Capital One Spark Cash Plus Credit Card Review 2024 (2024)

With unlimited 2% cash back on purchases, the Capital One Spark Cash Plus* is an excellent business cash-back card for those with strong credit. The annual fee of $150 is palatable compared to many high-end card fees. Of course, there are lower fee options you may want to consider as well.

The Spark Cash Plus differentiates itself among cash-back cards and business cards as a top-tier option by offering a generous welcome bonus and no foreign transaction fees. Also notable is the lack of earning limits: If your business spends big, you could earn big with the Spark Cash Plus.

Just when it seemed like charge cards were the dinosaurs of the credit card industry, along comes the Capital One Spark Cash Plus*. The card offers a flat-rate 2% cash back on every purchase and 5% cash back on hotels and rental cars booked through Capital One Travel, but it does come with a $150 annual fee.

A small business owner considering this card is probably wondering what the advantage is in having a charge card vs. a credit card. Charge cards do not have a preset spending limit, which can give businesses some wiggle room if the need arises to make a larger-than-usual purchase from time to time. Be aware however that this is not the same as no credit limit and Capital One will determine how much leeway you’ll get based on a combination of factors.

The trade off is that the card must be paid in full every month. So for anyone looking for extra time to pay off a big purchase, the Spark Cash Plus is not a fit. In fact, not only do you have to pay your bill in full at the end of every month, but you’ll also be charged a late fee of 2.99% of your outstanding balance and your account will be considered late until you pay off what you owe.

• $150 annual fee
• Earn $2,000 cash bonus after spending $30,000 in purchases in the first 3 months, plus earn an additional $2,000 bonus for every $500,000 spent in the first year of account opening
• 2% cash back on every purchase and 5% cash back on hotels and rental cars booked through Capital One Travel
• It’s a charge card, so there’s no APR but there is a late fee of 2.99%
• Get your $150 annual fee refunded every year you spend at least $150,000
• Pick your own monthly due date

Earning Rewards

The Capital One Spark Cash Plus* earns 2% cash back on every purchase and 5% cash back on hotels and rental cars booked through Capital One Travel. There’s also a welcome bonus of $2,000 cash bonus after spending $30,000 in purchases in the first 3 months, plus earn an additional $2,000 bonus for every $500,000 spent in the first year of account opening. Plus, get your $150 annual fee refunded every year you spend at least $150,000.

Redeeming Rewards

You can get your cash back in the form of a statement credit or a check. You can also set up an automatic redemption preference for either a set time each calendar year or for when a specific threshold has been reached. Other options include redeeming credits for previous purchases, gift cards and more, although the values may vary for these choices.

Rewards Potential

Forbes Advisor uses data from various government agencies to determine baseline income and spending averages across various categories. The 70th percentile of wage-earning households brings in $116,000 annually and has $36,177 in standard expenses that can reasonably be charged to a credit card. We estimate that a sole proprietorship will have similar business expenses, and we base earning estimates on a sole proprietorship in the same ranges.

Capital One Spark Cash Plus* Rewards Potential

• No foreign transaction fees. No foreign transaction charges can be helpful for travel and purchases made abroad.
• Roadside assistance. Get help with auto-related emergencies, such as jump-starting, tire changing and towing.
• Extended warranty. Get additional warranty and protection on eligible items that you purchase with your card.
• Card lock. Lock your card or an employee’s if it has been misplaced, lost or stolen.
• Free employee cards. Add additional employee cards at no cost.

Interest Rates

• Regular APR: N/A
• Purchase intro APR: N/A
• Balance transfer intro APR: N/A

Fees

• Annual fee: $150
• Balance transfer fee: N/A
• Foreign purchase transaction fee: None

Capital One Spark Cash Plus* vs. Spark Cash Select from Capital One*

The Capital One Spark Cash Plus* has a similar sibling: the Spark Cash Select from Capital One*. The most notable difference between them is that the Spark Cash Plus is a charge card with an annual fee of $150, and a rewards rate of 2% cash back compared to the Spark Cash Select’s $0 annual fee and 1.5% cash back. But the Spark Cash Select is also a credit card, which means you can carry a balance.

Here’s how the two cards stack up side-by-side:

Capital One Spark Cash Plus* vs The Blue Business® Plus Credit Card from American Express

If a more robust introductory APR offer is a bigger priority than maxing out your rewards potential, take a look at The Blue Business® Plus Credit Card from American Express (Terms apply, see rates & fees). It has no annual fee and earns 2 Membership Rewards points per dollar on everyday business purchases such as office supplies or client dinners up to the first $50,000 in purchases per year, then 1 point per dollar on all other purchases.

The card offers a 0% intro APR on purchases for 12 months from the date of account opening, then a variable rate of 18.49% - 26.49% applies. That could give you the breathing room you need to pay down some debt or pay off a big purchase over time. This card also carries a foreign transaction fee of 2.7% of each transaction after conversion to US dollars. This makes it a poor choice for international spending.

Capital One Spark Cash Plus* vs Ink Business Preferred® Credit Card

Those looking to dive deeper into the rewards-earning space should consider the Ink Business Preferred® Credit Card. It offers 3 points per dollar on the first $150,000 spent on travel and select business categories each account anniversary year and 1 point per dollar on all other purchases.

Chase Ultimate Rewards® points are worth 1.25 cents each when redeemed for travel through Chase Travel℠ and can also be transferred at a 1:1 ratio to airline and hotel partners like United and Hyatt. Redemption for cash back is possible at a value of 1 cent per point.

Businesses that spend significantly in the bonus categories offered by the Ink Business Preferred card or that plan to redeem through Chase Travel may find this card a better option than the Capital One Spark Cash Plus*.

The Capital One Spark Cash Plus* could be ideal for a specific type of business owner: One with high and varied monthly expenses who can pay the balance in full every month. But many businesses may prefer a more standard business card that may earn better rewards or have more valuable benefits.

Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors, including:

• Annual fees
• Welcome bonus offers
• Ongoing earning rates
• Value of individual points or miles
• Included travel or merchant credits
• Additional cardholder benefits

Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors come together to provide a star rating for each individual card.

Read more: How Forbes Advisor Rates Credit Cards

To view rates and fees for The Blue Business® Plus Credit Card from American Express please visit this page.