Capital One Spark Cash Plus

In-Depth Review: Capital One Spark Cash Plus Credit Card

The Capital One Spark Cash Plus is a straightforward cash back credit card for small businesses that want accelerated rewards and no preset spending limit.

Who Can Benefit from the Card?

The Spark Cash Plus Card is ideal for business owners with high annual budgets who can take advantage of the generous 2% cash back on all purchases without worrying about spending caps or bonus categories. Additionally, business owners who prefer a simple, reliable way of earning rewards without the complexities of tracking rewards categories and juggling multiple cards, the Spark Cash Plus provides a straightforward flat-rate cash back and rewards credit card option.

Credit Needed

The Capital One Spark Cash Plus Card requires excellent credit for approval. The steeper credit requirements come from the inability to carry a balance with the card as well as its impressive cash back rewards.

Pay-In-Full Card

The Capital One Spark Cash Plus is unlike other Capital One Spark for Business cards because there is no preset spending limit. The lack of a spending limit makes the Spark Cash Plus more akin to a charge card or a business card offering from American Express, meaning the card adapts to a company’s needs based on spending behavior, payment history, and credit profile.

Because the card has no spending limit, it also features no set APR on purchases. With no APR, the full balance on the card is due every month. If the entire balance is not paid, businesses are charged a 2.99% monthly late fee for the unpaid balance.

Annual Fee Refund Opportunity

The Spark Cash Plus Card charges an annual fee of $150, and additional employee cards are free of charge. But Capital One gives companies the added benefit of recouping that annual fee when meeting yearly spending goals. Companies that make at least $150,000 in annual spending receive a $150 annual fee statement credit.

How to Earn Cash Back

The main selling point with the Cash Plus is the accelerated 2% cash back the card earns. Businesses enjoy an unlimited 2% cash back on every purchase, everywhere, with no limits or category restrictions. This cash back structure is the same as the Capital One® Spark® Cash for Business, just without the restrictions of a preset spending limit or a regular purchase APR.

How to Redeem Cash Back Rewards

Cash back through the Capital One Spark Cash Plus is redeemable through the Capital One Rewards program. The program offers solid value for money and offers several different award options. These options include:

• Statement credits
• Donations
• Gift Cards
• Merchandise
• Travel
• Points transfers with select partners

The obvious redemption option for those who get the card will likely be statement credits. Still, they will find significant value in this reward option. Plus, as the rewards earned with the Capital One Spark Cash Plus card do not expire, the race to decide what to redeem those points for is no longer an issue.

Other Card Benefits

Other notable Capital One Spark Cash Plus features include Zero Fraud Liability, auto rental damage waiver, purchase records, and year-end summaries. The card also comes with easy-to-use accounting tools –download purchase records quickly in Quicken®, QuickBooks™, and Excel® for seamless bookkeeping.

Comparison

What We Like About the Card

Pay-In-Full

Pay-in-full charge cards offer several benefits, including no interest charges and streamlined spend management. These features are perfect for medium-to-large companies with significant cash flow each month.

Annual Fee Rebate

Adding a $150 annual fee rebate is another great card benefit. This credit is ideal for companies with a significant annual spend on credit cards as it becomes a guaranteed bonus.

Things to Consider

Pay-In-Full

While a charge card might make sense for businesses with significant cash flow or spending habits, it isn’t for companies of all sizes. Paying in full removes any option for financing significant purchases, like software or hardware updates. Make sure you carefully consider your company’s spending profile before applying to ensure the Spark Cash Plus is right for you.

Capital One Ratings

How does the Capital One rate as a lender? Here is a selection of expert reviews for Capital One and its business credit card products:

Should You Apply for the Capital One Spark Cash Plus?

The Capital One Spark Cash Plus is an intriguing small business credit card that provides the cash back potential of the Capital One® Spark® Cash without any preset spending limits. This versatility offers small- to medium-sized companies the purchasing power they need and the lucrative rewards they want.

Adding no preset spending limits also comes with a higher annual fee – $150 vs. the $95 annual fee with the Spark Cash (which also waives the fee for the first year). Companies that want a similar cash back rate can also consider the American Express Blue Business Cash™ Card. That card also earns you 2% back on all eligible purchases (on up to $50,000 per calendar year, then 1%. Terms apply) but features a variable purchase APR and no annual fee.

Overall, the Capital One Spark Cash Plus offers plenty for companies to love- but only if they really want the flexibility that comes with no set spending limit. Otherwise, Spark Cash is the better option, if only for that significantly reduced annual fee. Other business credit cards to consider include Chase’s Ink cards, including the Chase Ink Business Cash and the Ink Business Unlimited – both excellent cash back options.