| Last updated on September 20th, 2023
Capital One Spark Cash Plus
Capital One Spark Cash Plus
At a Glance
The Capital One Spark Cash Plus offers unlimited 2% cash back, complimentary employee cards, and no preset spending limit. The business card, from Capital One, also features no foreign transaction fees and no hidden penalty fees, for an annual fee of $150.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn up to a $1,000 cash bonus; $500 once you spend $5,000 in the first 3 months, and $500 once you spend $50,000 in the first 6 months of account opening
- Earn unlimited 2% cash back on every purchase, everywhere-with no limits or category restrictions
- Comes with no preset spending limit, so it can adapt to your needs based on your spending behavior, payment history and credit profile
- Earn an annual $200 cash bonus every year you spend $200,000 or more-that's enough to cover your annual fee and then some
- Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel
- Add employee cards for free, and earn unlimited 2% cash back from their purchases
- $150 annual fee
- Spark Cash Plus has no APR because your balance is due in full every month
- Cash Advance Transaction Fee: 3% of the amount of the cash advance, but not less than $3
- Annual Fee: $150
- Late Payment Penalty Fee: 2.99% of the unpaid portion of your minimum payment
- You want the flexibility of a business card with no preset spending limit
- You want accelerated cash back on all purchases, without category restrictions
- You plan to issue multiple employee cards
- You want a card with no foreign transaction fees
Capital One Spark Cash Plus Review
The Capital One Spark Cash Plus is a straightforward cash back credit card for small businesses that want accelerated rewards and no preset spending limit.
How to Earn Cash Back
The main selling point with the Cash Plus is the accelerated 2% cash back the card earns. Businesses enjoy an unlimited 2% cash back on every purchase, everywhere, with no limits or category restrictions. This cash back structure is the same as the Capital One® Spark® Cash for Business, just without the restrictions of a preset spending limit or a regular purchase APR.
Cash Back Bonuses
Small businesses enjoy two introductory cash back bonuses with the Capital One Spark Cash Plus. New accounts can earn $500 cash back after spending $5,000 on purchases in the first three months, plus another $500 after they spend $50,000 on purchases in the first six months. All told, this intro bonus has a value of $1,000 for a $50,000 spend.
The card also provides an annual bonus after meeting a lofty spending goal. Companies earn a $200 annual cash back bonus after spending $200,000 or more with the card each year. That bonus offers little value given the immense spending requirement, but for companies that plan to issue multiple employee cards (which are complimentary, including virtual cards).
How to Redeem Cash Back Rewards
Cash back through the Capital One Spark Cash Plus is redeemable through the Capital One Rewards program. The program offers solid value for money and features several different award options to choose from. These options include:
- Statement credits
- Gift Cards
- Points transfers with select partners
The obvious redemption option for those who get the card will likely be statement credits. Still, they will find significant value with this reward option. Plus, as the rewards earned with the Capital One Spark Cash Plus card do not expire, the race to decide what to redeem those points for is no longer an issue.
No Preset Spending Limits
As mentioned, the Capital One Spark Cash Plus is unlike other Capital One Spark for Business cards in that it does not offer a preset spending limit. No spending limit makes the Spark Cash Plus more akin to a charge card or a business card offering from American Express, meaning the card adapts to a company’s needs based on spending behavior, payment history, and credit profile.
Because the card has no spending limit, it also features no set APR on purchases either. With no APR, the full balance on the card is due every month. If the entire balance is not paid, businesses are charged a 2.99% monthly late fee for the unpaid balance.
Other Card Features
Other notable features of the Capital One Spark Cash Plus include Zero Fraud Liability, auto rental damage waiver, purchase records, and year-end summaries. The card also comes with easy-to-use accounting tools – simply download purchase records quickly in Quicken®, QuickBooks™, and Excel® for seamless bookkeeping.
Should You Apply for the Capital One Spark Cash Plus?
The Capital One Spark Cash Plus is an intriguing small business credit card that provides the cash back potential of the Capital One® Spark® Cash but without any preset spending limits. This versatility offers small-to-medium-sized companies the purchasing power they need and the lucrative rewards they want.
The addition of no preset spending limits also comes with a higher annual fee – $150 vs. the $95 annual fee with the Spark Cash (which also waives the fee for the first year). Companies that want a similar cash back rate can also consider the American Express Blue Business Cash™ Card. That card also earns you 2% back on all eligible purchases (on up to $50,000 per calendar year, then 1%. Terms apply) but features a variable purchase APR and no annual fee.
Overall, the Capital One Spark Cash Plus offers plenty for companies to love- but only if they really want the flexibility that comes with no set spending limit. Otherwise, Spark Cash is the better option, if only for that significantly reduced annual fee. Other business credit cards to consider include Chase’s Ink cards, including the Chase Ink Business Cash and the Ink Business Unlimited – both excellent cash back options.
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