Capital One Spark Cash for Business: Unlimited 2% Cash Back + $500 Cash Bonus

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The Capital One Spark Cash for Business is a rewards business card offering a $500 cash bonus in addition to ongoing 2% cash back rewards. Here are the highlights:

  • Unlimited 2% cash back on all purchases.
  • One-time $500 cash bonus once you spend $4,500 on purchases within 3 months from account opening.
  • $0 annual fee for the first year, then $95 annual fee after that.
  • Cash back rewards don’t expire as long as your account is open.
  • No foreign transaction fees.
  • Free additional employee cards.

Consider that if you meet the $4,500 spending requirement within 3 months, you will end up with $500 + $90 from 2% cash back – that’s $590 on $4,500 spending (13.1% cash back).

Note that “Existing or previous Accountholders may not be eligible for this one-time bonus.” For comparison, there is also a Spark Select for Business and Spark Classic that are different cards with lower sign-up bonuses but no annual fee.

The 2% cash back for all purchases is a strong rewards structure, and you get no annual fee during the first year as well. From the second year onward, you’ll have to weigh that against the $95 annual fee after the first year. The math says that you would have to spend more than $19,000 every year ($1,583 a month) to make the 2% back and $95 annual fee (Spark Cash) pay out more rewards than 1.5% cash back and no annual fee (Spark Cash Select).

Here is some info taken from the Terms and Conditions regarding rewards cash back redemptions:

How do I redeem my rewards?
You can get your cash back upon request in the form of a statement credit or a check. You can also set up an automatic redemption preference; options include: (1) at a set time each calendar year or (2) when a specific threshold ($25, $50, $100 or $200) has been reached. Just go online to or contact our Rewards Center. You can also redeem for credits for previous purchases, gift cards, and more. Rates for these redemption options may vary and are subject to change without notice.

Alternatively, the Capital One Spark® Miles for Business has a offer for 50,000 miles once you spend $4,500 on purchases within 3 months from account opening. 50,000 miles are redeemable for a $500 statement credit towards travel. The travel can be booked directly through airlines and hotels, and there are no blackout dates or award seat limits to worry about. $0 annual fee for the first year, then $95 annual fee after that. No foreign transaction fees. Similar to the offer above, the Spark Miles offers 2 miles per dollar with the $95 annual fee but there is also a Spark Miles Select for Business that offers 1.5 miles per dollar with no annual fee.

Capital One now allows you to transfer your “miles” into select airline miles programs as well, on a 2:1.5 ratio (ex. 20,000 Capital One miles = 15,000 Air Canada Aeroplan miles). Here are the 12 transfer partners:

  • Aeromexico
  • Air Canada Aeroplan
  • Air France/KLM
  • Alitalia
  • Avianca
  • Cathay Pacific
  • Etihad
  • EVA
  • Finnair
  • Hainan
  • Qantas
  • Qatar

Unless you know how to leverage one of these international airline miles programs, I would prefer earning cash rewards over the “miles”, since these Capital One “miles” only get their maximum value when redeemed against a travel purchase.

If you are looking for a comparison with other strong business cards, check out my updated list of Top 10 Best Small Business Credit Card Bonus Offers.

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  1. FYI Capital One reports purchase and payment activity on their business cards to credit bureaus.

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