Capital One Spark Cash Select Review 2023 – Business Insider

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Capital One is making a big push to be the go-to choice for aspiring entrepreneurs by issuing some of the best small business cards. One, the Spark 1.5% Cash Select for Excellent Credit, is designed to deliver what every business needs: cash.

Capital One Spark Cash Select Review: Is the Capital One Spark Cash Select the Best Credit Card for You?

For nearly every purchase you make on the Spark 1.5% Cash Select for Excellent Credit, you’ll earn 1.5% cash back. There are no minimums and no expiration dates, which lets you focus your energy on your business instead of ever thinking about earning limitations once you cross a certain spending threshold.

There is no annual fee for the Spark 1.5% Cash Select for Excellent Credit, and there’s a welcome bonus offer of a $500 cash bonus after spending $4,500 on purchases in the first 3 months from account opening.

So, think about your upcoming business expenses: If you have to book some flights or purchase some pricey office equipment in the near future, that bonus may be within easy reach.

Who should and shouldn’t consider the Capital One Spark Cash Select for Excellent Credit

Capital One makes it easy to understand how the bank perceives your past financial decisions with a simple description of the key components that make up an excellent credit score:

• No bankruptcy declarations or loan defaults
• No payments on credit cards, medical bills, or loans that are more than 60 days late in the past year
• A loan or credit card with a credit limit above $5,000 that has been open for the past three years

If you don’t check all those boxes, Capital One has a Spark 1.5% Cash Select for Good Credit
that might be a better fit — there’s no welcome bonus offer, though, but it does offer a 0% intro APR on purchases for 12 months from account opening (then a 20.24% – 28.24% Variable APR).

If you can satisfy all those requirements, it’s time to think about your expectations from a credit card. If you want luxury travel benefits and you’re willing to shell out a sizable annual fee each year, this isn’t for you — you may be better off with one of the best premium credit cards like The Business Platinum Card® from American Express
.

However, if you’re looking for an entry-level card with a straightforward rewards structure, the Spark 1.5% Cash Select for Excellent Credit should be on your list. Do plenty of comparison shopping, though, and think about how you spend your dollars.

For example, the Ink Business Preferred® Credit Card offers 3x Chase Ultimate Rewards® points on advertising, shipping, communications services, and travel on up to $150,000 of annual expenses (then 1x). While that card comes with a $95 annual fee, the elevated earning opportunities can make sense for certain kinds of businesses.

We’re focused here on the rewards and perks that come with each card. These cards won’t be worth it if you’re paying interest or late fees. When using a credit card, it’s important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

Capital One Spark Cash Select Rewards

Spark Cash Select welcome bonus

The card currently offers a $500 cash bonus after spending $4,500 on purchases in the first 3 months from account opening. That’s an excellent offer for a no-annual-fee cash-back business card, considering many offer bonuses worth half that amount.

Keep an eye on the card’s minimum spending requirement to unlock the bonus. If your business won’t spend that much in the first three months from account opening, you might want to consider a different card.

How to earn rewards with the Capital One Spark Cash Select

Earning rewards with the Spark 1.5% Cash Select for Excellent Credit is super easy: Use it to pay for your expenses, and you’ll earn:

There are no other bonus categories, but that does make the math quite straightforward. Add up all your business expenses from last year (except any hotels or car rentals booked through Capital One Travel), and multiply by .015 to understand how much cash back you would have earned by paying with this card.

Earning a flat rate of rewards is ideal for small business owners who want to keep things simple. However, you might miss out on lucrative bonus rewards from other cards if your business spends a lot in popular categories. Keep in mind, too, that there are a number of 2% cash back credit cards on the market that can earn you more rewards, although you may have to pay an annual fee.

How to use rewards from the Capital One Spark Cash Select

Using your rewards is also simple: You can request a statement credit or a check as you rack up cash back with the card. There’s no minimum redemption amount.

However, if you also have a Capital One credit card that earns miles, like the Capital One Venture Rewards Credit Card, Capital One Venture X Rewards Credit Card, or Capital One Spark Miles for Business
, you can convert your cash back into miles. Then, you’ll have the flexibility to transfer those miles to Capital One’s airline and hotel partners including Air Canada, British Airways, Wyndham, and plenty of other companies that can help you see the world. Just use the “Move Rewards” feature on the reward redemption page in your account.

Capital One Spark Cash Select Benefits and Features

While plenty of the best rewards business cards come loaded with extra perks and elevated earnings in certain categories, you don’t find a laundry list of statement credits and elite perks with Spark 1.5% Cash Select for Excellent Credit.

Still, there are some features that can help you empower employees, find extra savings, and protect yourself when you’re away from home.

Purchase records

If you use Quicken, QuickBooks, or Excel to manage your expenses, you can sync your purchases to identify spending patterns and simplify your taxes.

Employee cards 

All of Capital One’s small business cards come with the ability to get free credit cards for your employees. You’ll earn cash back on their purchases, and you can set customized spending limits on the other cards.

Rental collision coverage and roadside assistance

Whenever you’re traveling, this card comes with collision insurance coverage for any damage to rental vehicles. You’ll also enjoy peace of mind with emergency services to change tires or tow a damaged vehicle.

Extended warranty

When you use your Spark 1.5% Cash Select for Excellent Credit to pay for an eligible item, you can get free additional warranty and protection.

Capital One Spark Cash Select Annual Fee and Other Costs

There is no annual fee with the Spark 1.5% Cash Select for Excellent Credit, which is excellent news for your business’ bottom line. Plus, if you travel out of the US, you won’t have to pay any foreign transaction fees.

Keep in mind the card charges a 17.49% – 23.49% Variable APR, so you’ll want to make sure that you pay your balance in full. As with most other cards, there are also fees for things like:

• Cash advances: Either $3 or 3% of the amount of each cash advance, whichever is greater
• Late payments: Up to $39

How the Capital One Spark Cash Select Compares

Spark Cash Select vs other Capital One business cards

There are a number of other Capital One credit cards for small-business owners who have excellent credit. If you plan to travel to grow your business, you may want to broaden your consideration list to take advantage of potentially more lucrative bonus opportunities and more generous earning structures — especially if you want some miles to get from point A to point B.

Capital One Spark Cash Select for Excellent Credit vs other small-business credit cards

Capital One Spark Cash Select Frequently Asked Questions (FAQ)

Methodology: How we reviewed the Capital One Spark Cash Select for Excellent Credit

Insider’s credit card team compared the Spark 1.5% Cash Select for Excellent Credit to other small business cards issued by Capital One and other banks. We assessed the card against cash-back business cards in particular, and looked at several factors that included: 

• Ease of use — Is the card’s rewards earning and redeeming straightforward? Can you use your rewards in multiple ways? 
• Rewards earning potential — Does the card come with strong earning rates for business owners? If there are bonus categories, are they useful and are any of them capped at a spending limit?
• Benefits — Do the card’s perks, especially in relation to business owners, make things easier for the cardholder? These could be travel benefits or small-business features like employee card limits or expense tracking.
• Annual fee — If there’s an annual fee on the card, is it justified by earning potential and benefits?

For more about our methodology, read our guide to how we rate credit cards at Insider.