So you’re thinking about getting a new business credit card? If that’s the case, the Capital One Spark Cash for Business (read more) may have caught your attention. If so, here’s everything you need to know about this card and what it can offer you.
The Early Spend Bonus
This card offers an early spend bonus of $500 when you spend $5,000 in the first three months and $1,500 when you spend $50,000 in the first six months.
This may seem like a pretty tall order at first, but most mid-sized business owners can easily meet the challenge, if they put all their expenses on the Capital One Spark Cash card (learn more).
Earning Cash Back
One of the primary features of this card is its simplicity and nowhere can you see that as plainly as when it comes to the earning potential.
The Spark Cash earns unlimited 2 percent cash back on all purchases.
This is great on many purchases, but not so much on others. For example, if you’re spending on travel, you can earn far more points and miles that are worth way more in cash with another card (like the American Express Platinum Business – learn more). But, if you’re buying an odd assortment of items that work for your business, but that don’t really fit into another card’s earning category, then you can make more with this 2 percent cash back than you would with another card’s 1.5 percent cash back on uncategorized purchases.
There’s nothing crazy about redemptions with the Spark Cash card. You receive your cash back as a statement credit or a check. There aren’t any miles redemption options.
Benefits and Perks
There aren’t many travel benefits or perks for this card, which makes it honestly much better for the average business owner than it does for a business owner who travels a lot.
You receive auto rental collision damage waivers when you rent a car for business purposes using the card. You have new purchase protection for 90 days to cover up to $10,000 per claim. You can get employee cards at no additional cost.
One travel-related perk is a lost luggage reimbursement, up to $3,000 if your luggage is lost or stolen, if you paid for your travel with the card (but note that you won’t be getting that much earning value from the card if you do so).
Who is this card good for?
In short, a business owner who doesn’t travel much and just wants a simple, easy card that allows them to earn 2 percent cash back on everything, but particularly items that don’t fall into earning categories with other cards.