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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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Spark 1.5% Cash Select for Excellent Credit

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 Spark 1.5% Cash Select for Excellent Credit.

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 Spark 1.5% Cash Select for Good Credit).

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 Ink Business Preferred® Credit Card 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.

Spark 1.5% Cash Select for Excellent Credit

Spark 2% Cash Plus

Capital One Spark Miles for Business

Annual fee

Spark 1.5% Cash Select for Excellent Credit

Spark 2% Cash Plus

Capital One Spark Miles for Business

Rewards rate

1.5% cash back on all purchases

2% cash back on all purchases

2x miles on all purchases

Welcome bonus

Spark 1.5% Cash Select for Excellent Credit

Spark 2% Cash Plus

Capital One Spark Miles for Business

Card benefits

Car rental insurance

Extended warranty

Roadside assistance

No preset spending limit

Earn a $200 bonus every year you spend $200,000 or more on your card

Car rental insurance

Extended warranty

Roadside and travel assistance

Global Entry or TSA PreCheck application fee credit

Car rental insurance

Extended warranty and protection

Roadside and travel assistance

Foreign transaction fee

No

No

No

Review

Capital One Spark Cash Plus card review

Capital One Spark Miles for Business card review

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

Spark 1.5% Cash Select for Excellent Credit

Ink Business Unlimited℠ Credit Card

American Express Blue Business Cash™ Card

Annual fee

Spark 1.5% Cash Select for Excellent Credit

Ink Business Unlimited® Credit Card

American Express Blue Business Cash™ Card American Express Blue Business Cash™ Card – Rates & Fees

Rewards rate

1.5% cash back on all purchases

1.5% cash back (1.5x points) on all purchases

2% cash back on the first $50,000 in purchases each year, then 1% (cash back is received in the form of a statement credit)

Welcome bonus

Spark 1.5% Cash Select for Excellent Credit

Ink Business Unlimited® Credit Card

American Express Blue Business Cash™ Card

Card benefits

Car rental insurance

Extended warranty

Roadside assistance

Primary car rental insurance (when renting for business purposes)

Extended warranty

Purchase protection

Travel and emergency assistance services

Roadside dispatch

Extended warranty

Purchase protection

Secondary car rental insurance

Global Assist Hotline

Discounts and bonuses through Amex Offers**

Introductory APR offer

N/A

0% APR on purchases for the first 12 months of account opening, then a Ink Business Unlimited® Credit Card

0% APR on purchases for the first 12 months, then a American Express Blue Business Cash™ Card American Express Blue Business Cash™ Card – Rates & Fees

Foreign transaction fee

No

Yes

Yes American Express Blue Business Cash™ Card – Rates & Fees

Review

Ink Business Unlimited card review

Amex Blue Business Cash card review

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.

Spark 1.5% Cash Select for Excellent Credit

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 Spark 1.5% Cash Select for Excellent Credit, 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.

Related Content Module: More Credit Card CoverageRelated Product Module: Small Business Credit Cards

Read the original article on Business Insider

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