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Review: Capital One Spark Cash Plus

The Capital One Spark Cash Plus is a straightforward cash back card aimed at businesses with high expenses and has a massive new sign-up bonus.
Travel on Point(s) has partnered with CardRatings for our coverage of credit card products. Travel on Point(s) and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

Review: Capital One Spark Cash Plus

The Capital One Spark Cash Plus is a straightforward cash back card aimed at businesses with high expenses and has a massive new sign-up bonus.

Travel on Point(s) has partnered with CardRatings for our coverage of credit card products. Travel on Point(s) and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

The Capital One Spark Cash Plus is a straightforward cashback card aimed at businesses with high expenses. It has a simple earning structure, a massive new welcome bonus, and a modest $150 annual fee. Also, cashback can be converted into Capital One miles when you also hold a Venture or Spark miles earning card, like the Capital One Venture X, Capital One Venture Rewards or Capital One Spark Miles for Business. For business owners looking for a good cash back card, the Spark Cash Plus is definitely worth a look.

Current Offers

The Capital One Spark Cash Plus card currently offers a $1,000 sign-up bonus after spending $50,000 in the first 6 months. This is broken out into $500 after spending $5,000 in the first 3 months, and the remaining $500 after spending a total of $50,000 in the first 6 months.

The card has an annual fee of $150.

Earn Rate

Capital One keeps its theme of simplicity for the Spark Cash Plus with uncapped 2% cash back everywhere. This is on par with other top cash back cards like the Citi Double Cash and the Amex Blue Business Plus. The Spark Cash Plus also offers an annual cash bonus of $200 after spending $200,000 in a year. This can more than cover the card's $150 annual fee.

Benefits

Like other cash-back cards, the Spark Cash Plus does not offer many benefits. However, the card does not have foreign transaction fees. It also does not have a preset spending limit, which can be helpful for businesses that make larger purchases.

Capital One Spark Cash Plus

Our Analysis

The Spark Cash Plus card appears to be aimed at a particular market – businesses with high expenses. This new sign-up offer is a significant downgrade compared to previous offers. The sign up offer has been as high as $3,000 before with the same spend requirement. With the current offer of $1,000 after $50,000 spend, its hard to recommend this card right now. We'd suggest waiting for a higher welcome offer.

Even though this is a cashback card, one major positive feature is the ability to convert the cash back into Capital One miles. By also holding a Venture or Spark miles earning card, such as the Capital One Venture X, Capital One Venture Rewards or Capital One Spark Miles for Business, you could convert the cash back into Capital One miles at a ratio of 1 cent to 1 mile. That turns the $1,000 sign up bonus into 100,000 Capital One miles! Since you earn 2x on all spend, you'll earn an additional $1,000, or 100,000 miles, for the $50,000 spend. The total offer after meeting the minimum spend is $2,000 or 200,000 miles (with one of the above listed cards).

Capital One has been upping their game in the transferable currency space in the last few years. They debuted transfer partners for their travel rewards cards in late 2018. And since then, they have consistently been shaking things up and working to improve their rewards program. There are plenty of opportunities to get great value out of Capital One miles.

Lastly, is this card a long term keeper? There are other cards that offer 2% cash back with no annual fee. But most cash back cards charge foreign transaction fees, while the Spark Cash Plus card does not. And if your businesses expenses are heavy in the areas of travel, communication services, shipping etc., there are other business cards that offer much better earning rates in those categories. Each business can decide if this charge card makes sense for long term, but it's certainly worth grabbing for the first year.

Final Thoughts

The Spark Cash Plus card is a decent 2% cash back card and has good return but other cards offer the same return without the $150 annual fee. On the other hand, the Spark Cash Plus card has no foreign transaction fees, which sets it apart from most other cash back cards, and is a charge card with no preset spending limit. This card isn't going to be feasible for everyone but for high spenders, it is definitely worth a look.

What do you think of the Spark Cash Plus card? Come share your thoughts in our Facebook group!

Travel on Point(s) has partnered with CardRatings for our coverage of credit card products. Travel on Point(s) and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

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