The Capital One Spark Cash Plus (review) is one of the best business cards out there, whether you’re looking to earn cash back or travel rewards. While the spending requirement is significant, the Capital One Spark Cash Plus is currently offering an excellent welcome bonus, which I wanted to go over in this post.
Capital One Spark Cash Plus offering $1,000 bonus
The Capital One Spark Cash Plus is offering a welcome bonus of up to $1,000 cash back:
- Earn $500 cash back when you spend $5,000 within the first three months
- Earn an additional $500 cash back when you spend a total of $50,000 within the first six months
- In other words, you’d earn a total of $1,000 cash back after spending $50,000, which is the equivalent a 2% incremental return
How rewarding is the Capital One Spark Cash Plus?
- The card offers unlimited 2% cash back, making it one of the best cards for everyday spending
- The card offers an additional $200 cash back when you spend $200,000 on the card in a year, so it’s especially rewarding for big spenders
- The card is a charge card, so has no pre-set spending limit, making it ideal for big purchases
- The card has no foreign transaction fees, so you can earn 2% cash back globally
Given that the card ordinarily offers 2% cash back, you’d earn a total of $2,000 cash back after spending $50,000 with the current bonus, which is the equivalent of an 4% return. That’s fantastic.
Convert cash back into Capital One miles
One awesome thing about the Capital One Spark Cash Plus is that you can convert cash back into Capital One miles at the rate of one cent per mile. That means the bonus of $1,000 could also get you 100,000 Capital One miles.
If you have the Capital One Spark Cash Plus in addition to the Capital One Venture X Rewards Credit Card (review), Capital One Venture Rewards Credit Card (review), or Capital One Spark Miles for Business (review), then each cent can be converted into one Spark mile or one Venture mile.
Personally I value Capital One miles at 1.7 cents each, meaning that:
- The $1,000 bonus is potentially worth $1,700 (based on my valuation of 100,000 Capital One miles)
- Since you earn a total of 200,000 miles after spending $50,000, that’s potentially the equivalent of 6.8% back on that spending, by my valuation
If you’re able to pull off the spending requirement, this is an excellent return for such a large amount of spending.
Can you get approved for the Capital One Spark Plus?
I’m happy to report that there’s good news on the front. I applied for the Capital One Spark Cash Plus this year, and was instantly approved.
A few further thoughts:
- Anecdotally it appears that you’re eligible for the bonus on the Capital One Spark Cash Plus even if you have another Capital One Spark card
- Applying for this card shouldn’t count as a further card toward Chase’s 5/24 limit, if that’s a consideration
- Capital One doesn’t have many consistent card application rules; while there have been rumors that you can only have two Capital One cards and can only apply for one Capital One card every six months, me getting approved for this card contradicts both of those rumors, so I don’t think they’re true (and several others have had the same experience)
So yeah, things are looking pretty good when it comes to getting approved for the Capital One Spark Cash Plus. If you’re at all interested I’d recommend applying, and hopefully you’re pleased with the results.
The Capital One Spark Cash Plus has a welcome bonus of up to $1,000 cash back after spending $50,000.
This is an excellent bonus, and when you combine it with the card’s standard 2% cash back, you could be looking at a 4% return on your first $50,000 spent. It potentially gets even better than that, though, as you could convert these rewards into Capital One miles, at the rate of one cent per mile. Based on my valuation of Capital One miles, that increases the value of this offer even further.
I’ve already applied for this card and was instantly approved, which is exciting, especially since I was approved for the Capital One Venture X within the past few months. For anyone looking for a business card that’s capable of completing that spending, this is a great offer. My Capital One mileage balance sure is growing quickly…
Do you plan on picking up the Capital One Spark Cash Plus with a $1,000 bonus?