The Capital One Spark Cash Select is arguably Capital One’s best no annual fee business credit card. While this isn’t a card that credit card super users should consider, the card does offer value with the right kind of consumer. In this post I wanted to take a closer look at everything you need to know about this card.
Capital One Spark Cash Select Basics For January 2023
While you’ll find more well-rounded business credit cards out there, the Capital One Spark Cash Select is a pretty solid no annual fee option. The card has a huge welcome bonus, no foreign transaction fees, and a pretty decent return on everyday spending.
Spark Cash Select $500 Cash Back Bonus
The Capital One Spark Cash Select is offering new cardmembers a $500 cash bonus after spending $4,500 within the first three months from account opening. This is an excellent bonus for a no annual fee card, and it’s also a better bonus than we’ve seen on the card in the past.
Spark Cash Select Eligibility Requirements
You’re eligible for the welcome bonus on the Capital One Spark Cash Select if you haven’t had this specific card before. You are eligible for the card (including the bonus) if you’ve had another Capital One Spark product in the past.
Capital One has few consistent other restrictions when it comes to being approved for cards.
Spark Cash Select $0 Annual Fee
The Capital One Spark Cash Select has no annual fee, so it’s pretty awesome to have a rewarding card that doesn’t have an annual fee. You can also add additional users to the card at no extra cost.
Spark Cash Select 1.5% Cash Back
The Capital One Spark Cash Select offers 1.5% cash back on every purchase, everywhere, with no limits or category restrictions. Now, let me note that among cash back cards, I generally consider 2% cash back to be the gold standard. However, there are limited options of cards that have no annual fee and no foreign transaction fees, all while offering an otherwise solid return.
Spark Cash Select No Foreign Transaction Fees
The Capital One Spark Cash Select has no foreign transaction fees, and I think that’s specifically worth highlighting. Most cash back business cards with no annual fee do have foreign transaction fees, so this sets the card apart. Other cards sometimes have foreign transaction fees of 3% or more, quickly wiping out any rewards you’d otherwise earn.
Convert Cash Back Into Capital One Miles
There’s an interesting twist to Capital One Spark Cash Select, for those looking to earn travel rewards rather than cash back:
- While the Capital One Spark Cash Select earns cash back, you can potentially convert Spark cash into Spark miles or Venture miles
- If you have the Spark Cash Select 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 (which are the same, the branding is just different)
- This can be done directly through Capital One’s website using the “Move Rewards” feature
- Capital One miles can be converted to over a dozen airline and hotel partners at a 1:1 ratio; because of this functionality, I value Capital One miles at 1.7 cents each
This is a pretty exciting opportunity, since it means that this no annual fee card also potentially earns 1.5x transferable points with no foreign transaction fees.
Is The Capital One Spark Cash Select Worth It?
The Capital One Spark Cash Select is a great card for a certain type of business, but isn’t for everyone.
If you have a small business and don’t want to pay an annual fee for a card, don’t spend that much on cards, and/or frequently make international purchases, then the Spark Cash Select is a great option. You’re not going to find a more rewarding no annual fee card with no foreign transaction fees.
Similarly, if you have another Capital One card earning Venture or Spark miles, then some might appreciate the ability to really earn 1.5x miles per dollar spent on a no annual fee card with no foreign transaction fees.
Who shouldn’t consider the Capital One Spark Cash Select? Well, if your business spends a lot of money, or if you’re happy to pay an annual fee for big rewards, then there are definitely other cards to consider. Let’s discuss some of those options.
Tip: Apply For The Capital One Spark Cash Plus
- The card has a $150 annual fee
- The card offers 2% cash back on all purchases, which is 0.5% more than on the Spark Cash Select
- The card also has no foreign transaction fees
- The card offers a $200 annual cash bonus if you spend $200,000 or more on the card in an anniversary year, which more than recoups the annual fee
- The card offers a much bigger bonus, of up to $1,000 cash back
If you spend quite a bit on business cards and want to earn cash back rewards, then the Capital One Spark Cash Plus is the obvious choice. It’s a card that I have, and one that I put most of my business spending on.
Alternative Best No Annual Fee Business Cards
If you definitely want to stick to a no annual fee business card, there are two other cards most worth considering:
- The Blue Business Cash™ Card from American Express (review) has no annual fee (Rates & Fees) and offers 2% cash back on the first $50,000 spent every calendar year (and then 1% cash back)
- The Blue Business® Plus Credit Card from American Express (review) has no annual fee (Rates & Fees) and offers 2x Amex points on the first $50,000 spent every calendar year (and then 1x points)
The catch? As you can see, the generous rewards are capped to the first $50,000 spent each calendar year. On top of that, the cards have foreign transaction fees, so they’re only worth using for purchased in USD.
The Capital One Spark Cash Select is a no annual fee business card worth being aware of. The card offers 1.5% cash back on all purchases with no foreign transaction fees, and the card also has a generous welcome bonus. If you have the card in conjunction with something like the Capital One Venture X, then rewards can also potentially be converted into miles.
Personally I still prefer the Capital One Spark Cash Plus. While it has a $150 annual fee, the card offers 2% cash back on all purchases, an even bigger bonuses, and potential spending bonuses as well. It’s an unbeatable cash back business card.
The following links will direct you to the rates and fees for mentioned American Express Cards. These include: The Blue Business® Plus Credit Card from American Express (Rates & Fees), and American Express® Blue Business Cash Card (Rates & Fees).