||N/A||15,000 Membership Rewards® points after you spend $3,000 in eligible purchases on the Card within your first 3 months of Card Membership.||$250 statement credit after you make $3,000 in purchases on your Card in your first 3 months.|
|Intro APR||N/A||0% intro APR on purchases for 12 months||0% intro APR on purchases for 12 months|
|Regular APR||26.99% (variable)||13.24-19.24% (variable)||13.24-19.24% (variable)|
Best cards to pair with the Spark Classic from Capital One
Consider pairing the Spark Classic with another credit card offering an attractive intro APR on purchases or balance transfers. This will allow you more payment flexibility on your purchases, especially if you’re a startup and monthly stability is a concern.
Bankrate’s Take — Is the Spark Classic from Capital One worth it?
When you compare this card to other business cards, there aren’t a lot of perks or benefits to really make it stand out. However, if you have fair credit or need to build your credit, then the Capital One Spark Classic is a solid choice worth a second look.
- Unlimited cash back potential
- Great for those with fair credit or limited credit history
- No foreign transaction fees
- No annual fee
- High purchase and balance transfer APR
- No intro offers
The information about the Capital One Spark Classic for Business has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.