The Pros of the Capital One® Spark® Cash for Business
Use Spark® Cash across all your business spending, with no categories to limit your purchasing.
Get unlimited cash back of 2% on all business purchases which could mean thousands of dollars each year going back into your business.
Use your card anywhere in the world with no foreign transaction fees.
Receive a $500 bonus when you spend $4,500 in the first 3 months after approval.
Get employee cards at no additional charge.
Receive fraud alerts via phone, text or email when there is suspicious activity.
Reports to the business credit reporting agencies.
The Cons of the Capital One® Spark® Cash for Business
Reports to your personal credit reports
No 0% introductory offer
No additional rewards or points for spending on travel
17.99% (Variable) APR for purchases
17.99% (Variable) APR for balance transfers
$59 annual fee (no annual fee for the 1st year)
Do you qualify?
First things first, if you apply for this card it’s important to know they will pull all three credit reports (Equifax, Transunion & Experian). Unfortunately, while most card issuers pull from one agency, Capital One® uses all three.
On the plus side, getting a card with a major card issuer like Capital One® is a plus for your business. Capital One® has various other credit products they may offer you as your business establishes a positive history with them.
Capital One® Spark® Cash for Business Requirements
Strong personal credit (700-739 FICO® Scores)
No defaults on any loans
No late payments of more than 60 days on any credit card, medical bill, or loan in the last year
Must have a loan or credit card for 3 years or more with a credit limit above $5,000 (excludes authorized user accounts)
For business credit reporting purposes, you will need to supply your company’s EIN on the app