Capital One Spark Cash Plus Review 2023

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The Capital One Spark Cash Plus is great for a small-business owner who doesn’t want to spend time thinking about which credit card to use for each separate transaction, and prefers a one size fits all solution that still earns valuable rewards. But if your business expenses aren’t substantial, it’s difficult to get a good value from this card.

Capital One Spark Cash Plus Review: Is It the Best Card for You?

One of the things that make Capital One cards like the Capital One Spark Cash Plus so appealing is how simple they are to use. You’ll earn 5% cash back on hotels and rental cars booked through Capital One Travel and a flat 2% cash back on all other purchases, with no caps or limits to keep in mind.

The Capital One Spark Cash Plus has an annual fee of $150, but you can easily make that up with the welcome bonus offer of $1,200 cash bonus after spending $30,000 in the first three months from account opening. That’s a significant spending requirement, which makes the card best suited to high-spending businesses.

As with any card that charges an annual fee, you should analyze your spending patterns and make sure you’ll earn enough in rewards to offset that cost. After the first year (factoring in the massive welcome bonus offer), you’d need to spend at least $7,500 annually on the Capital One Spark Cash Plus to break even with the $150 annual fee, given the 2% earning rate on most purchases.

However, if you spend at least $150,000 on purchases in an anniversary year, you’ll receive a statement credit of $150 to offset the annual fee (plus at least $3,000 in cash back from spending $150,000). Again, that’s a big spending requirement, but if your business can support it, the card’s flexibility and rewards could make it worthwhile.

Speaking of flexibility, while you can take your rewards as cash back, you can also convert them to miles to transfer to airlines as long as you hold a miles-earning card like the Capital One Venture X Rewards Credit Card, Capital One Venture Rewards Credit Card, or Capital One Spark Miles for Business
. This is a great way to help cover business travel expenses or reward your employees with a well-deserved getaway.

The Capital One Spark Cash Plus is also interesting because it’s a charge card, which means that it doesn’t have a preset spending limit but you do have to pay your statement balance in full each month (which hopefully you’re doing anyway, as credit card interest will quickly erase the value of any rewards you’re earning). This is attractive for businesses with large and sometimes unpredictable expenses, and since charge cards are slightly rarer on the market this is a compelling option to consider.

Lastly, you might want to consider adding this card to your wallet if you already have a Capital One Venture X Rewards Credit Card, Capital One Venture Rewards Credit Card, or Capital One Spark Miles for Business, and are interested in redeeming your rewards for travel instead of cash back. All four cards offer nearly identical earning rates of 2% cash back or 2 miles per dollar on most purchases, so the most likely pairing here would be a personal Capital One Venture Rewards Credit Card and a business Capital One Spark Cash Plus.

Of course, if your business is just getting started or doesn’t have large expenses, you may find that this card isn’t for you. This is especially true if you’re unlikely to earn the $150 annual credit for spending over $150,000 and would struggle to meet the minimum spending requirement to earn the full welcome bonus offer.

You also might not need this card if you already have the Capital One Spark Miles for Business, or another card like the Ink Business Preferred® Credit Card or The Blue Business® Plus Credit Card from American Express to earn transferable points at a fixed rate without such a high annual fee.

We’re focused here on the rewards and perks that come with each card. These cards won’t be worth it if you’re paying interest or late fees. When using a credit card, it’s important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

Capital One Spark Cash Plus Rewards

Welcome bonus offer

The Capital One Spark Cash Plus has one of the highest welcome bonus offers of any small-business card, but it’s also got a huge minimum spending requirement. New cardholders can earn $1,200 cash bonus after spending $30,000 in the first three months from account opening.

How to earn rewards 

The Capital One Spark Cash Plus has a straightforward earning structure with few bonus categories to keep track of. You’ll earn 5% cash back on hotels and rental cars booked through Capital One Travel, and 2% cash back on all other eligible purchases with no limits.

How to use rewards

There are three options for redeeming the rewards from your Capital One Spark Cash Plus: You can choose to take them as cash back, which can be a great way to boost your business’s bottom line. If you go this route you can redeem your rewards for a check or statement credit, with no minimum amount required for redemption. 

You can also redeem your rewards to book travel through the Capital One travel portal, which, although easy, isn’t an ideal redemption method. You’d do better if you use your card to pay for your travel to earn cash back, then cash in your rewards for a statement credit to offset the purchase.

However, if you also have a Capital One card that earns miles, such as the Capital One Venture X Rewards Credit Card, Capital One Venture Rewards Credit Card, or Capital One Spark Miles for Business card, you can choose to convert your rewards into airline miles as well. Simply log in to the Capital One website and use the “move rewards” feature to move cash back from your Capital One Spark Cash Plus to either the Venture or Spark Miles. From there, you can transfer to Capital One’s airline and hotel partners, most at a 1:1 ratio.

Capital One Spark Cash Plus Benefits and Features

While Capital One is all about simplicity, there are several great benefits to the Capital One Spark Cash Plus Card. Here are a few of the highlights: 

$150 annual cash bonus

Every year you spend $150,000 or more on your card, you’ll earn a $150 cash bonus, which completely pays off your annual fee.

Charge card

The fact that the Capital One Spark Cash Plus is a charge card with no preset spending limit can be a huge asset to some businesses. If your company has a seasonal ramp-up in expenses, this spending flexibility can let you keep using your card without risking a decline. 

Travel and purchase protections

The Capital One Spark Cash Plus offers an extended warranty on eligible items purchased with your card. If you’re traveling, you can take advantage of car rental insurance, roadside assistance, and a travel emergency assistance line.

Free employee cards

Capital One will let you add free employee cards and even generate virtual card numbers, giving you more control in managing your company’s expenses.

Capital One Spark Cash Plus Annual Fee and Other Costs

The Capital One Spark Cash Plus has a $150 annual fee, but — like other Capital One cards —  it doesn’t add foreign transaction fees, so it’s a good choice for international purchases.

Because it’s a charge card, you won’t pay interest because you must pay your balance in full each month. If you don’t make your full payment, you’ll be charged a late fee of 2.99% on your outstanding statement balance (and your account will be considered past due until you pay in full). 

Balance transfers aren’t allowed on the Capital One Spark Cash Plus, but cash advances may be available in limited circumstances (see your Guide to Benefits for more details).

How the Capital One Spark Cash Plus Compares

Capital One Spark Cash Plus vs other Capital One cards

The Capital One Spark Cash Plus isn’t the only business card that earns valuable rewards at a competitive fixed rate, but one thing immediately sets it apart from the competition: a much higher annual fee.

Capital One Spark Cash Plus vs other small-business cards

Capital One Spark Cash Plus Card Frequently Asked Questions (FAQ)

Methodology: How We Reviewed the Capital One Spark Cash Plus

Insider’s credit card team evaluated the Capital One Spark Cash Plus in comparison to other rewards business cards and cash-back business cards. We looked at several factors, including:

• Simplicity — Does the card make it easy to earn and redeem rewards? Are there complicated rules or hoops to jump through?
• Earning potential — Is there a substantial welcome bonus offer, especially compared to similar cards? If there are bonus categories, are they useful for small-business owners?
• Benefits — Are there benefits that can save business owners money or make keeping track of finances easier?
• Fees — Is there an annual fee or other fees to consider? Is it worth paying for the rewards and benefits you receive?

For a deeper dive into our methodology, read about how we rate credit cards at Insider.