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Running a business takes a lot of elbow grease. It can also take a lot of spending.
One easy way to oversee employee spending is to give some or all of your employees access to a company card. You’ll also earn cashback rewards for every purchase they make.
The catch? The Capital One Spark Cash Plus card is not a traditional credit card — it is a pay-in-full card. This means you must pay off the card’s account balance in full every single month.
Capital One Spark Cash Plus
Rewards Rate
- Unlimited 5% cashback on hotels and rental cars booked through Capital One Business Travel
- 2% on all other purchases
Welcome Offer
Earn a one-time cash bonus of $2,000 once you spend $30,000 in the first 3 months. Earn an additional $2,000 cash bonus for every $500K spent during the first year. You can earn this bonus multiple times over the course of year 1!
Annual Fee
$150 (refunded if you spend $150,000 that year)
Overview of the Capital One Spark Cash Plus
The Capital One Spark Cash Plus is different from a traditional credit card in that it's designed to be paid in full each month. While you do have the option to carry over a portion of your balance with interest if needed, there's a catch. If you miss the minimum amount due by the due date, you'll be charged a 2.99% late fee.
Pros
- Cashback on all purchases
- No preset credit limit
- Free employee cards
- No foreign transaction fees
Cons
- Annual fee
- Penalty for late payments
Benefits of the Capital One Spark Cash Plus
The Capital One Spark Cash Plus comes with a relatively standard set of cardholder perks and benefits, like:
- No foreign transaction fees
- Free employee cards
- Roadside assistance
- Capital One Business Travel deals
- Fraud and security alerts
- Extended warranty
- $0 fraud liability for lost or stolen cards
How the Capital One Spark Cash Plus Works
Remember: The Capital One Spark Cash Plus requires you to pay the entire balance in full by the end of the billing cycle. Otherwise, you'll be charged a penalty fee.
You can set up automatic payments to make sure you never miss that required payment, and can assign an account manager to oversee transactions and payments so they can resolve any problems that arise.
You will receive a handy year-end summary that will give you an itemized report of company spending, which will make budgeting and tax season so much easier. This card gives you the option to download purchase records into a variety of formats, such as Quicken, QuickBooks, and Excel, so you can create an accounting process that works well for your team.
To make things even easier, you can quickly review detailed information about merchants from past transactions, such as their phone number, address, and logo (when available).
Applying for the Capital One Spark Cash Plus only takes about 10 minutes, and you can receive a decision in a matter of seconds. Make sure you know the legal names, addresses, and Social Security numbers for all business owners before applying. You should also gather your legal business name, address, and business tax ID number (TIN).
Once your account is open, you can issue a card to as many employees as you would like for free. For each employee, you can set a custom spending limit. You will also have access to virtual cards and have the option to choose your own monthly due date.
Who Should Get the Capital One Spark Cash Plus?
The Capital One Spark Cash Plus is a solid fit for business owners who have a lot of employees who need access to a company card. This card makes it easy to oversee employee spending and enables you to earn a lot of rewards for their spending.
The flat-rate cashback system also makes it easy to earn rewards — the last thing any busy business owner needs to worry about is things like rotating rewards categories.
Who Shouldn’t Get the Capital One Spark Cash Plus?
The Capital One Spark Cash Plus card may not be the best fit for business owners who don’t spend much, as you may end up paying an annual fee for very little benefit.
Alternatives to the Capital One Spark Cash Plus
For higher rewards on business purchases
Ink Business Preferred® Credit Card
Rewards Rate
- 3x points on every dollar spent on shipping, advertising with social media and search engines, internet, cable, phone, and travel — up to the first $150,000 spent in combined purchases in these categories
- 5x total points on Lyft rides through 9/30/27
- 1x per dollar spent everywhere else
Welcome Offer
Earn 100,000 bonus points after you spend $8,000 on purchases in the first 3 months from account opening.
Annual Fee
$95
The Ink Business Preferred® Credit Card has a lower annual fee, and you can earn boosted rewards on select business categories in addition to travel.
You get the most bang for your buck when you redeem rewards for travel purchases through Chase TravelTM, making this card a good fit for businesses that require a lot of employee travel.
For carrying a balance
Capital One Spark Cash Select
Rewards Rate
- 1.5% cashback for your business on every purchase, everywhere — with no limits or category restrictions
- Unlimited 5% cashback on hotels and rental cars booked through Capital One Business Travel
Welcome Offer
Earn a $750 bonus when you spend $6,000 in the first 3 months of account opening.
Annual Fee
$0
If the Capital One Spark Cash Plus card appeals to you, the Capital One Spark Cash Select is also worth considering. The Spark Cash Select card lets you carry a balance without penalty (apart from interest charges, of course).
This credit card doesn’t charge an annual fee and earns you a flat cashback rate on all purchases, plus a boosted rate on hotels and rental cars booked through Capital One Business Travel.
For no fee with strong rewards
The Blue Business® Plus Credit Card from American Express
Rewards Rate
- 2x points on everyday business purchases such as office supplies or client dinners on the first $50,000 in purchases per year (1x thereafter)
- 1x points on all purchases after that (terms and limitations apply)
Welcome Offer
Earn 15,000 Membership Rewards® points after you spend $3,000 in eligible purchases on the Card within your first 3 months of Card Membership.
Annual Fee
If avoiding an annual fee is your priority, you may want to check out The Blue Business® Plus Credit Card from American Express.
This card doesn’t charge an annual fee but still comes with a strong rewards rate.
You can also provide free employee cards with customizable spending limits, and designate an account manager to monitor the team’s card use.
The Bottom Line
If you're a business owner with excellent credit who expenses more than $150,000 per year, the Capital One Spark Cash Plus may be a good choice for your business costs. You can set cards up for individual employees and even earn rewards for their spending.
Just make sure you'll use it enough to offset the annual fee and remember to pay it off every month to avoid the late payment penalties.
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Disclosure: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
