Spark 2% Cash Plus Card: Everything You Need to Know

The Spark 2% Cash Plus Card is a popular business credit card from Capital One, designed specifically to help business owners earn cash back on their spending. The card offers simple, straightforward rewards for everyday business expenses, and it’s highly regarded for its 2% cash back on every purchase. This makes it an excellent choice for businesses that want a no-hassle way to earn rewards without having to worry about rotating categories or complex bonus structures.

In this guide, we’ll take a closer look at the features of the Spark 2% Cash Plus Card, its benefits, fees, and eligibility criteria. Additionally, we’ll go over how to apply for this card and maximize its potential to benefit your business.

Key Features of the Spark 2% Cash Plus Card

1. Unlimited 2% Cash Back on Every Purchase One of the standout features of the Spark 2% Cash Plus Card is its unlimited 2% cash back on all purchases, with no restrictions or categories to track. Whether you’re buying office supplies, paying for advertising, or filling up your business vehicle, you’ll earn 2% cash back every time.
2. No Annual Fee for the First Year The Spark 2% Cash Plus Card comes with no annual fee for the first year. This makes it easier for small business owners to try out the card without the initial expense. After the first year, there is an annual fee of $95, which is relatively low compared to similar business credit cards.
3. Cash Back Redemption You can redeem your cash back for any amount at any time. The redemption options include statement credits, checks, or even gift cards. This flexibility allows you to choose how you want to use your rewards, whether to offset business expenses or reward yourself for your efforts.
4. 0% Introductory APR for the First 9 Months The Spark 2% Cash Plus Card offers a 0% introductory APR on purchases and balance transfers for the first 9 months. After the introductory period ends, the APR will be 15.24% – 23.24% (Variable). This feature can be particularly useful for businesses that need to finance large purchases or pay off existing balances without incurring interest charges for several months.
5. Free Employee Cards Another significant benefit is the ability to issue free employee cards, which allows your team to make purchases on behalf of your business. All the rewards from employee spending accrue to your business account, helping you accumulate cash back faster.
6. Extended Warranty and Purchase Security The Spark 2% Cash Plus Card comes with extended warranty protection and purchase security. The extended warranty doubles the original manufacturer’s warranty on eligible items purchased with the card, up to one additional year. Purchase security protects new purchases against damage or theft for up to 90 days after the purchase date.
7. No Foreign Transaction Fees If your business requires you to travel internationally or make purchases from overseas suppliers, the Spark 2% Cash Plus Card has no foreign transaction fees. This is a huge plus for businesses that have international dealings or require frequent travel.
8. Travel Benefits The card includes a range of travel benefits such as travel accident insurance, 24-hour travel assistance services, and auto rental insurance. These features can help protect your business while traveling and give you peace of mind during business trips.

Pros of the Spark 2% Cash Plus Card

• Simple and Predictable Rewards: The 2% cash back on all purchases is straightforward, making it easy for businesses to track their rewards without the hassle of rotating categories or activation requirements.
• No Categories or Limits: Unlike many other rewards cards that require you to keep track of specific spending categories, the Spark 2% Cash Plus Card applies 2% back to every purchase with no limit.
• Employee Card Benefits: With no additional cost for employee cards, this feature helps businesses easily manage spending and maximize rewards.
• Introductory 0% APR: The 9-month 0% APR on purchases and balance transfers can be a valuable tool for managing cash flow in the early stages of your business or when making larger purchases.

Cons of the Spark 2% Cash Plus Card

• Annual Fee After First Year: The $95 annual fee after the first year might be a drawback for some business owners, although it is relatively low compared to some other premium business cards.
• Limited Rewards for Some Business Categories: While the card offers a great 2% cash back rate on all purchases, it does not offer higher rewards for specific categories like travel or office supplies, which some other business cards do.
• APR Could Be High After Introductory Period: After the introductory period, the regular APR ranges from 15.24% to 23.24% variable, which may not be the best option if you tend to carry a balance.

How to Apply for the Spark 2% Cash Plus Card

Applying for the Spark 2% Cash Plus Card is a relatively simple process. Here are the steps you need to follow:

1. Eligibility Requirements To apply for the Spark 2% Cash Plus Card, you must meet the following criteria:
   • Be a U.S. resident.
   • Have a valid business (sole proprietors, LLCs, partnerships, and corporations are eligible).
   • Your business should have a good credit score (typically a score of 670 or higher) and a solid financial history.
2. Gather the Necessary Information Before applying, you should have the following information ready:
   • Business name and address.
   • Employer Identification Number (EIN) or Social Security Number (SSN) if you’re a sole proprietor.
   • Annual business revenue and monthly expenses.
   • Personal and business income information to determine your creditworthiness.
3. Online Application You can apply for the card directly on the Capital One website. The application will ask for basic information about your business, including your revenue and expenses. You’ll also need to provide your personal details for a credit check.
4. Approval Process Capital One typically provides a decision on your application within minutes, though it may take a few days if additional information is required. If approved, you’ll receive your Spark 2% Cash Plus Card in the mail, and you can start using it immediately.

Conclusion

The Spark 2% Cash Plus Card from Capital One is an excellent choice for small business owners looking to earn cash back on their purchases. With its 2% cash back on every purchase, no foreign transaction fees, and no annual fee for the first year, it offers a lot of value to businesses of all sizes. The card’s introductory APR and free employee cards are also significant perks that can help businesses manage expenses and maximize rewards.

If you’re interested in simplifying your business finances while earning consistent cash back, the Spark 2% Cash Plus Card could be the perfect fit. Simply ensure you meet the eligibility criteria and follow the straightforward application process to start enjoying the benefits this card has to offer.