Update: Offer expired
The insane welcome offer on the Capital One Spark Cash Plus card for $3,000 after spending a total of $50,000 within the first six months is expiring on March 14th. The Capital One Spark Cash Plus card is a great business card earning 2% cashback on all purchases. Many business owners have already changed to the Spark Cash Plus card and are earning thousands of dollars in rewards. Now is the best time for your business to make the change as well.
Here are some popular questions about the card and approvals.
How much credit do I need to get approved?
In my experience I’m seeing Capital One looking for about 3 years credit history and a credit score of 740 or higher. You can check out our Credit Card Database for many data points on approvals here.
Is there any way to waive the annual fee?
The Spark Cash Plus has a $150 annual fee which is not waived the first year. However, you can get $200 cashback every year if your business spends at least $200,000 or more per year on the card. Capital One is trying to attract big businesses who spend a lot. So as long as your business can spend $200,000 a year, the annual fee will be offset by the $200 credit.
Can I transfer the cashback to airline miles?
The cashback you earn with the Spark Cash Plus can be transferred over to airline points. Each penny will turn into one point. You will need to have a Capital One card that earns miles in order to do so. Mile cards can either be a Capital One Venture card or a Spark Miles card.
Do I also get 2% cashback for the $50,000 I spend towards completing the bonus?
Yes. After completing the $50,000 spending requirement and getting the $3,000 bonus, you will get a total of $4,000 cashback.
Will the Spark Cash Plus card report on my personal credit report?
No. The Spark Cash Plus is the only Capital One business card that does not report on your personal credit report.
I already got the bonus once, can I get it again?
The good news is that you can apply for the card and get the bonus even if you’ve already received the bonus in the past. In order to get approved for a second Spark Plus you need to apply under a different business name and tax ID. The official terms of Capital One state that if you’re already a Spark card member then you “may” not be eligible for the bonus. But in my experience you do get it.
It’s also important to note that the Spark Cash Plus card is a new product that was just released this past summer. Do not confuse it with the older Spark Cash card (one is Spark Cash and one is Spark Cash Plus). If you did not yet get the bonus for the Spark Cash Plus, then you’re eligible to get the bonus even if you already received a bonus on the Spark Cash (and even if it’s on the same business).
Which credit bureau does Capital One pull?
Capital One will pull your credit from all three credit bureaus; Experian, Transunion, and Equifax. You are able to freeze one of the credit bureaus and still get approved for the card.
Can I apply without an LLC or C-Corp?
Is Capital One approving nice limits?
The Spark Cash Plus is a “charge card” so there is no pre spending limit. You must pay your balance in full each month. But spending power adds up nice and quick and I’ve seen consumers swiping hundreds of thousands a month, easily, with the card.
Can I downgrade the card?
The Spark Cash Plus cannot be downgraded. However, being that it is a business card that does not report on your personal credit report, if you decide you don’t want the card after a year, you can simply close the account. It will not affect your credit.
Is the Spark Cash Plus Card the same as the Spark Cash card?
This is the Capital One Spark Cash “Plus” card, which should not be confused with the Capital One Spark Cash card.
This past summer, Capital One discontinued the Spark Cash card and released the Spark Cash Plus card.
People are confusing the two cards so make sure you don’t! Even if you already have the Spark Cash you can now get the Spark Cash Plus.
Can I get approved even if I recently got approved for another Capital One card?
I have seen many reports of people getting approved for the Spark Cash Plus even if they recently applied for the Venture X. But I have also seen reports of people getting declined for the second card due to the first card approval. So I believe this question does not have a definite answer. Sometimes they will approve and sometimes they will decline.
Can I get my credit card numbers immediately after approval?
Your new card will be available in your Capital One app immediately after you get approved (you might need the 3 digit security code on the back of your card to access it, which means you must wait for your physical card to arrive). Physical Capital One credit cards usually cannot be expedited, I wonder if the same will be with this new luxury card.
How can I check the application status?
You can check your application status by calling 1 800 903 9177 or 1 877 277 5901.
If I was declined can I have the application reconsidered?
If declined you can call 1 800 625 7866 to be reconsidered (Capital One will usually only reconsider an application due to application error, for example, you entered the wrong social security number or the wrong income, etc.).
If I apply for two Capital One cards will they pull my credit twice?
Credit inquiries for same-day Capital One applications will be combined. So as long as you apply for both cards the same day, the inquiries will be combined.
Act fast! Get the card before the offer expires!