Capital One Spark 2% Cash Plus card review

The lifeline of most businesses is cash flow. Capital is essential to keep a business running and, more importantly, expanding when the opportunity arises. Funding can be hard to access, however, especially for less-established companies. But business owners with excellent credit may qualify for the Capital One Spark 2% Cash Plus card.

Designed to provide spending power without restrictions, the Spark 2% card is the premier version of Capital One’s business card offerings. It could be a good funding alternative for the times when your company needs to make a large purchase without the time constraints a loan application requires. This review delves into the benefits to help you learn more about how it works — and whether it’s the right card for your company.

Pros and Cons

Here’s a quick overview of the benefits and drawbacks of the Spark 2% card to consider.

Pros:

• No preset spending limit

• No APR

• Earn a flat fee of 2% cash back with no revolving categories or restrictions

• No foreign transaction fees

• Free employee cards available with a spending limit of your choice

• Lucrative bonus of up to $1,000 for new cardholders

Cons:

• Requires excellent credit

• Balance due in full each month

• Annual cash bonus requires high annual spending of $200,000

• Annual fee of $150

Capital One Spark 2% Cash Plus features

The Spark card is available in several versions: the higher-tier Spark 2% Cash Plus, the classic 1% Spark, the Spark Miles travel rewards and the Spark 1.5% Cash Select card. 

Who may qualify for the Spark 2% Cash Plus card?

The Spark business credit card is available to business owners at all stages. A traditional small business or corporate setup may come to mind first, but applicants in the early stages of a startup, or individuals who are working a side hustle or a freelance gig, may also qualify. 

Although the Spark 2% is a business card, the card issuer reviews your personal credit to determine approval odds. You’ll need an excellent credit score to get approved.

Most business credit cards operate this way, using the card applicant’s credit history (instead of the company’s credit score) to approve or deny an application. The good news is, businesses with a limited track record can still have access to a revolving line of credit through the owner. However, a business credit card could affect your personal credit. 

How to apply

You can apply for the card online. The application is fairly straightforward; according to Capital One, the process should take 10 minutes or less. You’ll need to provide personal information including your Social Security number, annual income, and monthly mortgage or rent amount, as well as:

• The legal names, addresses, and Social Security numbers for all business owners 

• The legal business name, address, and company tax ID number

Once you complete and submit the application, you should receive a decision in just a few minutes.

How the card works

If you’re approved for the Spark 2% card, you’ll receive your card in the mail in seven to ten business days. You have three to six months to earn the new cardholder bonus of $500 if you spend $5,000 within the first three months and another $500 if you reach a total of $50,000 in spending within the first six months after approval.

Earning cash back is simple. You’ll receive a 2% reward for every dollar you spend. If your business has high capital expenditures, you’ll be pleased to hear there aren’t any cashback rewards caps. Plus, you can order cards for your employees at no additional charge and earn cash-back rewards on their spending as well.

Keep in mind that the card has no preset spending limit, which can be helpful when you need to make a large purchase. However, the balance is always due in full. There is no APR because the Spark 2% card is not designed for carrying a balance. If you don’t make your payment by the due date, the balance is subject to a penalty rate of 2.99% per month and the account will be marked as past due.

How to manage the Capital One Spark 2% Cash Plus card

The business card has a few useful features you won’t find with most personal credit cards. You can assign an employee as the card account’s account manager to oversee purchases, review spending and transactions, make card payments, and handle card-related problems. This is helpful, so you don’t have to personally call Capital One yourself each time you have a question or issue.

There are plenty of spending and transactional reports available that can be downloaded or integrated with other software, such as Excel, Quicken, or QuickBooks. And to make tax time easier, Capital One issues year-end itemized spending reports.

Security

There are a few features that keep your account safe. The Spark 2% card is backed by Visa for fraud protection and comes with $0 in fraud liability, as well as emergency-replacement service and available cash advances. In addition, you can assign credit cards to employees with custom spending limits.

The virtual card feature is unique and especially useful if you make frequent online or cardless transactions. You’ll receive a temporary card number when making purchases online to keep your actual card account number concealed from merchants, reducing the potential for fraud.

How to get support

To reach out to customer service for help, Capital One’s business support phone number is 1-800-867-0904. You can also contact them by sending secure emails through the online portal after you’re logged in. 

Bottom line

The Capital One Spark 2% Cash Plus card is an excellent card that can grow with your business. It comes with no preset spending limit, unlimited rewards-earning opportunities, and free employee cards that can be set with custom spending limits. Those are just some of the reasons the card is ideal for businesses ranging from new startups to growing, established companies. 

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