Do you own a high-expense business and want to avoid debt while earning rewards on the side? We have found just the perfect card for you! In this Capital One Spark 2% Cash Plus review, we share the pros and cons of this card and all its associated perks.
Capital One Spark 2% Cash Plus Review
This Capital One Spark 2% Cash Plus review highlights that this card suits medium to large businesses. That is because of its:
- High annual fee
- Spending requirement if you want the bank to reimburse the annual fee
- Pay off protocols
Additionally, you get several business-related benefits with this card.
Pros
- You earn unlimited cash back on every purchase. There are no categories to track and no caps on earnings.
- Businesses can issue cards to employees at no extra cost. This allows them to earn rewards on their spending as well.
- You get an annual cash bonus for spending above a certain threshold. It is rewarding for higher-spending businesses.
- The card is suitable for international travel as there are no fees for foreign transactions.
- You don’t accumulate debt with this card; you must pay it in full.
Cons
- You pay a high annual fee. It may be too much for businesses with lower spending that wouldn’t offset the cost with cash back.
- Unlike other business cards, the Spark 2% Cash Plus is a pay-in-full. We believe that businesses that want to carry a balance may find it difficult to manage.
- The card has fewer perks than other premium business cards offering travel benefits or purchase protections.
Feature and Benefits
| Features | Benefits |
|---|---|
| Fees and APR | You don’t incur an APR here. Also, your annual fee is reimbursed if you spend a specific amount in one year. |
| Rewards | A simple rewards structure lets you focus more on your business. |
| Rewards redemption | You can redeem rewards through different methods as per your needs. |
| Card security | The bank protects your online identity through strict protocols. |
| Card management | Capital One provides tools so you can manage your card and monitor your spending easily. |
| Card perks | Added value allows you to maximize the card’s benefits. |
Fees and APR
Capital One’s Spark 2% Cash Plus card is not cheap. You pay:
- $150 annual fee – Although the bank reimburses it at the end of the year if you spend $150,000 annually.
- $0 foreign transaction fee.
Another good thing we found about this card is that you don’t incur an APR here. You must pay your monthly statement balance in full. Otherwise, you will incur a 2.99% interest, and the bank will declare your account past due.
Rewards
This card offers a simple yet effective rewards program. You earn:
- Unlimited 2% cash back on every purchase.
- Unlimited 5% return on booking hotels and rental cars through the Capital One Travel portal.
You also earn a welcome bonus of $1,200 if you spend $30,000 in the first three months. This leads us to conclude that small business owners should consider other cards.
Rewards Redemption
You can redeem your cash back through these options:
- Once your cash back reaches a set amount ($25, $50, $100, or $200), it gets automatically redeemed.
- You can opt for your cash back to be redeemed at a set date each year.
- You can apply your cash back as a statement credit to your card balance.
- You can also request your cash back as a check mailed to you.
While the primary redemption option is cash back, you also have the flexibility to:
- Redeem gift cards from various retailers.
- Use rewards to shop at select merchant partners.
Card Security
Capital One incorporates advanced security features in its cards to protect cardholders from unauthorized transactions and identity theft:
- Cardholders can immediately lock their card through the mobile app if it gets lost or stolen, preventing new purchases.
- Capital One provides $0 fraud liability if the card is used for unauthorized transactions.
- The card offers custom transaction alerts via text, email, or push notifications to monitor suspicious activity.
- For online shopping, users can generate virtual card numbers to keep their actual card numbers secure.
- Capital One monitors accounts for potential security threats and swiftly alerts cardholders of unusual activity.
Furthermore, this card is equipped with an EMV chip that provides additional security during transactions. This makes it more difficult for fraudsters to replicate the card’s information.
Card Management
The bank provides cardholders with various tools to manage their accounts effectively:
- You can access your account online through Capital One’s website. You can check your balance, view statements, monitor recent transactions, and pay your bill.
- A comprehensive mobile app is available for both iOS and Android devices. It offers real-time purchase notifications, card lock/unlock, and spending summaries.
- You can set up autopay to make sure you will not miss a payment. We recommend you activate customizable alerts for payment due dates, spending limits, and unusual activity.
- Businesses can provide employees with their own cards linked to the Spark 2% Cash Plus. You can set individual spending limits while maintaining control over the main account.
- An organized year-end summary is provided for cardholders, which simplifies accounting and tax preparation.
- Capital One offers 24/7 customer support to assist with any issues or inquiries related to card management.
Card Perks
The Capital One Spark 2% Cash Plus card offers several benefits designed to appeal to business owners. Most of them are perks of the Visa network. These include:
- Year-end summary: Detailed report of the year’s transactions. It helps in deciding on a budget and cutting tax time.
- Purchase records: Simplifies accounting with downloadable purchase records in multiple formats (Quicken, QuickBooks, and Excel).
- Account managers: You can assign an account manager to handle payments to and from your account.
- Roadside assistance: You can call Capital One if you get into a minor accident on the road. You may get towing, jump-starting, and tire-changing services.
- Extended warranty: You can claim an extended warranty on selected items. The items must have an original warranty of up to three years. Visa does not cover more than that.
- Purchase security: You get coverage of up to $10,000 per claim on eligible items in case of theft or damage.
- Auto rental collision damage waiver: You get this service if you refuse service at the rental company’s counter and call the Visa Benefit Administrator instead.
- Travel and emergency assistance: This includes medical and legal referral assistance and emergency transportation if needed.
Related Questions
What Credit Score Do You Need for Spark 2 Cash Plus?
You need a good to excellent credit score for the Spark 2% Cash Plus card. You should ideally have a credit score in the range of 670-850 to increase your chances of being approved.
What Is the Credit Limit for Capital One Spark Cash Plus?
The Capital One Spark Cash Plus card has no pre-set spending limit. Instead, credit limits are determined based on the creditworthiness of the cardholder. Your business revenue, and other financial factors, further provide flexibility for business expenses.
How to Get Approved for Capital One Spark Cash Plus?
To get approval for the Capital One Spark Cash Plus, you should make sure you have a considerable credit history and a strong financial profile. You must provide proof of stable business income and meet the bank’s other credit criteria. Having a well-established credit history to demonstrate your ability to manage credit responsibly is beneficial.
Conclusion
The Capital One Spark 2% Cash Plus suits businesses that incur high spending. Although you pay a high annual fee, you earn a steady cash back on purchases. One of the best advantages for business owners and cardholders is that you don’t accumulate debt with this card as it has a pay-in-full structure.