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The Capital One Spark Cash Select for Excellent Credit is a cash-back credit card that earns you a minimum of 1.5% back on all purchases, plus 5% cash back on certain reservations booked with Capital One Travel. Unlike the Capital One Spark Cash Select for Good Credit, this card also comes with a quality $500 welcome offer after meeting spending requirements.
Let's take a look at the pros, cons, and benefits of the Spark Cash Select, as well as other card options to help you decide if this is the right card for your small business.
- Earn $500 Cash Back once you spend $4,500 on purchases within the first 3 months from account opening
- 1.5% cashback on every purchase
- 5% cash back on hotels and rental cars booked through Capital One Travel
- No foreign transaction fees
- $0 annual fee
- 1.5% cashback on every purchase
- 5% cash back on hotels and rental cars booked through Capital One Travel
Page Contents
- Capital One Spark Cash Select Pros
- Capital One Spark Cash Select Cons
- Capital One Spark Cash Select Welcome Offer
- Capital One Spark Cash Select Benefits
- Capital One Spark Cash Select Earning Rates
- Redeeming Cash Back With the Capital One Spark Cash Select
- Application Restrictions and Strategy
- Cards That Compete With the Capital One Spark Cash Select
- Final Thoughts
Capital One Spark Cash Select Pros
- Earn at least 1.5% back on purchases
- $500 welcome bonus
- $0 annual fee
Capital One Spark Cash Select Cons
- High 18.24% - 24.24% (Variable) APR.
- Rewards don't transfer to partners
- No trip protection benefits
Capital One Spark Cash Select Welcome Offer
New applicants for the Spark Cash Select can earn $500 once you spend $4,500 on purchases within the first 3 months from account opening. That amounts to an 11.11% return on spending, on top of the rewards you'll also earn from your purchases.
Capital One Spark Cash Select Benefits
The Spark Cash Select is limited when it comes to benefits, but there are a few worth noting.
Capital One Travel portal
The Spark Cash Select offers access to the Capital One Travel portal. Cardholders can use the portal to book flights, hotels, and rental cars. Although we don't necessarily recommend using a third party to book travel, this can come in handy thanks to Capital One's price drop guarantee. In the event that you book a flight when recommended and the price later drops, Capital One will refund you the difference (up to $50).
Related: Guide to the Capital One Travel Portal
Roadside assistance
Another benefit afforded to cardholders is roadside assistance, which can get you aid such as jump-starting, tire changing, and towing during an emergency.
Virtual card number
Capital One offers a virtual card number (different from the number printed on the card) to use when shopping online. This allows you to keep your actual number safe from would-be thieves or hackers.
Extended warranty
When using the Spark Cash Select to pay for a purchase, you'll automatically receive an extra year of warranty on your product. This warranty must be three years or less to be eligible for this benefit.
No foreign transaction fees
Foreign transaction fees can range from 1% to 5%, but the Spark Cash Select doesn't add this fee. Feel free to use it in other countries without incurring a penalty.
Capital One Spark Cash Select Earning Rates
The earning structure for the Spark Cash Select is simple: You'll earn 1.5% cash back on all purchases you make with no limit. If you book travel in the Capital One Travel portal, earnings are even better. Hotel and rental car rentals made through the portal earn 5% cash back.
This is better than some other cash-back business cards, which will limit increased earnings to specific categories while only giving 1% back on other purchases. However, it falls behind the rates you'll receive with other cards, especially those that earn miles.
For example, the Capital One earns 2x Capital One miles per dollar spent. In AwardWallet user redemptions, the average value of a Capital One mile is 2.66¢. This means that if you opted for this card instead, you'd be getting a 5.4% return on your spending compared to the 1.5% you'll get with the Spark Cash Select.
Related: Earn Up to $1,000 or 50K Miles From Capital One Spark Business Cards
Redeeming Cash Back With the Capital One Spark Cash Select
There are four different ways to redeem the cashback that you've earned with your credit card. If you have a Capital One card that earns miles, you'll unlock an additional redemption option, due to the ability to combine the rewards.
Gift cards
You can redeem your earnings toward gift cards with numerous retailers. The value on these can vary.
Statement credit
If you'd like to receive a statement credit against purchases that you've made, just log into your account to do so. There are no limitations for the amount you can redeem at any given time, nor for the categories of purchases for which you'd like a statement credit.
Paper check
If you'd prefer to receive a check in the mail rather than a statement credit, you can also opt to have one mailed to you. While this may take a little longer than applying a statement credit, it's a nice way to pad your bank account balance.
Capital One Travel portal
Your last option for redeeming rewards comes in the form of the travel portal, where you can redeem your cash back for bookings that you make. However, if you're interested in booking through the travel portal, you're better off doing the following to maximize your rewards:
- Book a hotel, rental car, or flight through the travel portal using your card to pay.
- Redeem cash back as a statement credit against the purchase.
Booking in this way allows you to both earn (up to 5% cash back in the case of hotels and rental cars) and redeem against a single purchase. You'll wind up with more rewards in the long run.
Application Restrictions and Strategy
The Spark Cash Select is an interesting beast when it comes to applications. Capital One tends to be one of the strictest card issuers around. This is especially true when it comes to those who frequently open new credit cards. Advice is to hold off from applying for cards for a few months before trying your hand with Capital One, because the issuer tends to be sensitive to the number of inquiries and new accounts it sees on your credit report.
There are a few other rules to note:
- You can hold a maximum of two personal Capital One cards at once.
- There is no limit to the number of business cards you can have.
- You'll only be approved for one card every six months.
- Capital One pulls from all three credit bureaus.
- Business credit cards are reported to your credit account; this means they'll be included in your Chase 5/24 count.
Capital One also tends to approve only those who will qualify for the bonus. However, it has recently begun including language that may indicate otherwise:
“Existing or previous Accountholders may not be eligible for this one-time bonus.”
There aren't any data points suggesting approval without eligibility for the bonus, but the door has been opened. Keep an eye out.
Related: Understanding Rewards Credit Card Application Rules and Restrictions
Cards That Compete With the Capital One Spark Cash Select
There are plenty of business credit cards out there. These run the gamut from no-annual-free options to cards that'll cost you hundreds of dollars per year to keep in your pocket. There are also cards that provide far more benefits, such as hotel elite status. If you're not sure the Spark Miles card is for you, consider the following:
- If you're looking for better cash back, The American Express Blue Business Cash™ Card also has no annual fee (Rates & Fees) but earns 2% cash back on the first $50,000 spent each year (then 1% thereafter). You'll also enjoy a 0.0% introductory APR on purchases for 12 months from the date of account opening, then a variable rate, 18.49% - 26.49%, based on your creditworthiness and other factors as determined at the time of account opening. APRs will not exceed 29.99%. Check out our full review of the Blue Business Cash for more details.
- If you'd rather earn transferable rewards, the Capital One Spark Miles for Business waives the annual fee during the first year, then it's $95 in years two and beyond. This card gives you 2 Miles per $1 on every purchase, everywhere. These can then be transferred to Capital One's 18 hotel and airline partners. Check out our full review of the Spark Miles card for a deeper look.
- If your credit isn't excellent, the Capital One Spark Cash Select for Good Credit has all the same benefits without the cash bonus in the welcome offer. It also features a 0% Intro APR for the first 12 months; it has a 20.99% - 28.99% variable APR after that.
Related: Top Small-Business Credit Card Offers
Final Thoughts
The Spark Cash Select is a decent option for those looking to earn no-fuss cash back. With an unlimited 1.5% on everyday spending, it takes little forethought to earn and redeem your rewards. However, it falls behind competitors when it comes to a return on spending. This is especially true when compared to cards that earn flexible rewards points. Still, a $500 welcome offer and benefits such as roadside assistance, an extended warranty, and no foreign transaction fees make this card worth a second look.
- Earn $500 Cash Back once you spend $4,500 on purchases within the first 3 months from account opening
- 1.5% cashback on every purchase
- 5% cash back on hotels and rental cars booked through Capital One Travel
- No foreign transaction fees
- $0 annual fee
- 1.5% cashback on every purchase
- 5% cash back on hotels and rental cars booked through Capital One Travel
For rates and fees of the cards mentioned in this post, please visit the following links: The American Express Blue Business Cash™ Card (Rates & Fees)
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