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Credit Card Review: Capital One Spark Cash Plus

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There are hundreds of credit cards offered in the United States, with every bell and whistle imaginable. But if you’re a busy small business owner, then you may just need a simple card that provides solid value at all times. Not only does the new Spark Cash Plus offer a very high rate of cash back on all purchases, it also features a new account bonus of up to $1,000.

Key Terms

  • Welcome Bonus: Earn $500 after spending $5,000 in your account’s first three months, and another $500 once you spend $50,000 within your account’s first six months, for a total of up to $1,000 cash back. Earn an additional $200 annual cash bonus every year you use your card to spend $200,000 or more.
  • Rewards: Earn 2% cash back on all purchases with no limits.
  • Annual Fee: $150
  • APR: There’s no APR because your balance is due in full every month. Otherwise, you’ll be charged a 2.99% monthly late fee.
  • Promotional Financing Offer: None.

How This Card Works

The first thing to know about the new Capital One Spark Cash Plus is that it’s not a credit card, it’s a charge card. That means that cardholders are expected to pay their entire statement balance each month. Otherwise, there will be a 2.99% monthly late fee applied. And as with most charge cards, there’s no preset spending limit.

With that detail out of the way, cardholders have a lot to look forward to with this small business card. To start out with, new applicants will receive a $500 cash bonus after spending $5,000 on new purchases within six months of account opening. You can earn another $500 cash bonus if you spend a total of $50,000 within the same six months of account opening.

This card simply offers a flat rate of 2% cash back on all purchases, with no limits. However, you’ll receive an extra $200 cash bonus each year that you use it to spend $200,000 or more.

Benefits are minimal, but include extended warranty coverage, year-end summaries and virtual card numbers. However, you can assign an account manager to make purchases and payments, review transactions and resolve any account issues on your behalf. There’s a $150 annual fee for this card, and no foreign transaction fees.

Advantages

This card offers small business owners lots of cash back, without having to worry about bonus categories or annual limits. It also has an exceptional new account bonus, and a modest annual bonus for big spenders. It’s also nice that there’s no foreign transaction fees imposed on purchases processed outside of the United States. So whether you’re traveling internationally, or just making an order from a foreign supplier, you won’t get hit with any surprise fees.

Disadvantages

Because this is a charge card and not a credit card, you can’t really use it to finance your businesses. Also, this card doesn’t offer any travel benefits and few purchase protection policies, so it’s somewhat no-frills. This card is clearly made for small business owners with considerable spending needs, as you can only earn the full $1,000 cash bonus after spending $50,000 within six months, and the annual $200 bonus after spending a massive $200,000 in a year. Finally, the $150 annual fee is a little higher than most premium reward cards.

Alternatives

Capital One Spark Miles. If you’d rather earn travel rewards than cash back, this is a good option. It offers unlimited 2x miles on all purchases, which are worth one cent each as statement credits towards travel purchases. Capital One Miles can also be transferred to airline and hotel programs. There’s a $95 annual fee for this card that’s waived the first year, and no foreign transaction fees.

Blue Business CashTM Card from American Express. This card offers you a $250 statement credit after using it to spend $5,000 within six months, and another $250 credit if you spend an additional $10,000 within the first year. It also offers you 2% cash back on up to $50,000 in purchases each calendar year, then 1%. There’s no annual fee for this card.

Discover it Business Credit Card. This card offers 1.5% cash back on all purchases, and Discover will automatically double the cash back you’ve earned in your account’s first year. It also offers new accounts 12 months of 0% APR financing on new purchases, and has no annual fee.

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Source: on 2021-09-03 12:26:28

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