Link: Apply now for the Capital One Spark Cash Plus
The Capital One Spark Cash Plus (review) is an excellent business card. The card is fantastic whether you’re looking to earn cash back or travel rewards, and it offers one of the most well-rounded returns on business spending.
If you’ve been on the fence about this card, in this post I wanted to take a look at seven reasons you should consider picking up this $150 annual fee card. In no particular order…
In this post:
Welcome bonus of $2,000 cash back & more
The Capital One Spark Cash Plus is currently offering an improved welcome bonus where you can earn a one-time cash bonus of $2,000 after spending $30,000 within the first three months.
This is a phenomenal bonus, especially when you consider that the cash back can be converted into Capital One miles (as I’ll cover below).
Furthermore, you can earn an additional $2,000 cash bonus for every $500K spent during the first year. This bonus can be earned multiple times over the course of your first year of card membership. Of course those are big spending amounts, but if you have a lot of business spending, these rewards will add up fast.
I’ve found approval for the card to be fairly easy as well, within Capital One’s standard application restrictions. Note that you’re eligible for the welcome bonus on this card even if you have the Capital One Spark Miles for Business (review), which is another useful business card.
2% cash back on all purchases
The Capital One Spark Cash Plus has a straightforward and lucrative rewards structure, as the card offers a flat 2% cash back on all purchases. This is a solid return on spending if you have a business that spends quite a bit and you want to earn cash back.
$150 annual bonus with spending
While the Capital One Spark Cash Plus offers a flat 2% cash back, there’s a further reward for big spenders. If you spend $150,000 or more on the card in an anniversary year, you’ll receive an annual $150 cash bonus. Think of it as a refund of your annual fee for big spenders.
No foreign transaction fees
The Capital One Spark Cash Plus has no foreign transaction fees, making it a fantastic card for purchases abroad. It’s nice to not only get an industry-leading return on spending, but to get that same rate internationally without it costing you extra.
While there are some other business cards offering 2% cash back, the no foreign transaction fees on this card is a point of differentiation compared to some other products out there.
No pre-set spending limit
The Capital One Spark Cash Plus is a charge card rather than a credit card. The good news is that this means the card has no pre-set spending limit. If you have a business that spends a lot on credit cards, this is a valuable feature, since it means that you can often make larger purchases than you’d be able to make with other cards.
I’ve found this to be useful for situations where I needed to make a big purchase, but other cards didn’t have a big enough credit line for what I needed.
Card doesn’t count toward Chase 5/24 limit
Chase has the 5/24 rule, which is a restriction whereby you typically won’t be approved for a Chase card if you’ve opened five or more new card accounts in the past 24 months. If this is a limit you’re trying to stay under, applying for the Capital One Spark Cash Plus shouldn’t count toward that limit.
Note that applying for most other Capital One business cards does count toward that limit, but the Spark Cash Plus is an exception, as it’s a charge card, and won’t show up on your personal credit report.
Convert rewards into Capital One miles
While the Capital One Spark Cash Plus is officially a cash back card, this is even a great card for points enthusiasts. That’s because if you have the card in conjunction with a card earning Capital One miles, like the Capital One Spark Miles for Business (review) or Capital One Venture X Rewards Credit Card (review), then all rewards earned on the card be converted into miles.
Specifically, each cent of cash back earned with the card can be converted into one Capital One Venture or Spark miles, opening up all kinds of travel opportunities. Personally I value Capital One miles at 1.7 cents each, so to me that increases the value of the points significantly. That bumps the return on spending on the card to closer to 3.4%, by my valuation.
Bottom line
The Capital One Spark Cash Plus is a top notch cash back business card. The card offers a great welcome bonus, a 2% return on all spending with no foreign transaction fees, no pre-set spending limit, an extra bonus for big spenders, the ability to convert rewards into miles, and more.
If you’re looking for a business card with a great cash back rewards structure, the Capital One Spark Cash Plus is excellent.
Ben, while not strictly related to this post, have you seen some of the recent Capital One “Shopping Offers”?
The naming is idiotic because it makes it sound like their mediocre shopping portal, but it’s actually their version of Amex offers.
So far, I would rank them below Amex but certainly well above Chase in terms of generosity.