Capital One® Spark® Classic for Business Review
Updated: August 26, 2024
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Moneygeek.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
We love the Capital One® Spark® Classic for Business because it gives small business owners with fair credit the ability to earn 1% cash back on all purchases. In addition, you earn 5% cash back when you use this card to book hotel stays and rental cars through Capital One Travel.
What makes this business card for fair credit particularly worthy of attention is it charges no annual fees. However, using this card to carry forward balances from one month to the next is not a good idea because it comes with a reasonably high APR.
Using this card outside of the U.S. is ideal because it does not charge foreign transaction fees. This applies to the primary card as well as employee cards, which you may get for free.
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.
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 for Business.
The Capital One® Spark® Classic for Business is best used when building credit, especially for those with fair credit scores. Moreover, you can still earn modest rewards in the process.
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 for Business are highlighted below.
Cash Back Rewards Rate
All purchases earn cash back at a flat rate of 1% for all categories.
Regular APR
The Capital One® Spark® Classic for Business has a variable APR of 30.74% for both purchases and transfers. This card does not come with an intro APR so the regular APR applies to all purchases and transfers.
Annual Fee
The Capital One® Spark® Classic for Business has no annual fee.
APR for Cash Advances
Cash advances attract a variable APR of 30.74%, depending on the prime rate.
Cash Advance Fees
Cash advances are charged $3 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 34.65%. Late payments and returned payments attract a penalty fee of up to $39.
Interest Charges
The due date on the Capital One® Spark® Classic for Business 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.
Foreign Transaction Fees
This card has no transaction fees.
Before you submit your Capital One® Spark® Classic for Business application, it’s important to be aware of the key features of this card.
Compared to other business cards, the Capital One® Spark® Classic for Business is relatively low on rewards. However, since the credit score requirements for the Capital One® Spark® Classic for Business 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.
Capital One® Spark® Classic for Business
Capital One® Spark® Miles Select for Business
The credit score needed to get approved for Capital One® Spark® Classic for Business is at least fair, which typically means a score of at least 580 or higher.
Yes, Capital One® Spark® Classic for Business reports to all three credit bureaus.
The Capital One® Spark® Classic for Business application process takes only 10 minutes and you may get a decision in minutes although in some cases the approval process may take longer. You cannot prequalify for the Capital One® Spark® Classic for Business.
To apply for Capital One® Spark® Classic for Business, you need to provide your business details including legal names, addresses, SSNs for all business owners and the business tax ID number.
Yes, Capital One® Spark® Classic for Business has good customer support and was ranked second in a 2021 J.D. Power small business card credit card satisfaction survey. Cardholders get 24-hour access to customer support and convenient online options to manage their account.
Yes, Capital One® Spark® Classic for Business has a mobile app that you can use to manage your account including making payments or locking your card to stop unauthorized transactions. Cardholders can also manage their accounts online.
Capital One® Spark® Classic for Business may raise credit limits automatically after periodic account reviews. There is no charge applied for limit increases.
Capital One® Spark® Classic for Business cardholders can freeze or lock their accounts to stop unauthorized usage or fraudulent charges. You will also be notified in case of suspicious activity on your card through text, email or call alerts.
Capital One offers other credit cards besides the Capital One® Spark® Classic for Business including the Capital One Spark Miles for Business Select and the Capital One Journey Rewards Card.
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
About Doug Milnes, CFA
Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.
Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.
