Spark Classic from Capital One: A Smart Choice for Small Business

Marcy Bialeschki
June 8, 2020

Times are especially challenging for small businesses these days. Small business owners are out there every day chasing the American Dream, and they consistently hit roadblocks that challenge their success and their livelihood. Having a small business credit card to help get through some of those roadblocks could be the difference between success and failure for some.

The Spark Classic small business credit card by Capital One is not only a smart choice for small businesses but also the only option for people with average credit. No, it does not have a sign-up bonus or a low introductory APR. Still, it can provide some buying power for small businesses that would otherwise crash into those roadblocks. Let's see what's down the road for customers who choose the Spark Classic from Capital One.

Extra expenses on a small business budget are not welcome, so small business owners will celebrate no annual fee with the Spark Classic card. Capital One sets the credit limit based on creditworthiness, but all accepted customers will receive a credit line minimum of $500. This amount may not sound like much, but it can make a difference when critical necessities are in short supply.

The Spark Classic from Capital One has a cash back rewards program with all purchases earning 1%. Although 1% is a modest reward, most small business owners can agree, any cash rewards are welcome. Even better, the cash back earned has no minimum for redemption, and it never expires.

With responsible use, the Spark Classic card helps small businesses build credit. While the minimum line of credit is $500, many customers qualify for more. All Spark Classic cardholders can increase their line of credit over time by using the card and paying the balance each month.

The Spark Classic card by Capital One is an entry-level, unsecured card. Potential customers can get approved without a business credit history, giving first-time entrepreneurs and start-up businesses spending power. If a business credit line is not available, a personal credit check will most likely be the basis by which Capital One gauges creditworthiness to set a line of credit.

Capital One understands the importance of tracking expenses for small businesses. This is why Spark Classic customers will receive a year-end itemized spending report that can easily be downloaded to Quickbooks, Quicken, or Excel. Accounting "made easy" is another way the Spark Classic card keeps small businesses on track.

Capital One allows small business owners to choose a due date at their convenience. This perk is a small advantage that can make a huge difference. Because the Spark Classic has a high APR at 26.99% variable, cardholders will not want to carry a balance. Having the flexibility to set a due date is one way Capital One is helping business owners pay their bills on time and in full each month.

Capital One understands that small business owners might need to equip employees with cards for convenience. Extra cards are available at no additional cost. These cards can have spending limits, and all of the rewards points are pooled collectively.

A convenient mobile app makes tracking business spending easy. Small business owners can access their account anytime to check their balance or review a purchase. Cardlock can also be accessed through the mobile app. If your card is lost or stolen, you have the power to lock it immediately.

The Spark card also comes with Eno, a 24/7 monitoring program, alerting owners of suspicious activity. Spark card owners can choose how they prefer to receive fraud security alerts: text messages, phone calls, or e-mail. Eno also provides virtual card numbers for extra security when making online purchases. If your card is compromised, rest assured that you will not be held responsible for any fraudulent charges.

The Spark Classic Overview

Small business owners can qualify for a $500 minimum line of credit with limited or no business history and a personal credit score of 630+

The Spark Classic credit card has a high 26.99% APR. This card is not intended to carry a balance.

All purchases earn 1% cash back that never expires and can be redeemed at any amount.

Spark Classic customers will receive a free year-end itemized spending report that makes accounting easy.

Responsible use of the Spark card will help small business owners build credit for their business.

Free employee cards are available with spending limits.

No annual fee

No foreign transaction fee

Maximum late fee $39

Cash advance fee = 3% or a $10 minimum

Cash advance APR = 26.99% variable

New small businesses with limited or no credit history will find the Spark Classic by Capital One to be their only choice for extra spending power. A personal credit check will most likely be necessary, and an average credit score will be needed to obtain the card. Even though the Spark Classic will only provide a limited line of credit, it can help small business owners maneuver around those roadblocks and stay on the road to success.

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