Capital One Spark Cash Plus Credit Card :The Best Business Card for 2021?

By | August 31, 2021

The Capital One Spark Cash Plus Credit Card is the latest addition to Capital One’s business cashback card. It has replaced the Capital One Spark Cash, which is not open any longer for new applicants With an annual fee of $150, this card offers you a Cashback reward of 2% on all purchases, with no cap on how much cashback rewards you can earn.


In its own essence, the more you spend, the more you will earn as you will be sure to maximize your purchases, doesn’t matter if you are spending on business dinners or purchasing office supplies.

Fortunately, the new Spark Cash Plus by Capital One is an upgraded version of the Spark Cash for Business. It is an absolutely fantastic credit card for many businesses and entrepreneurs.

It’s been a tumultuous year, to say the least. On the one hand, travel has bounced back, for the most part, points and miles have been devalued as a result. But on the other hand, we have the Cash, which seems to be losing its purchasing power, thanks to inflation.

In such a scenario, Cashback Rewards Credit Cards offer you much more utility than ever, since they offer you some cashback reward for the purchases you made.

This gives you the product you purchased at a lower price than what you might pay for without owning a card.

Capital One Spark Cash Plus Credit Card
Image Credit : Capital One

What’s Ahead

  1. Highlights
  2. Fees and charges
  3. Why you might want to go for ?
  4. Why you might want to go for a different card?
  5. Better Alternative of Capital One Spark Cash Plus Credit Card
  6. Capital One Spark Cash Plus vs Chase Ink Business Cash -Quick-Comparison.
  7. Who should go for Spark Cash Plus card?
  8. Verdict-:-Is the Capital One Spark Cash Plus Credit Card for Business worth it?

Highlights

  • Unlimited Cashback Rewards of 2% on every purchase.
  • $150 Annual Fee
  • 0% introductory APR is applicable for 12 Months.
  • No Foreign Transaction Fees are charged.
  • No Balance Transfer Fees are charged.

Fees and charges of Capital One Spark Cash Plus Credit Card.

TypesAmount ($)
Joining FeesNone
Annual Fees$150
Balance Transfer Fees N/A
Foreign Transaction Fees N/A
Introductory APR0% APR is applicable for 12 Months
Regular APRN/A
Late FeesIf you pay off your balance in full every month, then you can avoid a late fee of 2.99%.
Fees Table of Capital One Spark Cash Plus Credit Card

Why you might want to go for Capital One Spark Cash Plus Credit Card ?

No Preset Spending Limit

The Spark Cash Plus is a charge card- which differs ever so slightly from the traditional credit cards. The notable difference between Spark Cash Plus and a traditional card is the preset spending limit.

The traditional credit cards have a preset spending limit (there can be a cap of $10,000-$20,000 or so). On the other hand, Spark Cash Plus has no spending limit. This is a good thing for business owners with lots of expenses, who might need to go above their credit limit.

Unlimited 2% Cashback Rewards & More

The Capital One Spark Cash Plus Credit Card offers you an unlimited cashback reward of 2% on all purchases made by you, everywhere, with no restrictions.

Moreover, there’s an added bonus- if you spend $200,000 or more using the Spark Cash Plus in an anniversary year, you will earn an annual $200 cash bonus. To look at it alternatively,

if you spend $200,000 using this card annually, you would be able to earn a cashback reward of $4,200 (not including the welcome bonus), which is 2.1% in return, That’s phenomenal!!

Lucrative Welcome Offer

The all-new Capital One Spark Cash Plus Credit Card comes up with an increase in the welcome bonus. You can earn Cashback up to $1,000: $500 once you spend $5,000 in the first three months and $500 more when you spend an additional $50,000 in the first six months of account opening.

The first half of the sign-up bonus is easy enough to attain, the second half of the sign-up bonus might be unachievable for business owners and entrepreneurs with smaller budgets.

Free Employee Cards

You can add employee cards for free using Spark Cash Plus. It enables you to earn an unlimited cashback reward of 2% from their purchases too.

Minimal Cost of Maintenance and Transactions

Capital One Spark Cash Plus Credit Card is a low-cost maintenance credit card available for business owners. It has low-cost maintenance due to an Annual fee of $150, along with no Transaction Fees, Balance Transfer Fees, and no APR involved.

However, it’s best in practice to pay off your balance every month to avoid a 2.99% late fee. Hence, you can minimize the cost of maintenance.

Why you might want to go for a different card?

Relatively Lower Cashback Reward

Spark Cash Plus offers you a lower, restricted cashback reward range of 2%, irrespective of categories & the volume of purchase. On the other hand, Chase Ink Business Cash offers you a lucrative cashback rewards range, which gives you the potential to maximize the cashback rewards, including the following offers:

  • 5% Cashback on combined purchases worth $25,000 made for office supplies, cable, internet, phone purchases each account anniversary year.
  • 2% Cashback on the first 25,000 spent in combined purchases at Gas Stations, Restaurants each account anniversary year.
  • 1% Cashback Reward on all other purchases.

Compulsory Monthly Balance Payment

Another limitation of this card is a penalty of 2.99%, which is applicable if you miss your monthly payments on the purchases made by you within the same month.

An annual cash bonus of $200 is hard to earn

An additional Annual Cash bonus of $200 is hard to earn especially for business owners with annual spending of less than $200,000.

Better Alternative of Capital One Spark Cash Plus Credit Card

Chase Ink Business Card

Chase Ink Business Card is a better alternative to Capital One Spark Cash Plus Credit Card since it offers you a lucrative range of Cashback offers of 5% Cashback (with a spending cap of $25,000) on Office Supplies, Internet, Cable, Phone purchases, along with 2% Cashback Reward (along with a spending cap of $25,000) on purchases at Gas Stations & Restaurants,

and an unlimited Cashback reward of 1% on all other purchases. It gives it the potential to maximize your cash back rewards.

Capital One Spark Cash Plus vs Chase Ink Business Cash – Quick Comparison.

Fees & RatesCapital One Spark Cash PlusChase Ink Business Cash
Welcome Bonus/Sign-up Bonus$1000 Cashback ($500 Cashback Rewards on purchases worth $5,000 & $500 on purchases of $50,000.$750 Cashback if you spend at least $7,500 within the first 3 months of your account opening date.
Cashback RewardsUnlimited Cashback Reward of 2% on all purchases made.(A).5% Cashback Reward on purchases made up to $25,000 of Office Supplies, Cable, Internet, Phone Purchases each account anniversary year.

(B). 2% Cashback Reward on purchases up to $25,000 made at Restaurants & Gas Stations.

(C).1% Cashback Reward on all other purchases made.
Intro APRN/A0% APR applicable for the first 12 months.
Regular APRN/AVariable 15.49%-21.49%
Annual Fee$150N/A
Balance Transfer FeesN/A$5 or 5% balance transfer fees of the total transaction.
Foreign Transaction FeesN/A3%
Comparison Chart

Capital One Spark Cash Plus Credit Card & Chase Ink Business Cash Card are some of the finest credit cards for business owners & entrepreneurs. Both of them have their advantages & disadvantages.

Chase Ink Business Cash has an upper hand in terms of the lucrative Cashback Rewards of 5% on purchases of various business expenses (Office Supplies, Mobiles, Cable, Internet purchases),,2% Cashback Reward on purchases made at Gas Stations & Restaurants, along with 1% Cashback on all purchases.

Moreover, Spark Cash charges you an annual fee of $150.

Capital One Spark Cash on other hand has several advantages that reduce its Maintenance Cost. It does not charge you a foreign transaction fee, balance transfer fees, APR.

Chase Ink Business Cash charges you a Regular APR of 13.24%-19.24%, along with 3% Foreign Transaction Fees, along with a $5 or 5% balance transfer amount of the whole. Transaction.

Pros and Cons of Spark Cash Plus Credit Card

Pros

  • No foreign transaction fees
  • Free employee cards
  • Rewards don’t expire
  • No annual fee the first year
  • Unlimited Credit Limit
  • Excellent welcome offer ($1000)

Cons

  • Annual fee after the first year
  • Very High APR
  • No intro APR offer
  • No bonus spending categories

Who should go for Spark Cash Plus card?

Spark Cash Plus card, is for small business owner who want unlimited cashback everyday purchases and who already have a personal Capital One rewards card like the Venture and want to transfer rewards.

How to redeem

The Capital One Spark cash Plus credit card rewards points, never expire as long as Card active. The rewards point can be redeem as statement credit (cash) even if you have very low rewards ( As low as $10)

Verdict : Is the Capital One Spark Cash Plus Credit Card for Business worth it?

Capital One Spark Cash Plus Credit Card

The Capital One Spark Cash Plus has an edge over other business cards and charge cards as it offers you some of the best Welcome Offers, a good cashback rate. Moreover, it does not charge you Balance Transfer Fees, Foreign Transaction Fees, and APR. An annual fee of $150 seems to be worth it. However, it should also be noted that you may be charged a late fee of 2.99% of the total monthly payment in case if you miss any monthly payment.

Editor's Rating:
4.5

This card is good for small to medium-size business owners & entrepreneurs.

Frequently Asked Question

Here are the some of the most Frequently Asked Question about Capital One Spark Plus Credit card.

  1. What makes Spark Cash Plus stand apart from other credit cards?

    Spark Cash Plus is a Charge Card that does not have any maximum spending limit. Moreover, it is a relatively low-cost maintenance business card that does not charge you any balance transfer fees, foreign transaction fees, and APR.

  2. What Credit Score is required for Capital One Spark Cash Plus Credit Card?

    An excellent Credit Score of 720 & above is required for you to qualify for Capital One Spark Cash Plus Credit Card. However, it should be also noted that your income, credit history, and other relevant information are also taken into account.

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