An option for those who want to have a simple credit card for business.
If you’re the one who owns a small business, you definitely have a lot of things to do. You need to organize your business and manage the expenses. What we mean to say is that bosses don’t have time to bother with a credit card that’s too complicated. That’s why we recommend you having a look at the Capital One® Spark® Cash Select for Business that offers a simple structure of earning rewards.
Basic features and advantages of the card
The card allows its cardholders to earn cash back on everyday basis (1.5%). There is also a sign-up bonus of $200 promised. If you want to get it, you’ll easily manage to do it since it’s required to spend only $3,000 within the first 3 months in order to be rewarded. Apart from these offers, you’ll find the card very appealing if you’re on the of the following people:
- You’re the one who needs a card with a relatively long interest free period. This card implies no APR for the purchases made for as long as 9 months. We believe this time should be enough for you to pay off several purchases without the need to pay any extra money. Once the period is over, the variable APR of 13.99 – 21.99% applies. We’ll give you an example so that you can clearly see the benefit that the interest free period gives. Let’s say you make a purchase of $15,000 right after you get the card. If you make such a purchase with the card that has no interest free period and goes with the APR of 18%, the total sum you’ll pay as an interest amounts to $797 (provided that you pay the purchase off in full within the next 6 months after it is made).
- You’re the one who avoids cards with fees at all costs. This feature allows you to save some money and use it towards your future purchases. The card we are talking about today has neither the fee to pay for using the card nor any additional fees for paying with it while travelling. This is a great feature that turns out to be beneficial for those who go abroad on business trips.
- You’re the one who hates the very idea of a too complicated earning rewards structure. With this card you won’t have to deal with miles or points credited to your account as a reward. Forget about all that. This card goes the traditional and the easiest way – you receive your rewards in the form of cash back. You don’t have to bother with bonus categories and you’re free to request your cash back anytime you want since there are no redemption restrictions.
The reasons for you to get a different card and other cards available at the market that may be interesting for you
There is no doubt that thee card offers great benefits for those CEOs who look for a simplicity in a card for their businesses. Still, there is no card that’s perfect. In case of this card, there are the following drawbacks to keep in mind:
- There are no bonus categories for the purchases in which you can get more rewards. We’ve already mentioned the fact that this card is designed to be as simple as possible. Of course, as we all know tastes differ. Some potential cardholders will find the SimplyCash® Plus Business Credit Card from American Express to be more appealing due to the fact that there are some bonus categories for which higher effective rates apply.
This card goes with 3%, 5% and 1% rates for various purchases. In order to know more about the categories, you can either visit the official website of the issuer or find an article about devoted to this card. The difference of this card from the one we’re telling you about in this article is that it offers 2 sign-up bonuses. You’re rewarded the first bonus ($200 statement credit) if you manage to spend at least $5,000 paying for eligible purchases with the card during the first 6 months. As for the 2nd bonus ($200), it’s given to those cardholders who manage to spend the total sum of $10,000 within the first year of using the card.
This card also grants you an access to the exclusive AMEX service – the OPEN service that allows a cardholder to keep all his/her expenses under control and buy items on the official portal on 5% discount. There is also a forum where you can share your experience and ideas with other entrepreneurs and ask for an advice if necessary.
Even though there is no annual fee to be paid each year, you’ll have to pay an additional charge of 2.7% when using the card in a different country to pay for something.
Our tip: There is a number of bonus categories that go under the rewards rate of 3%. It’s up to you to choose the category for which you want to get 3% reward. However, you need to remember that there is the limit of $50,000 (per year) that applies to both the 5% and 3% categories of purchases. If you exceed the limit, the standard rate of 1% will apply for the purchases even if they refer to the bonus categories.
- The sign-up bonus promised to new cardholders may seems to be rather low. Actually, there are some other cards out there that offer big sign-up bonuses. If you prefer the sign-up bonus you get to be big, you need to know more about the Ink Business Preferred℠ Credit Card. You’re promised 80,000 bonus points that are equal to $1,000 statement credit to be used on your trips ahead. The reward is given to those who manage to spend $5,000 within the first 3 months of using the card.
Summary: Is the Capital One® Spark® Cash Select for Business exactly the card you should get for your small business?
The card is perfect for those CEOs who dislike paying any fees but are looking for an opportunity to easily earn rewards. At the same time, if you think that certain business perks will be quite valuable for you or if you spend a lot on making purchases in a certain bonus category, you need to think over the possibility of applying for a different card.