Capital One Spark Cash Plus review: A business card built for high spending

Nov 04, 2024

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High-spending businesses can maximize their purchases with the Capital One Spark Cash Plus. This charge card offers a massive welcome bonus for businesses that can meet the minimum spending requirements, and you can get a refund for the $150 annual fee based on your spending.

You'll earn an unlimited 2% cash back on purchases with no preset spending limit. Add employee cards to earn even more cash back and track spending. Learn more about the Spark Cash Plus to decide if it's right for your business.

You can rewards from the Capital One Spark Cash Plus in five primary ways.

When you apply for the Spark Cash Plus, you have the opportunity to earn a one-time bonus of $2,000 after spending at least $30,000 in the first three months after opening your account. While that's a high spending requirement, this cash-back bonus is much higher than small business credit cards typically offer.

If you have a high-spending business, you can earn even more cash from the other part of the welcome offer. This includes a $2,000 cash bonus for every $500,000 spent in the first year.

You'll receive an unlimited 2% cash back on every eligible purchase for your business. You don't have to worry about bonus categories or limited-time offers. Plus, there is no cap on how much cash back you can earn each year.

When you book hotels and rental cars through Capital One Travel, your cash-back rewards increase to 5% on every reservation. This online booking platform provides numerous benefits, including flight price prediction, price drop protection on flights, and the option to add penalty-free flight cancellation to airfare bookings.

Business owners can add employee credit cards to their Capital One Spark Cash Plus at no extra charge. You can set individual spending limits for each employee and track their purchases online. This process makes it easier to stay on top of their spending and assign their purchases to specific projects or customers.

You'll receive a referral bonus when another small business applies through your unique link and is approved. The referral bonus is based on which Capital One business credit card you have. Log into your account to see how much you can earn by referring other business owners.

The cash-back rewards earned from this Capital One credit card can be redeemed in multiple ways, including:

Account credit. Reduce the balance owed on your credit card by applying cash-back rewards as a statement credit.

Cover past purchases. Use rewards to receive credits to cover previous purchases.

Gift cards. Redeem rewards for gift cards to use yourself, to give to customers, or to reward employees. Capital One offers gift cards from various retailers and restaurants.

Entertainment. Redeem rewards for dining, sports, music, and other entertainment events.

Online shopping. Use your rewards during checkout at Amazon or any site that offers PayPal as a payment option.

Travel. Redeem rewards for travel purchases, such as flights.

In addition to earning cash-back rewards on your business purchases, the Capital One Spark Cash Plus offers other benefits that can justify its annual fee.

Annual refund based on spending. Businesses with high annual spending can earn a refund of the $150 annual fee when they spend at least $150,000 in an anniversary year.

No preset spending limit. If your spending needs vary, you'll be able to make larger purchases without hitting your credit limit. Capital One adapts your ability to make purchases based on your spending behavior, payment history, and credit profile.

No APR charges. There isn't a standard APR for the Capital One Spark Cash Plus because it is a pay-in-full card. You must pay your balance in full each month by the payment due date. If you don't, Capital One charges a late fee of 2.99% of the unpaid portion of your minimum payment. Additionally, your account will be considered past due until your balance is paid.

Free employee cards. Earn rewards on employee cards by adding them to your account for free. You can set individual spending limits and access reports on their purchases at no extra charge.

No foreign transaction fees. Use the Spark Cash Plus when traveling internationally or on purchases from international vendors without getting hit with foreign transaction fees of up to 3%.

Extended warranty coverage. Eligible purchases receive complimentary extended warranty and protection coverage.

The Spark Cash Plus is best for small business owners who want to earn a flat rate of cash-back rewards and have the cash flow to pay off their balance in full each month. This card is attractive for small business owners because they can earn an unlimited 2% cash back on every purchase. However, it is best for businesses that don't need to carry a balance from month to month because the late fee penalty is so severe.

Additionally, this Capital One small business credit card is ideal for big spending businesses. To earn the welcome bonus, you'll need to be able to spend $30,000 within three months without carrying a balance. Plus, you must spend $150,000 every 12 months in order to earn the annual fee refund.

Unlimited 2% cash back on every purchase

Large cash-back welcome bonus

Earn a refund of the annual fee based on spending

Pay-in-full card that must be paid in full each month to avoid late fees

Welcome bonus offer and annual fee refund require large spending

High $150 annual fee with limited benefits

The Capital One Spark Cash Plus is accepted wherever Visa and Mastercard are accepted. Capital One issues both types of credit cards, and you won't know which type you'll receive until your card arrives. However, both are good options because they are the most widely accepted forms of credit cards in the U.S. and internationally.

This card is also an excellent companion when traveling internationally. It does not charge foreign transaction fees, so you won't be hit with hidden fees on your foreign purchases.

Make payments online at CapitalOne.com

Set up automatic recurring payments

Use the Capital One mobile app

Payments over the phone at (800) 867-0904

Mail payments to Capital One, Attn: Payment Processing, PO Box 71083, Charlotte, NC 28272-1083

Overnight payments to Capital One, Attn: Payment Processing, 6125 Lakeview Rd, Suite 800, Charlotte, NC 28269

Make payments at a Capital One branch or ATM

Customer service is available 24/7

Phone number: (800) 867-0904

Capital One Spark Cash Plus login page

The Capital One Spark Cash Plus is an excellent choice for small businesses with high spending and good cash flow, but it isn't the best choice for every company. If so, consider these alternatives.

Why we like it: The American Express Blue Business Cash™ Card offers a 0% intro APR offer on purchases, providing extra time to pay off large expenses as you build your business or wait on clients to pay their invoices. It has a $0 annual fee and employee cards can be added for free. The card also includes complimentary rental car coverage, purchase protection, and extended warranty coverage.

Why we like it: The Ink Business Cash® Credit Card is excellent for business owners who want to earn bonus cash back on the categories they spend the most. This Chase business credit card has no annual fee for the primary cardholder or employee cards, and it includes primary rental car coverage (must be renting for business purposes), purchase protection, and extended warranty coverage.

Plus, you'll get a one-time 10% cash back bonus after the first year if you also have a Chase Business Checking account.

Read our full Ink Business Cash Credit Card review

Why we like it: The American Express® Business Gold Card is a flexible rewards card that allows business owners to decide how they want to redeem their points.

While it has a relatively high annual fee, the Amex Business Gold includes $240 in annual credits at select business merchants and $155 in Walmart+ membership credits (select benefits require enrollment). It has no present spending limit and you can add employee cards at no additional charge.

Read our full Amex Business Gold Card review

This article was edited by Ben Walker (CEPF, CFEI®)

Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. All opinions belong solely to Yahoo Finance and are not those of any other entity. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information. This site doesn't include all currently available offers. Credit score alone does not guarantee or imply approval for any financial product.

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