The Spark business card is a great choice for a small business owner looking to build credit without paying a fortune. It only requires average credit to get approved, and it comes with perks many business owners will appreciate.
The card offers a good sign-up bonus and a very good baseline miles-earning rate. Plus, there are no fees or blackout dates on travel redemptions.
Sign-Up Bonus
The Spark business card is a great choice for small businesses that are looking to build credit and earn rewards. The card doesn’t have a high annual fee and offers plenty of perks, like free employee cards with spending limits and payment flexibility.
The sign-up bonus offered by this card is $500 for new applicants who spend $5,000 in the first three months and another $2,500 if they spend $50,000 over the first six months. However, the offer is only available through March 14, 2022.
This card offers a decent cash-back rate and no annual fee, but it lacks the best travel benefits of other business cards in its category. In addition, this card’s introductory APR is higher than other no-annual fee cards.
Those interested in a business card that gives them the opportunity to earn travel rewards should consider the Capital One Spark Miles for Business. The miles earned from this card can be redeemed for statement credits, or they can be converted into miles that are worth one cent each towards award travel when you redeem them through Capital One’s travel transfer partners.
These rewards aren’t as valuable as those earned through other travel-specific business cards, but they can be a good way to offset expenses and save money on everyday purchases. Plus, the card also has a generous welcome bonus and no annual fee.
Fees
There are a number of credit cards available to small business owners. Some are designed to earn cash back and others offer travel rewards. Some even come with perks for both the cardholder and their employees.
For business owners with average or fair credit, the Capital One Spark Classic for Business (learn more) offers a good option that can help you build your business and personal credit. This card doesn’t require a great credit score and has a low annual fee.
If you’re a small business owner who makes frequent international purchases, the Spark Classic Card’s lack of foreign transaction fees can save you money. Other cards that don’t have this benefit typically charge 3% on payments made in foreign currencies, which can add up quickly.
Besides earning unlimited rewards on business expenses, the Capital One Spark Classic for Business also provides other useful features to help you run your company. For instance, you can set up a free business credit card for your employees, letting them earn rewards on their purchases.
Other perks include ways to keep your accounts organized and a range of helpful services. This includes purchase records, year-end summaries, and transaction details, as well as fraud alerts and extended warranties on select items.
Some cards offer introductory APRs for new purchases that can help you chip away at high-interest debt and build your credit over time. However, many of these introductory APRs are only offered for a short period of time and may not be worth the money if you need to pay off big business expenses quickly.
Reward Structure
If you’re looking for a simple, straightforward credit card with rewards that work automatically, a Capital One Spark business credit card may be just what you need. With no annual fees, simple earning structures, and flexible redemption options, there are plenty of cards in the Spark lineup that can earn you travel and cash back.
The Spark Cash for Business is an excellent choice for small business owners who want to maximize their everyday spending with a simple 2% cash-back rate on purchases. It offers a nice sign-up bonus if you meet the spending requirements, and there are no annual fees in the first year.
It also makes redemption easy, making it easy to redeem your cash back for statement credits that decrease your monthly balance. You can even set up your card to automatically redeem your cash back for a specific amount each year or when you reach a certain balance.
Some cards also offer additional cash back or travel benefits if you spend a certain amount in a particular category, such as office supplies or advertising. If you’re not sure which type of reward structure is right for your business, consider checking out the Capital One Spark Miles for Business, a straightforward rewards credit card that offers miles with 18 different airline and hotel transfer partners.
Other Features
The Spark might be a tad old school, but it still gets the nod as the most reliable credit card issuer in town. It can be a pain to get in the door, but once you’re there you can get your hands on some pretty sweet deals on business cards, lines of credit, and other finance products that can help your bottom line. The Spark has a plethora of perks for both you and your employees. The best ones include a free yearly credit report, access to their business credit card rewards program, and free online account management tools for both employees and executives.