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Updated on Friday, July 10, 2015
Are you looking for a new business credit card? The Capital One® Spark® Cash Select for Business has competitive interest, cash back rewards and benefits that will protect your money and purchases.
The Credit Card Offer at a Glance
You need an Excellent/Good credit score to qualify for this, card, which is generally considered 750, or above. You must also be 18 years or older with a valid social security number or Tax ID. And if you already have a Capital One credit card it must be in good standing to be approved for the Capital One® Spark® Cash Select for Business.
Credit Card Rewards
There are two different ways to make cash back from your spending.
First, you can earn unlimited 1.5% Cash Back on every purchase. There’s no minimum that you need to spend in order to start redeeming your cash back. And you can choose to redeem it as a statement credit or check.
You can also earn a One-time $200 cash bonus once you spend $3,000 on purchases within 3 months from account opening. If you qualify for the extra bonus it’ll appear as a credit to your statement within 2 months.
Other Credit Card Benefits
The Capital One® Spark® Cash Select for Business comes with several valuable benefits. You can add employee cards to the account for free and earn cash back on their purchases. The card comes with $0 Fraud Liability, so if your card is lost or stolen you’re covered.
There’s a Purchase Security benefit that will replace, repair or reimburse you for items damaged or stolen within 90 days of purchase. And you can get extra warranty protection of up to a year on select items.
Fine Print and Fees
Overall this business card has very straightforward terms. What you see is what you get and there are hardly any extra fees. For instance, foreign transactions don’t cost you anything. And there is a $0 annual fee and no balance transfer fee.
The fine print terms you need to be aware of come into play if you don’t pay your bill on time. Late fees can be up to $39. And the 0% APR intro deal will end if a payment is received late.
Penalty APR is 30.65% variable and will be applied to your account if two or more payments are late within a 12-month period. However you can be considered for standard APR once again if you make on-time payments afterwards for 12 consecutive months.
Pros and Cons
The big pros of this card are clearly the rewards and benefits.
Let’s face it. Business owners often make large purchases. So benefits like Purchase Security and extended warranties give you peace of mind because you’re covered if the unexpected happens. The unlimited 1.5% Cash Back on every purchase and lack of administrative fees will also save you money.
The only real con of this card is its eligibility requirements. If you don’t have excellent credit you’ll have to work on building it before you can apply.
Alternatives to the Capital One® Spark® Cash Select for Business
The Ink Business Cash℠ Credit Card from Chase is a business card with comparable benefits and rewards you should also consider.
Ink Business Cash℠ Credit Card
The Ink Business Cash℠ Credit Card lets you Earn $500 bonus cash back after you spend $3,000 on purchases in the first 3 months from account opening. Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year. Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other card purchases with no limit to the amount you can earn..
The information related to Ink Business Cash℠ Credit Card has been independently collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.
Ink Business Cash℠ Credit Card
- Regular Purchase APR
- 14.74% - 20.74% Variable
- Annual fee
- Rewards Rate
- Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year. Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other card purchases with no limit to the amount you can earn.
Out of the two cards, the Capital One® Spark® Cash Select for Business will benefit you the most if you travel internationally often. The Ink Business Cash℠ Credit Card charges a foreign transaction fee of 3% of each transaction in U.S. dollars. The Capital One® Spark® Cash Select for Business doesn’t charge a foreign transaction fee, so you can make international purchases without worrying about the extra cost.