Capital One Spark Cash Plus Business Card: $2,000+ Cash Bonus + 2% Cash Back

Updated with new big bonus for big spenders. The Capital One Spark Cash Plus is a rewards business charge card offering a big early spend bonus offer in addition to ongoing unlimited 2% cash back on all purchases (or better). Instead of a standard credit card where you can carry a balance and pay interest, this is a charge card where the balance is due in full every month. Here are the highlights:

• One-time cash bonus of $2,000 once you spend $30,000 in the first 3 months of account opening. You’ll also earn 2% cash back, which means you’ll earn a total of $600 + $2,000 = $2,600 in cash rewards on that $30,000 of spending. That’s a total of 8.6%!
• Additional $2,000 cash bonus for every $500K spent during the first year. You can earn this bonus multiple times over the course of year 1.
• Unlimited 2% cash back on every purchase, everywhere with no limits or category restrictions.
• Unlimited 5% cash back on hotels and rental cars booked through Capital One Travel.
• Comes with no preset spending limit, so it can adapt to your needs based on your spending behavior, payment history and credit profile.
• Add employee cards for free, and earn unlimited 2% cash back from their purchases
• Spark Cash Plus has no APR because your balance is due in full every month.
• $150 annual fee; Spend $150,000 annually and Capital One will refund this fee every year.

Consider that if you exactly meet both of the spending requirements above ($30,000 within first 3 months), you will end up with the $2,000 cash bonus plus $600 from 2% cash back = $2,600 cash total. That’s effectively 8.66% back on $30,000 of card spending!

This card does have a $150 annual fee, which makes it best suited for businesses with significant spending needs. NEW: Spend $150,000 annually and Capital One will refund this fee every year.

That may all seem like a lot, but many businesses make a lot of purchases for raw materials and/or inventory. If you pay estimated taxes each quarter, you can also pay the IRS via credit card with a 1.82% fee and still come out ahead.

This card does not have all of the bells and whistles like top-level rewards, transferrable airline miles, or airport lounge access. For that, look into the Capital One Venture X Business Card and its higher annual fee.

If you also hold the Spark Miles, Capital One Venture, or the Capital One Venture X rewards cards, you can convert your cash back rewards into their “miles”, which are then transferrable to various airline miles programs including British Airways Avios. With the right companion card, $2,000 in cash rewards could be converted to 200,000 miles.

Many people aren’t aware of the fact that they can apply for business credit cards, even if they are not a corporation or LLC. The business type is called a sole proprietorship, and these days many people are full-time or part-time consultants, freelancers, eBay/Amazon/Etsy sellers, Uber/Lyft drivers, or other one-person business owners. This is the simplest business entity, but it is fully legit and recognized by the IRS. On a business credit card application, you should use your own legal name as the business name, and your Social Security Number as the Tax ID.

Bottom line. The Capital One Spark Cash Plus is a rewards business card where you pay in full each month. If you put a lot of purchases on a card, this card is offering a big early spend bonus offer in addition to ongoing 2% cash back on all purchases (or better).

Due to the high first-year value, I will be adding this to my Top 10 Best Small Business Card Bonus Offers.