The Capital One Spark Classic for Business is a business card designed for fair or average credit. This card is very basic, only offering 1% cash back for every purchase. It does not have an annual fee and comes with some standard business benefits.
You won’t earn many rewards with this card. However, it reports your activity to business credit bureaus, so you can use it to improve your business credit. Some other business cards don’t do this, so it’s a nice feature to have.
Although it’s not the most rewarding card, you only need average credit to be approved. Along with the lack of annual fee, it’s free to use as long as you keep up your monthly payments. For small business owners with average personal credit, this card can be a good option for you to improve your business credit while earning some cash back in the process.
Earning & Redeeming Cash Back
The Spark Classic for Business rewards program is very basic. Other credit cards will offer better rewards, but those require good to excellent credit. You earn an unlimited 1% cash back on all purchases. Your cash back will not expire as long as your account is open.
If you happen to have another Capital One card available, you can transfer your rewards between this one and that one.
Redeem your cash back earned as a statement credit or a check. Statement credit is usually the easiest way to redeem.
You can also use Capital One’s automatic redemption option. This automatically redeems your cash back at either a set time every year or when it reaches a specified threshold.
The other methods — redeeming for gift cards, and other expenses — are subject to change and won’t always grant the full value of 1 cent for every 1 cent you’ve earned. So, it’s usually best to just redeem for statement credits.
Spark Classic for Business Cardholder Perks
Although the Spark Classic for Business doesn’t offer a welcome bonus or high cash back, it does come with some valuable perks.
- Reports to Business Credit Bureaus: Your activity is reported to business credit bureaus. Most business cards don’t report your regular activity to either business or personal credit bureaus. Instead, they only report to the personal credit bureaus when you perform a negative action, like a late or returned payment.
- Quarterly and Year-End Summaries: Simplify accounting and taxes with free custom, itemized reports of your spending.
- Free Employee Cards: Get an unlimited amount of cards for your employees. Earn cash back every time they use them. Plus, you can set individual credit limits.
- Visa® SavingsEdge: Get up to 15% off at merchants when shopping through the Visa SavingsEdge shopping portal. Find gas, hotel, restaurant, office supply, tech deals and more.
- Purchase Security: Eligible purchases made with the card are covered against damage and theft for 90 days. Reimbursement is available up to $10,000 per claim, $50,000 per cardholder.
- Extended Warranty: For eligible purchases, this benefit doubles the time period of the manufacturer’s warranty. It applies to warranties of three years or less, and up to one additional year can be added. Warranties are covered up to $10,000 per claim, $50,000 per cardholder.
- Auto Rental Collision Damage Waiver: Get coverage for automobiles rented with your card against damage and theft when you decline the rental company’s insurance. Receive primary coverage if you rent for business or commercial purposes. Receive secondary coverage if you rent for personal use.
- Travel and Emergency Assistance: Call the number on the back of your card for emergency assistance. You’ll be connected with local emergency services, including medical and legal referrals, emergency transportation, lost luggage location, and more.
Conclusion
While it isn’t the most rewarding, the Capital One Spark Classic for Business is a pretty balanced card overall. For those with average credit, the Spark Classic may be one of the only options if you’re looking for a credit card for business spending.
As a card, you shouldn’t expect great rewards and premium benefits. Nonetheless, it does offer some good basic perks. The 1% cash back is better than nothing. In addition, you can have as many employee cards as you need to earn spending rewards. There are also some basic financial and account management features to help keep everything organized.
It’s a simple card, but if you want to improve your business’s credit while earning some cash back too, this card provides a way. Your business card activity is also reported to more business credit bureaus than most other card issuers. Thus, you’ll have more chances for them to see how well your credit has been. If your credit is good and you’re looking for better rewards or a personal card, you can check out Credit Card Promotions from Capital One today!
