Are you worried to select Best & Preferred Credit Card for your Business?
If Yes, Then It will be Worthy For you to Read a detail review of Capital One Spark Business Credit Card 🙂
Capital One Spark Business Card Features:
- With $0 intro fee for first year, you will be required to pay $95 subsequently every year.
- You can ear unlimited with its 2% cashback scheme leading to thousands of dollars to be coming back on every purchase.
- Upon spending $5000 within 3 months of your account purchase, you can receive a cash bonus upto $500 which is limited up to $2000.
- There is not categorical limit to the purchases you made with this card.
- Upon spending $50000 within first 6 months of purchase, you can receive a cash bonus upto $1500.
- You can also get the employee cards to earn rewards without any additional expenditure.
- There is a flexibility to redeem the cashback of any amount throughout the time till you hold the account.
Benefits of the Capital One Credit Card:
- There is no foreign transaction fee involved.
- The rewards returns are fairly high.
- Points can be redeemed for cash back, gift cards or charitable donations.
- The cash back can be redeemed anytime,anywhere
- The cash backs are not time bound or subject to expiration.
- Automatic cash-backs available by setting the threshold.
Spark Business Card Exclusive Features:
- No foreign transaction free: Using this card while traveling abroad is bliss as it does not involve any foreign transaction fee. Most of the cards in the segment charge 3% transaction fee to hike your overall expenses especially on longer trips.
- Easy to Login: Its easy to Login the capital one spark business credit card.
- Simple reward scheme: With each dollar spent, you straight away receive an award of 2%. There is no complicate reward policy with underlying terms and conditions on time and spending limits.
- Fraud Protection: With its real time alerts for fraud attempts via email, phone and text, it exhaustively protects the interest of its users.
- Free Employee cards: No additional fee is associated in extending the cards to the employees of the company, making it a great deal to explore.
- Price protection: Additional warranty protection for the items purchased with this business card up to past one year of the manufacturer warranty.
- Visa Signature concierge: The user can save up to 15% with the enrolled Visa business card at participating merchant.
- Lost luggage reimbursement: In the event of damage or theft, replacement, reimbursement or repair of the eligible items purchased using this business card is available.
- Quarterly and year end summary: The comprehensive summary reports allows you to keep a track on your spending and the amount of bonus as well as cashback received.
Disadvantages of the Capital One Credit Card:
- It involves higher APR.
- It involves a considerable annual fee of $95
- It lacks the over-sized travel awards or travel transfer partners.
Basics of Capital One Spark : At Glance
Annual Fee: 0$ for first year & 95$ per year subsequently.
Sign-up bonus: Up to $2000. On spending $5000, earn $500 cash bonus in first 3 months. Spend $50000 to earn $1500 within first 6 months.
Ongoing Rewards: 2% on every purchase
Interest Rate: Variable APR (ongoing is 19.24%)
Foreign Transaction fees: None
An insight on Capital One Credit Card:
It has been observed by many small businesses that the reward structure of the capital one spark credit card refrain them to earn good amount of cash back.
If your business relies on the stationery like ink and paper, receiving a 5% cash back on the purchase of office supply stores can be highly beneficial.
With unlimited 2% cash back, it is ranked as Best small Business credit cards by Nerd-wallet.
There are five different types of cards available under Capital One Business Card. Specifically designed for the people with good credit following are the reviews of the two such Capital One credit card:
- Capital One Spark Cash for Business: With annual fees of $95 and 2% cash back on every purchase, it comes with a fee waiver for the first year of purchase.
- Capital One Spark Cash Select for Business: No annual fees involved in this credit card and offers a cash back of 1.5%. For the first 9 months, the APR is 0% and thereafter variable APR is considered.
These general credit cards are not limited to certain types of purchases to receive the cash backs. No matter what you shop using these credit cards, you will receive the same rewards.
The people with an annual spending budget greater than $19000, Capital Spark Cash is more appropriate choice to consider. However, if you have no plans to spend this much of amount, Capital Spark Cash Select is an appropriate choice.
Remember, both the cards are responsible for building your credit history and all the activities pertaining to them are reported to business credit bureau.
So, What are you waiting for? Apply now for Capital one Spark Business Card and Grow your business.
What makes these two cards to secure highest rating among the various business cards?
- Very cheap to use, the Spark Cash select does not involve any annual fee However, it comes at a fee of $ 95 per year in which first year does not involve any annual fee. If you do a purchasing worth $ 4,750, you can simply offset the fee.
- With their comprehensive fee structures, you can enjoy the competitive rewards in terms of cash backs.
- Both the cards score good sign-up bonus which is a considerable amount for 3 month purchasing. Spark Cash also comes with an additional responsibility of 6-months business.
- The bonus offered under the welcome offer reasonably covers the annual fee for more than 6 years of the Spark Credit Card, making it a lucrative deal.
How to check your Capital Spark One Credit Card Status – Application Status:
Capital one is listed among the top largest card issuers in the world. It has made its mark among the credit card users with its special credit card rewards for black-out free travel program.
It has given million of credit card holders a reason to join it with the flexibility to fly around or having a chit-chit at Capital one cafe using capital one spark business redeem rewards
Applying to Capital One Credit card online via an online application, you can conveniently determine your application status in less than 60 seconds.
The status of your application approval or rejection is instantly communicated to the applicants, right on the screen. But, at times, your application status shows ‘pending’ when the automated algorithms are not able to conclude a decision after analyzing your application.
To inquire about your application status, you can call @ 1-800-903-9177 at capital one business credit card customer service
Under normal circumstances, it usually takes 7-10 working days for the screening of your pending application. The final decision is send via mail.
In case more documentation is required to conclude the decision, it may require a considerable time. It is advised that you should check your mailbox at regular intervals to check the results.
Against the traditional postal system, which requires considerable time for the results to be delivered on your doorsteps, checking your application status online is more convenient and feasible and saves considerable amount of time. You can alternatively call @ 1-800-903-9177 to enquire about your application status.
The most common reason for an application status to be listed under ‘pending’ is the pending verification of the some of the documents or information pertaining to your application.
It could be a mismatched address due to recent house shifting or any other additional document to be required to verify your income or employment status.
All these information need to be validated by the applicant with the relevant documentation to confirm that it is not a fraud.
Major Reasons for the rejection of your online Application:
- Applying for more than 3 capital once credit card within 30 days.
- Bad credit history
- Insufficient Stream of Income
- Insufficient documentation
Never get disappointed, as there are several credit cards which are designed to meet your eligibility. But always remember that a good credit score is a perquisite for any credit card approval.
Hence, you should initiate the appropriate actions to maintain a consistent good credit score to avoid any further rejections in the near future.
It is also recommended to check your credit score prior to apply for any credit card to know about your chances of credit card approval.
It is a simple business credit card with great cash-backs.
Why your business needs Capital One Spark Cash?
Most of the business cash-back cards pay 1% on the various purchases and even higher on some specific purchases. But these specific purchases are associated with the operating costs including travel, shipping, office supplies, advertising, telecommunication etc.
But Capital one Spark offers 2% on all kind of purchases irrespective of its type.
So, if your business expenses are not aligned with the categories mentioned in the other cards, this business card is the best deal to explore.
As the business receives the 2% cashback on all the purchases, inventory spending dwarfs operating expenses for the small businesses.
As there is no limit for the spending amount to be eligible for 2%, there automatic cash back redemption once the expenses of the business reaches a certain amount.
Hefty sign up bonus:
The lucrative sign up bonus of up to $2000, makes the Capital One Spark a preferred choice over the other credit cards in the segment.
An extended limited time offer of earn cash backs upto $500 in first 3 months on the spending amount of $5000 and $1500 in 6 months, if the spending amount reaches to $50000, benefits the businesses incredibly.
Beneficial for the business purchasing the inventory overseas:
For the businesses sourcing the inventories from overseas, the other credit cards deducts a fees of 3% which can easily nullify the effect of any reward in the form of cash back you earn.
But the purchases made from Capital One Spark Cash for Business are not liable for any transaction fees and benefits the businesses exceptionally.
Benefits of Business Integration:
While earning the rewards and no additional cost involved, these cards can be extended to the employees of the company.
From the detailed quarterly and annual sending reports, you can keep a track on the various cash back earning from various spending. Excel and Quick books are some of the formats which are available for downloading the purchase records.
Visa Signature Luxury Hotel Collection:
With the variety of perks, complimentary services and discounts, these credit card benefits the frequent travelers by covering more than 900 hotels including the top brands.
Following benefits can be reaped by using the Capital Spark Cash and Capital Spark Select:
- Automatic room upgrade on arrival, in case of availability.
- $25 beverage or food credit
- Guaranteed Best available rates for the users.
- Complimentary Wi-fi and continental breakfast daily.
- 3 PM check-out facility, if available.
- VIP guest status. le
These are many sports related benefits and discounts which are available with these credit cards. The Troon golf course reward program offers 10% discount on the golf fees around the world including the merchandise purchase.
At a further discount of 15%, you can upgrade the gold membership and 20% discount is offered for the platinum membership.
With wide range of retailers, a rotating selection of discount is available for the Spark One Card holders. There are many offline and online offers from many renowned brands like:
- With the purchase worth $25 or more, you can receive the free Pearl Harbor Tote bag at USS Arizona memorial Museum in Hawaii.
- $5 Macy’s eGift card is available on the purchase of $75 Macy’s eGift Card.
- On the purchases of more than $50 at GNC.com, you can save $10.
With ample of offers running, you can reap the benefits depending on the available offers at the time of spending.
Reach break even after one year to offset annual fee!
- If the annual fee of $95 bothers you, you can spend $4,750 once a year to set off this annual fee by earning the equivalent cash back.
- The Capital One Spark Cash for Business offers the more value than any other card of 1.5%, If the spending for the year reaches to $19000 per year after offsetting the annual fees.
It is worth to consider that any fee charged on the business credit card is a tax-deductible expense and helps in lowering down the tax liability of the business.
How suitable is Capital One Spark Cash is for Business?
The suitability of the Capital One Spark Cash for Business depends on the spending ability of the businesses to make up for its subsequent annual fees.
If the business is having enough high expenses to justify its annual fee, this is a card worth consider to reap substantial benefits. But in case of lower business expenses, a no-fee card should be preferred.
In nutshell, this card is more attractive to the businesses with higher sending abilities. So, if your business observes higher spending, you should not scared by its annual fee of $95.
Higher cash back rates are ensured by the Spark Cash which also attracts no annual fees. But it is only a preferred choice in case you are estimating a spending for more than $19000 per year.
In case, your business is anticipating the lesser spending amount, Spark Cash Select is more appropriate for your business to ensure greater cash back.
Both Spark Cash Select and Spark Cash benefits the business with competitive cash back and comes with a good sign up bonus.
Compared to most of the cards, both these cards offer the upgraded benefits during the traveling like complimentary services and discounts.
These cards also help reasonably to improve the business credit ratings as these cards report the activity to three credit bureaus.
Frequently Asked Questions:
Question 1: How much Capital one Spark Business Card gives cash back on Purchase?
Answer: Capital one Spark Business Card gives 2% Cash Back on all purchases.
Question 2: What are the requirements for a capital one spark business card?
Answer: These are following requirements which are mentioned here:
- Must be 18 years or above.
- Must have a valid SSN.
- Must be residing in USA.