Why I love the Capital One Spark Cash Plus

Written by

Edited by

Sarah Gage

Published on November 10, 2024 | 5 min read

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Key takeaways

Many small business owners love the Capital One Spark Cash Plus for its versatility and simple redemption process.
Two big perks of the card are its welcome offer and unlimited cash back rewards.
The $150 annual fee on this card can be refunded when you spend at least $150,000 per year.
Keep in mind that the Capital One Spark Cash Plus is a charge card instead of a credit card, meaning cardholders must pay their balances in full each month.

Some business credit cards offer considerably better perks than others, although most of the top offers are only available to those who have qualifying credit and income. The Capital One Spark Cash Plus offers a simple rewards structure that attracts applicants who want generous cash back rates without a lot of fuss. With a flat 2 percent cash back rate on every purchase and a generous welcome bonus that can be earned a few times the first year, it’s no wonder business owners have been eagerly signing up for this card.

To find out why the Capital One Spark Cash Plus is so popular with business owners, we’ve interviewed a handful of individuals who use this card for most of their business expenses and bills throughout the year.

Capital One Spark Cash Plus details

Before we dive into all the reasons users love the Capital One Spark Cash Plus, here are the main details you should know:

Welcome bonus: Earn a $2,000 cash rewards bonus when you spend $30,000 on purchases within three months of account opening
Additional welcome bonus offer: Earn an additional $2,000 cash bonus for every $500,000 in purchases charged to the card the first year
Rewards rate: Unlimited 2 percent cash back on all purchases and 5 percent cash back on hotels and rental cars booked through Capital One Travel
Annual fee: $150 (refunded when you spend at least $150,000 per year)

What to love about the Capital One Spark Cash Plus

One important detail to note about the Capital One Spark Cash Plus is that it’s a charge card, not a credit card. This means cardmembers are required to pay their balance in full each month and there is no interest charged on revolving debt. However, those who fail to pay their balance in full each month are charged a 2.99 percent monthly late fee.

That said, there are many reasons to love this card:

The 2% cash back rate is amazing

Jeff Neal, operations manager at Critter Depot, says his company sells small feed critters to zoos, pet stores and reptile owners every week, and that fierce competition in the industry leads to competitive pricing.

“I signed up specifically for the 2 percent cash back,” Neal says. “The 2 percent cash back gives us a little boost on our profit margins, which helps us offer more competitive pricing on crickets and composting worms.”

Neal also notes that his company redeems its rewards for statement credits to reduce the monthly balance owed. “We pay off our balance every month and use our rewards to help offset that balance,” says Neal.

No caps on rewards

Jeffrey Gabriel, who is the co-founder of Saw.com, says he signed up for the card in late 2020 because he wanted to streamline some of his business costs.

However, he quickly fell in love with the card’s unlimited 2 percent cash back rate, especially since so many other cards have limits on rewards.

“I found several that offered lucrative cash back amounts, but only up to a few thousand dollars — then you get something like 1 percent cash back or no rewards at all on your purchases,” Gabriel says. “The Spark Cash Plus gives me 2 percent back on everything with no limitations. I like that simplicity.”

Also note that the welcome bonus on this card has been updated substantially. Not only can cardholders earn $2,000 after spending $30,000 on purchases within three months of account opening, but they can earn an additional $2,000 cash bonus for every $500,000 in purchases charged to the card the first year.

This means a business owner who spends $30,000 within three months of account opening and $1 million in the first year of card membership would earn a total of $6,000 in bonus cash in addition to 2 percent cash back.

No preset spending limit

According to money coach Max Marvelous of Max My Money, the 2 percent back in flat-rate rewards is hard to beat, but it’s also nice that the Capital One Spark Cash Plus doesn’t have a preset spending limit. With no preset spending limit, he says he can charge his business expenses without worrying about exceeding his credit limit and incurring additional fees as a result.

“If one month I need to spend $3,000 and the next month spend $15,000, I can do it without stressing [over having] enough available credit,” Marvelous says. “When I can worry about one less thing, I am a happy man.”

Flexible redemption options

Marvelous says he waits until he has around $2,500 in cash back in his account before redeeming for statement credits to cover payments to vendors and contractors.

This shows how flexible the redemption options are for this card. Not only can you redeem rewards for statement credits in any amount, but you can also redeem rewards for a check in the mail, gift cards, travel or a range of entertainment options.

Easy expense tracking for businesses

A lesser-known card perk the Capital One Spark Cash Plus carries are the free employee cards it offers, which can help the owner earn rewards on all of their business expenses and bills. More importantly, though, a dedicated business credit card helps business owners streamline and keep track of all of their spending.

Marvelous notes that using one business credit card for all of his spending makes everything easier to handle when it comes to monthly accounting. When tax time comes, only having one card to reconcile easily saves him 10 or more hours. “This simplicity was key to me applying for and using this card for my business,” he says.

The bottom line

If you’re a business owner who likes the idea of earning 2 percent cash back with no preset spending limit, the Capital One Spark Cash Plus could be exactly what you need. Rewards are flexible, and new cardholders can earn a welcome bonus of $2,000 when they spend $30,000 on purchases within three months of account opening. Big spenders can also earn an additional $2,000 cash bonus for every $500,000 in purchases charged to the card the first year.

While a $150 annual fee applies, you’ll get free employee cards and access to many other benefits that make it worth the price tag. The annual fee can also be waived completely if you spend at least $150,000 on purchases within a membership year.

That said, there are other top business credit cards to consider, including alternative business cards from Capital One. Be sure to compare all the best offers out there, including the Capital One Spark Cash Plus, until you find the right fit.

For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.