I recently applied for the Capital One Spark Cash Plus (review) and was instantly approved, even though I just got approved for the Capital One Venture X Rewards Credit Card (review) within the past few months. I wanted to share my experience applying, given what a great welcome bonus this card is offering.
Why I applied for the Capital One Spark Cash Plus
The Capital One Spark Cash Plus is offering a big welcome bonus that can earn you up to $1,000 cash back (admittedly with a significant spending requirement):
- 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
It’s not just the welcome bonus that’s great, but this is also just a generally very lucrative card. The card offers a flat 2% cash back with no limits, making this one of the best cards for everyday spending, and one of my favorite business cards.
That means that if you spend $50,000 on the card during the bonus period, you’d get a total of $2,000 cash back, which is the equivalent of a 4% return. But it gets even better than that. In conjunction with the Capital One Venture X, rewards on the card can be converted into Capital One miles at the rate of one mile per cent.
I value Capital One miles at 1.7 cents each (thanks to all the ways to redeem them), so to me this is a truly unrivaled return on spending. If you’re able to swing the minimum spending requirement, taking advantage of this bonus is a no-brainer.
My experience applying for the Capital One Spark Cash Plus
I found the process of applying for the Capital One Spark Cash Plus to be pretty straightforward, though of course an instant approval always helps with my perception of application processes. 😉
The application consisted of four parts. The first part just asked for personal contact details.
The second part asked for more personal information, including my date of birth, social security number, income, monthly rent or mortgage, etc.
The third part asked for my basic business information, including the business address, business revenue, anticipated spending, etc.
Then the fourth part asked for more information about my business structure, and my role in the company.
Then there were a couple of pages of disclosures, and a summary of my application. I then hit submit, and received an instant approval, which you can’t beat!
Since the Capital One Spark Cash Plus is a charge card, there’s no pre-set spending limit, and as a result there was no credit limit listed on the page. I could then immediately link my new card to my existing Capital One online account, so that I could start managing my account.
What are Capital One’s application restrictions?
Anecdotally Capital One has very few consistent application restrictions. There have been some rumored guidelines, but I think my application disproves both of them:
- Some suggest that you can only be approved for one Capital One card every six months; I was just approved for the Capital One Spark Cash Plus after being approved for the Capital One Venture X just over two months ago
- Some suggest that you can only have two Capital One cards at a time; in this case, this is my third Capital One card
Perhaps one noteworthy distinction here is that the Capital One Spark Cash Plus is a charge card and not a credit card, so it’s possible that may impact this. Regardless, my experience so far suggests that the Capital One Spark Cash Plus might not be so hard to be approved for, even if you recently got the Capital One Venture X.
The Capital One Spark Cash Plus has a generous welcome bonus of up to $1,000 cash back, which can be converted into Capital One miles as well, in conjunction with another card. While the spending requirement is significant, picking up this card could be well worth it for anyone who is looking for a business card and can pull off the spending.
Hopefully this is a useful data point for anyone who is interested in this card, but also recently picked up the Capital One Venture X.