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There are several factors to consider when deciding if you should apply for the Capital One Spark Cash Plus card. MoneyGeek details the things you can look forward to, such as an early spend bonus or the lack of a monthly APR. Its reward program allows you to earn 2% for every purchase you make using the card. You can even use it while traveling without paying a foreign transaction fee. However, you shouldn’t just focus on the benefits offered by Capital One Spark Cash Plus. It’s just as important to be aware of any foreseeable challenges you may encounter.
Card Details to Know Up Front
- Bonus, Fee or FeatureHas or Not
- Has Annual Fee
- Has Balance Transfer Offer
- Has APR Offer
- Cash Back Rewards
- Travel Rewards
Capital One Spark Cash Plus at a Glance
If you need flexibility with your spending habits, it’s best to have a card that doesn’t have a preset spending limit. This is a benefit Capital One Spark Cash Plus offers. They also have an early spend bonus of up to $1,000, and you earn 2% cash back for every purchase you make. You have the option to convert this to miles as long as you also carry Capital One miles-earning cards.
- Capital One Spark Cash Plus
Excellent card for earning unlimited rewards through employee spending
- ExcellentRecommended Credit
- $150Annual Fee
- 2% Cash BackRewards Rate
- 2xRewards Rate on Gas
- 2xRewards Rate on Groceries
Pros & Cons Explained
It’s best to know the advantages and disadvantages of carrying a particular card before applying for it. MoneyGeek explores some of Capital One Spark Cash Plus benefits and drawbacks to provide you more information.
- RewardsYou get 2% cash back for every transaction you make using the card, which means you earn rewards regardless of purchase category. You can use your rewards to buy gift cards or as payment for previous purchases.
- No spending limitCapital One Spark Cash Plus has no preset spending limit. This feature can be an advantage for businesses as it allows for flexible spending on months with higher expenditures.
- Reward conversionYou can convert your cash back to travel miles if you also have a Capital One card that earns miles, such as Ventures Rewards or Spark Miles for Business.
- No foreign transaction feeYou can use your card during international trips without worrying about being charged a fee for each purchase. It makes Capital One Spark Cash Plus attractive for cardholders who frequently travel (and shop) outside the country.
- Late feeCapital One Spark Cash Plus does not have a monthly APR because you need to settle your balance in full each month. If you can’t, a 2.99% monthly late fee is applied.
- High annual feeCapital One Spark Cash Plus has an annual fee of $150. This is higher compared to other cards within the same category.
- Large spending requirementOne benefit of the Capital One Spark Cash Plus card is an annual $200 cash bonus each year. This is more than enough to cover your annual fee, but you have to spend at least $200,000 to qualify.
MoneyGeek regularly analyzes the available data for all cards found in our database to narrow down the top picks for popular categories. You can check out which cards made it to MoneyGeek’s best credit cards for business for 2022.
Bonuses & Rewards Explained
Capital One Spark Cash Plus has several rewards available to its cardholders, making it a solid option as a business card. To give you a better idea of what these rewards and bonuses are, MoneyGeek highlights a number of them.
Automatically redeem rewards
Typically, your cash back is given in the form of a check or a credit statement once you request it. To make the process more efficient, you can set a schedule for an automatic redemption based on either a specific calendar date or when your rewards reach a predetermined threshold.
Flexible payment schedule
You can set your own monthly due date. This feature is advantageous to businesses as you can align your payment schedule to your cash flow timeline. It decreases the likelihood of not being able to make payments due to a lack of funds.
No foreign transaction fees
This benefit makes Capital One Spark Cash Plus attractive to cardholders who frequently do business abroad. You can use the card for out-of-the-country transactions, allowing you to earn points without having to pay a transaction fee.
If you encounter problems on the road, you can avail yourself of services that get you out of auto-related jams like tire changing, towing or jump-starting your vehicle.
Other Features Explained
The Capital One Spark Cash Plus has other features worth mentioning. Here are some features you may find to be beneficial.
- Card FeatureDescription
- Customer supportYou can call Capital One’s toll-free customer service line 24/7. Their trained representatives can address any concerns you may have. You can also use this line to open an account or report a lost or stolen card.
- Virtual AssistantEno is unique to Capital One. It’s designed to monitor your account around the clock and automatically reach out to you if it detects activities outside your typical card-using behavior.
- No fraud liabilityIf your card is lost or stolen, you won’t be held liable for any unauthorized charges. As long as you report your card’s status immediately, any transactions made after that won’t reflect on you or your credit standing.
"Employee cards can help business owners track spending and earn rewards with the Capital One Spark Cash Plus. There is no charge for adding employee cards and you can also assign different access levels and spending limits for employees." - Alene Laney, Credit Card Journalist
Understanding the Fine Print
The number of benefits offered by Capital One Spark Cash Plus makes it a solid choice as a small business card. However, before you apply, it’s vital to understand the fees and fine print.
- Card FeatureAmount or Rate
- APRN/A (charge card)
- Annual Fee$150
- Cash Back Rewards
- Rewards Rate2% Cash Back
- Airline Benefits
Despite the number of rewards and benefits offered by Capital One Spark Cash Plus, its annual fee costs $150. This is considered high compared to other credit cards.
One benefit Capital One Spark Cash Plus offers is the absence of a monthly APR. This is because you need to pay your balance in full each month. If you can't, there is a 2.99% late fee applied to your outstanding balance.
Most cards show minimum amounts that are a portion of their outstanding balance. The minimum for Capital One Spark Cash Plus always reflects all unpaid charges because you’re required to settle your entire balance monthly.
Early Spend Bonus
Capital One Spark Cash Plus offers an early spend bonus of up to $1,000. You are only eligible for it if you apply through the dedicated page to Capital One Spark Cash Plus. If you go through a different channel, it may not be available to you.
You earn a $500 bonus if you spend at least $5,000 within three months of your enrollment date. You qualify for an additional $500 bonus if you spend at least $50,000 within six months from when you enrolled in your rewards membership. You receive these bonuses independently of each other — it means it is possible to earn only one or both.
You get a $200 annual bonus, which can cover your annual fee, but you must be able to spend $200,000 before your membership anniversary before it’s made available to you.
Comparing Capital One Spark Cash Plus with other business cards may give you a better idea of whether it’s something that suits your needs or not. Focus on how their charges fare against Capital One Spark Cash Plus, particularly the annual fee and late penalties. If other cards also offer an early spend bonus, check their redemption process.
If you’re already a cardholder and would like to see how Capital One Spark Cash Plus measures up, you can find information about your current card’s rates from your monthly billing statement. You can also get more details about your current card from your online account or mobile app as well as the Consumer Financial Protection Bureau’s website.
Who Should & Shouldn’t Consider Capital One Spark Cash Plus?
Other Considerations for Capital One Spark Cash Plus
Whether you plan on making the Capital One Spark Cash Plus your first card or you’re considering it as an additional line of credit, there are several factors to evaluate. Here are some things you may want to consider before deciding to pursue your Capital One Spark Cash Plus application.
Things to Consider if This Will Be Your First or Only Credit Card
If Capital One Spark Cash Plus is the first or only card you plan on carrying, think about how you plan on using it. If your business makes large-scale purchases that allow you to reach the required spending amount to qualify for the early spend and annual bonus, it may be a good fit for your spending habits. If not, you may want to consider other options, especially since you’ll have to pay $150 each year regardless of whether you’re able to maximize its rewards scheme or not.
You may also want to take a look at your business’s cash flow. Capital One Spark Cash Plus is a solid choice if you can pay your entire balance each month. If you need to pay your balance in increments, you’ll end up with a higher minimum because of the late penalties.
Things to Consider if This Will Be an Additional Card in Your Wallet
Some cardholders get secondary or tertiary cards so they can transfer balances from the ones they already have. If this is your intent, you may want to look at other options since Capital One Spark Cash Plus doesn’t allow it.
If you carry other Capital One cards, like Capital One Venture Rewards Credit Card or Capital One Spark Miles for Business, you can use your cash back rewards for travel instead. You have to be mindful of when you last applied for a credit card though.
As a rule, Capital One only approves you for one card every six months. If it’s been a while since your last application, check your present credit standing as you need to have an excellent credit score to qualify for Capital One Spark Cash Plus.
MoneyGeek’s methodology uses a structured and standardized process, allowing us to access accurate and up-to-date information. We use a holistic approach that involves various steps, such as gathering and using data from several card categories and having standardized ranking calculations. We also factor in average spending profiles and other bonuses offered by various card issuers. An approximation of a card’s three-year value and a regular re-ranking process complex the process.
How Capital One Spark Cash Plus Compares to Other Cards
Capital One Spark Cash Plus is a recent addition to Capital One’s line of credit cards. It is probably most similar to Capital One Spark Cash for Business, which was one of MoneyGeek’s top picks for the best business cards in 2022. When comparing cards, it’s best to look outside the same issuer.
In-Depth Credit Card Comparisons:
Quick Comparison of Capital One Spark Cash Plus
Capital One Spark Cash Plus
- Cash Back Reward: 2% of every purchase
- Early Spend Bonus: $500 cash bonus once you spend $5,000 within three months of enrollment date; another $500 once you spend $50,000 within the first six months
- Annual Fee: $150
- APR: N/A (charge card)
- Best For: Large spending businesses that allow cardholders to maximize bonuses and rewards
Capital One Spark Cash Select for Excellent Credit
- Cash Back Reward: 1.5% of every purchase
- Early Spend Bonus: $500 cash bonus once you spend $4,500 within three months of enrollment date
- Annual Fee: None
- APR: 17.99% to 23.99%, depending on creditworthiness
- Best For: New businesses who want a low-cost card
Other Helpful Decision-Making Q&As
Those looking to complete their Capital One Spark Cash Plus application usually need additional information. Here are the answers to the most frequently asked questions.
Still not sure about this card? Consider these options.
The Capital One Spark Cash Plus card is a solid choice if you make large purchases that allow you to maximize its rewards and benefits. It also works best if you need flexibility in your spending. If you’re still on the fence about it, make sure to check other options. You can look up other cards in the business or cash back categories before deciding which one best meets your needs.
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Learn more about credit cards in general
- Capital One. "Spark 2% Cash Plus." Accessed September 1, 2021.
- Capital One. "Spark Business Card Benefits." Accessed September 1, 2021.
- Capital One. "Spark Cash Plus Application." Accessed September 2, 2021.
- Capital One. "Pre-Approval." Accessed September 2, 2021.
- J.D. Power. "2021 U.S. Credit Card Satisfaction Study." Accessed September 1, 2021.
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