Capital One® Spark® Cash Select for Business Review

For many small business owners and entrepreneurs, the best credit card is one that is simple to understand, comes with great rewards and meets their organization’s needs. Now, the Capital One Spark Cash Select for Business offers all those things, and more. Essentially a basic version of the popular Capital One Spark Cash for Business credit card, it awards a flat-rate cash back that’s on par with industry standards. Since you get cash back on all purchases, this card is a fantastic option for companies that spread their credit-card spending across a variety of categories.

Cheap to keep and widely accepted, the Spark Cash Select for Business is the sort of card you can use for your business anytime, without thinking too much about it.

The Essentials of the Capital One Spark Cash Select for Business card

  • APR: 14.49% – 22.49% variable
  • Annual Fee: $0
  • Primary Feature: 1.5% cash back on all purchases, with no category restrictions.
  • Introductory Bonus Offer: $200 welcome bonus if you spend $3,000 or more on purchases within the first 3 months of account opening; 0% introductory APR for 12 months. After that, there is a 14.49% – 22.49% variable APR.

What’s interesting about the Capital One Spark Cash Select for Business credit card

While there are credit cards on the market that offer more attractive cash back incentives, what you’ll find is that these cards often restrict bonus rewards to a few spending categories — like office supplies and travel, for example. If you won’t be spending on typical rewards areas, however, then the unlimited 1.5% flat-rate cash back on all purchases offered by Spark Cash Select for Business, combined with its zero annual fee, will likely result in a better overall return for you.

Earning rewards on this card is easy, too. Since it’s free to get additional cards for your employees under the same account, you can earn cash back on their spending, as well. What’s really great about the Spark Cash Select for Business, though, is that all purchases come under one single bill, which gives you complete visibility (and peace of mind, too) on how money is being spent. You have control over spending limits and the authority to freeze cards if needed. You can also review annual spending reports, which are available in PDF, Excel, and Quickbooks formats.

Another strong point is the redemption options. Cash back can be redeemed as a check or statement credit on request, or you can redeem automatically at certain times in the year, or when you meet specific reward thresholds. As long as your account remains open, your rewards won’t expire.

Also worth mentioning is the lack of foreign transaction fees, making this card a good companion for international travel.

Things to Consider

There aren’t many drawbacks with this card, but what you should bear in mind is that cash advances and balance transfers won’t earn any rewards. If your business credit card spending exceeds $19,000, you will be better off with it’s bigger cousin, the Capital One® Spark® Cash for Business credit card, even taking into account the $95 annual fee that the latter charges.

Being approved for this card isn’t easy, either; you will need to demonstrate excellent credit.

How to Get the Most from this Card

Maximizing the Spark Cash Select for Business credit card is all about keeping it in your wallet so you can use it as often as you can. While you can use it to pay for office supplies and other business expenses, it’s also possible to use it for inventory purchases, since cash back applies to all kinds of spending.

The 0% introductory APR will be particularly handy if you have a big purchase coming up, as it will allow extra time to pay it off over 12 months without incurring any interest. After that, there is a 14.49% – 22.49% variable APR.

Make sure you take advantage of extra perks and protection too. You can get a complimentary additional warranty on eligible items, travel assistance, collision coverage for a rental car, and even roadside assistance.

Other Card Options that Might Interest You

The Capital One Spark Cash for Business credit card is remarkably similar to the Spark Cash Select for Business, but it comes with a $95 annual fee which is waived in the first year. There isn’t an introductory 0% APR period, but it does offer a bigger welcome bonus of $500, provided you spend at least $5,000 within the first 3 months of the account opening.

More importantly, this card offers 2% cash back on all purchases. And this slightly higher rate means that if your credit card spending exceeds $19,000 per year, then you’ll get more money back with this card, even after taking the annual fee into account.

Now, if you want to stick with a $0 annual fee card option, then Chase’s Ink Business Unlimited℠ Credit Card is an obvious choice. Offering pretty much the same deal as Capital One’s Spark Cash Select for Business, you can also expect 1.5% cash back on all purchases and free employee credit cards. It even comes with a welcome bonus of $500 if you spend $3,000 in the first 3 months of account opening, and the same 0% APR period of 12 months. After that, there is a 14.74% – 20.74% variable APR. The catch? You get a 3% foreign transaction fee —  not great for international business travel or buying inventory overseas.

The Final Word

At a cash-back rate of 1.5%, it’s clear that you can get a better deal if your credit card spending is mainly on typical bonus categories.

Yet, there’s no doubt Capital One’s Spark Cash Select for Business credit card is a rock-solid option for many small businesses. Essentials like APRs, a welcome bonus, a rewards program and no annual fee are all decent enough, even if nothing really stands out. The absence of complicated reward caps and bonus categories means that businesses owners can use this line of credit flexibly to pay for supplies and services, without having to give it too much thought.

So, if you value simplicity and flexibility in a business credit card, then the Spark Cash Select for Business would be ideal.