In the US, hundreds of credit cards offer every bells and whistles imaginable. However, if you’re a busy small business owner, you probably just need a basic card that always provides solid value. The new Capital One Spark Cash Plus not only offers a very high cash back rate on all purchases, but also offers up to $1,000 in new account bonuses.

Key terms

  • Welcome Bonus: Earn $500 after spending $5,000 in the first three months of your account, plus an additional $500 after spending $50,000 in the first six months of your account, for a total of up to $1,000 in cash back. Earn an additional $200 cash bonus per year when you spend $200,000 or more with your card.
  • Rewards: Unlimited Earn 2% Cash Back on All Purchases.
  • Annual fee: $150
  • APR: There is no APR because your balance expires every month. Otherwise, you will be charged a late fee of 2.99% per month.
  • Promotional Funding Offer: None.

How this card works

The first thing to understand about the new Capital One Spark Cash Plus is that it’s not a credit card, it’s a debit card. This means the cardholder needs to pay the full bill balance each month. Otherwise, a late fee of 2.99% per month will be charged. Like most charge cards, there are no preset spending limits.

With this detail, cardholders have a lot to look forward to from this little business card. Initially, new applicants will receive a $500 cash incentive after spending $5,000 on new products within six months of account opening. If you spend a total of $50,000 within six months of account opening, you can earn an additional $500 cash bonus.

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This card simply offers a flat 2% cashback on all purchases with no restrictions. However, you will receive an additional $200 cash bonus each year for spending $200,000 or more.

The benefits are minimal, but include extended warranty coverage, year-end summaries and virtual card numbers. However, you can hire an account manager to make purchases and payments, verify transactions, and troubleshoot account issues on your behalf. The card has an annual fee of $150 and no international transaction fees.

Benefits

This Capital One Spark Cash Plus offers small business owners plenty of cash back without worrying about bonus tiers or annual limits. It also offers excellent new account bonuses and modest annual bonuses for large clients. It’s also nice that purchases made outside the U.S. don’t have foreign transaction fees. Whether you’re traveling abroad or just placing an order with a foreign supplier, you won’t face any unexpected charges.

Disadvantages

Because this is a charge card and not a credit card, you can’t really use it to fund your business. Plus, the card doesn’t offer travel benefits or purchase protection, so it’s a bit unpretentious. This card is clearly for small business owners with heavy spending needs, as you can only get the full $1,000 cash bonus after spending $50,000 in six months and $200,000 in one year $200 year-end bonus. Finally, the $150 annual fee is a bit higher than most premium rewards cards.

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Alternative

Capital One Sparks Mile. This is a great option if you’d rather get a travel reward than cash back. It offers unlimited 2x miles on all purchases, one cent worth of each travel purchase statement credit. Capital One Miles can also transfer to airline and hotel programs. The card has a $95 annual fee, waived for the first year, and no international transaction fees.

Blue Business CashTM Card from American Express. This card gives you $250 in statement credit after you spend $5,000 in six months, and an extra $250 if you spend an additional $10,000 in the first year. It also offers 2% cash back on purchases up to $50,000 per calendar year, followed by 1%. There is no annual fee for this card.

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Discover business credit cards. This card offers 1.5% cash back on all purchases, and Discover will automatically double the cash back you earn in the first year of your account. It also funds new accounts for 12 months with 0% APR on new purchases and no annual fee.

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Jake Smith

Escrito por

Jake Smith

He is the editor of Eragoncred. Previously, he was editor-in-chief of Eragoncred and a financial industry reporter. Jake has spent most of his career as a Digital Media journalist and has over 10 years of experience as a writer and editor.