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Updated on Tuesday, August 8, 2017
The Capital One® Spark® Classic for Business is a good card for small business owners with average credit. This card has unlimited 1% Cash Back on every purchase and a $0 annual fee, making it a great way to earn rewards from everyday business purchases. If you’re a business owner who frequently travels abroad, there are also no foreign transaction fees, which can save you money compared to other cards.
Capital One® Spark® Classic for Business
The Capital One® Spark® Classic for Business offers unlimited 1% Cash Back on every purchase; there are no changing categories to keep track of each quarter. To redeem cash back, you can request a statement credit or a check. You can also set up automatic redemption either at a set time each calendar year or when a specific threshold ($25, $50, $100, or $200) has been reached. This can be done online at capitalone.com or by contacting the Rewards Center. Cash back can also be redeemed for credits on previous purchases, gift cards, and more.
This card also offers credit-building tools that help you monitor your credit score. Frequently monitoring your credit score will allow you to build and strengthen credit for your business as long as you practice responsible credit behavior.
Capital One offers quarterly and year-end summaries of your spending that break down what you purchased. This simplifies planning, budgeting, and taxes. Your purchase records are also easily downloadable to multiple formats such as Quicken®, QuickBooks™ and Excel®, making accounting easier for your small business.
This is a small business credit card. But to qualify, Capital One will consider both you and your business. That means your personal credit score matters — and you need to have average credit to qualify. Capital One defines average credit as someone who has defaulted on a loan in the past five years or has limited credit history (having a credit card or other credit for less than three years). Your business will need to have an average credit score and an EIN. You will also need to provide details regarding your business’s revenue. Remember — even though this is a business credit card, you will be personally liable for any charges on the card — even if your business goes bankrupt.
$0 annual fee
You won’t pay an annual fee with this card. Many small business rewards cards charge a fee, making this card unique.
No foreign transaction fees
There are no fees when you travel abroad and use this card. This is beneficial if you travel for business frequently or only on occasion, as you will avoid foreign transaction fees that most other cards have.
Unlimited cash back
This card offers unlimited 1% Cash Back on every purchase. There is no minimum amount to redeem cash back. This is a great way to earn rewards on your business purchases.
Free employee cards
Employee cards come at no additional cost. No longer do you have the hassle of reimbursing employees when they use personal cards. You will also earn rewards points from their purchases. Just remember — any spending by an employee on a small business card will be your personal liability.
You don’t need perfect credit
Capital One is willing to work with people and companies that have less than perfect credit.
There is a high APR for this card, 26.99% (Variable). Make sure that you pay all of your bills on time and in full in order to ensure you will not rack up debt. Keeping a balance on your card will defeat any cash back you earn.
The Capital One® Spark® Classic for Business is best for small business owners with average credit who want to earn rewards with minimal additional fees. We recommend this card for business owners who travel abroad and plan on having multiple employee cards, as you will not be charged any fees. With unlimited 1% Cash Back on every purchase and a $0 annual fee, this card is a great option for business owners.
If you frequently spend on gas
The Sam's Club® Business Mastercard® offers 5% worldwide, including gas at Sam’s Club (on first $6,000 per year, then 1% after), 3% on dining and travel, 1% on other purchases at Sam’s Club® and wherever Mastercard® is accepted This is a great added bonus for business owners who frequently spend on gas. Keep in mind that there is a $5,000 cap on cash back rewards you can earn each calendar year. Once you hit this cap, you will not earn any more rewards that year.
The information related to Sam's Club® Business Mastercard® has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.
If you need to finance a purchase
Owning a small business can be overwhelming, and at times, though not ideal, you may have to carry a balance on your credit card. If this is the case, The Blue Business® Plus Credit Card from American Express offers competitive interest rates and an introductory 0% on purchases for 12 months from date of account opening offer on purchases and balance transfers, then 13.24% - 19.24% Variable APR. This can help you save money while you pay off your purchase. In addition, there are rewards points you can earn on purchases. Terms Apply. Keep in mind you need excellent credit to apply for this card.
The information related to The Blue Business® Plus Credit Card from American Express has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.
No, cash back does not expire as long as your account remains open.
No, you can redeem your cash back for any amount, anytime.
You can get your cash back upon request in the form of a statement credit or a check. You can also set up automatic redemption either at a set time each calendar year or when a specific threshold ($25, $50, $100, or $200) has been reached. Just go online to capitalone.com or contact the Rewards Center. You can also redeem for credits for previous purchases, gift cards, and more.