Business owners who want to earn cash back without paying an annual fee have quite a few business credit cards to consider. Among them are the Capital One Spark Cash Select Credit Cards, which offer a flat 1.5% cash back on all purchases and 5% cash back on hotels and rental cars booked through Capital One Travel.
Interestingly, there are two versions to suit different kinds of business needs: Capital One Spark Cash Select Credit Card for Excellent Credit* and Capital One Spark Cash Select Credit Card for Good Credit*. If you’re in the market for a business credit card, we’ll help you compare the two.
Why are there two Capital One Spark Cash Select cards?
The two Capital One Spark Cash Select Credit Cards offer many of the same benefits, but eligibility is based on your credit score. One card is for applicants with good credit, while the other card requires excellent credit. Generally speaking, a score between 670 and 739 is considered good using the FICO scoring model, a score of 740 to 799 is very good, and 800 and above is exceptional. If you want the version for excellent credit, follow these expert tips for raising your credit score.
Capital One Spark Cash Select Credit Card for Good Credit has an introductory APR offer while the Capital One Spark Cash Select Credit Card for Excellent Credit lets users earn a cash bonus. Since the other features are similar, this table can help distinguish the differences between the two cards:
| Capital One Spark Cash Select Credit Card for Good Credit | Capital One Spark Cash Select Credit Card for Excellent Credit | |
| Welcome bonus | None | $750 cash bonus after spending $6,000 on purchases within three months of account opening |
| Introductory APR | 0% intro APR on purchases for 12 months (then variable APR of 21.24% to 29.24%) | None |
| Regular variable APR | 21.24% to 29.24% | 18.49% to 24.49% |
| Minimum credit lines | $1,000 | $2,000 |
Welcome bonus
The Capital One Spark Cash Select Credit Card for Excellent Credit offers a welcome bonus. Business owners who are approved for this card can earn a $750 cash bonus after spending $6,000 on purchases within three months of account opening.
This bonus is offered on top of the cash back the card earns on regular purchases and travel booked through Capital One. Note, however, that this version of the card does not have an intro APR, instead charging a variable APR of 18.49% to 24.49% upon account opening.
Introductory APR
The Capital One Spark Cash Select Credit Card for Good Credit does not have a welcome bonus. Instead, this card offers 0% intro APR on purchases for 12 months, followed by a variable APR of 21.24% to 29.24%.
While replacing a welcome bonus with an intro APR may not seem as rewarding, business owners who need to invest in equipment or inventory upfront may benefit more from having up to 12 months to pay down their balances.
Rewards and reward redemption
The earning rate and redemption options are the same for both of the Capital One Spark Cash Select Credit Cards. Rewards are unlimited with the cards, and cash back won’t expire as long as accounts are open and in good standing.
Here’s a rundown of how you can earn and redeem rewards.
How you earn rewards
With either version of this card, business owners can earn 1.5% cash back on all purchases and 5% cash back on hotels and rental cars booked through Capital One Travel. This flat earning rate helps keep rewards simple, and it’s competitive among cash-back credit cards for business with no annual fee.
How to redeem your rewards
Both of the Capital One Spark Cash Select Credit Cards are cash-back credit cards for business, but there are additional redemption options available:
- Cash back as a check in the mail
- Statement credits to cover recent purchases
- Merchandise
- Gift cards
- Apple products
- Purchases through Amazon.com or PayPal
- Travel booked through Capital One Travel
How much rewards are worth
Cash-back redemption rates for the Capital One Spark Cash Select Credit Cards are the same for most rewards. For example, if you earned 1.5% cash back on $100 spent, you could redeem $1.50 in cash back or statement credits. The gift card redemption rate through Capital One tends to be the same, although you may need to meet a minimum amount to redeem.
Redemption values for merchandise can provide a lower rewards value overall.
Business perks
Both versions of the Capital One Spark Cash Select Credit Card have the same perks, including free employee cards that make it easy to earn rewards on eligible purchases while tracking company-wide spending in one place.
Card members also receive transaction details for easier tax filing, the ability to sync their accounts with Quicken and the option to pick a due date that aligns with business needs.
Travel benefits
Both of the Capital One Spark Cash Select Credit Cards come with roadside assistance, which can help cardholders if they need a flat tire change, fuel delivery, towing and more. Like all credit cards from Capital One, the Capital One Spark Cash Select Credit Cards have no foreign transaction fees.
Who these cards are best for
While the Capital One Spark Cash Select Credit Cards are for business owners with different tiers of creditworthiness, both cards are still best for any business owner who wants to earn cash back with no annual fee.
Individuals with excellent credit may prefer to earn a $750 cash bonus after spending $6,000 on purchases within three months of account opening. However, even if they qualify for the card with the cash bonus, business owners who need to invest in equipment, inventory or supplies for their business might prefer the version of the card that has an intro APR offer.
How to apply
Once you decide which version of the Capital One Spark Cash Select Credit Card you want to apply for, the following steps can help you get approved.
- Step 1: Gather important information: Make sure you have all relevant information before you apply. This includes personal information like your address, phone number, Social Security number (SSN), total household income and monthly housing payment. Business information you’ll need to provide includes your business income, your Employer Identification Number (EIN), how old the company is, the type of business you have, your business structure and monthly business spending.
- Step 2: Fill out the application: Hit the button that says “apply now,” then fill out and submit your application.
- Step 3: Get your card: If you’re approved for one of the Capital One Spark Cash Select Credit Cards, you’ll typically receive it in the mail in seven to 10 business days. Capital One also notes that, if you’re not approved for the card you applied for, you may be automatically considered for other credit card offers from the issuer.
Alternative cards
If you want to earn cash back with a business card that has no annual fee while also enjoying an introductory APR, there are a few alternatives to consider. These cards come with generous welcome bonuses as well, and both are available to those with good to excellent credit.
- Chase Ink Business Unlimited® Credit Card: This business credit card lets users earn a $750 cash bonus after spending $6,000 on purchases within three months of account opening. Cardholders can also earn 1.5% cash back on all purchases. Business owners also get 0% intro APR on purchases for 12 months, followed by a variable APR of 18.49% to 24.49%.
- The American Express Blue Business Cash™ Card: New cardmembers can earn a $250 statement credit after spending $3,000 on eligible purchases within three months of account opening. The first $50,000 in purchases will also earn 2% cash back, after which a 1% cash-back rate applies. This card also comes with 0% intro APR on purchases for 12 months from account opening, followed by a variable APR of 18.49% to 26.49%.
The bottom line
Both of the Capital One Spark Cash Select Credit Cards are good business credit cards since they each earn a flat 1.5% cash back on regular purchases with no annual fee and no foreign transaction fees. Getting either a welcome bonus worth $750 (after spending $6,000 in the first three months) or an intro APR for purchases makes these card options more flexible than some.
Then again, there are business credit cards with the same rewards rate that give you an intro APR for purchases and generous welcome bonuses all at once, so you may not have to settle.
*All information about the Capital One Spark Cash Select Credit Card for Excellent Credit and Capital One Spark Cash Select Credit Card for Good Credit has been collected independently by CNET and has not been reviewed by the issuer.
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