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November 5, 2015

Business Credit Cards

Capital One® Spark℠ Cash for Business Review

Offering a straightforward 2% cash back return on all purchases, the Capital One® Spark℠ for Business card may be a good choice for those that don't want to deal with the purchase restrictions associated with some business rewards credit cards.

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The Good

Employee cards at no additional cost

Some of the top business credit cards will charge a fee when cards are added to the account, but one of the benefits of the Capital One® Spark℠Cash card is the ability to add employee cards at no additional cost. In addition to not charging a fee, the Spark Cash card comes with a $50 bonus when you sign up one or more employee cards within the first 60 days of card ownership.

Sign-up bonus easy to earn

Not all business credit cards offer a sign-up bonus and those that do often require spending thousands of dollars in the first few months of card ownership in order to be eligible. Although the $100 is not enormous, you have three months to hit the comparatively low $1,000 spending requirement. A little extra cash back is always appreciated and these relatively low spending requirements will put the bonus within reach of many organizations.

No balance transfer fee

The Spark℠Cash card does not charge a balance transfer fee.There are times when it makes sense or becomes necessary to transfer an existing balance to a new credit card. Some business credit cards charge up to $10 or 4% per for every balance transfer. Although it may not be something that is done regularly, getting hit with little fees like this can add up.

No limits or expirations

Some business credit cards put limits or expirations on the rewards you can earn. With the Capital One® Spark℠ Cashcard, you have the ability to earn unlimited rewards that will not expire for the life of your account. With the 2% cash back offered on all purchases, your rewards have the ability to add up quickly.

Several redemption options

The Spark℠Cash card provides several ways for you to redeem your rewards. You can receive your cash back automatically with an annual check, or upon request online or over the phone. You can also set automatic disbursements to take place at certain calendar times or when you hit $25, $50, $100, or $200 thresholds. Having some flexibility with how and when you receive your rewards is a great feature.

The Bad

Annual fee

The Capital One® Spark℠ Cash for Business card requires an annual membership fee of $59. The fee is waived for the first year, and when compared to some of the other credit cards that have fees as high as $175, the $59 is on the less expensive side. However, if you're looking to keep expenses at an absolute minimum, you'll be able to find a business credit card that does not charge an annual fee.

No additional bonus rates

The Spark℠Cash card offers 2% cash back on all purchases. Having a straightforward method of earning cash back may be preferable for some cardholders; however, with some competitor cards offering between 2-5% cash back for business-specific charges, there may be a credit card option that will result with higher returns, depending on your organization's spending habits.

The Details

Rates and Fees

  • Annual Fee: $59 ($0 for first year)
  • Balance must be paid in full each month: None
  • Cash Advance Fee: $10 or 3% per cash advance
  • Cash Advance Rate (APR): 24.9%
  • Foreign Currency Transaction Fee: None
  • Introductory Rate (APR): None
  • Standard Rate (APR): 13.9% - 20.9%* Variable

Penalty Fees

  • Default Penalty Rate (APR): 29.4%
  • Late Payment Fee: Up to $39
  • Minimum Interest Charge: $1
  • Over-Limit Fee: None
  • Returned Payment Fee: $39

Balance Transfer Fees

  • Balance Transfer Fee: None
  • Introductory Balance Transfer Rate (APR): None
  • Standard Balance Transfer Rate (APR): 13.9% - 20.9%* Variable

Rewards Program

  • Additional Rewards for Cell Phone Services: None
  • Additional Rewards for Dining: None
  • Additional Rewards for Gas: None
  • Additional Rewards for Internet Services: None
  • Additional Rewards for Office Supplies: None
  • Additional Rewards for Other: None
  • Additional Rewards for Travel: None
  • Bonus Rewards: $50 bonus when you sign up for one or more employee cards within the first 60 days
  • Rewards Earnings for All Purchases: 2% cash back
  • Sign-Up Bonus: $100 after spending $1,000 in the first 3 months
  • Type of Reward: Cash Back

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