Capital One® Spark® Classic for Business Review for 2022
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
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This article is part of a larger series on Best Small Business Credit Cards.
The Capital One® Spark® Classic for Business is best for business owners who have fair credit. When used responsibly, this small business credit card can help you build and strengthen your credit. Additionally, this unsecured credit card allows you to earn fixed-rate rewards on all business-related purchases without having to pay an annual fee.
Capital One® Spark® Classic for Business
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Fair credit business owners (580 to 669)
Intro APR
N/A
Regular APR
26.99% (Variable)
Annual Fee
$0
Credit Needed
Average, Fair, Limited
- 1% cash back every time you swipe
- Build your business credit through responsible usage
- Issue employee cards for free
Pros
- Opportunity to build business credit
- Only requires fair credit
- No annual fee
Cons
- No 0% introductory APR
- No sign-up bonus
- High APR
- Purchase protection: Capital One will replace, repair, or reimburse you for eligible items in the event of theft or damage within the first 90 days of purchase.
- Extended warranty protection: You’ll get additional warranty protection on eligible items that are purchased with your business card, up to 1 year past the manufacturer’s warranty.
- Auto rental collision damage waiver: You’re covered for damage due to collision or theft when you rent an eligible car with your Capital One® Spark® Classic for Business card.
Intro APR
N/A
Regular APR
26.99% (Variable)
Annual Fee
$0
Credit Needed
Average, Fair, Limited
- 1% cash back every time you swipe
- Build your business credit through responsible usage
- Issue employee cards for free
Pros
- Opportunity to build business credit
- Only requires fair credit
- No annual fee
Cons
- No 0% introductory APR
- No sign-up bonus
- High APR
- Purchase protection: Capital One will replace, repair, or reimburse you for eligible items in the event of theft or damage within the first 90 days of purchase.
- Extended warranty protection: You’ll get additional warranty protection on eligible items that are purchased with your business card, up to 1 year past the manufacturer’s warranty.
- Auto rental collision damage waiver: You’re covered for damage due to collision or theft when you rent an eligible car with your Capital One® Spark® Classic for Business card.
You can compare the features of one card to another by checking off this card and up to two more alternatives (see Capital One® Spark® Classic for Business Alternatives). This allows you to view the details of each card in a side-by-side comparison.
How We Evaluate Fair Credit Business Credit Cards
When grading business credit cards like the Capital One® Spark® Classic for Business, we first consider the annual fee and ongoing annual percentage rates (APRs). We also take into account the card’s ongoing rewards, security deposit requirements, introductory APR, and any other fees.
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|---|---|---|
Annual Fee | ||
Ongoing APR | ||
Ongoing Rewards | ||
Introductory Rewards | ||
Security Deposit | ||
Other Fees | ||
Introductory APR | ||
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| Total Score |
Who Capital One® Spark® Classic for Business Is Best For
- Business owners who have personal credit scores between 580 and 669: The Capital One® Spark® Classic for Business is an excellent unsecured credit card that helps build both personal and business credit.
- Business owners who want a fixed-rate rewards card: You’ll earn unlimited 1% cash back on all spending without having to keep track of category restrictions.
Capital One® Spark® Classic for Business Fees
- Introductory APR: None
- Ongoing APR: 26.99% variable—changes with the prime rate
- Annual fee: None
- Balance transfer fee: None
- Foreign transaction fee: None
- Cash advance fee: $10 or 3%, whichever is greater—APR is 26.99% variable
Capital One® Spark® Classic for Business Rewards
- Unlimited 1% cash back on every purchase for your business, with no minimum to redeem.
Cash back is available upon request as a statement credit or through a check sent by mail. You can also redeem your rewards as gift cards at restaurants, retailers, hotels, or use them to pay for a recent purchase made on your Capital One business credit card.
Capital One® Spark® Classic for Business Additional Features
Price Protection Plan
Capital One’s price protection plan is only available through Visa® Signature Business Benefits. You can receive a price difference refund if you see a purchased item at a lower price in another store’s printed advertisement within 60 days of purchase. The refund amount is limited to $500 per item and $2,500 per eligible account.
Purchase Security
Purchase security covers purchased items that were either stolen or damaged for the first 90 days after your purchase. It’ll replace, repair, or reimburse you up to the original purchasing price. Coverage is limited to $10,000 per claim and $50,000 per cardholder. Some purchases aren’t included with this coverage, such as animals, living plants, computer software, collectible items, jewelry, medical equipment, perishables, preowned items, and more.
Extended Warranty Protection
Capital One offers extended warranty protection on original manufacturers’ warranties of three years or less. It’ll double the length of the warranty up to one additional year. Coverage is limited to $10,000 per claim and $50,000 per cardholder. Items not covered with this protection include computer software, medical equipment, real estate, preowned items, motorized vehicles, leased items, and resale items.
Travel Accident Insurance
Capital One provides travel accident insurance, which is available through Visa® Signature Business Benefits. The coverage is limited to $250,000, and it covers you, your spouse, and unmarried dependent children. Coverage doesn’t include loss resulting from emotional trauma, mental or physical illness, suicide, intentionally self-inflicted injuries, war, and travel between the insured person’s residence and regular place of employment.
Lost Luggage Reimbursement
The lost luggage reimbursement is part of Visa® Signature Business Benefits, which protects your checked luggage or carry-on baggage against theft or misdirection by the common carrier. Capital One® Spark® Classic for Business lost luggage reimbursement covers the value of your checked or carry-on baggage up to $3,000 per trip. New York residents will only have coverage up to $2,000.
Auto Rental Collision Damage Waiver
Capital One provides an auto rental collision damage waiver in case of damage due to collision or theft, and it covers rentals of 31 days or less. The coverage is primary if the car rental is for business purposes, which means you won’t need to use your personal insurance or accept the rental company’s insurance. Capital One may reimburse you up to the cash value of the car.
Travel and Emergency Assistance Services
Capital One provides travel, emergency, medical, and legal assistance 24 hours a day to the cardholder, their immediate family members, and any business associates. The number is toll-free, but you’ll be responsible for the cost of any actual medical, legal, transportation, cash advance, or other services provided.
Pros & Cons of the Capital One® Spark® Classic for Business
| PROS | CONS |
|---|---|
| Opportunity to build credit:This card can help you build your credit if you use it responsibly and you pay your balances on time. | No 0% introductory APR: You can’t take advantage of interest-free financing if you plan to use this card to make a large purchase. |
| Only requires fair credit: Business owners with fair credit can qualify for the Capital One® Spark® Classic credit card. | No sign-up bonus: Unlike most small business credit cards, this card doesn’t offer a sign-up bonus. |
| No annual fee: You can earn unlimited fixed-rate rewards without having to pay an annual fee. | High APR: The Capital One® Spark® Classic credit card charges a high ongoing APR of 26.99%, which changes with the prime rate. |
Capital One® Spark® Classic for Business Alternatives
Wells Fargo Business Secured Credit Card
The Wells Fargo Business Secured Credit Card is an excellent alternative for businesses that need to establish or improve their credit and can make a security deposit between $500 to $25,000. This card can help you build business credit by reporting your payment and usage behavior to the Small Business Financial Exchange. This is also a good option if you don’t want a card that reports to personal credit bureaus.
Wells Fargo Business Secured Credit Card
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Business owners with poor credit
Intro APR
N/A
Regular APR
Prime + 11.90% on purchases
Annual Fee
None
Credit Needed
N/A
- Cash Back option:
Earn 1.5% cash back on every $1 spent - Reward Points option:
Earn 1 point on every $1 spent and receive 1,000 bonus points when your company spend is $1,000 or more in any monthly billing period - $0 annual rewards program fee
- $500 to $25,000 credit line
- Zero liability protection
Pros
- Approval with credit scores below 580
- Your choice of fixed-rate cash back or points rewards
Cons
- Requires a security deposit of at least $500
- Has an annual fee
- Purchase assurance: Wells Fargo will repair, replace, or reimburse you for items that are damaged or stolen within 90 days of purchase.
- Design studio: Include a personal image or business design on your credit card.
Intro APR
N/A
Regular APR
Prime + 11.90% on purchases
Annual Fee
None
Credit Needed
N/A
- Cash Back option:
Earn 1.5% cash back on every $1 spent - Reward Points option:
Earn 1 point on every $1 spent and receive 1,000 bonus points when your company spend is $1,000 or more in any monthly billing period - $0 annual rewards program fee
- $500 to $25,000 credit line
- Zero liability protection
Pros
- Approval with credit scores below 580
- Your choice of fixed-rate cash back or points rewards
Cons
- Requires a security deposit of at least $500
- Has an annual fee
- Purchase assurance: Wells Fargo will repair, replace, or reimburse you for items that are damaged or stolen within 90 days of purchase.
- Design studio: Include a personal image or business design on your credit card.
Capital One® Spark® Cash Select Good Credit
The Capital One® Spark® Cash Select Good Credit is a good alternative if you have a credit score that’s high enough to qualify for this card. This business credit card also offers fixed-rate cash back with no annual fee. Consider this card if you need to finance a large purchase, as it offers an introductory 0% APR for 12 months.
Capital One® Spark® Cash Select Good Credit
BEST FOR:
Businesses with good credit that want a 0% introductory APR
Intro APR
0%
Regular APR
15.99% to 23.99%
Annual Fee
0%
Credit Needed
Good
- Earn unlimited 1.5% cash back for your business on every purchase, everywhere, no limits or category restrictions.
- Enjoy a $0 annual fee in addition to the big rewards and cash bonus you can earn.
Pros
- No annual fee
- Ability to finance purchases with 0% APR for 12 months
- Free employee cards
Cons
- 0% APR doesn’t apply to balance transfers
- No sign-up bonus
- Cash back rewards aren’t competitive
- $0 foreign transaction fee: No foreign transaction fees on purchases made outside of the United States
- $0 fraud liability: Advance emergency replacement for lost and stolen card plus a cash advance
- Roadside assistance: Services such as jump-starting, tire changing, and towing
Intro APR
0%
Regular APR
15.99% to 23.99%
Annual Fee
0%
Credit Needed
Good
- Earn unlimited 1.5% cash back for your business on every purchase, everywhere, no limits or category restrictions.
- Enjoy a $0 annual fee in addition to the big rewards and cash bonus you can earn.
Pros
- No annual fee
- Ability to finance purchases with 0% APR for 12 months
- Free employee cards
Cons
- 0% APR doesn’t apply to balance transfers
- No sign-up bonus
- Cash back rewards aren’t competitive
- $0 foreign transaction fee: No foreign transaction fees on purchases made outside of the United States
- $0 fraud liability: Advance emergency replacement for lost and stolen card plus a cash advance
- Roadside assistance: Services such as jump-starting, tire changing, and towing
OpenSky® Secured Visa Credit Card
The OpenSky® Secured Visa Credit Card isn’t a business credit card, but you can still use it for business-related purchases. This card is a great option for new business owners who need to build both personal and business credit because the issuer doesn’t require a credit check upon application.
OpenSky® Secured Visa® Credit Card
BEST FOR:
Business owners with a credit score below 580
Intro APR
N/A
Regular APR
17.64% Variable
Annual Fee
$35
Credit Needed
No Credit Check
- No credit check needed to apply—OpenSky® won’t pull your credit so there’s no impact on your credit score.
- You can set your own credit limit by making a refundable deposit ranging from $200 to $3,000.
- OpenSky® reports your activities to credit bureaus including Equifax®, Experian® and TransUnion® to help you build or improve your credit score.
Pros
- No credit check required
- Helps build credit
- Low annual fee
Cons
- No introductory APR
- No rewards
- Requires security deposit
- Email alerts: Set up email alerts as a reminder to make a payment, or when you almost use up your credit limit.
- Automatic payments: You can set up recurring automatic payments to ensure your card is paid on time.
- All benefits of a Visa®: This card comes with all the benefits of a Visa® credit card, including worldwide acceptance and fraud protection.
Intro APR
N/A
Regular APR
17.64% Variable
Annual Fee
$35
Credit Needed
No Credit Check
- No credit check needed to apply—OpenSky® won’t pull your credit so there’s no impact on your credit score.
- You can set your own credit limit by making a refundable deposit ranging from $200 to $3,000.
- OpenSky® reports your activities to credit bureaus including Equifax®, Experian® and TransUnion® to help you build or improve your credit score.
Pros
- No credit check required
- Helps build credit
- Low annual fee
Cons
- No introductory APR
- No rewards
- Requires security deposit
- Email alerts: Set up email alerts as a reminder to make a payment, or when you almost use up your credit limit.
- Automatic payments: You can set up recurring automatic payments to ensure your card is paid on time.
- All benefits of a Visa®: This card comes with all the benefits of a Visa® credit card, including worldwide acceptance and fraud protection.
For other Capital One credit card alternatives, check out our guide to the best Capital One credit cards.
Bottom Line
The Capital One® Spark® Classic for Business is best for business owners who need a card that will help them build both personal and business credit without having to make a security deposit. If this card isn’t what you need, visit our Credit Card Marketplace and check out our guide to the best small business credit cards to find other cards that may be a better fit.
