Capital One Spark Classic Credit Card Review
The Capital One Spark Classic business credit card is a good fit for newly established businesses or those who are looking to rebuild credit after some missteps. This card allows you to pay budgeted, recurring expenses and earn some simple cash-back rewards along the way. Businesses should view the card as a stepping stone to other more fruitful financing opportunities while receiving straightforward rewards on all purchases. The card is budget-friendly with no annual fee, but you may want to avoid carrying a balance because of the high APR.
As you’re busy pursuing sales and creating revenue, travel miles and point bonuses in revolving categories may not figure that high on your priority list. This is why the Spark Classic business card lets you tend to the important things while still earning cash back on expenses like rent, utilities, phone and Internet services. If you use the card regularly and pay on time, you may even open your business to more attractive offers from Capital One or other issuers.
Down to business with the Capital One Spark Classic credit card
Perks and features of the Capital One Spark Classic credit card
Is the Capital One Spark Classic credit card right for my business?
For those business owners looking to grow and prosper, the Spark Classic for business credit card may be the ticket. Startup businesses with credit that’s on the mend or newly minted sole proprietors fall into the class of owners who might utilize the Capital One option. The card is a solid first step toward a variety of financing options. Responsible users will use this card to gain access to more appealing types of capital funding, such as travel rewards cards with significant welcome bonuses, small business loans or business lines of credit.
On the opposite end of the spectrum, businesses with well-established credit and more varied expenditures and operations may seek other credit card solutions, especially when travel perks enter the equation. Airline miles cards not only help defray the cost of airfare but also offer some creature comforts such as discounted membership fees to exclusive lounges. Some cards even offer a travel companion certificate on the anniversary of the card opening, so overall, businesses on the move won’t find much use for a basic cash-back card. Card benefits and features are much more diverse and appealing as creditworthiness hits top tiers and spending power increases.
However, if you’re looking for an apples-to-apples comparison with a card designed for credit rebuilders, the BBVA Compass Visa Business Rewards Credit Card could be a worthy alternative. The card also comes with no annual fee. Purchases at office suppliers earn you three points for every dollar and two points for gas and restaurant fare. Balance transfer rates range from 0-3.99% for 12 months and 20,000 CompassPoints accrue when you spend $3,000 in the first three months of account opening. Cardholders with fair or good credit will see APRs on ordinary purchases approach 25.24%.
The bottom line
With very few business credit card choices in the credit rebuilding realm, the Spark Classic business is a welcome sight for companies looking to expand their purchasing power. The card features a simple 1% cash-back structure, and those rewards never expire throughout the life of the account. The card is a springboard for businesses looking to make their way toward more lucrative credit card or debt financing methods.
Larger and more complex businesses with a firm market foothold would likely eschew the Spark Classic business card for cards that reward big expenditures, particularly when concentrated in categories that include travel, gas or restaurants, among others. For any business, reality holds that excellent credit standing means greater choice and so Capital One Spark business card holders would be on the right track to diversify their financing options.