Capital One Spark Cash Select for Excellent Credit card review: $500 welcome bonus and 1.5% cash back with no annual fee

Capital One Spark Cash Select for Excellent Credit card review: $500 welcome bonus and 1.5% cash back with no annual fee

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Regular APR

13.24% – 19.24% variable APR on purchases

Featured Reward

$500 cash bonus after spending $4,500 on purchases in the first 3 months from account opening

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  • Pros & Cons
  • Details

  • Pros
    • Strong welcome bonus for a no-annual-fee card
    • Solid 1.5% cash back on all purchases with no limit to what you can earn
    Cons
    • No intro 0% APR offer
    • Other similar small-business cards have stronger travel and purchase benefits
    • Requires excellent credit to qualify
    • The information related to the Spark 1.5% Cash Select for Excellent Credit has been collected by Business Insider and has not been reviewed by the issuer.
    • Unlimited 1.5% cash back on every purchase
    • One-time $500 cash bonus when cardholders spend $4,500 in the first 3 months
    • Free employee cards
    • $0 fraud liability if your card is lost or stolen
    • No foreign transaction fees
    • No annual fee

    Review: Is the Capital One Spark Cash Select for Excellent Credit the best credit card for you?

    Capital One is making a big push to be the go-to choice for aspiring entrepreneurs with the announcement of three new Spark card offerings, and one of them — the Spark 1.5% Cash Select for Excellent Credit
    — is designed to deliver what every business needs: cash.

    Read more: The best small-business credit cards of 2021

    For every purchase you make on the card, you’ll earn 1.5% cash back. There are no minimums and no expiration dates, which lets you focus your energy on your business instead of ever thinking about earning limitations once you cross a certain spending threshold.

    There is no annual fee for the Spark 1.5% Cash Select for Excellent Credit, and there’s a welcome offer of a $500 cash bonus after spending $4,500 on purchases in the first 3 months from account opening.

    So, think about your upcoming business expenses: If you have to book some flights or purchase some pricey office equipment in the near future, that bonus may be within easy reach.

    Who should and shouldn’t consider the Capital One Spark Cash Select for Excellent Credit

    Capital One makes it easy to understand how the bank perceives your past financial decisions with a simple description of the key components that make up “excellent” credit:

    • No bankruptcy declarations or loan defaults
    • No payments on credit cards, medical bills, or loans that are more than 60 days late in the past year
    • A loan or credit card with a credit limit above $5,000 that has been open for the past three years

    If you don’t check all those boxes, Capital One has a Spark 1.5% Cash Select for Good Credit
    that might be a better fit — there’s no welcome bonus, though, but it does offer an introductory 0% APR on purchases for the first 12 months of account opening (then a 15.99% – 23.99% variable APR on purchases).

    If you can satisfy all those requirements, it’s time to think about your expectations from a credit card. If you want luxury travel benefits and you’re willing to shell out a sizable annual fee each year, this isn’t for you — you may be better off with a premium card like The Business Platinum Card® from American Express
    .

    However, if you’re looking for an entry-level card with a straightforward rewards structure, the Spark 1.5% Cash Select for Excellent Credit should be on your list. Do plenty of comparison shopping, though, and think about how you spend your dollars.

    For example, the Ink Business Preferred® Credit Card offers 3x Chase Ultimate Rewards points on advertising, shipping, communications services, and travel on up to $150,000 of annual expenses (then 1x). While that card comes with a $95 annual fee, the elevated earning opportunities can make sense for certain kinds of businesses.

    Comparison: Capital One Spark Cash Select for Excellent Credit vs other Capital One business cards

    Capital One offers a number of other credit cards for small-business owners who have excellent credit. If you plan to travel to grow your business, you may want to broaden your consideration list to take advantage of potentially more lucrative bonus opportunities and more generous earning structures — especially if you want some miles to get from point A to point B.

    Capital One Spark Cash Select for Excellent Credit vs other small-business credit cards

    How to earn rewards from the Capital One Spark Cash Select card

    Earning rewards with the Spark 1.5% Cash Select for Excellent Credit is super easy: Use it to pay for your expenses, and you’ll earn 1.5% cash back for every purchase.

    Unfortunately, there are no bonus categories, but that does make the math quite simple. Add up all your business expenses from last year, and multiply by .015 to understand how much cash back you would have earned by paying with this card.

    How to use rewards 

    Using your rewards is also simple: You can request a statement credit or a check as you rack up cash back with the Spark 1.5% Cash Select for Excellent Credit. There’s no minimum redemption amount.

    Read more: How to earn, redeem, and maximize Capital One miles

    However, if you also have a Capital One card that earns miles, like the Capital One Venture Rewards Credit Card
    or Capital One Spark Miles for Business, you can convert your cash back into miles. Then, you’ll have the flexibility to transfer those miles to a range of airline and hotel partners including Cathay Pacific, JetBlue, Accor, Wyndham, and plenty of other companies that can help you see the world. Just use the “Move Rewards” feature on the reward redemption page in your account.

    Benefits and features

    While plenty of some of the best small-business credit cards come loaded with extra perks and elevated earnings in certain categories, you don’t find a laundry list of statement credits and elite perks with Spark 1.5% Cash Select for Excellent Credit.

    Still, there are some features that can help you empower employees, find extra savings, and protect yourself when you’re away from home.

    Purchase records

    If you use Quicken, QuickBooks, or Excel to manage your expenses, you can sync your purchases to identify spending patterns and simplify your taxes.

    Employee cards 

    All of Capital One’s small business cards come with the ability to get free credit cards for your employees. You’ll earn cash back on their purchases, and you can set customized spending limits on the other cards.

    Rental collision coverage and roadside assistance

    Whenever you’re traveling, this card comes with collision insurance coverage for any damage to rental vehicles. You’ll also enjoy peace of mind with emergency services to change tires or tow a damaged vehicle.

    Read more: The best credit cards with primary car rental insurance

    Extended warranty

    When you use your Spark 1.5% Cash Select for Excellent Credit to pay for an eligible item, you can get free additional warranty and protection.

    Regular APR

    13.24% – 19.24% variable APR on purchases

    Featured Reward

    $500 cash bonus after spending $4,500 on purchases in the first 3 months from account opening

    Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

  • Pros & Cons
  • Details

  • Pros
    • Strong welcome bonus for a no-annual-fee card
    • Solid 1.5% cash back on all purchases with no limit to what you can earn
    Cons
    • No intro 0% APR offer
    • Other similar small-business cards have stronger travel and purchase benefits
    • Requires excellent credit to qualify
    • The information related to the Spark 1.5% Cash Select for Excellent Credit has been collected by Business Insider and has not been reviewed by the issuer.
    • Unlimited 1.5% cash back on every purchase
    • One-time $500 cash bonus when cardholders spend $4,500 in the first 3 months
    • Free employee cards
    • $0 fraud liability if your card is lost or stolen
    • No foreign transaction fees
    • No annual fee

    Fees and costs

    There is no annual fee with the Spark 1.5% Cash Select for Excellent Credit, which is excellent news for your business’ bottom line. Plus, if you travel out of the US, you won’t have to pay any foreign transaction fees.

    Read more: The best credit cards with no foreign transaction fees

    Keep in mind the card charges a 13.24% – 19.24% variable APR on purchases, so you’ll want to make sure that you pay your balance in full. As with most other cards, there are also fees for cash advances and late payments.

    Featured business cards from our partners

    Featured Reward

    100,000 Membership Rewards® points after you spend $15,000 on eligible purchases within your first 3 months of card membership

    Featured Reward

    15,000 Membership Rewards® points after you spend $3,000 in eligible purchases on the card within your first 3 months of card membership

    Featured Reward

    100,000 points after spending $15,000 on purchases in the first 3 months from account opening

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