In 2021, Capital One discontinued the Spark Cash for Business credit card, which earned 2% cash back everywhere, and replaced it with the Spark Cash Plus, a charge card with the same earnings structure, no preset spending limit and the requirement that you pay the balance in full monthly.
Over the weekend, Dave over at MilesTalk noticed that the card is suddenly open again for new applications – without Capital One making any sort of announcement (that I’m aware of). Not only that, but there’s a decent welcome offer attached that’s good for $750 cash back after spending $7,500 within the first 3 months in addition to the $95 annual fee being waived for the first year.
The Offer & Key Card Details
| Card Offer and Details |
|---|
$750 Cash Back ⓘ Non-Affiliate Earn a $750 cash bonus when you spend $7,500 within the first 3 months. $0 introductory annual fee for the first year, then $95 Information about this card has been collected independently by Frequent Miler. The issuer did not provide the details, nor is it responsible for their accuracy. FM Mini Review: A good option for business owners who prefer simple cash back rewards. Earning rate: 2% everywhere ✦ 5% on hotels and rental cars booked via Capital One Travel Base: 2% Card Info: Visa Signature issued by CapOne. This card has no foreign currency conversion fees. Noteworthy perks: No foreign transaction fees |
Quick Thoughts
This is a bit of a bizarre development, as we normally see some PR going into a card launching, or in this case re-launching, but we haven’t heard a peep from C1. It’s also interesting that this card still has the same 2% everywhere earning structure as the Spark Cash Plus, the only difference being that this is a credit card with a spending limit and the ability to run a balance, whereas the Spark Cash Plus is a charge card with no preset spending limit that’s paid off monthly. Oh, and the “regular” Cash is $55/year cheaper.
As far as the welcome offer goes, while the required spend is on the high side, you would end up with an effective 12% total cash back on the first $7.5K in purchases between the $750 and the 2% you’d earn on all purchases with this card.
That said, where the welcome offer really shines is if you also have a Capital One card that earns miles. It’s possible to convert cash back to Capital One miles at a rate of $0.01 per mile, so the cash back could become 90,000 transferable miles (including the $150 you earn from completing the $7,500 spend). Given that Capital One has a good set of transfer partners, that could make for an even better deal.
Although there was a period where Capital One was reporting the Spark Cash on personal credit reports, it stopped doing so at the end of 2021 for new approvals as long as the account remained in good standing. As of now, we don’t have any confirmation as to whether or not that remains the case.
Capital One Application Tips
- 48 Month Rule: Existing or previous cardholders are not eligible for the same personal card if they have received a new cardmember bonus for the same product within the last 48 months. This doesn't apply to business cards.
- 2 card limit no more? Conventional wisdom and user experience used to be that you can have at most 2 Capital One cards. However, there are now frequent data points of some people having many more.
- 1 Charge Card Limit: Capital One only allows cardholders to be have one business charge card, so it's not possible to be the primary cardholders on both the Venture X Business and Spark Cash Plus. This doesn't apply to authorized users.
- Hard inquiries often get issued through all 3 credit bureaus.
- Velocity Limits? It used to be thought that Capital One will only approve you for one card every six months. While this is still many people's experience, we've now frequently seen data points of approvals for a second card within that timeframe.
- Application Status: Call (800) 903-9177 to check your application status.
- Reconsideration: If denied, call (800) 625-7866 for reconsideration.
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