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Capital One Spark Cash Select: A Simple Solution for Your Business

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Capital One Spark Cash Select

Capital One® Spark® Cash Select for Business Editor's Rating: 4.5 / 5

As a small-business owner, you may be so focused on how to increase your revenues and cut your costs that you don’t have time to deal with a complicated business credit card. Enter the Capital One® Spark® Cash Select for Business, a no-frills, cash-back credit card that offers simple rewards for every purchase you make.

The Capital One® Spark® Cash Select for Business: Basics and benefits

With the Capital One® Spark® Cash Select for Business, you’ll earn unlimited 1.5% cash back on every purchase, every day. The card also comes with a sign-up bonus as an extra incentive: Plus, a one-time $200 cash bonus once you spend $3,000 on purchases within 3 months from account opening. Click here to apply.

In addition to the rewards basics, the Capital One® Spark® Cash Select for Business has a few other features that make it a good option for your business:

Introductory 0% APR

If you’re planning to furnish a new office or have another large purchase coming up, the Capital One® Spark® Cash Select for Business gives you 0% on Purchases for 9 months, and then the ongoing APR of 13.99% - 21.99% Variable APR. This perk grants you extra time to pay off the expense without incurring interest.

To give you an idea of the potential savings, say you spend $15,000 shortly after receiving the card and plan on paying the balance in full before the end of the 0% period. If you were to make the same purchase on a card with an 18% APR, you’d pay $797 in interest over six months — cash you’d probably rather invest in your business.

Easy on the fees

Again, it’s smart to avoid any unnecessary expense when it comes to your business. The Capital One® Spark® Cash Select for Business not only boasts a $0 annual fee, but it also has no foreign transaction fees, which can save you a lot of money if you travel overseas for your business.

Flexible rewards

Rather than giving you airline miles or points in a rewards program, rewards from the Capital One® Spark® Cash Select for Business come in cold, hard cash. You can also redeem your cash back for any amount at any time. This means you’re not tied down to a specific rewards category, nor do you have to wait until you’ve reached a minimum threshold to redeem your rewards.

The Capital One® Spark® Cash Select for Business: Pitfalls and other possibilities

Although the Capital One® Spark® Cash Select for Business is a good card for business owners who want simplicity, it has some weaknesses you should consider before applying:

No bonus categories

The Capital One® Spark® Cash Select for Business’s straightforward reward structure is easy to manage, but you may be leaving money on the table.

With the SimplyCash® Plus Business Credit Card from American Express, you’ll earn 5% cash back at U.S. office supply stores and on wireless telephone services purchased directly from U.S. service providers, 3% on a category of your choice and 1% on all other purchases. Like the Capital One® Spark® Cash Select for Business, it also has a sign-up bonus: Earn a $200 statement credit after you spend $5,000 in qualifying purchases on your Card within the first 6 months of Card Membership. Plus, earn an additional $200 statement credit after you spend an additional $10,000 or more in qualifying purchases on your Card within the first year of Card Membership. Terms apply.

The SimplyCash® Plus Business Credit Card from American Express is part of American Express OPEN, a group of credit cards that give small-business owners special perks to help them with their businesses. Features include ReceiptMatch with QuickBooks, an online shopping portal where you can get a 5% discount on business-related purchases and a forum where you can connect with other entrepreneurs.

Take advantage of the SimplyCash® Plus Business Credit Card from American Express’s introductory 0% on Purchases for 9 months, and then the ongoing APR of 13.24% - 20.24% Variable APR. The annual fee is $0, but it does have a 2.7% foreign transaction fee.

Nerd note: The 3% cash-back categories include gas stations, restaurants, advertising in select media, shipping, car rentals from select car rental companies, hotels and airfare. You can receive 5% and 3% bonus cash back on purchases up to $50,000 per rebate year.

Low sign-up bonus

The Capital One® Spark® Cash Select for Business’s sign-up bonus is nice, but it’s not as impressive as some. The Ink Business Preferred℠ Credit Card, for example, offers a jumbo bonus: Earn 80,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening. That's $1,000 toward travel when you redeem through Chase Ultimate Rewards®.

Is the Capital One® Spark® Cash Select for Business right for you?

Small-business owners who don’t have the time to keep track of bonus categories or want to avoid extra fees will find the Capital One® Spark® Cash Select for Business an easy choice. However, if your business already spends a lot in another business credit card’s bonus category, or you want more business-specific perks, you might be better off passing on this one.

Ben Luthi is a staff writer covering personal finance for NerdWallet. Follow him on Twitter @benluthi and on Google+.


 

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