Capital One Bank USA National Association issued the following announcement on Aug. 18
Capital One today announced an enhanced portfolio of card products for small business owners, including Capital One Spark Cash Plus, a new cash back card for small businesses allowing them to earn unlimited 2% cash back rewards on all purchases with no preset spending limit, and an updated Spark Cash Select product with two variations allowing new customers to select the version that works best for their business needs while earning unlimited 1.5% cash back.
“Running a business has always required grit and determination, but the pandemic has introduced unexpected challenges and even some new opportunities for business owners,” said Matt Vischulis, senior vice president for small business card at Capital One. “We have taken a broad look at our product portfolio to introduce new and enhanced products that meet business owner spending needs and allow them to maximize their rewards, and we will continue to adapt our offerings in the future to help businesses flex and grow.”
Capital One Spark Cash Plus rewards business owners for every purchase, and cardholders can earn a one-time bonus of up to $1,000 when they spend $50,000 within the first six months of opening the account, as well as a $200 cash bonus for every year they spend $200,000 or more on the card. The Spark Cash Plus card is Capital One's first product with no preset spending limit. This pay-in-full card adapts to business needs based on spending behavior, payment history, credit profile and other factors. Cardholders who would like a little more peace of mind when making large purchases can use a tool in their account to confirm their purchasing power. Spark Cash Plus is replacing the Spark Cash product, but current Spark Cash cardholders will remain on the same product and can continue using their current cards.
“We know that business owners are constantly evolving, especially as they adapt based on learnings from the COVID-19 pandemic,” said Aparna Sarin, head of product and acquisitions for small business card at Capital One. “We developed Spark Cash Plus to offer small businesses flexible purchasing power and to enable them to earn industry-leading 2% cash back rewards on all purchases, so that business owners can focus on growing their companies.”
The Spark Cash Plus card was developed to help business owners run and invest in their business, all while earning 2% cash back on their purchases, which is especially important as many have growth in mind coming out of the pandemic. In fact, 2/3 of business owners say they plan to grow their business in the next 6 months, according to recent research conducted by Morning Consult in partnership with Capital One.
The updated Spark Cash Select products will give small business owners a choice of features that work best based on their credit and business spending needs. One version, for business owners with excellent credit, offers a $500 cash bonus for new cardholders that spend $4,500 in the first three months. The other offers a 0% introductory APR for 12 months and is available for business owners with good credit. Both versions offer unlimited 1.5% cash back rewards with no annual fee.
Capital One Business cardholders will also be eligible for special entry rates at the recently-announced Capital One airport lounges opening later this year at Dallas/Fort Worth Airport (DFW) airport, and in 2022 at Denver International Airport (DEN) and Dulles International Airport (IAD). In addition, Spark Miles and Spark Miles Select cardholders currently receive a 33% bonus on all miles transferred to the British Airways (Avios) loyalty program through August 31, 2021, and will have access to the new, smarter, travel booking experience, Capital One Travel, powered by Hopper, launching later this year.
Features of the new Spark Cash Plus card include:
- Unlimited 2% cash back on every purchase
- Enjoy a one-time bonus of up to $1,000: $500 once you spend $5,000 in the first three months, and an additional $500 once you spend $50,000 in the first six months
- Earn an annual $200 cash bonus for every year you spend $200,000 or more on the card
- No preset spending limit; your purchasing power adapts to your spending and payment behaviors
- Free employee cards
- $0 fraud liability if your card is lost or stolen
- Your balance is due in full every month, otherwise you’ll be charged a 2.99% monthly late fee
- No foreign transaction fees
- Annual fee of $150
- Unlimited 1.5% cash back on every purchase
- One version is great for businesses with Good credit and will offer a 0% introductory APR for 12 months
- The other version is ideal for businesses with Excellent credit and will offer a one-time $500 cash bonus when cardholders spend $4,500 in the first 3 months
- Free employee cards
- $0 fraud liability if your card is lost or stolen
- No foreign transaction fees
- No annual fee
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