Spark® Classic for Business Overview
Annual Fee: $0
Credit Required: Fair
Rewards Program and Signup Bonuses*:
- Enjoy no annual fee.
- Earn 1% cash back on every purchase, every day.
- Build business credit with responsible use.
- Fraud coverage if your card is ever lost or stolen.
- No foreign transaction fees.
- Enjoy business benefits including Year-End Summaries, employee cards at no extra cost, and experienced small business customer service.
Intro Balance Transfer
N/A, but No Transfer Fee
The Capital One Spark Classic Business card is a no frills business cash-back reward card. It’s reward program is lackluster, and there are much better offers out there. But, if you have average credit, this card may make sense for your business.
Spark Classic Rewards Program
As it’s name implies, Spark Classic for Business is a business rewards credit card. It has no annual fee, but a variable APR that is currently very high at 23.49 percent on both purchases and balance transfers, meaning that customers will pay through the nose if they are late on their payments. It offers cash back rewards on all purchases.
Customers who use this card will earn 1 percent cash back on all purchases. The cash rewards never expire. Also, there is no limit to the amount of cash back that you could earn with this card.
So, if you get this card and decide to buy a million dollar business property with it, you’ll net $10,000 in cash back rewards. Not a bad deal, but if you have that kind of money to throw around in the first place, that is chump change to you!
This card is fairly dry on benefits and rewards.
As mentioned, customers will get 1 percent cash back on all purchases, hardly the best deal out there.
Other than that, it offers a few perks that are standard to plenty of other cards out there. These include purchase protection, travel and emergency assistance, auto rental insurance and savings on hotels and dining. That’s about it.
In addition to the rewards and benefits already highlighted, the Spark Classic cards comes with the following benefits, which include Visa® Business Benefits*:
- Quarterly and year-end itemized spending reports.
- No foreign transaction fees.
- Unlimited rewards that do not expire and can be redeemed at anytime for any amount.
- Auto rental collision damage coverage.
- Purchase security and extended warranty protection.
- Travel and emergency assistance services.
- Reports to your business Tax ID number, so you can build business credit
Interest Rate, Fees & Other Fine Print
As mentioned, this card has no annual fee. There is no fee for balance transfers, so they are essentially free if they are paid off quickly. The remaining fees are comparable to those of most other credit cards. For a full list of fees, check the issuers website before applying.
How It Compares To Other Business Cards
As previously mentioned, the rewards are fairly lackluster and, while the card has no annual fee, the APRs are a bit high. We recommend this card only if you have average credit. If you have good or excellent credit, we recommend you check out on the following:
- Guide to Best Business Credit Cards
- Guide to Best Business Cash Back Cards
- Review of Capital One Spark Cash Cards
- Review of Capital One Spark Miles Cards
It is true that Spark Classic for Business only offers a 1% cash-back rewards program and has high APRs. But it has sever positives:
- You can qualify even with average credit
- There is no annual fee
- There is no fee on balance transfers
- You can build credit for your business
- There are no restrictions on the 1% cash back rewards.
All-in-all, Spark Classic is a very good business rewards credit card for those with average credit.