Capital One Spark Cash Plus Credit Card Review

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Capital One Spark Cash Plus Reviews

Capital One Spark Cash Plus Credit Card

  • Awards

    Unlimited 2% cash back on every purchase

  • Welcome bonus

    $ 500 once you’ve spent $ 5,000 in the first three months, and an additional $ 500 after you’ve spent $ 50,000 in the first six months

  • Annual subscription

  • APR promo

  • Regular APR

    No APR; pay off your balance in full each month to avoid late fees of 2.99%

  • Balance transfer fees

  • Foreign transaction fees

  • Credit needed

Advantages

  • Lucrative welcome offer
  • No current spending limit
  • Free employee cards
  • Roadside assistance services
  • No foreign transaction fees

The inconvenients

  • The balance must be paid in full each month
  • Annual cash bonus of $ 200 requires annual spending of $ 200,000

Information on Capital One Spark Cash Plus has been independently collected by Select and has not been reviewed or provided by the Issuer prior to publication.

Welcome bonus

The welcome bonus with the card is simple, but requires a significant spending budget to maximize it.

You can earn up to $ 1,000 in the first six months: $ 500 after you’ve spent $ 5,000 in the first three months and $ 500 after you’ve spent $ 50,000 in the first six. month.

If you were to spend exactly $ 50,000 in the first six months, including the 2% cash back you earn as you spend, you will have earned $ 2,000 in total cash back. And the best part is that these credit card rewards are not taxable.

Advantages and advantages

While some credit cards offer a seemingly endless list of benefits, Capital One Spark Cash Plus is simple, yet effective. The card is delivered with:

  • 2% cash back on all qualifying purchases
  • No predefined spending limit
  • Annual cash bonus of $ 200 for each year you spend more than $ 200,000
  • Purchase records that integrate with popular accounting software like Quickbooks
  • Free employee cards
  • Extended warranty and protection
  • Road assistance
  • No foreign transaction fees

Select calculated how much cash back the averagee American can earn in one year using their Capital One Spark Cash Plus. We worked with the geolocation firm Esri, which provided us with a sample annual expenditure budget of $ 22,126.

The budget includes six main categories: groceries ($ 5,174), gasoline ($ 2,218), restaurants ($ 3,675), travel ($ 2,244), utilities ($ 4,862) and general purchases ($ 3,953).

With all expenses considered, that would give the cardholder $ 442 in cash back in the first year, and if you include the $ 1,000 welcome bonus, $ 1,442. Over a five-year period, cardholders could earn $ 2,768 in cash back, including the welcome offer. Cardholders could earn more (or less) cash back based on their annual spending habits.

How to redeem cash back

Using Capital One’s cash back is super easy.

In your Capital One customer portal, you will see your accumulated cash back and have two options to redeem it:

  • Credit it directly to your credit card account
  • Have a check mailed to you directly

You can redeem it at any time, and there is no minimum to redeem it.

Tariffs and fees

The card has an annual fee of $ 150. He does not have it foreign transaction fees.

In addition, the card does not charge interest. If you are late, you will simply owe 2.99% of the unpaid portion of your statement balance. However, your account will be considered overdue until you make your payment in full.

Card comparison

The Capital One Spark Cash Plus is a solid choice for business owners who need purchasing power for big purchases. However, it’s not the only credit card to consider for your business expenses.

Select analyzed two more credit cards to see how they match up.

Capital One Spark Cash Plus vs. Chase Ink Business Cash® Credit Card

The Chase Ink Business Cash® Credit Card is a great choice for a business credit card as it can earn up to 5% cash back through a tiered cash back system. By spending on the card, you will earn:

  • 5% cash back on the first $ 25,000 spent on combined purchases at office supply stores and Internet, cable and telephone services each anniversary year of the account
  • 2% cash back on the first $ 25,000 spent on combined purchases at gas stations and restaurants each anniversary year of the account
  • 1% cash back on all other qualifying purchases

In addition, the card comes with a more feasible welcome offer compared to Capital One Spark Cash Plus: $ 750 in bonus cash after spending $ 7,500 on purchases in the first three months after opening the account. .

And if you need flexibility in your spending, you’ll get an introductory APR of 0% for 12 months from opening the account on purchases. After that, the card has a variable APR of 13.24% to 19.24%.

If you are deciding between these two cards, there are two factors to consider: how much you spend and where you spend.

If an established line of credit is in the way and you need the flexibility to spend as you need, the Capital One Spark Cash Plus is probably the better of the two. If you think you can make more money by taking advantage of the cash back categories, consider the Chase Ink Business Cash® card for your wallet.

Capital One Spark Cash Plus vs. Chase Ink Business Preferred® Credit Card

The Chase Ink Business Preferred® Credit Card is another great business credit card for earning Chase Ultimate Rewards points. So instead of lining your pockets with cash back rewards, you can earn thousands of dollars in travel rewards with your business expenses.

By spending on the card, you will earn:

  • 3X points for every dollar spent on the first $ 150,000 spent on combined purchases in the following categories each anniversary year of the account – Shipping purchases, ad purchases made with social media sites and search engines, Internet, cable and telephone services and travel
  • 1X points for every dollar spent on all other qualifying purchases

In addition, the card with an attractive welcome offer: 100,000 bonus points after spending $ 15,000 on purchases in the first three months after opening the account. That’s $ 1,250 in travel rewards when you redeem through Chase Ultimate Rewards. You will also be able to transfer Chase Points to any of Chase’s hotel or airline partners, including United and Hyatt.

Similar to the comparison above, the Capital One Spark Cash Plus is best if you need flexibility in spending and want to use cash back for your business. However, if you’ve traveled a lot, you’ll likely enjoy the rewards earned with the Chase Ink Business Preferred® credit card more than the cash back.

Who is Capital One Spark Cash Plus for?

The Capital One Spark Cash Plus is a great option for a small business owner looking for a no-frills credit card to save money on their expenses.

Earning a simple 2% cash back on all qualifying purchases makes using the card fairly straightforward, as there are no expense categories to remember or unique redemptions to track.

However, this card is also ideal for creating a credit card strategy around. For example, you can pair it with the Chase Ink Business Cash® credit card to earn maximum cash back on specific categories, as well as several welcome offers.

It is also ideal for business owners who need spending flexibility for their business, as the card does not have a preset spending limit. However, this does not mean that you can spend an unlimited amount on the card.

At the end of the line

Faq

What is a Capital One Spark card?

Capital One Spark cards are not a single card, but several business credit cards offered by Capital One.

What credit score do you need for Capital One Spark?

There are six different Capital One Spark credit cards, and each of them requires a different credit score for approval.

How to apply to Capital One Spark?

You can apply for a Capital One Spark card by having a small business.

Is the Capital One Spark Plus a Visa or Mastercard?

The Capital One Spark Plus card is a Visa card.

Our methodology

To determine which credit cards offer the best value for money, Select analyzed 234 of the most popular credit cards available in the United States. and customer feedback when available. We also took into account the additional benefits, the application process and the ease with which the consumer can redeem points.

CNBC Select has partnered with location intelligence firm Esri. The company’s data development team has provided the most recent and comprehensive data on consumer spending based on the 2019 Bureau of Labor Statistics Consumer Spending Surveys. You can learn more about their methodology here.

Esri’s data team created a sample annual budget of roughly $ 22,126 in retail spending. The budget includes six main categories: groceries ($ 5,174), gasoline ($ 2,218), restaurants ($ 3,675), travel ($ 2,244), utilities ($ 4,862) and general purchases ($ 3,953). General purchases include items such as housekeeping supplies, clothing, personal care products, prescription drugs and vitamins, as well as other vehicle expenses.

Select used this budget to estimate how much the average consumer would save over the course of one, two, and five years, assuming they were trying to maximize their rewards potential by earning all of the welcome bonuses offered and using the card. for all applicable purchases. All total reward estimates are net of annual fees.

While the five-year estimates we’ve included are derived from a budget similar to the average American’s spending, you can earn higher or lower returns depending on your buying habits.

Information on Capital One Spark Cash Plus has been independently collected by Select and has not been reviewed or provided by the Issuer prior to publication.

Editorial note: Any opinions, analysis, criticism or recommendations expressed in this article are the sole responsibility of the editorial staff of Select and have not been reviewed, endorsed or otherwise approved by any third party.


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