Overview
Credit Needed: Fair/Limited
If you're a business owner with less than stellar credit, finding a credit card to help fund your expenses can be a challenge. That's where the Capital One Spark Classic for Business card can help. Credit scores only need to be average to be accepted, but that doesn't mean the benefits are subpar.
Full Review
The Capital One Spark Classic for Business is a card that helps you free up your money as you use it. Thanks to the lack of an annual fee and a 1% cash back bonus on every purchase, this card is an excellent deal over time. You will also receive free cards for employees with your membership, and a $0 transaction fee on foreign purchases.
Saving money is critical for a business owner, but so are logistics. The Capital One Spark Classic for Business card helps to streamline common business issues. For example, an owner needs to continuously pull together data for tax purposes, and this card includes quarterly and year-end summaries to expedite that process.
Another important benefit - As a cardholder, you will also be provided with fraud protection. There is a $0 fraud liability if your card is stolen or lost, and you will be kept up to date with fraud alerts via text, email or phone. The Capital One Spark Classic for Business card also comes with purchase security and extended protection, which will cover eligible items you've purchased with your card if they are lost or stolen within 90 days. This feature also doubles the length of the manufacturer's warranty.
Here is where you will need to be careful: The ongoing APR is 26.99% Variable APR, which is pretty high if you carry a balance. Account for that ahead of time and prepare to pay if you hang onto a balance month to month. If your plan is to transfer a balance and pay down debt, this may not be the card for you. But this card is ideal for launching a business and getting it stabilized, especially if you are uncertain whether your credit score is strong enough for other cards.
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Requirements, Costs & Fees
- Purchase APR: 26.99% Variable
- Balance Transfer APR: 26.99% Variable
- APR for Cash Advances: 26.99% Variable
- Penalty APR: 29.40% Variable
- Annual Fee: $0
- Foreign Transaction Fee: None
- Cash Advance Fee: The greater of either $10 or 3% of the amount of each cash advance
- Late Payment Fee: Up to $39
- Balance Transfer Fee: None
Next Steps
- Finding the right financial advisor that fits your needs 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.
- One of the best ways to improve your immediate and future financial situations is to make sure you have a strong savings account. If you don't know where to look, check out SmartAsset's best savings accounts for 2019.
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