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To make some small-business credit cards worth it, you have to spend a lot on office-related purchases. While that’s great if your spending falls in line with the cards’ bonus categories, they don’t offer much value otherwise.
But with the Capital One® Spark Business cards, you’ll get a flat rewards rate on every purchase. This setup makes it easier to earn rewards without the hassle of keeping track of bonus categories.
In this Capital One Spark Business review, you’ll get a brief overview of each of the five Capital One Spark Business cards and how they might fit your business needs.
Capital One Spark Business review
There are five credit cards within the Capital One Spark Business brand:
- Capital One® Spark® Cash for Business
- Capital One® Spark® Cash Select for Business
- Capital One® Spark® Miles for Business
- Capital One® Spark® Miles Select for Business
- Capital One® Spark® Classic for Business
When it comes to the rewards rates and fees, each card is different. But they’re all similar in that they have flat-rate rewards and no foreign transaction fees.
Capital One® Spark® Cash for Business
The Capital One® Spark® Cash for Business is a great option if you want a big sign-up bonus and high rewards rate. Earn a one-time $500 cash bonus once you spend $4,500 on purchases within 3 months from account opening.
The annual fee is $0 intro for first year; $95 after that
The Capital One® Spark® Cash for Business is a great option for big spenders. After the first year, you have to spend $2,950 just to make up for the annual fee.
Capital One® Spark® Cash Select for Business
The Capital One® Spark® Cash Select for Business is a watered-down version of the Capital One® Spark® Cash for Business. You’ll earn unlimited 1.5% Cash Back on every purchase. The sign-up bonus is a One-time $200 cash bonus once you spend $3,000 on purchases within 3 months from account opening.
The key is that the Capital One® Spark® Cash Select for Business has a $0 annual fee. With no annual fee, you don’t have to worry about whether you’re earning enough rewards to make up for one.
The card also comes with an intro 0% on purchases for 9 months, then a 14.49% - 22.49% (Variable) APR applies which can be helpful if you need some time to pay off a large business expense.
While the card doesn’t have an annual fee, it’s not completely fee-free. If you’re late on a payment, you’ll pay up to $39. And if you use the card for a cash advance, you’ll pay 3% of the amount of the cash advance, but not less than $10.
The Capital One® Spark® Cash Select for Business is a good option if you are annual fee-averse or don’t spend a lot each month (more on that later).
Capital One® Spark® Miles for Business
If travel rewards are more appealing to you than cash back, the Capital One® Spark® Miles for Business may be worth considering.
The card offers 2 Miles per $1 on every purchase, everywhere. Earn a one-time bonus of 50,000 miles – equal to $500 in travel – once you spend $4,500 on purchases within the first 3 months from account opening..
The annual fee is $0 intro for first year; $95 after that. Other fees include a late fee of up to $39 and a cash advance fee of 3% of the amount of the cash advance, but not less than $10.
Choose the Capital One® Spark® Miles for Business if you plan to use your credit card rewards for travel only. It’s also a good choice for big spenders, as you have to spend more to make up for the card’s annual fee.
Capital One® Spark® Miles Select for Business
If you want travel rewards without the annual fee, choose the Capital One® Spark® Miles Select for Business. This card offers unlimited 1.5 Miles per $1 on every purchase, and you can earn a One-time bonus of 20,000 miles once you spend $3,000 on purchases within 3 months from account opening.
The card has a $0 annual fee and offers an intro 0% on purchases for 9 months, then a 14.49% - 22.49% (Variable) APR applies.
You’ll pay up to $39 on late payments. And if you use the card for a cash advance, there’s a fee of 3% of the amount of the cash advance, but not less than $10.
The Capital One® Spark® Miles Select for Business is a good option for low spenders who want to focus on travel.
Capital One® Spark® Classic for Business
Unlike the other Spark cards, the Capital One® Spark® Classic for Businessis geared toward people who are working to rebuild credit.
The card offers unlimited 1% Cash Back on every purchase .
The Capital One® Spark® Classic for Business has a $0 annual fee, but the fee for a late payment can be as high as $39. You’ll also pay a cash advance fee of 3% of the amount of the cash advance, but not less than $10.
Credit requirements for cardholders
Capital One is rare among credit card issuers in that it spells out its credit requirements on its website.
All Capital One Spark Business cards other than the Capital One® Spark® Classic for Business are targeted to people with excellent credit. Capital One defines excellent credit as follows:
“I’ve never declared bankruptcy or defaulted on a loan; I haven’t been more than 60 days late on any credit card, medical bill, or loan in the last year; I’ve had a loan or credit card for three years or more with a credit limit above $5,000.”
The Capital One Spark Classic is targeted to people with average credit. Capital One defines that credit level as follows:
“I’ve defaulted on a loan in the past five years, OR I have limited credit history. I’ve had my own credit card or other credit for less than three years (including students, people new to the U.S., or authorized users on someone else’s credit card).”
Make sure you check your credit history before applying for a credit card. If you don’t meet the requirements from the start, it’s unlikely you’ll get approved.
When you apply for a credit card, the issuer will run a credit check, which will result in a hard inquiry on your credit report and may knock a few points off your credit score.
Do the math before you decide
If you’re trying to decide between one of the Spark cards and its Select version, do the math to figure out which one’s a better choice.
From a rewards-rate perspective, the best card will depend on how much you spend. For example, if you spend more than $11,800 a year, or $983 a month, you’ll get more value with the Capital One® Spark® Cash for Business – even with the card’s annual fee ($0 intro for first year; $95 after that).
Which Capital One Spark Business card should you choose?
Before choosing a card, consider the needs of your business and your personal preferences. Then, determine how much money your business is spending each month and how that amount might change over time.
Say, for example, you are not spending a lot now but project your expenses will increase soon. In that case, it might be worth getting one of the annual-fee cards with better rewards.
However, if you’re working on rebuilding your credit, the Capital One® Spark® Classic for Business may be your best bet for getting approved.
If you go with one of the Spark Cash cards, you can use your cash for travel or anything else that suits your fancy. With the Spark Miles cards, on the other hand, you’re more limited in your redemption options.
Regardless of which card you choose, avoid getting one for short-term reasons. Instead, go with the card that gives you the most value over time.
Interested in a personal loan?Here are the top personal loan lenders of 2020!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Opploans.
Direct Deposit required for payroll.
Opploans currently operates in these states: . *Approval may take longer if additional verification documents are requested. Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day.
3 Includes AutoPay discount. Important Disclosures for Payoff.
4 Important Disclosures for FreedomPlus.
5 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
6 Important Disclosures for LendingPoint.
7 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.
†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com
**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.
8 Important Disclosures for Earnest.
9 Important Disclosures for Avant.
*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
**Example: A $5,900 loan with an administration fee of 4.75% and an amount financed of $5,619.75, repayable in 36 monthly installments, with an APR of 29.95% would have monthly payments of $250.30.
Based on the responses from 11,574 customers in a survey of 210,584 newly funded customers, conducted from 1 Feb 2018 – 1 Aug 2019 95.05% of customers stated that they were either extremely satisfied or satisfied with Avant. 4/5 Customers would recommend us. Avant branded credit products are issued by WebBank, member FDIC.
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
* Personal loans made through Upgrade feature APRs of 6.98%-35.89%. All personal loans have a 1.5% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by WebBank, Member FDIC.
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|5.99% – 18.82%1||$5,000 - $100,000|
|6.53% – 35.99%||$1,000 - $50,000|
|6.98% – 35.89%*||$1,000 - $50,000|
|99.00% – 199.00%2||$500 - $4,000|
|5.99% – 24.99%3||$5,000 - $35,000|
|5.99% – 29.99%4||$7,500 - $40,000|
|6.79% – 20.89%5||$5,000 - $50,000|
|9.99% – 35.99%6||$2,000 - $25,000|
|6.95% – 35.89%7||$1,000 - $40,000|
|5.99% – 17.24%8||$5,000 - $75,000|
|9.95% – 35.99%9||$2,000 - $35,000|