2021 Review: Capital One Spark Classic for Business
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Designed for average credit, the Capital One Spark Classic for Business isn’t flashy, but it’s a good option if you’d like a business credit card and can’t get approved for anything more rewarding. It only earns 1% cash back, which is typical at this credit level.
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The information related to Capital One Spark Cash Select - $500 Cash Bonus and American Express Blue Business Cash™ Card have been collected by Credit Card Insider and have not been reviewed or provided by the issuer or provider of these products.
Our Rating: 4 Out of 5 Stars
We give the Capital One Spark Classic for Business 4 out of 5 Stars. Even though it’s not the most rewarding card, it’s balanced pretty well.
Why We Like It
- Designed for average credit, giving more people a chance to be approved
- No annual fee
- Capital One reports your activity to several business credit bureaus
- As many employee cards as you want, for free
- A decent set of business benefits
Why It Could Be Better
- Only 1% cash back on purchases
- No signup bonus
Capital One offers five different credit cards in its Spark family of business cards. This is a review of its business card designed for fair or average credit, the Capital One Spark Classic for Business.
This is a pretty basic card, only offering 1% cash back for every purchase. But it has no annual fee, and comes with some standard business benefits.
You won’t be able to earn a ton of rewards with the Spark Classic. But it does report your activity to the 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.
Are you a small business owner with average personal credit? This card could present a good way to improve your business credit while getting a bit of cash back in the process.
Insider Advice: Getting the Most Out of Your Card
- Know the facts: Business cards are different from regular personal credit cards in a few important ways. Read all about how business cards are different than personal credit cards.
- Practice good financial habits: Build your business credit with this card by using it responsibly. Your card activity will be reported to three business credit bureaus: Dun & Bradstreet, Experian Business, and Small Business Financial Exchange, along with the consumer credit bureaus.
- Take advantage of the free employee cards: Assign employee cards to your employees to earn more cash back, more quickly. You can get an unlimited number of cards for free, and set individual credit limits.
- Take your card abroad: There are no foreign transaction fees with this card. That makes it a pretty good choice for traveling abroad, especially because it’s a Visa which will be accepted pretty much everywhere.
- Understand how your card affects your credit: Although business cards typically don’t report your normal activity to the consumer credit bureaus, most Capital One business cards do report normal activity to the consumer credit bureaus, along with certain business bureaus. This means your business spending will show up on your personal credit reports, where it could increase your credit utilization. This could bring down your credit scores, if you’re reporting a high credit card balance.
While the rewards offered by this card are pretty meager, there’s no annual fee. So as long as you’re not carrying a balance or accruing other fees, you’ll be able to earn cash back practically for free.
This rewards program is very basic because this card is designed for average credit. See some other business cards below, with better rewards and features.You can earn an unlimited amount of cash back, and it will not expire as long as your account is open. You may be able to transfer your rewards between Capital One cards. Contact customer support for your card to learn if you can.
You can redeem the cash back you earn as a statement credit to reduce the balance of your account. Or you can have it mailed to you in the form of a check. The statement credit is usually the easiest way to redeem.
Capital One provides an automatic redemption system you can use if you’d like. This will automatically redeem your cash back rewards at either a set time every year or when it reaches a specified threshold.
There is also the option to redeem your cash back for certain purchases, gift cards, and other expenses. But these methods are subject to change and will not 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.
- Reports to business credit bureaus: This card reports your activity to the business credit bureaus Dun & Bradstreet, Experian Business, and Small Business Financial Exchange, along with the consumer credit bureaus. This is a pretty unique feature because some business credit cards, which have the word “business” in their name, don’t always report your regular activity to either the business credit bureaus or the personal credit bureaus.
- Quarterly and year-end summaries: You can get custom, itemized reports of your spending to help simplify accounting and taxes. Includes primary and employee cards.
- Downloadable purchase records: Download your records any time you’d like in a variety of formats, including Quicken, QuickBooks and Excel.
- Spark Business customer service representatives: Speak with specially trained reps whenever you’d like for help with any questions you have. Call toll-free, 1-800-867-0904.
- Free employee cards: Get an unlimited number of employee cards to distribute to your employees. You’ll earn cash back every time they use them. And you can set individual credit limits for the cards.
- Visa SavingsEdge: Get up to 15% off at merchants when you shop through the Visa SavingsEdge shopping portal. You’ll find deals at gas stations, hotel chains, restaurants, office supply merchants, tech websites, 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: This benefit covers automobiles rented with your Spark Classic card against damage and theft. You must decline the rental company’s own insurance for this to take effect. If the vehicle is rented for business or commercial purposes, this benefit acts as primary coverage. If the vehicle is rented for personal use, this benefit acts as secondary coverage and will be supplemental to your personal auto insurance.
- Travel and Emergency Assistance: Cardholders can call the number on the back of their card for emergency assistance in a variety of situations. You’ll be connected with local emergency services, including medical and legal referrals, emergency transportation, lost luggage location, and more.
The Terms & Fees
|Purchase APR||Balance Transfer APR||Cash Advance APR|
|24.49% Variable||24.49% Variable||24.49% Variable|
|Annual Fee||Foreign Transaction Fee|
|Balance Transfer Fee||Cash Advance Fee|
|N/A||3% of the amount of the cash advance, but not less than $10|
|Penalty APR||Late Fee||Returned Payment Fee|
|30.90% Variable||Up to $39||None|
The Spark Classic, designed for average credit, doesn’t have an annual fee to worry about. But you will have a pretty high APR. If you pay off your card balance in full every month, however, you’ll be able to avoid having to pay any interest at all. And that will also be best for your credit.
You won’t be charged extra when making foreign transactions. That’s a nice feature to have on a Visa rewards credit card like this, because it will be accepted pretty much everywhere around the world.
The Bottom Line
If you have average credit, the Capital One Spark Classic for Business may be one of your only options if you want a business credit card (but remember you can also use personal credit cards for business spending, if you so choose).
As a card for average credit, you shouldn’t expect to get great rewards and flashy benefits. It only offers 1% back, but it’s better than nothing. You can hand out as many employee cards as you need to, earning rewards on all the spending. And there are 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 credit while earning a bit of cash back too, this card provides a way. Capital One reports positive business card activity to more business credit bureaus than most other card issuers. So this and other Capital One business cards are good ways to build your business credit.
Check out some different Capital One business cards below, along with some other alternatives to the Spark Classic card.
How Do I Apply for the Spark Classic for Business Credit Card?
You can follow the link below to apply now, securely on Capital One’s website. Capital One will check your personal credit history and perhaps your business’ credit history. The approval process can be instant or it may take a few days, and if approved you should get your card within 10 business days.
What Credit Scores Do I Need to Qualify for the Spark Classic for Business Credit Card?
For the Capital One Spark Classic for Business, it’s recommended you have fair credit.
You’ll want scores within the ranges of 580–669 for FICO or 650–699 for VantageScore to be considered to have fair credit.
However, even if you don’t fall within those credit scores, you do still have a chance to get the card. Credit card issuers will weigh other factors when deciding, so people with lower scores still have a shot. Although that holds true for the reverse: Even if you have higher scores, you still might not make the cut.
Qualifications and Requirements
- Must be 18 to apply
- Business identifying information: Business name plus how you want it to appear on card, legal business structure, business tax ID number, business ownership type, industry, category or specialty
- Answers to business-related questions: Is your business in the U.S., is it legally formed, registered, or incorporated in the U.S., is it primarily based in the U.S.?
- Business address and contact information: Email, business phone number, business address
- Business financial information: Total annual revenue, monthly expenditure, type of accounts
- Personal identifying information: Name, birth date, Social Security number, business role
- Personal address and contact information: Address, phone number
- Personal financial information: Total annual income, monthly mortgage/rent payment
Frequently Asked Question
Does the Capital One Spark Classic for Business report to the business credit bureaus?
Yes, this card reports all of your activity (positive and negative) to three major business bureaus: Dun & Bradstreet, Experian Business, and Small Business Financial Exchange. That means it can help establish a positive credit history for your business. All card activity will also be reported to the consumer credit bureaus, a fairly rare feature that means you can also improve your personal credit with this card (or damage it).
Learn more about how different issuers report to the business credit bureaus.
Alternatives to the Capital One Spark Classic for Business
The information related to Capital One Spark Cash Select - $500 Cash Bonus has been collected by Credit Card Insider and has not been reviewed or provided by the issuer or provider of this product.
Do you use the Spark Classic for Business from Capital One? How do you like it, and how do you use it? Leave a comment below, we’d love to hear from you!
For rates and fees of the American Express Blue Business Cash™ Card, please click here.
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