We have looked at Capital One® Spark® Classic for Business and Capital One® Spark® Miles for Business credit cards, it’s time to now focus on Capital One® Spark® Cash for Business credit card. Spark Cash for business is suitable for small business owners who have excellent credit and are looking to earn cash back on business purchases.
You can earn unlimited 2% cashback on everything buy for your business. There is no restriction on how much rewards can be earned; the rewards don’t expire and there is no minimum limit for redemption.
It may seem tempting to compare Capital One® Spark® Cash for Business with Chase Ink Business Preferred as both give great cashback return. But Spark Cash does not have a spending limit which reduces your cashback percentage.
As a part of Capital One new cardmember offer, you can earn a $500 one-time bonus by spending $4,500 on your purchases within the first three months of account opening. The $4,500 expense is easily reachable for a small business, making most cardmembers eligible for this reward.
How can you redeem your cash back?
To redeem your cash back, you have to log in to your Capital One account. Go to the “Rewards” button which is below your card image and select how you would like to redeem the reward. The dollar amount is an indicator of your reward balance. You can redeem rewards as a statement credit or check or a gift card or transfer to another Capital One account.
You can set-up an automatic redemption option for when you reach a certain amount such as $25, $50 or $100.
The card has an annual fee of $95, which is waived the first year as part of the intro offer, like Spark Miles for business.
Key Features that make Capital One® Spark® Cash for Business stand out
- No foreign transaction fees
- Additional employee cards at no extra cost
- ·Automatic fraud alert notifications
- Downloadable transaction history which is compatible with Quickbooks, Excel, and Quicken.
- Emergency card replacement
These features can help you save money, plan your budget, and keep you alert about your business expenses. The employee cards also earn 2% cashback on all business purchases. You can set-up a customized spending limit for each employee card.
Visa Benefits that come with Capital One® Spark® Cash for Business
When you apply for Capital One Spark Cash you are automatically eligible for the VISA benefits which are offered to Visa Business users. If you get approved for a VISA Signature benefits than you get a few additional perks.
Zero Fraud Liability: In case your card is lost or stolen then you won’t be held responsible for any fraudulent transaction. You must immediately report the incident to Capital One so that they can block your card. Reported incidents are subjected to verification and investigation.
Purchase Security: If the item you purchased is damaged or stolen within 90 days then under this benefit Visa will either repair, replace or reimburse you if the item falls under the eligible category. Items which are consumables, living plants, motorized vehicle or medical equipment are a few that do not get coverage.
Extended Protection: Through extended protection, you can get an additional year on your original manufacturer’s warranty of three years or less. Certain objects are exempt from extended protection, details of which can be found in your benefits guide.
Auto Rental Damage Waiver: As a small business owner you can refuse rental coverage offered by the rental company (CDW/LDW option), as Spark Cash offers collision and damage coverage. You must pay for the rental using your Spark Cash for business card to be eligible for making a claim. The rental duration must be within 31 days and the damage and collision incident must be reported to the benefits administrator at the earliest for the process to begin.
VISA SavingsEdge: Visa SavingsEdge is a program to which Visa business cardholders can enroll and get discounts on dining, fuel, and office supply purchases among other categories. There is no fee for enrolment and the discounts are credited to your account as a statement credit. You do not have to use a coupon code or referral code to be eligible for the discount. The discount you earn by enrolling for Visa Saving Edge is an extra reward you get beyond the cashback you would earn using your Spark Cash for Business card.
What benefit is missing from Capital One® Spark® Cash for Business
The lack of an appealing introductory APR offer is the missing feature in Spark Cash for Business card. Chase Ink for Business gives new card users 0% APR for 12 months from the date of account opening beyond which variable APR rates apply.
Capital One® Spark® Cash for Business is a solid choice for earning cashback while you expand your business.