Why I love Capital One Spark Cash Plus
Why I love Capital One Spark Cash Plus

Some business credit cards offer considerably better benefits and rewards than others, although many of the best deals are only available to those with the credit and income required. Either way, the Capital One Spark Cash Plus is one of the newer cards that people seem to be falling in love with. With a fixed 2% cash back rate on every purchase and a very generous welcome bonus, it’s no wonder business owners have signed up for this card in droves.

To find out why Capital One Spark Cash Plus is so popular with business owners, we interviewed a handful of people who use this card for most of their business expenses and bills throughout the year. If you’re considering this business credit card and wondering why people choose this particular card over other options, you’ve come to the right place.

Details of Capital One Spark Cash Plus

Before we dive into all the reasons users end up loving this card, here are the key card details and terms you need to know about Capital One Spark Cash Plus.

  • welcome bonus: Up to $1,000 cash bonus: $500 once you spend $5,000 in the first three months and an additional $500 once you spend $50,000 in the first six months after the account opening
  • Awards: Unlimited 2% cash back on all purchases
  • Annual bonus: $200 cash bonus when you spend $200,000 or more in a year
  • Annual subscription: $150

5 reasons to love Capital One Spark Cash Plus

A detail to understand about Capital One Spark Cash Plus is the fact that it is a payment card and not a credit card. This means no interest is charged on revolving debt, but cardholders are required to pay their balance in full each month. Additionally, those who do not pay their balance in full each month are charged a 2.99% monthly late fee.

That said, there are many reasons why consumers love this card, including the following:

The 2% cash back rate is exceptional

Jeff Neal, who is the chief operating officer of a company called Critter Depot, says his organization sells small food creatures every week to zoos, pet stores and reptile owners, and that fierce competition in this industry is leading to very competitive prices.

“I signed up specifically for the 2% cash back,” says Neal. “The 2% cash back gives us a little boost to our profit margins, which helps us offer more competitive prices on crickets and compost worms.”

Neal also notes that his company trades his rewards for statement credits to reduce his monthly balance owing.

“We pay off our balance each month and use our rewards to help offset that balance,” says Neal.

No cap on rewards

Jeffrey Gabriel, who is the co-founder of Saw.com, says he signed up for this business credit card in late 2020 because he wanted to find a card option that would allow him to streamline some of his business payments.

However, he quickly fell in love with the card’s unlimited 2% redemption rate, especially since many other cards have limits on rewards.

“I found several that offered lucrative cash back, but only up to a few thousand dollars. Then you get something like 1% cash back or no rewards at all on your purchases,” says Gabriel .

“Spark Cash Plus gives me 2% back on everything with no limitations. I like that simplicity.”

No preset spending limit

According to the money coach Max Wonderful, the 2% lump sum reward return is hard to beat, but it’s also nice that the Capital One Spark Cash Plus doesn’t have a set spending limit. With no preset spending limit, he says he can charge his business expenses without worrying about going over his credit limit and incurring additional charges as a result.

“If one month I need to spend $3,000 and the next month $15,000, I can do it stress-free [over having] enough credit available,” says Max. “When I can worry about one less thing, I’m a happy man.”

Flexible repayment options

Max Marvelous also adds that when it comes to his rewards, he waits until he has about $2,500 cash in his account before redeeming it for statement credits to cover payments to vendors and contractors.

This shows how flexible the repayment options are for this card. Not only can you redeem rewards for statement credits of any amount, but cardholders can redeem for a check in the mail or gift cards. As an added bonus, Capital One Spark Cash Plus account holders can also use their rewards for purchases made through Amazon.com or PayPal.com.

Easy expense tracking for businesses

The Capital One Spark Cash Plus also offers free employee cards that can simplify business accounting while helping the owner earn rewards on all of their business expenses and bills. More importantly, though, a dedicated business credit card helps business owners streamline all of their expenses and track them in one place.

Max Marvelous points out that using one business credit card for all expenses makes it easier to manage monthly accounting. At tax time, having just one card to reconcile easily saves him 10 hours or more, he says. “This simplicity was key for me to apply for and use this card for my business.”

The bottom line

If you’re a business owner who likes the idea of ​​earning 2% cash back with no preset spending limits, the Capital One Spark Cash Plus might be just what you need. Rewards are flexible and new cardholders can earn an initial cash bonus of up to $1,000 in the first six months ($500 once you spend $5,000 in the first three months and an additional $500 once you’ve spent $50,000 in the first six months). Although a $150 annual fee applies, you get free employee cards and access to Capital One Spark Cash Plus benefits, to boot.

That said, there are other business credit cards to consider, including alternative business card options from Capital One. Be sure to compare all the best deals, including the Capital One Spark Cash Plus, until you find the right fit.

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