Capital One Spark Business Card Overview
The Capital One Spark Business Card lineup is tailored for small business owners seeking straightforward rewards and flexible redemption options. Here are some of the notable cards available:
- Spark Cash Plus: Offers unlimited 2% cash back on all purchases with no preset spending limit.
- Spark Miles for Business: Earns 2 miles per dollar spent with no foreign transaction fees.
- Spark Cash Select: No annual fee and provides 1.5% cash back on all purchases.
- Spark Classic: Designed for business owners building credit, offering 1% cash back on all purchases.
The Capital One Spark Card suite emphasizes simplicity, with flat-rate rewards on all purchases and no complicated bonus categories.
Chase Business Credit Card Overview
Chase offers a diverse range of business credit cards catering to different spending habits. Popular options include:
- Ink Business Unlimited: Provides 1.5% unlimited cash back with no annual fee.
- Ink Business Cash: Offers 5% cash back on office supplies and internet/phone services, plus 2% on gas and restaurants.
- Ink Business Preferred: Earns 3 points on travel, shipping, and advertising expenses, making it ideal for businesses with travel needs.
- Southwest Rapid Rewards Performance Business: A great option for frequent Southwest Airlines travelers, providing 3 points on Southwest purchases.
Chase business cards reward strategic spending, allowing users to earn more based on defined bonus categories.
Rewards and Cash Back Comparison
When comparing rewards, the Capital One Spark cards are best suited for businesses desiring simple, flat-rate rewards. The 2% cash back from the Spark Cash Plus surpasses the 1.5% offered by Chase’s Ink Business Unlimited. However, Chase provides higher rewards for those who spend heavily in specific categories, such as travel, office supplies, and advertising. If you can maximize the Chase bonus categories, you can earn significantly more rewards.
Overall, if you value simplicity, Capital One Spark is the way to go. Conversely, if your business aligns with the Chase bonus categories, you’ll benefit more with Chase.
Travel Benefits and Perks
- Capital One Spark Miles: Earn 2 miles on all purchases and allows for transfers to airline partners or use for travel purchases.
- Chase Ink Business Preferred: Provides 3 points on travel expenses and offers trip cancellation and delay protection.
- Southwest Rapid Rewards Performance Business: Tailored for frequent Southwest Airlines travelers.
If you seek flexible travel rewards, Capital One Spark Miles is a strong choice. However, for higher multipliers on travel-related expenses, Chase Ink Business Preferred stands out.
Annual Fees and Costs
- Capital One Spark Cash Plus: Carries a $150 annual fee but has no preset spending limit.
- Chase Ink Business Preferred: Has a $95 annual fee but offers valuable travel protection features.
- Chase Ink Business Unlimited and Cash: Both options have no annual fee, making them suitable for smaller businesses.
Chase offers better no-fee options, but if you spend enough to justify the fees, the flat-rate rewards from Capital One could offset this cost.
Credit Requirements and Approval Process
For the Capital One Spark Business card, it’s generally easier to qualify, even with a fair credit score. The Spark Classic is available for businesses focused on building credit.
On the other hand, Chase business cards require a good to excellent credit score (680+) and follow the 5/24 rule, meaning if you’ve opened five or more credit cards in the last 24 months, you might be denied.
If you have a less-than-perfect credit score, Capital One Spark Classic may be a better option, while qualifying for Chase cards can yield better reward bonuses.
Business Tools and Expense Management
Capital One Spark offers several tools for expense management:
- Free employee cards with customizable limits.
- Year-end summaries for tax and accounting.
- Purchase records integrated with QuickBooks and other accounting software.
Chase also provides useful features:
- Free employee cards with customizable spending controls.
- Integration with Chase business banking for seamless tracking.
- Business spending insights and analytics via the Chase dashboard.
If you already bank with Chase, their tools offer better account integration, although both options provide robust expense tracking features.
Pros and Cons Summary
Capital One Spark Business
Pros:
- Flat-rate rewards with 2% cash back on all purchases.
- Easier approval process.
- Simple expense management tools.
Cons:
- Annual fees on premium cards.
- Fewer travel protections compared to Chase.
Chase Business Cards
Pros:
- Higher rewards in specific categories.
- Superior travel perks, including insurance and hotel benefits.
- No annual fee options available.
Cons:
- More difficult approval process due to the 5/24 rule.
- Rewards categories may not align with every business’s spending.
Conclusion
Choosing between the Capital One Spark Business and Chase Business Cards depends on your business needs:
- Opt for Capital One Spark if you prefer straightforward flat-rate rewards and easier qualification, making it ideal for newer businesses.
- Choose Chase if your business spends significantly on advertising, office supplies, or travel, as you can maximize your rewards by taking advantage of their bonus categories and travel perks.
Ultimately, the best choice hinges on your spending habits and financial goals. Let us know in the comments which business card you prefer and why! Thank you for reading, and we hope to see you next time.
