Capital One just launched a new credit card product for small businesses named “Spark”. What makes this card different is the simple fact that you earn 2% cash back on all of your everyday purchases. The average for CC incentives is a mere 1% so this is a welcomed increase especially for those of us who charge substantial amounts to our cards each month. The Capital One Spark card also comes with a $150 new account opening bonus. Earn $100 just for opening the account and spending $1,000 on retail purchases within the first 3 months. Get an extra $50 when you add an authorized user to the card during the first 60 days. Bonuses will be credited within two billing cycles of meeting the above requirements. Spark has no annual fee for the first year, and $59 each year after that.
The Spark card actually makes it easy to get your money. To redeem your points you have a few different options. You can either set it manually, set up an automatic interval which will request the cash back for you on your anniversary month, or you set it to request your cash back when you reach a certain amount (i.e $25, $50, $100, etc). There is no cap to the amount of cash back you can earn each year which is a nice feature for those who spend a lot, and rewards never expire as long as your account stays open. You can redeem for gift card to some of your favorite stores starting at $20. If you fail to create your own schedule Capital One will automatically mail you a check at the end of the year.
Comparison to other rewards credit cards:
Lets use an easy amount of $10,000 in annual spend. Below is the amount of rewards you would earn on each of your other cards.
- Capital One Spark- $200
- Chase Ink Cash- $149
- American Express Simply Cash Business- $144
- Bank Of America Cash Rewards- $125
- Discover Business- $110
Visit the Capital One Spark site here for the full details and to apply.
