Capital One Spark Cash Plus card review

You can apply for the card online. The application is fairly straightforward; according to Capital One, the process should take 10 minutes or less. You'll need to provide personal information including your Social Security number, annual income, and monthly mortgage or rent amount, as well as:

• The legal names, addresses, and Social Security numbers for all business owners 

• The legal business name, address, and company tax ID number

Once you complete and submit the application, you should receive a decision in just a few minutes.

If you're approved for the Spark card, you'll receive your card in the mail in seven to ten business days. Then, earning cash back is simple. 

You'll receive a 2% reward for every dollar you spend. If your business has high capital expenditures, you'll be pleased to hear there aren't any cashback rewards caps. Plus, you can order cards for your employees at no additional charge and earn cash-back rewards on their spending as well.

Keep in mind that the card has no preset spending limit, which can be helpful when you need to make a large purchase. However, the balance is always due in full. There is no APR because the Spark card is not designed for carrying a balance. If you don't make your payment by the due date, the balance is subject to a penalty rate of 2.99% per month and the account will be marked as past due.

The business card has a few useful features you won't find with most personal credit cards. You can assign an employee as the card account's account manager to oversee purchases, review spending and transactions, make card payments, and handle card-related problems. This is helpful, so you don't have to personally call Capital One yourself each time you have a question or issue.

There are plenty of spending and transactional reports available that can be downloaded or integrated with other software, such as Excel, Quicken, or QuickBooks. And to make tax time easier, Capital One issues year-end itemized spending reports.

There are a few features that keep your account safe. The Spark card is backed by Visa for fraud protection and comes with $0 in fraud liability, as well as emergency-replacement service and available cash advances. In addition, you can assign credit cards to employees with custom spending limits.

The virtual card feature is unique and especially useful if you make frequent online or cardless transactions. You'll receive a temporary card number when making purchases online to keep your actual card account number concealed from merchants, reducing the potential for fraud.

The Spark business credit card is available to business owners at all stages. A traditional small business or corporate setup may come to mind first, but applicants in the early stages of a startup, or individuals who are working a side hustle or a freelance gig, may also qualify. 

Although the Spark Cash Plus is a business card, the card issuer reviews your personal credit to determine approval odds. You'll need an excellent credit score to get approved.

Most business credit cards operate this way, using the card applicant's credit history (instead of the company's credit score) to approve or deny an application. The good news is, businesses with a limited track record can still have access to a revolving line of credit through the owner. However, a business credit card could affect your personal credit. 

The Capital One Spark 2% Cash Plus card is an excellent card that can grow with your business. It comes with no preset spending limit, unlimited rewards-earning opportunities, and free employee cards that can be set with custom spending limits. Those are just some of the reasons the card is ideal for businesses ranging from new startups to growing, established companies. 

Capital One checks your personal credit when you apply for a business card. If you're applying for a Capital One business credit card, you'll need to provide your Social Security number — and the number for all the other business owners. 

If you're just getting started with a business or work as a freelancer, you may be able to qualify for a Spark business credit card — as long as you've set up a business entity. Capital One will ask for your company's legal name and Tax ID number during the card application process. 

If you're not interested in the Capital One Spark Cash Plus, consider these alternatives.

• Chase Ink Preferred: It's less expensive with an annual fee of $95, but could be more rewarding for the traveling businessperson. It earns 3x points per dollar (on the first $150,000 spent in combined purchases per year) for a variety of business-related expenses, and comes equipped with a nice selection of travel protections. It also features a 1:1 transfer rate to Chase's travel partners. By transferring points, cardholders could find a higher per-point value.
• American Express Business Gold Card: Coming in at a higher price tag of $295 annually, it offers greater rewards and better benefits. The Business Gold card offers cardholders 4x points per dollar in the two categories they spend the most in each billing cycle, making it flexible and rewarding. However, the 4x points categories are limited to the first $150,000 spent in a calendar year, so if your business spends more than that annually, it's better to go with a different card.
• Bank of America Business Advantage Customized Cash Rewards Card: An ideal choice for small business owners. For no annual fee, it offers the choice of one 3% cash back category to earn in, in addition to 2% for dining and 1% for everything else. The 3% and 2% categories are limited to the first $50,000 spent in combined purchases per year. The choices for the 3% cash back category include gas, office supply stores, travel, computer services, business consulting services, and TV, wireless, and telecom service.