Spark Business Credit Card: What You Need To Know

Overview of the Spark Business Credit Card

The Spark Business Credit Card from Capital One aims to provide an easy-to-use card for small business owners. Here’s an overview of some of the key features and benefits to consider:

1. No annual fee

There is no annual fee for the card, making it a potentially cost-effective option.

2. Rewards

You can earn unlimited 2% cash back on every purchase. This can add up over time.

3. Employee cards

You can request employee cards at no extra cost. This allows employees to make business purchases while allowing you to set customized spending limits.

3. Security features

Fraud coverage and zero liability protection aim to keep your business safe when using the card.

4. Other perks

There are other benefits like extended warranty protection, travel assistance services, discounted hotel stays through Hotel Collection, and more. Make sure to compare the full range of offerings.

Before applying, think about your expected monthly/annual spending and if you’d prefer cash back or travel rewards. Look at the purchase APR as well since it’s on the higher side at 22.99% variable. But with no annual fee, the Spark Business Credit Card can be easy to use with valuable rewards.

Spark Business Card Benefits and Rewards

Here are some of the benefits and rewards associated with spark business cards:

1. High Value Rewards

The Spark Business Credit Card gives you access to valuable rewards that you can redeem for cash or travel to help your business.

You receive 2X the points for every dollar spent on expenses like gas, office supplies, internet and phone services, as well as other daily business expenses.

You’ll also earn 2X points for every dollar spent on Lyft rides through 2025.

2. Travel and Cash Redemption

You can redeem your points for airfare, hotels, rental cars, and more through Chase’s online portal.

Points are worth 25% more when redeemed for travel.

Or you can redeem for cash back or gift cards to use for your business.

3. No Annual Fee

You will not be charged an annual fee for having the Spark Business Credit Card so you can maximize the rewards you earn without added costs.

The Spark Business Credit Card benefits and rewards can be significant for frequent business spenders. The 2X earning rate on common business expenses and no annual fee make it an appealing option to maximize value.

Who Should Get the Spark Business Credit Card?

Here are some key things to consider when deciding if the Spark Business card is right for you:

1. Do you make purchases for your business?

The Spark Business card offers unlimited 2% cash back on all purchases – no limits or category restrictions. So if you regularly buy supplies, pay for services, travel for business, etc., you’ll earn solid cashback rewards.

2. Do you spend a significant amount monthly on common business expenses?

Double down on rewards by earning 2% cashback on things like internet, phone, shipping, computer purchases, and more. Every business has recurring expenses that quickly add up, so take advantage with the Spark Business card.

3. Does splitting expenses make sense for your business?

Employee cards come with no extra fees. Set spending limits and easily separate business vs personal expenses at tax time. Give employees access to business credit without personally guaranteeing liability.

4. Are extra perks valuable to your business?

The Spark Business card offers free employee cards, free checked bags, rental car discounts, extended warranty protection, and more. If your business travels frequently or makes large equipment purchases, these benefits could be worthwhile.

The Spark Business card does have a $95 annual fee. But for many small business owners, the unlimited 2% cash back and additional perks provide a valuable return on that investment. Analyze your projected monthly expenses and see if the math makes sense for your business.

How to Apply for the Spark Business Card

Applying for the Spark Business Card from Capital One is quick and easy. As an owner of a small business, here’s what you need to know:

1. Eligibility

Your business must be based in the US and have valid tax documentation like an EIN. Sole proprietors can provide a Social Security number instead.

There is no specific credit score requirement listed, but you’ll likely need good personal credit.

2. Documentation Needed

To complete the online application, have these items ready:

Basic information like your name, address, date of birth, and Social Security number

Your business’s legal name, tax ID, address, phone number, and annual revenue

Your job title and ownership percentage

An estimate of your monthly spending on the card

3. Application Process

Simply visit the Capital One website and click Apply Now on the Spark Business card page. The application will walk you through entering all required business and personal details.

Estimate your business’s annual revenue. Be as accurate as possible, as this helps determine your credit limit.
Enter your personal and business contact info and addresses.
Provide your Social Security number so they can check your personal credit.
Read through the disclosures and submit your application.

The whole process takes just a few minutes. You’ll get either an instant decision or be informed if more review is needed.

Spark Business Card FAQs

Below are most of the frequently asked questions and answers:

1. How many Spark Business cards can I have?

You can have up to 5 Spark Business credit cards under your business.
This allows you to separate expenses, employees, etc.

2. What credit score do I need to qualify?

They generally approve those with good to excellent credit – scores above 670.

Yes, you can earn a sign-up bonus for each Spark Business card opened.
Make sure it’s been 24 months since you received a previous sign-up bonus.

4. Are there foreign transaction fees?

No, there are no foreign transaction fees with the Spark Business card. This makes it a great option for international businesses or travel.

5. Does it come with rental car insurance?

Yes, when you use the card to pay for the rental, you get coverage for collision damage to the rental vehicle. There are some exclusions though, so check the fine print.

6. What are the benefits for employees?

You can add employee cards and set customized spending limits for greater oversight.

Employees can take advantage of card benefits like rental coverage, roadside assistance, etc. when making purchases for your business.

Be sure to consider your business’ spending categories and goals before applying to find the best Spark Business credit card match.