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Capital One Spark Cash Plus Review

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Capital One Spark Cash Plus

Cash Back With Added Perks

Credit Needed: Good/Excellent

If you have excellent credit and you’re looking for a business card that offers easy-to-use benefits, the Capital One Spark Cash Plus charge card is worth your notice. The card offers unlimited 2% cash back on all purchases. Depending on the scale of your purchasing, that could add up to a serious chunk of change. Plus, your rewards are versatile. You can redeem them for cash, or you can turn them into Venture or Spark miles, which can be used for travel.

With the Capital One Spark Cash Plus card, what you see is what you get. There are no rotating categories to keep track of like there are with some cash-back cards. There is no cap on the amount of money you can earn with the card, and you can add your employees as users at no extra charge. That means you and your cardholding employees can all earn 2% cash back on your purchases.  

There is no APR with this card as your balance is due in full every month. That is the key difference between a charge card and a credit card. You will, however, have to pay an annual fee of $150. 

To sweeten the deal, Capital One offers a one-time early spend bonus of up to $1,000: $500 once you spend $5,000 in the first three months, and $500 once you spend $50,000 in the first six months with the card. That’s enough to cover close to seven years of that $150 annual fee, so it’s worth hitting that spend target if you can afford it and need to spend that much in your first six months with the card. Plus, you'll earn a cash back bonus of $200 if you spend more than $200,000 on the card in a calendar year.

Smart Features

Unlimited 2% cash back – You and any other cardholders you add to the account will earn 2% cash back on all your purchases, with no limit on your earnings. There is no minimum amount you can redeem, so you won’t have to wait to claim your cash back.  

Cash back bonus  Earn an additional $200 in cash back when you spend $200,000 or more on your card in any calendar year. 

Free employee cards – If you want to add employees to your account you can do so at no additional cost to you. All cards on the account are eligible to earn cash back from their purchases. 

  • Smart Tip: If you add employee cards, it’s a good idea to keep an eye on total spending on the account and make sure your credit utilization ratio (the ratio of what you spend to your credit line) doesn’t exceed the recommended 30%.

Quarterly and year-end summaries – All of Capital One’s Spark Business cards come with customized, itemized reports of your spending at the end of each quarter and year to help you budget and make tax time a breeze. 

Who It Benefits

Customers who stand to gain from the Capital One Spark Cash Plus are those with good or excellent credit in search of a business card that offers a competitive cash-back rate with no fuss. Capital One offers a slider on the website for the card. The slider will tell you how much cash back you’ll get each year based on your average monthly spend, but it’s easy to do the math yourself because of the flat 2% rewards rate. 

Compare Similar Cash Back Offers

How It Works

The Capital One Spark Cash Plus card isn’t a card that requires a lot of effort on the part of the consumer. With every purchase you make you’ll earn 2% cash back. There’s no maximum amount you can earn, and no minimum amount you can redeem. 

If you spend $5,000 in the first three months with your card you will earn a $500 cash bonus and if you spend $50,000 in the first six months, you will earn an additional $500 - for a total early spend bonus of up to $1,000. You can earn an additional $200 in cash back if you spend at least $200,000 on the card in any calendar year.

The Capital One Spark Cash Plus does not have an APR as you are expected to pay the entire balance in full each month. You have no preset spending limit with the card either. The card adapts based on your credit profile, payment history, and spending behavior. 

You can use your rewards in more ways than one. While it's easy to redeem your rewards for cash back, you can also convert them to Spark miles or Venture miles. From there, you can use your rewards for travel.

What's the Catch

The biggest catch associated with the Capital One Spark Cash Plus card is the $150 annual fee.

Additionally, if you currently have a Capital One card or you had one previously you may not be eligible for the one-time bonus associated with the card. You can call Capital One to ask whether you would qualify for the bonus if you’re concerned about your eligibility. 

Just the Math Please

Rewards

Every time you swipe your Capital One Spark Cash Plus card you will earn 2% in cash back. Your rewards can be redeemed whenever you want and there is no minimum or maximum you can redeem in one go. You can earn an early spend cash bonus of $1,000, which is separated out as $500 once you spend $5,000 in the first three months, and $500 once you spend $50,000 in the first six months with the card. You'll also get $200 in additional cash back upon spending $200,000 on the card in a calendar year.

Rates and Fees

Annual percentage Rate (APR)

Because this is a charge card, there is no APR. Instead, the balance you charge is due in full every month.

Annual Fee  

$150

Penalty Fees

  • Late Payment 2.99% of the unpaid portion of your minimum payment

How It Stacks Up

How does the Capital One Spark Cash Plus card fare when you compare it to competitor cards? The 2% cash back rate is competitive with what you would get from well-reviewed cards like the Citi Double Cash Card (a SmartAsset advertising partner). However, the Citi Double Cash Card doesn’t charge an annual fee, whereas the Capital One Spark Cash Plus charges a $150 annual fee. In general, though, 2% is considered a good rate for a cash-back card. Plus, the early spend cash bonus of up to $1,000 and the ability to earn an additional $200 in bonus cash back really makes this card stand out.

If you’re averse to annual fees and/or you don’t have excellent credit, consider the Capital One Spark Classic for Business. The card offers 1% cash back on all purchases for no annual fee and is available to consumers with average credit. 

Bottom Line

If you have excellent credit and want a user-friendly cash-back card for yourself and your employees, the Capital One Spark Cash Plus card is worth a look. The ability to earn up to $1,000 as an early spend bonus is a nice perk that will help defray the $150 annual fee you’ll owe after your first year.

Next Steps

  • Finding the right financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in 5 minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.
  • Saving money is easier said than done, but having a high-yield savings account is a great start. To see what's available today, take a look at our overview of the top savings accounts.

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