Some business credit cards offer considerably better perks and rewards than others, although most of the top offers are only available to those who have the credit and income to qualify. Either way, the Capital One Spark Cash Plus is one of the newest cards people seem to be falling in love with. With a flat 2 percent cash back rate on every purchase and a very generous welcome bonus, it’s no wonder business owners have been signing up for this card in droves.
To find out why the Capital One Spark Cash Plus is so popular with business owners, we interviewed a handful of individuals who use this card for most of their business expenses and bills throughout the year. If you’re considering this business charge card and wondering why people choose this particular card over other options, you’re in the right place.
Capital One Spark Cash Plus details
Before we dive into all the reasons users wind up loving this card, here are the major details and card terms you should know about the Capital One Spark Cash Plus.
- Welcome bonus: Up to a $1,000 cash bonus—$500 once you spend $5,000 in the first three months and another $500 once you spend $50,000 in the first six months of account opening
- Rewards: Unlimited 2 percent cash back on all purchases
- Annual bonus: $200 cash bonus when you spend $200,000 or more within a year
- Annual fee: $150
5 reasons to adore the Capital One Spark Cash Plus
One detail to understand about the Capital One Spark Cash Plus is the fact it’s a charge card and not a credit card. This means that no interest is charged on revolving debt, but that cardmembers are required to pay their balance in full each month. Further, those who fail to pay their balance in full each month are charged a 2.99 percent monthly late fee.
That said, there are many reasons consumers love this card, including the following:
The 2% cash back rate is exceptional
Jeff Neal, who serves as the operations manager for a company called Critter Depot, says that his organization sells small feed critters to zoos, pet stores and reptile owners every week, and that fierce competition in this industry leads to very competitive pricing.
“I signed up specifically for the 2 percent cash back,” Neal says. “The 2 percent cash back gives us a little boost on our profit margins, which helps us offer more competitive pricing on crickets and composting worms.”
Neal also notes that his company redeems their rewards for statement credits to reduce their monthly balance owed.
“We pay off our balance every month and use our rewards to help offset that balance,” says Neal.
No caps on rewards
Jeffrey Gabriel, who is the co-founder of Saw.com, says that he signed up for this business credit card in late 2020 because he wanted to find a card option that would let him streamline some of his business payments.
However, he quickly fell in love with the card’s unlimited 2 percent cash back rate, especially since so many other cards have limits on rewards.
“I found several that offered lucrative cash back amounts, but only up to a few thousand dollars—then you get something like 1 percent cash back or no rewards at all on your purchases,” says Gabriel.
“The Spark Cash Plus gives me 2 percent back on everything with no limitations. I like that simplicity.”
No preset spending limit
According to money coach Max Marvelous, the 2 percent back in flat-rate rewards is hard to beat, but it’s also nice that the Capital One Spark Cash Plus doesn’t have a set spending limit. With no preset spending limit, he says he can charge his business expenses without worrying about exceeding his credit limit and incurring additional fees as a result.
“If one month I need to spend $3,000 and the next month spend $15,000, I can do it without stressing [over having] enough available credit,” says Max. “When I can worry about one less thing, I am a happy man.”
Flexible redemption options
Max Marvelous also adds that, when it comes to his rewards, he waits until he has around $2,500 in cash back in his account before redeeming for statement credits to cover payments to vendors and contractors.
This just goes to show how flexible redemption options are for this card. Not only can you redeem rewards for statement credits in any amount, but cardholders can redeem for a check in the mail or gift cards. As an added bonus, Capital One Spark Cash Plus account holders can also use their rewards for purchases made through Amazon.com or PayPal.com.
Easy expense tracking for businesses
The Capital One Spark Cash Plus also offers free employee cards that can simplify business accounting while helping the owner earn rewards on all their business expenses and bills. More importantly, though, a dedicated business credit card helps business owners streamline all their spending and keep track of it all in one place.
Max Marvelous points out that using one business credit card for all spending makes everything easier to handle when it comes to monthly accounting. When tax time comes, only having one card to reconcile easily saves him 10 or more hours, he says. “This simplicity was key to me applying for and using this card for my business.”
The bottom line
If you’re a business owner who likes the idea of earning 2 percent cash back with no preset spending limit, the Capital One Spark Cash Plus could be exactly what you need. Rewards are flexible, and new cardholders can earn an initial cash bonus of up to $1,000 during the first six months ($500 once you spend $5,000 in the first three months and another $500 once you spend $50,000 in the first six months). While a $150 annual fee applies, you get free employee cards and access to Capital One Spark Cash Plus benefits, to boot.
That said, there are other business credit cards to consider, including alternative business card options from Capital One. Make sure to compare all the best offers out there, including the Capital One Spark Cash Plus, until you find the right fit.