The Capital One Spark Cash Plus is a powerful business card that offers a simple yet rewarding 2% cash back on all purchases. Designed for businesses with high operating expenses and a preference for straightforward rewards, this card eliminates the complexities of tracking bonus categories. With no preset spending limit and a large welcome bonus, the Spark Cash Plus can be a valuable tool for managing cash flow and earning substantial rewards.
This credit card review will cover everything you need to know about this card to determine if you should add this card or a different card to your wallet. Let’s dive right in.
Welcome Bonus
The Spark Cash Plus currently offers the following welcome bonus: Earn $2,000 cash back once you spend $30,000 in the first 3 months from account opening.
Earning Cash Back
The Spark Cash Plus earns cash back at the following rates:
This uncomplicated earning system benefits businesses with diverse expenses or those that don’t fit neatly into typical bonus categories offered by other business cards. The unlimited 2% cash back effectively offers a 2% discount on all your business expenses, regardless of category or amount.
While the absence of category bonuses might seem like a drawback, the Spark Cash Plus shines for businesses with high expenses in areas that don’t usually earn bonus rewards, such as advertising, shipping, or professional services.
The 5% cash back on hotels and rental car for bookings via Capital One’s travel booking site is a nice perk for businesses with frequent travel needs. However, keep in mind that this elevated rate only applies to bookings made through Capital One’s portal, which may not always have the best prices or most flexible booking options.
Annual Fee
The Spark Cash Plus card has a $150 annual fee. With the 2% cash back rate, you’ll need to spend $7,500 annually to break even on the fee. Most businesses should have no trouble reaching this threshold. Additionally, Capital One will refund your $150 annual fee every year you spend $150,000 or more. Finally, you can add as many employees as you want to your Spark Cash Plus account without paying a separate annual fee.
Card Benefits and Perks
Below are the card benefits and perks of the Spark Cash Plus: No Preset Limit: This feature offers greater flexibility in managing your business’s cash flow. Your spending power is determined by factors like payment history, credit profile, and spending patterns. This can be helpful for businesses with fluctuating expenses or occasional large purchases. However, it’s crucial to understand that this doesn’t mean unlimited spending – Capital One will still impose limits based on their assessment of your business’s creditworthiness. You must still pay the card in full each month, or you will be charged a 2.99% monthly late fee. No Foreign Transaction Fees: You’ll save money on every purchase while traveling internationally since this card doesn’t add the typical 3% surcharge that many other cards impose. Extended Warranty Protection: Your purchases gain an extra year of warranty protection when bought with this card, extending manufacturer warranties of three years or less without the inflated prices of store warranty plans. 90-Day Purchase Protection: Your new purchases are covered against damage and theft for 90 days when you use your card. This protection helps safeguard your eligible items right from the moment you buy them. Lost Luggage Reimbursement: Your checked luggage gets extra protection against loss, theft, or damage beyond the basic compensation offered by carriers when you pay for travel with this card. Travel and Emergency Assistance Services: You’ll get 24/7 access to emergency support worldwide, including medical referrals, legal help, and lost luggage assistance. While the service itself is included, you’re responsible for any actual costs incurred. Roadside Dispatch: Get access to 24/7 emergency roadside assistance for situations like dead batteries, flat tires, fuel delivery, and mechanical breakdowns. While you’ll need to pay for the actual service provided, having access to reliable help when stranded can be invaluable.
Redeeming Rewards
One of the standout features of the Capital One Spark Cash Plus card is the flexibility it offers when it comes time to redeem your hard-earned cash back rewards. Cardholders have several options for accessing their cash back:
- Statement credits: You can apply your cash back directly to your card balance in the form of statement credits. This is a simple way to offset your business expenses.
- Automatic redemptions: You can set up automatic redemptions to occur on a specified date each year or when your cash back balance reaches certain thresholds like $25, $50, $200, $500 or $1,500. This is a convenient option if you want your rewards automatically deposited into your bank account or credited to your card balance on a regular basis.
- Transfer to a miles-earning card: If you also have a miles-earning Capital One card like the Capital One Venture X Business or Capital One Spark Miles for Business, you can transfer your Spark Cash Plus cash back to that card at a rate of $1 cash back to 100 Capital One miles. This provides even more redemption flexibility, allowing you to put your rewards towards travel if that becomes a higher priority than cash back.
Importantly, the Spark Cash Plus has no minimum redemption amount, so you can redeem your cash back rewards at any time and in any amount that you choose.
Your rewards also never expire as long as your account remains open and in good standing. This gives you the freedom to accumulate a large balance of cash back for a significant redemption if that aligns with your business goals. With its diverse array of redemption choices, the Capital One Spark Cash Plus makes it easy to access and utilize your cash back in a way that best suits your needs.
Pros and Cons
Here are the advantages and disadvantages of this card:
Pros:
The Capital One Spark Cash Plus offers several advantages that make it an attractive option for many businesses:
High Flat-Rate Rewards: The unlimited 2% cash back on all purchases is one of the highest flat rates available on business cards, benefiting businesses with varied expenses or those that don’t align with typical bonus categories. You don’t have to worry about tracking spending categories or maximizing rewards in specific areas – every purchase earns the same high rate.
Flexible Spending Limit: With no preset spending limit, the card can accommodate businesses with fluctuating expenses or occasional large purchases. This feature can be especially useful for managing cash flow during busy seasons or when unexpected expenses arise. However, remember that this doesn’t mean unlimited spending – your limit will be based on your credit profile and spending history.
Annual Bonus for High Spenders: The $150 annual cash bonus for spending $150,000 or more in an anniversary year rewards businesses with high annual expenses. This bonus effectively cancels out the annual fee for businesses that can meet this spending threshold, making the card’s other benefits and rewards pure profit.
Cons:
Despite its benefits, the Spark Cash Plus may not be the ideal choice for every business:
Annual Fee: While not exorbitant, the $150 annual fee may be a deterrent for businesses with low annual spending. If your business can’t comfortably spend at least $7,500 per year on the card, you may struggle to offset the annual fee with rewards earnings.
No Introductory APR: As a charge card, the Spark Cash Plus doesn’t offer an introductory APR period, which might be important for businesses looking to finance large purchases. If your business needs to carry a balance occasionally or wants to finance a large purchase over time, this card may not be the best fit.
Full Monthly Payment Required: Paying the balance in full each month may not suit businesses that occasionally need the flexibility to carry a balance. Late payments incur a 2.99% fee on the unpaid portion of the monthly statement, which can add up quickly if you cannot pay in full.
Alternatives to the Spark Cash Plus
Now that you know about this credit card’s various benefits and pros and cons, it’s time to see its alternatives.
Capital One Spark Miles for Business
The Capital One Spark Miles for Business (review) simplifies rewards earning with double miles on everything you buy. This straightforward business card lets you transfer miles to travel partners or redeem directly for travel purchases, making it a practical choice for business owners who want travel flexibility without complex bonus categories.
Welcome Bonus: Earn a 50,000 miles bonus when you spend $4,500 in the first 3 months.
Earn Rewards: 5x miles on hotels, vacation rentals, and rental cars for bookings via Capital One’s travel booking site; 2x miles on all other eligible purchases.
Card Benefits: Global Entry or TSA PreCheck credit, primary rental car insurance, extended warranty, purchase protection, and no foreign transaction fees.
Transfer Partners: Accor (2 to 1), Aeromexico, Air Canada Aeroplan, Air France-KLM Flying Blue, Avianca LifeMiles, British Airways, Cathay Pacific, Choice Privileges, Emirates, Etihad, Finnair, I Prefer Hotels (1 to 2), Japan Airlines(2 to 1.5), JetBlue (5 to 3), Qantas, Qatar, Singapore KrisFlyer, TAP Air Portugal, Turkish Airlines, Virgin Red, and Wyndham Rewards.
The American Express Blue Business Cash™ Card
The American Express Blue Business Cash™ Card (review) offers 2% cash back on the first $50,000 in eligible purchases annually, then 1% thereafter, with rewards automatically credited to your statement each billing cycle. This no-annual-fee card (rates & fees) provides a straightforward way for small businesses to earn cash back on expenses, though larger spenders may find more value in other options. Welcome Bonus: bonus_miles_full Earning Cash Back: 2% cash back on up to $50,000 in eligible purchases every calendar year. After that, the card earns 1% back. Your cash back on the Blue Business Cash appears as an automatic monthly statement credit. Benefits: Extended warranty, purchase protection, secondary rental car insurance, Expanded Buying Power, and 0% Intro APR on purchases for 12 months from account opening, after that a reg_apr,reg_apr_type APR applies. 
Ink Business Preferred® Credit Card
The Ink Business Preferred® Credit Card (review) offers great rewards for small business owners. With bonus points on travel, shipping, advertising, and communication services, plus valuable travel protections, it’s a solid choice for companies looking to maximize their everyday spending. Welcome Bonus: bonus_miles_full Earning Rewards: 3x points on travel, shipping, advertising made with social media sites and search engines, and internet, cable and phone services on the first $150,000 spent in combined purchases in the following categories each account anniversary year; 1x points on all other eligible purchases. Card Benefits: Points are worth 25% more when you redeem for travel through Chase Travel, no foreign transaction fees, primary rental car insurance, trip cancellation insurance, cell phone protection, purchase protection, and extended warranty. Transfer Partners: Aer Lingus, Air Canada Aeroplan, British Airways, Emirates, Air France KLM Flying Blue, Hyatt, IHG, Iberia, JetBlue, Marriott, Singapore KrisFlyer, Southwest, United, and Virgin Atlantic.
Is the Spark Cash Plus Worth It?
The Spark Cash Plus can be an excellent choice for businesses with high operating expenses that can easily meet the welcome bonus spending requirement and pay off their balance in full each month. Its unlimited 2% cash back rate and the potential for substantial bonuses make it particularly attractive for high-spending businesses that value simplicity in their rewards program.
However, smaller businesses or those seeking category bonuses might find better value elsewhere. The high spending requirements for both the welcome and annual bonuses may be out of reach for many small businesses. Additionally, the lack of financing options and the requirement to pay in full each month may not suit businesses that need more flexibility in their cash flow management.
Ultimately, the card’s worth depends on your business’s spending patterns, cash flow, and rewards preferences. If your business can take full advantage of the high flat-rate rewards and meet the spending thresholds for bonuses, the Spark Cash Plus could be a valuable addition to your financial toolkit. However, if you cannot meet these requirements or need more flexible payment options, you may want to consider other business credit card alternatives.
For rates and fees of the American Express Blue Business Cash™ Card, please click here. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by Amex Assurance Company.
