The Spark Cash Plus carries a lot of value for big spenders, but if you’re not spending at a pace that’s equal to the card’s welcome offer spending requirement, it might not be the right pick for you. This is especially true considering there are cards with the same flat rewards rate that don’t require an annual fee and lower credit score requirements.
Welcome offer: Great value but only for big spenders
Although this card carries a very valuable welcome offer, it comes with a huge spending requirement. You can earn a one-time cash bonus of $1,200 once you spend $30,000 in the first 3 months. While valuable, this is a big spending requirement, especially considering the short timeframe. If you have a big purchase coming up, now is a great time to apply if you think you can meet the spending requirement.
Annual fee: High fee for average rewards
This card’s annual fee is relatively high, especially considering you can find this card’s rewards rate on other options with no annual fee.
Flat-rate rewards credit cards are a great way to scoop up extra rewards on purchases that fall outside of tiered categories, but unless you spend a substantial amount each year, they earn rewards quite slowly. For instance, you won’t break even on rewards earnings with this card until you spend more than $7,500 on general purchases for your business. With the bonus category, that figure lowers to $3,000 to help offset the annual fee cost. This might not seem like a high spending requirement based on your business, but the card won't be worth it unless you spend at least this amount each year on business purchases or travel.
Even if you spend upwards of $50,000 annually, the Spark Cash Plus may not suit you well. A card like the American Express Blue Business Cash™ Card offers 2 percent back on all purchases up to $50,000 (then 1 percent back) per calendar year, and with no annual fee, the Blue Business Cash carries much better long-term value for modest spenders.
Rewards: Tiered rewards may fit your business better
The Spark Cash Plus is a good pick for the cardholder who values simplicity. However, at this credit level, you might want to think more critically about maximizing your rewards. A strong, tiered rewards card could net you more cash back or rewards without much more leg work.
For instance, the no-annual-fee Ink Business Cash® Credit Card is a tiered category rewards card that requires good credit and earns 5 percent cash back on the first $25,000 you spend in combined purchases at office supply stores and on internet, cable and phone services. It also earns 2 percent cash back on the first $25,000 in combined purchases at gas stations and restaurants. After you reach the $25,000 spending cap each account anniversary year, you’ll earn 1 percent back on all purchases.
Depending on where you spend the majority of your money, you might be able to earn more cash back with the Ink Business Cash than with the Spark Cash Plus. If you max out both 5 percent categories, the Ink Business Cash will earn $2,500 in cash back. The Spark Cash Plus would earn just $1,000 at 2 percent back.