Here’s how we weighted those feature sets for the overall star rating of a card: We have applied our proprietary rating methodology to every generally-accepted credit card in the U.S. domestic market to allow consumers to make fully informed choices. Because Capital One markets Spark Classic as a cash back card, you can, of course, redeem rewards for cash back. Beyond the card-lock feature, Capital One's security features are standard for the industry. You can also select the option for an automatic redemption trigger, which can be set through Capital One’s online port or by contacting the rewards center. This business credit card has a variable purchase APR of 26.99%. You can prequalify for the Capital One Spark Classic on Capital One's pre-qualification page, but you will need to submit an actual application if you want the card, which will result in a hard pull. Capital One was ranked fourth out of eight in the J.D. Earning 2% cash-back or 2 miles per dollar on all of your business expenses can be a respectable return, but you’ll have to pay a $95 annual fee, which is waived for the first year, to do so on the Spark Cash for Business and Spark Miles cards versus the no-annual-fee business credit cards. While that rate is underwhelming compared with some of the best business credit cards on the market, it’s something at least. Its 1% cash-back rewards are nothing to crow about, but this card mainly provides the opportunity to acquire a credit line while also building a credit history that could help you to graduate to more rewarding alternatives. Capital One® Spark® Classic for Business: 1% Cash Back with No Annual Fee Reward Program Get unlimited 1% cash back on every purchase every day Our cashback calculator is a simple-to-use way to see how much cashback you can earn from everyday spending each year. We determine the maximum points value of rewards cards by dividing the points, cash back or miles required to exchange for the retail price of the most valuable redemption option (for example, in the case of a card that offers a domestic roundtrip airline ticket as a redemption option vs. another redemption option of lesser value that requires the same amount of points or miles to acquire, we would base the rewards value on the airline ticket). When charged, balance transfer fees range between 3% - 5%, which we grade accordingly. A small business who spends approximately $2,000 a month on their business credit card can net $20 per month, or $240 annually, on the Capital One Spark Classic. It’s not a … However, it's worth noting that the Capital One Spark Classic not only charges a penalty APR, which isn’t common, but sets the rate at 29.40%, which is a little higher than that of many cards. This feature is also available on employee cards, which gives you the control you need to thwart unauthorized card usage. Either $10 or 3% of the amount of each cash advance, whichever is greater. If you prefer a solid yes or no answer … Designed for average credit, the Capital One Spark Classic for Business isn’t flashy, but it’s a good option if you’d like a business credit card and can’t get approved for anything more rewarding. We rate cards on the number and level of over a dozen standard and upscale benefits and provide extra weighting emphasis for those travel-related perks that apply to premium travel cards when present. Earn unlimited 1.5 points for every $1 you spend on all purchases. Earn 1.5% cash back on every dollar spent on all purchases. Getting double miles on every purchase can help you accumulate more miles than a tiered rewards card with bonus categories you … Javascript must be enabled to use this site. There are a myriad of reward and non-reward card options that charge no annual fee but for the many that do assess an annual fee the cost is often justified by their lucrative ongoing rewards and initial signup bonuses. Standard message rates apply. https://www.moneycrashers.com/capital-one-spark-classic-business-card-review Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. Good credit isn't required for consideration of approval, Your personal credit history could be affected. This could equate to a few thousand dollars being re-invested into the company each year on inventory, overhead costs, or anything else needed. Earn 1.5% cash back or earn 1X point and receive 1,000 bonus points when your company spend is $1,000 or more in any monthly billing period. In doing so, it even throws in some cash-back rewards on every purchase and doesn’t charge an annual fee. Capital One allows you to lock your card from the mobile app, which can prevent someone from using it without your permission if you misplace the card or it’s been stolen. The card is especially worth considering for business owners who don’t anticipate often (if at all), carrying a balance on the card, which could hurt both their personal credit score and that of their business. While ditching the annual fee can be a good thing on this otherwise decent card, common complaints center on the high APR and difficulty of increasing your credit line over time. Use your User ID and Password to sign in on desktop or mobile devices. Earn 3 points per $1 spent on travel booked through the Bank of America Travel center - powered by Expedia. For cards that offer rewards we determine the value per dollar spent along with average redemption values and assign more favorable ratings to cards that offer superior consumer value. Plus you'll earn 1% cash back on all other eligible purchases. It only earns 1% cash back, which is typical at this credit level. Capital One Spark Miles business card approval tips. We’ll tell you when a card is good, we’ll tell you when a card is bad, and we’ll only call a card the best if we would recommend it to our friends or family members. The Capital One® Spark® Classic for Business 24.49% (Variable) APR is definitely higher than cardholders pay with other cards, however, it may be more difficult for people who have no business credit history, or a fair credit history, to qualify for other cards. This card comes with a variable APR of 26.99% on purchases and balance transfers. It’s also a decent choice for use abroad, since it doesn’t charge a foreign transaction fee, typically of 3%, that many cards impose on purchases made outside the United States. For small-business owners with fair credit (FICO scores from 630 to 689), the Capital One® Spark® Classic for Business is a good choice — and one of just a few options available. 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