Capital One Spark Cash Select Review 2023
Capital One Spark Cash Select Review 2023
Capital One Spark Cash Select: The Ultimate Business Credit Card for Entrepreneurs
Are you in search of the perfect business credit card to suit your entrepreneurial needs? Look no further than the Capital One Spark Cash Select for Excellent Credit. With its solid welcome bonus offer, straightforward earning potential, and lack of an annual fee, this card is worth serious consideration. While it may not offer luxury perks, it makes up for it with its cash-back rewards and easy-to-understand terms.
A Spark of Cash for Your Business
With the Capital One Spark Cash Select, you can earn 1.5% cash back on nearly every purchase you make. What’s even better is that there are no minimums or expiration dates to worry about. This means you can focus on growing your business without any limitations on your earning potential. Additionally, you’ll receive a generous welcome bonus of $500 cash back after spending $4,500 on purchases within the first three months of account opening.
Who Should Consider the Capital One Spark Cash Select?
To be eligible for the Capital One Spark Cash Select, you need to have an excellent credit score. Capital One defines excellent credit as having no bankruptcy declarations or loan defaults, no payments over 60 days late in the past year, and a loan or credit card with a credit limit above $5,000 that has been open for the past three years. If you meet these requirements, you’re on the right track.
However, if you don’t quite meet the criteria, don’t worry. Capital One also offers a version of this card for those with good credit. While it may not have a welcome bonus offer, it does come with a 0% intro APR on purchases for 12 months from account opening.
Even if you don’t have a traditional full-time business, you can still qualify for a small-business credit card. Side gigs, freelance work, or even driving for platforms like Uber or Lyft can make you eligible. So, don’t count yourself out just yet.
Rewards and Redemption Made Simple
With the Capital One Spark Cash Select, earning rewards is a breeze. You’ll receive 1.5% cash back on all purchases, except for hotels and car rentals booked through the Capital One Travel portal, where you’ll earn a higher rate of 5% cash back. There’s no need to worry about complex bonus categories or calculations. Simply pay for your expenses using this card, and watch the rewards pile up.
Redeeming your cash back is equally straightforward. You can choose to receive a statement credit or a check, and there’s no minimum redemption amount. However, if you also have a Capital One credit card that earns miles, you have the option to convert your cash back into miles. This allows you to transfer your rewards to Capital One’s airline and hotel partners, giving you the opportunity to see the world.
Benefits and Features Tailored for Your Business
While the Capital One Spark Cash Select may not come with a laundry list of statement credits and elite perks, it does offer some features that can make a difference for your business. These include:
- Purchase Records: Sync your purchases to Quicken, QuickBooks, or Excel to simplify expense management and tax preparation.
- Employee Cards: Provide your employees with free credit cards, earn cash back on their purchases, and set customized spending limits on each card.
- Rental Collision Coverage and Roadside Assistance: Enjoy peace of mind when traveling with collision insurance coverage for rental vehicles and emergency services.
- Extended Warranty: Get additional warranty and protection for eligible items purchased using the card.
No Annual Fee and Other Costs
One of the standout features of the Capital One Spark Cash Select is its lack of an annual fee. This is great news for your business’s bottom line. Additionally, there are no foreign transaction fees, making it ideal for international travel.
It’s important to note that the card has a variable APR ranging from 18.24% to 24.24%. To avoid paying interest, be sure to pay your balance in full each month. Additionally, there are fees for cash advances and late payments, so be mindful of these aspects.
How It Compares
When comparing the Capital One Spark Cash Select to other Capital One business cards, it’s important to consider your specific needs. If travel is a priority, there are other options with potentially more lucrative bonus opportunities and more generous earning structures, like the Capital One Venture Rewards Credit Card. However, if straightforward cash back is what you’re after, the Capital One Spark Cash Select is hard to beat.
Frequently Asked Questions (FAQ)
Q: Can I trust the Capital One Spark Cash Select for Excellent Credit?
A: Our credit card team at Insider has thoroughly reviewed this card, comparing it to other small business cards. We considered factors like ease of use, rewards potential, benefits, and annual fees. Rest assured, the Capital One Spark Cash Select has been carefully assessed for its value and suitability.
Q: How do I qualify for the Capital One Spark Cash Select?
A: To be eligible, you need to have an excellent credit score, meeting certain criteria such as no bankruptcy declarations or loan defaults, no payments over 60 days late in the past year, and a credit card or loan with a credit limit above $5,000 that has been open for the past three years.
Conclusion
If you’re in search of a business credit card that offers straightforward rewards and no annual fee, the Capital One Spark Cash Select for Excellent Credit should be at the top of your list. With its generous cash-back program, simple redemption process, and valuable features, it’s a great choice for entrepreneurs looking to maximize their earnings and streamline their business expenses. Remember to compare your options and evaluate how you spend your dollars to ensure you choose the card that best suits your needs.
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