Capital One Spark Cash Business Credit Card Overview
Written by ThunderFat | Updated on October 15, 2024
2024 Update: The popular Capital One Spark Cash Business Credit Card has returned, offering a lucrative $750 welcome bonus.
2023 Update: This card was previously discontinued.
Key Benefits of Capital One Spark Cash
- $750 Welcome Offer: Earn $750 cashback after spending $7,500 within the first three months. This is one of the most competitive offers available.
- 2% Cashback: Earn unlimited 2% cashback on all purchases.
- Enhanced Value through Miles Transfer: If you have a Capital One Miles earning card, like the Capital One Venture, you can convert cashback into Miles to boost value.
- Foreign Transaction Fee Waiver: Enjoy making purchases abroad without paying extra fees.
Considerations and Disadvantages
- Annual Fee: A $95 annual fee applies, though it’s waived for the first year.
- Credit Bureau Checks: Capital One will check all three major credit bureaus—Experian, TransUnion, and Equifax—upon your application.
- Credit Reporting: Business credit cards from Capital One are reported to personal credit histories, unlike many other banks, potentially affecting your personal credit standing and impacting the Chase 5/24 rule.
Understanding Capital One (C1) Miles
- Mix and match with Miles and cashback cards, such as the Capital One Venture Rewards Credit Card, or the Capital One Spark Miles for Business.
- Flexibility is key as you can move cashback to Miles earning cards anytime, though the reverse is not possible.
- C1 Miles are evergreen; only closing an account will cause a loss.
- Transfer C1 Miles to airline miles (e.g., Air Canada, Avianca) and hotel points (e.g., Wyndham) at a favorable 1:1 ratio, potentially raising their value to 1.6 cents per point.
- Redeem towards travel or gift cards at 1.0 cent per point, or for statement credit at 0.5 cents per point.
Optimal Timing for Application
- Apply after at least two years of building credit history.
- Observe the [1/6 rule]: One Capital One credit card application every six months to avoid automatic denial.
Summary of Capital One Spark Cash Business Credit Card
The Capital One Spark Cash Business Credit Card stands out as a cashback card compared to its sibling, the Spark Miles, due to its flexibility to convert cashback to miles. Capital One’s enhancements in their Miles system since 2021, which values these points above 1 cent, make this card attractive with its consistent 2x earning potential. Remember, though, that Capital One’s practice of pulling from all three credit bureaus and recent application history can affect approval odds. For similar cashback potential, compare with Citi Double Cash (DC) and explore Capital One’s rich ecosystem of cards.
Historical Offers & More
Note: Occasionally, the card may offer $500 plus $1500 bonuses, demanding high spending levels which classify them as spending rather than sign-up bonuses.
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