The lifeline of most businesses is cash. Capital is essential for running a business and, more importantly, for growing when the opportunity arises. However, financing can be difficult to access, especially for less established businesses. But business owners with excellent credit may qualify for the Capital One Spark 2% Cash Plus card.
Designed to provide unrestricted purchasing power, the Spark 2% Card is the first version of Capital One’s business card offerings. This could be a good financing alternative for times when your business needs to make a large purchase without the time constraints that a loan application requires. This review takes a look at the benefits to help you learn more about how it works and if it’s the right card for your business.
No preset spending limits and 2% cash back make the Capital One Spark 2% Cash Plus card the perfect option for business owners who spend regularly.
The Spark 2% card simplifies cashback earnings by rewarding business card holders 2% cash back on all qualifying purchases.
Card Type: Visa Business Cash Back
Card Issuer: Capital One
Best for: Small businesses that make big purchases
Rewards: Get 2% discount on your purchases.
How to Redeem Rewards: Request a check, statement credit, or gift cards.
Approval Bonus: Up to $ 1,000 in the first six months ($ 500 when you spend $ 5,000 in the first three months and an additional $ 500 if you reach a total of $ 50,000 in the first six month).
Annual membership fee: $ 150 (see rates and fees)
Foreign transaction fees: None
Credit score: Excellent
Employee cards: Free
Virtual card number
Extended warranties on purchases
Receive a $ 200 cash bonus every year you spend at least $ 200,000
Advantages and disadvantages
Here’s a quick rundown of the pros and cons of the Spark 2% card to consider.
No predefined spending limit
Earn a flat rate of 2% cash back with no renewable categories or restrictions
No foreign transaction fees
Free employee cards available with a spending limit of your choice
Profitable bonus of up to $ 1,000 for new cardholders
Requires excellent credit
Balance due in full each month
Annual cash bonus requires high annual expense of $ 200,000
$ 150 annual fee
Features of Capital One Spark 2% Cash Plus
The Spark card is available in several versions: the higher-level Spark 2% Cash Plus, the classic 1% Spark, the Spark Miles travel awards and the Spark 1.5% Cash Select card.
Who is eligible for the Spark 2% Cash Plus card?
The Spark business credit card is available to business owners at all stages. A traditional small business or business setup may come to mind first, but applicants in the early stages of a start-up, or people working in parallel or freelance, may also be eligible.
Although the Spark 2% is a business card, the card issuer examines your personal credit to determine the chances of approval. You will need an excellent credit score to be approved.
Most business credit cards work this way, using the card applicant’s credit history (instead of the company’s credit score) to approve or deny an application. The good news is that businesses with limited histories can still access a revolving line of credit through the owner. However, a business credit card could affect your personal credit.
How to register
You can apply for the card online. The application is quite simple; according to Capital One, the process should take 10 minutes or less. You will need to provide personal information, including your social security number, annual income, and monthly mortgage or rent amount, as well as:
Legal names, addresses and social security numbers for all business owners
The legal name of the company, the address and the tax identification number of the company
Once you’ve completed and submitted the application, you should receive a decision within minutes.
How the card works
If you are approved for the Spark 2% card, you will receive your card in the mail within seven to ten business days. You have three to six months to earn the new cardholder bonus of $ 500 if you spend $ 5,000 in the first three months and an additional $ 500 if you reach a total of $ 50,000 in spending in the six months. first months after approval.
Making money is easy. You will receive a 2% reward for every dollar spent. If your business has high capital expenditures, you’ll be happy to hear that there’s no cash back cap. In addition, you can order cards for your employees at no additional cost and also earn cash back rewards on their expenses.
Keep in mind that the card does not have a preset spending limit, which can be useful when you need to make a large purchase. However, the balance is still due in full. There is no APR because the Spark 2% card is not designed to carry a balance. If you do not make your payment by the due date, the balance is subject to a penalty rate of 2.99% per month and the account will be marked as overdue.
How to manage the Capital One Spark 2% Cash Plus card
The business card has a few useful features that you won’t find with most personal credit cards. You can designate an employee as the card account manager to oversee purchases, review expenses and transactions, make card payments, and manage card issues. This is useful, so you don’t have to personally call Capital One every time you have a question or issue.
There are many expense and transaction reports available that can be downloaded or integrated with other software, such as Excel, Quicken, or QuickBooks. And to make tax time easier, Capital One publishes detailed year-end expense reports.
There are a few features that protect your account. The 2% Spark card is backed by Visa for fraud protection and comes with $ 0 fraud liability, as well as emergency replacement service and available cash advances. Additionally, you can assign credit cards to employees with personalized spending limits.
The virtual card feature is unique and especially useful if you frequently transact online or without a card. You will be given a temporary card number when you shop online to hide your real card account number from merchants, reducing the risk of fraud.
How to get help
To contact customer service for assistance, Capital One’s sales support phone number is 1-800-867-0904. You can also contact them by sending secure emails through the online portal after logging in.
At the end of the line
The Capital One Spark 2% Cash Plus card is a great card that can grow with your business. It comes with no preset spending limits, unlimited rewards opportunities, and free employee cards that can be set with custom spending limits. These are just a few of the reasons the card is ideal for businesses ranging from new startups to established, growing businesses.
Does Capital One check my credit if I apply for a business card?
Capital One checks your personal credit when you apply for a business card. If you are applying for a Capital One business credit card, you will need to provide your Social Security number and any other business owner’s number.
What is the TAP Capital One Spark 2% Cash Plus?
The Capital One Spark 2% Cash Plus card has an APR of 0%. However, the card balance is due in full each month. If you do not pay the entire balance owed, you are subject to an APR penalty of 2.99% per month. Additionally, the card payment will be marked as overdue which could negatively impact your personal credit score.
Do I have to have a business to get a Capital One Spark 2% Cash Plus card?
If you have just started a business or are self-employed, you may be eligible for a Spark business credit card, provided you have established a business entity. Capital One will ask you for your company’s legal name and tax ID number during the card application process.