Capital One Spark Business Cards Review: Which Is Best for Your Business?

capital one spark business review

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
  • Capital One Spark Cash Select
  • Capital One Spark Miles
  • Capital One Spark Miles Select
  • Capital One Spark Classic

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

The Capital One Spark Cash card is a great option if you want a big sign-up bonus and high rewards rate. It offers unlimited two percent cash back on all purchases and a $500 sign-up bonus. To get the bonus, you have to spend $4,500 in the first three months.

The big bonus and high rewards rate don’t come free, though. You’ll pay a $59 annual fee, but there’s an introductory $0 fee for the first year.

The card has the following APRs, as of June 2017, depending on how you use it:

  • Purchase APR: 17.74% variable
  • Penalty APR (if you’re late on a payment): 30.15% variable
  • Cash advance APR: 23.74% variable

The card also charges a late fee of up to $39 and a cash advance fee of $10 or three percent of the cash advance amount, whichever is greater.

The Capital One Spark Cash card 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

The Capital One Spark Cash Select card is a watered-down version of the Capital One Spark Cash. You’ll earn unlimited 1.5 percent cash back on every purchase with a $200 sign-up bonus after you spend $3,000 in the first three months.

The key is that the Capital One Spark Cash Select doesn’t charge an annual fee. With no fee, you don’t have to worry about whether you’re earning enough rewards to make up for one.

The card also comes with a 0% APR promotion on purchases, which can be helpful if you need some time to pay off a large business expense.

Here’s the APR schedule for the card, as of June 2017:

  • Purchase APR: 0% introductory APR for the first nine months and then 13.74%, 17.74%, or 21.74% variable after that, depending on your creditworthiness
  • Penalty APR: 30.15% variable
  • Cash advance APR: 23.74% variable

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 $10 or three percent of the cash advance amount, whichever is greater.

The Capital One Spark Cash Select is a good option if you are fee-averse or don’t spend a lot each month (more on that later).

Capital One Spark Miles

If travel rewards are more appealing to you than cash back, the Capital One Spark Miles card may be worth considering.

The card offers unlimited two miles per dollar spent on all purchases. You’ll also get a 50,000-mile sign-up bonus after you spend $4,500 in the first three months; that’s worth $500 in travel.

The card comes with a $59 annual fee, though it’s waived for the first year. Other fees include a late fee of up to $39 and a cash advance fee of $10 or three percent of the cash advance amount, whichever is greater.

As of June 2017, the card’s APR schedule includes the following:

  • Purchase APR: 17.74% variable
  • Penalty APR: 30.15% variable
  • Cash advance APR: 23.74% variable

Choose the Capital One Spark Miles 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

If you want travel rewards without the annual fee, choose the Capital One Spark Miles Select card. This card offers unlimited 1.5 miles per dollar spent and 20,000 bonus miles (worth $200 in travel) after you spend $3,000 in the first three months.

The card has no annual fee and offers a 0% APR promotion on purchases, giving you a breather on interest for a little while.

As of June 2017, the card has the following APRs:

  • Purchase APR: 0% introductory APR for the first nine months and then 13.74%, 17.74%, or 21.74% variable after that, depending on creditworthiness
  • Penalty APR: 30.15% variable
  • Cash advance APR: 23.74% variable

You’ll pay up to $39 on late payments. And if you use the card for a cash advance, there’s a fee of $10 or three percent of the cash advance amount, whichever is greater.

The Capital One Spark Miles Select card is a good option for low spenders who want to focus on travel.

Capital One Spark Classic

Unlike the other Spark cards, the Capital One Spark Classic is geared toward people who are working to rebuild credit.

The card offers unlimited one percent cash back on all purchases but doesn’t come with a sign-up bonus or 0% APR promotion.

As of June 2017, the APRs you should be aware of include the following:

  • Purchase APR: 23.74% variable
  • Penalty APR: 30.15% variable
  • Cash advance APR: 23.74% variable

The Capital One Spark Classic doesn’t charge an annual fee, but the fee for a late payment can be as high as $39. You’ll also pay a cash advance fee of $10 or three percent of the cash advance amount, whichever is greater.

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 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.

For example, with the Capital One Spark Cash, the $500 sign-up bonus is worth $300 more than that of the Capital One Spark Cash Select. That difference effectively covers the annual fee for five years.

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 – even with the card’s annual fee.

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 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 2018!
LenderRates (APR)Loan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

2 Important Disclosures for Citizens Bank.

SoFi Disclosures

  1. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Finance Lender Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
  2. Personal Loans: Fixed rates from 5.49% APR to 14.24% APR (with AutoPay). Variable rates from 5.29% APR to 11.44% APR (with AutoPay). SoFi rate ranges are current as of December 1, 2017 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.29% APR assumes current 1-month LIBOR rate of 1.34% plus 4.20% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

Citizens Bank Disclosures

  1. Personal Loan Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of August 1, 2017, the one-month LIBOR rate is 1.23%. Variable interest rates range from 6.02% – 15.97% (6.02% – 15.97% APR) and will fluctuate over the term of your loan with changes in the LIBOR rate, and will vary based on applicable terms and presence of a co-applicant. Fixed interest rates range from 5.99% – 16.24% (5.99% – 16.24% APR) based on applicable terms and presence of a co-applicant. Lowest rates shown are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with Citizens Bank at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, Citizens Bank checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Benefit: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
7.39% - 29.99%$1,000 - $50,000Visit Upstart
5.29% - 14.24%1$5,000 - $100,000Visit SoFi
8.00% - 25.00%$5,000 - $35,000Visit Payoff
5.99% - 16.24%2$5,000 - $50,000Visit Citizens
5.99% - 35.89%$1,000 - $40,000Visit LendingClub
5.25% - 14.24%$2,000 - $50,000Visit Earnest
Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print, understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.