Capital One Spark Cash Plus Review
The Capital One Spark Cash Plus is a straightforward cashback card aimed at businesses with high expenses. This is for businesses that want a straight forward rewards program and want the flexibility on redemption that only cash back can bring. We will look at the welcome offer, the earning structure, card perks and give our overall thoughts in this Capital One Spark Cash Plus review.
Current Welcome Offer
The Capital One Spark Cash Plus has the following welcome offer:
- Earn $500 after spending $5,000 in the first 3 months
- You can earn an additional $500 after spending a total of $50,000 in the first 6 months.
- The card has an annual fee of $150 which is NOT waived.
Here are the Capital One applications rules you should be aware of from our guide on all bank’s application rules.
Capital One generally will only approve you for one card every six months. This rule applies to both personal and business cards, meaning you cannot open a personal card and a business card within six months of each other.
Additionally, Capital One has a two-card maximum, regardless of personal or business. It is virtually impossible to hold more than 2 Capital One cards at a time.
Spark Cash Plus Earning Structure
The Spark Cash Plus comes with the following earning structure:
- 5% back on hotels and rental cars booked through Capital One Travel.
- 2% back on everything else uncapped
Like other cash-back cards, the Spark Cash Plus does not offer many benefits. The few it does have are:
- No foreign transaction fees
- It also does not have a preset spending limit, which can be helpful for businesses that make larger purchases.
- You can add employee cards at no additional cost
Spark Cash Plus Review: ToP Analysis
The Spark Cash Plus card appears to be aimed at a particular market – businesses with high expenses. The current welcome offer is a significant downgrade compared to previous offers. The offer has been as high as $3,000 before with the same spend requirement. With the current offer of $1,000 after $50,000 in 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 Rewards Credit Card 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 welcome offer into 100,000 Capital One miles. Here is a list Capital One transfer partners.
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. We should also note that 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.
Capital One Spark Cash Plus Review: ToP Thoughts
The Capital One Spark Cash Plus card is a decent 2% cash back card but other business cards offer the same return without the $150 annual fee. On the other hand, the Spark Cash Plus card has no foreign transaction fees, 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. Especially when the welcome offer is near its previous high.
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