MoneyGeek’s Take

Capital One Spark Classic Review

The Capital One Spark Classic for Business credit card is a good option for entrepreneurs and small-business owners. The credit score requirement of fair to excellent allows business owners with fair credit to build better credit while earning rewards. Included in the benefits is 1% unlimited cash back rewards on all purchases.

Last Updated: 6/17/2022
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For those with fair credit, business credit cards are limited. That’s why the Capital One Spark Classic for Business stands out for its relatively low credit score requirement. You can earn unlimited rewards on business expenses using this card, but the high standard APR can make carrying a balance on this card expensive.

When determining if this is the right business card for you, consider all features, rates and fees in your evaluation of the Capital One Spark Classic.

Card Details to Know Up Front
  • Bonus, Fee or Feature
    Has or Not
  • Has Annual Fee
  • Has Balance Transfer Offer
  • Has APR Offer
  • Cash Back Rewards
  • Travel Rewards
Click to see this card’s rates, fees and how they compare to other cards in our dataset.

Capital One Spark Classic at a Glance

If you want to build your credit while earning rewards, the Capital One Spark Classic offers modest rewards of 1% for every purchase. Moreover, this card has no annual fees, allowing cardholders to reap the value of the card without incurring annual charges that eat into rewards.


  • Capital One Spark Classic

    A great no-annual-fee business card with cash back for those with fair credit.


    • Limited – FairCredit Needed
    • $0Annual Fee
    • 1% Cash BackRewards Rate
    • 1.00%Cash Back Rate (Avg Value)

Pros & Cons Explained

The Capital One Spark Classic benefits may be limited depending on what your needs are. Here are the main pros and cons to consider before making your decision.

Pros

  • Benefits
    Description
  • No annual fees
    There are no annual fees for this card, making it a good option for those looking to get the most out of the card’s rewards.
  • Simple rewards program
    There is no need to keep track of spending categories as all purchases earn rewards at a 1% flat rate.
  • Relatively low credit score requirement
    The credit score requirement for the Capital One Spark Classic is fair, which typically means 580 or higher. This is helpful to business owners with fair credit scores who may not qualify for other business cards.

Cons

  • Drawbacks
    Description
  • Low rewards rate
    This card has a relatively low rewards rate compared to other cards in the same category so it may not offer the most value to you.
  • High APR rate
    With a 26.99% standard APR, it can be costly to hold balances on this card due to high interest charges.
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LOOKING FOR THE BEST CREDIT CARDS OF 2022?

The Capital One Spark Classic benefits are limited and this card is not featured on MoneyGeek’s list of the best business credit cards. You can have a look at our recommendations for business cards that offer the most value for purchases, travel and more.

Bonuses & Rewards Explained

The Capital One Spark Classic is best used when building credit, especially for those with fair credit scores. Moreover, you can still earn modest rewards in the process.

1

Welcome bonus

This card doesn’t offer a welcome bonus.

2

Earning rewards

The Capital One Spark Classic earns you 1% cash back for all purchases. Rewards are unlimited and there are no category restrictions or caps.

3

Redeeming rewards

Rewards on your Capital One Spark Classic card do not expire and can be redeemed at any time. You can redeem your cash back in the form of a paper check or get statement credits. You can also redeem your rewards for gift cards or other purchases. Capital One Spark Classic also allows you to set up automatic redemptions on your card once your balance reaches a certain limit, which can make the redemption process even simpler.

Other Features Explained

Before you submit your Capital One Spark Classic application, it’s important to be aware of the key features of this card.

  • Card Feature
    Description
  • Standard features
    The Capital One Spark Classic benefits include Secondary rental-car insurance and roadside assistance, extended warranty protection and purchase protection for up to 90 days and free employee cards with customizable spending limits.
  • Security Features
    You can manage your account online or using the Capital One mobile app, which allows you to lock your card or an employee’s card if you want to stop unauthorized usage. You will also get security notifications for any suspicious transactions via email, text or call.
  • Customer Experience
    Cardholders have access to 24-hour customer service by phone. You can also conveniently manage your account online or via the Capital One mobile app. According to a satisfaction study by J.D. Power in 2021, Capital One ranked second-best in the small-business credit card category.
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MONEYGEEK QUICK TIP

The Capital One Spark Classic will offer the most value to business owners with fair credit who want to build their credit. This can be done by ensuring that you pay off your balance on time every month to improve your credit score and avoid the high APR charges.

Understanding the Fine Print

It’s important to understand the fine print on your credit card to avoid incurring penalties and other charges. The main fees to be aware of before choosing the Capital One Spark Classic are highlighted below.

  • Card Feature
    Amount or Rate
  • APR
    27.24%
  • Annual Fee
    $0
  • Cash Back Rewards
  • Rewards Rate
    1% Cash Back
  • Airline Benefits
  • This is an icon

    Cash Back Rewards Rate

    All purchases earn cash back at a flat rate of 1% for all categories.

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    Regular APR

    The Capital One Spark Classic has a variable APR of 26.99% for both purchases and transfers. This card does not come with an intro APR so the regular APR applies to all purchases and transfers.

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    Annual Fee

    The Capital One Spark Classic has no annual fee.

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    APR for Cash Advances

    Cash advances attract a variable APR of 26.99%, depending on the prime rate.

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    Cash Advance Fees

    Cash advances are charged $10 or 3% of the amount of each cash advance, whichever is greater.

  • Penalty APR and Fees

    The penalty APR for late and returned payments is 29.65%. Late payments and returned payments attract a penalty fee of up to $39.

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    Interest Charges

    The due date on the Capital One Spark Classic is 25 days after the close of each billing cycle. No interest will be charged if your balance is paid in full by the due date.

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    Foreign Transaction Fees

    This card has no transaction fees.

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WHERE TO FIND THIS INFORMATION?

Credit card information, offers and reward rates may change over time. To stay updated on the Capital One Spark Classic or any other card in your wallet, check the issuer’s website. You will also get up to date information on rates, charges and other fees in your monthly statement. The Consumer Financial Protection Bureau also has a database with useful information on different credit card issuers that can be useful when you want to review or compare cards.

Who Should & Shouldn’t Consider Capital One Spark Classic?

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Other Considerations for Capital One Spark Classic

There are different ways to get the most out of your Capital One Spark Classic depending on whether you choose this as your primary business card or an additional card in your wallet.

Things to Consider if This Will Be Your First or Only Credit Card

If the Capital One Spark Classic is going to be your primary card, it’s important to be aware that it has a high standard APR so your balances can attract very high interest rates. This card will also offer the most value if you are trying to build your credit and are not eligible for other business cards, which may require a higher credit score to qualify. This card has no annual or foreign transaction fees so you can save on these charges if you opt for the Capital One Spark Classic as your primary card.

Things to Consider if This Will Be an Additional Card in Your Wallet

If the Capital One Spark Classic is going to be a secondary business card in your wallet, you can confidently use it for travel since foreign transaction fees do not apply. You can also use it to earn rewards in spending categories where other cards have restrictions or limits since the Capital One Spark Classic allows you to earn unlimited rewards on all spending categories.

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WHY TRUST OUR REVIEWS:

MoneyGeek’s methodology uses a comprehensive review process to determine the best credit cards for different profiles based on card fees, interest rates, rewards, benefits and more. We use a comprehensive six-step process that involves collecting credit card information, standardizing data point weights, establishing the cards' value and ranks for different categories, reviewing data monthly and rankings among other key rating factors.

How Capital One Spark Classic Compares to Other Cards

Compared to other business cards, the Capital One Spark Classic is relatively low on rewards. However, since the credit score requirements for the Capital One Spark Classic are comparatively low, it may be the best option for small business owners who want to build their credit and earn rewards in the process.

Quick Comparison of Capital One Spark Classic

creditCard

Capital One Spark Classic

  • Annual fee: n/a
  • Purchase APR: 26.99%
  • Foreign transaction fee: n/a
  • Rewards rate: 1% cash back for all purchases.
  • Credit score requirement: 580 - 850
  • Mini Verdict: Best for small businesses looking for a business credit card to build credit and earn modest rewards.
creditCard1

Capital One Spark Miles Select

  • Annual fee: n/a
  • Purchase APR: 14.24%, 20.24% or 24.24%, based on creditworthiness
  • Foreign transaction fee: n/a
  • Rewards rate: 1.5 miles per dollar on all purchases. 5 miles per dollar for hotel and travel bookings through Capital One Travel.
  • Credit score required: 800 to 850
  • Mini Verdict: Best for small businesses looking for a simple flat rate travel rewards card with no annual fees.

Other Helpful Decision-Making Q&As

If you want to learn more about the Capital One Spark Classic application process, benefits and features, take a look at the answers to frequently asked questions below.

Still not sure about this card? Consider these options.

The Capital One Spark Classic benefits may not give you much value unless you have a fair credit score and are looking to build your credit. The modest rewards and no-annual fees are a good perk for those who may not qualify for other business credit cards due to credit score requirements. To compare this card with other options in the small business credit card niche, take a look at MoneyGeek’s recommendations for the best business credit cards of 2022.

Learn more about credit cards in general

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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity.
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