High-spending businesses can maximize their purchases with the Capital One Spark Cash Plus. This charge card offers a massive welcome bonus for businesses that can meet the minimum spending requirements, and you can get a refund for the $150 annual fee based on your spending.

You'll earn an unlimited 2% cash back on purchases with no preset spending limit. Add employee cards to earn even more cash back and track spending. Learn more about the Spark Cash Plus to decide if it's right for your business.

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Capital One Spark Cash Plus

• Annual fee
  $150
• Welcome offer
  Earn $2,000 cash back after spending $30,000 within the first 3 months, plus get an additional $2,000 cash bonus for every $500,000 spent during the first year
• Card type(s)
  Business, Cash-back
• Purchase APR
  Not applicable
• Recommended credit score
  Excellent

• Rewards rate
  • 5% unlimited cash back on hotels and rental cars booked through Capital One Travel
  • 2% unlimited cash back on all other purchases (no limits or category restrictions)

• Benefits
  • Get your $150 annual fee refunded every year after spending at least $150,000
  • Your spending limit is flexible and adjusts based on factors such as your purchase, payment, and credit history
  • You'll never be charged interest since your balance is due in full every month

How to earn rewards

You can rewards from the Capital One Spark Cash Plus in five primary ways.

1. Earn the welcome bonus

When you apply for the Spark Cash Plus, you have the opportunity to earn a one-time bonus of $2,000 after spending at least $30,000 in the first three months after opening your account. While that's a high spending requirement, this cash-back bonus is much higher than small business credit cards typically offer.

If you have a high-spending business, you can earn even more cash from the other part of the welcome offer. This includes a $2,000 cash bonus for every $500,000 spent in the first year.

2. Everyday spending for your business

You'll receive an unlimited 2% cash back on every eligible purchase for your business. You don't have to worry about bonus categories or limited-time offers. Plus, there is no cap on how much cash back you can earn each year.

3. Book through Capital One Travel

When you book hotels and rental cars through Capital One Travel, your cash-back rewards increase to 5% on every reservation. This online booking platform provides numerous benefits, including flight price prediction, price drop protection on flights, and the option to add penalty-free flight cancellation to airfare bookings.

4. Add free employee cards to your account

Business owners can add employee credit cards to their Capital One Spark Cash Plus at no extra charge. You can set individual spending limits for each employee and track their purchases online. This process makes it easier to stay on top of their spending and assign their purchases to specific projects or customers.

5. Refer other small businesses

You'll receive a referral bonus when another small business applies through your unique link and is approved. The referral bonus is based on which Capital One business credit card you have. Log into your account to see how much you can earn by referring other business owners.

How to redeem rewards

The cash-back rewards earned from this Capital One credit card can be redeemed in multiple ways, including:

• Account credit. Reduce the balance owed on your credit card by applying cash-back rewards as a statement credit.

• Cover past purchases. Use rewards to receive credits to cover previous purchases.

• Gift cards. Redeem rewards for gift cards to use yourself, to give to customers, or to reward employees. Capital One offers gift cards from various retailers and restaurants.

• Entertainment. Redeem rewards for dining, sports, music, and other entertainment events.

• Online shopping. Use your rewards during checkout at Amazon or any site that offers PayPal as a payment option.

• Travel. Redeem rewards for travel purchases, such as flights.

Additional benefits

In addition to earning cash-back rewards on your business purchases, the Capital One Spark Cash Plus offers other benefits that can justify its annual fee.

• Annual refund based on spending. Businesses with high annual spending can earn a refund of the $150 annual fee when they spend at least $150,000 in an anniversary year.

• No preset spending limit. If your spending needs vary, you'll be able to make larger purchases without hitting your credit limit. Capital One adapts your ability to make purchases based on your spending behavior, payment history, and credit profile.

• No APR charges. There isn't a standard APR for the Capital One Spark Cash Plus because it is a pay-in-full card. You must pay your balance in full each month by the payment due date. If you don't, Capital One charges a late fee of 2.99% of the unpaid portion of your minimum payment. Additionally, your account will be considered past due until your balance is paid.

• Free employee cards. Earn rewards on employee cards by adding them to your account for free. You can set individual spending limits and access reports on their purchases at no extra charge.

• No foreign transaction fees. Use the Spark Cash Plus when traveling internationally or on purchases from international vendors without getting hit with foreign transaction fees of up to 3%.

• Extended warranty coverage. Eligible purchases receive complimentary extended warranty and protection coverage.

Who is the Capital One Spark Cash Plus best for?

The Spark Cash Plus is best for small business owners who want to earn a flat rate of cash-back rewards and have the cash flow to pay off their balance in full each month. This card is attractive for small business owners because they can earn an unlimited 2% cash back on every purchase. However, it is best for businesses that don't need to carry a balance from month to month because the late fee penalty is so severe.

Additionally, this Capital One small business credit card is ideal for big spending businesses. To earn the welcome bonus, you'll need to be able to spend $30,000 within three months without carrying a balance. Plus, you must spend $150,000 every 12 months in order to earn the annual fee refund.

Capital One Spark Cash Plus

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Capital One Spark Cash Plus benefits

• Unlimited 2% cash back on every purchase

• Large cash-back welcome bonus

• Earn a refund of the annual fee based on spending

Capital One Spark Cash Plus potential drawbacks

• Pay-in-full card that must be paid in full each month to avoid late fees

• Welcome bonus offer and annual fee refund require large spending

• High $150 annual fee with limited benefits

Where can you use Capital One Spark Cash Plus?

The Capital One Spark Cash Plus is accepted wherever Visa and Mastercard are accepted. Capital One issues both types of credit cards, and you won't know which type you'll receive until your card arrives. However, both are good options because they are the most widely accepted forms of credit cards in the U.S. and internationally.

This card is also an excellent companion when traveling internationally. It does not charge foreign transaction fees, so you won't be hit with hidden fees on your foreign purchases.

How to make a Capital One Spark Cash Plus payment

• Make payments online at CapitalOne.com

• Set up automatic recurring payments

• Use the Capital One mobile app

• Payments over the phone at (800) 867-0904

• Mail payments to Capital One, Attn: Payment Processing, PO Box 71083, Charlotte, NC 28272-1083

• Overnight payments to Capital One, Attn: Payment Processing, 6125 Lakeview Rd, Suite 800, Charlotte, NC 28269

• Make payments at a Capital One branch or ATM

Capital One Spark Cash Plus customer service info

• Customer service is available 24/7

• Phone number: (800) 867-0904

• Capital One Spark Cash Plus login page

Alternative cards to consider

The Capital One Spark Cash Plus is an excellent choice for small businesses with high spending and good cash flow, but it isn't the best choice for every company. If so, consider these alternatives.

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The American Express Blue Business Cash™ Card

Rates & fees, terms apply

• Annual fee
  $0
• Welcome offer
  Earn a $250 statement credit after you make $3,000 in purchases on your card in your first 3 months
• Card type(s)
  Business, Cash-Back
• Introductory Purchases APR
  0% on purchases for 12 months from date of account opening
• Ongoing Purchases APR
  17.74% - 25.74% Variable
• Recommended credit score
  Excellent/Good

• Rewards rate
  • 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%
  • 1% cash back on all eligible purchases after spending $50,000 per calendar year (cash back earned is automatically credited to your statement)

• Benefits
  0% intro APR on purchases for 12 months from the date of account opening (then variable rate 17.74% - 25.74%, based on your creditworthiness and other factors as determined at the time of account opening; APRs will not exceed 29.99%)

Why we like it: The American Express Blue Business Cash™ Card offers a 0% intro APR offer on purchases, providing extra time to pay off large expenses as you build your business or wait on clients to pay their invoices. It has a $0 annual fee and employee cards can be added for free. The card also includes complimentary rental car coverage, purchase protection, and extended warranty coverage.

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Ink Business Cash® Credit Card

• Annual fee
  $0
• Welcome offer
  Earn $350 after spending $3,000 in the first 3 months, plus an additional $400 after spending $6,000 in the first 6 months
• Card type(s)
  Business, Cash-Back
• Introductory Purchases APR
  0% Intro APR on Purchases for 12 months
• Ongoing Purchases APR
  17.74% - 25.74% Variable
• Recommended credit score
  Good, Excellent

• Rewards rate
  • 5% cash back on the first $25,000 in combined spending at office supply stores and on internet, cable, and phone services each account anniversary year
  • 2% cash back on the first $25,000 in combined spending at gas stations and restaurants each account anniversary year
  • 1% cash back on all other purchases

• Benefits
  • Earn 5% cash back on Lyft rides through March 2025
  • Get a 10% bonus on the cash back you earn in your first year if you have a Chase Business Checking account on your card anniversary (available on cards opened between March and November 2024)

Why we like it: The Ink Business Cash® Credit Card is excellent for business owners who want to earn bonus cash back on the categories they spend the most. This Chase business credit card has no annual fee for the primary cardholder or employee cards, and it includes primary rental car coverage (must be renting for business purposes), purchase protection, and extended warranty coverage.

Plus, you'll get a one-time 10% cash back bonus after the first year if you also have a Chase Business Checking account.

Read our full Ink Business Cash Credit Card review

Learn more

American Express® Business Gold Card

Rates & fees, terms apply

• Annual fee
  $375
• Welcome offer
  Earn 100,000 Membership Rewards® points after you spend $15,000 on purchases within the first 3 months. The Business Gold Card now comes in three metal designs — Gold, Rose Gold, and Limited Edition White Gold (while supplies last).
• Card type(s)
  Business, Rewards
• Introductory Purchases APR
  0% on purchases for 6 months from the date of account opening
• Ongoing Purchases APR
  18.74% - 27.74% Variable
• Recommended credit score
  Excellent/Good

• Rewards rate
  • Earn 4x Membership Rewards points on the top two eligible categories (out of 6 total categories) where your business spends the most each month. Although your top 2 categories may change each month, you will earn 4x points on the first $150,000 in combined purchases from these categories each calendar year, then 1x after that (only the top 2 categories each billing cycle will count towards the $150,000 cap; terms apply).
  • 3x points on flights and prepaid hotels booked on AmexTravel.com
  • 1x points on all other purchases

• Benefits
  • Earn up to $20 in monthly statement credits (up to $240 annually) for eligible U.S. purchases at FedEx, Grubhub, and office supply stores
  • Receive a monthly $12.95 statement credit after you pay for a monthly Walmart+ membership (subject to auto-renewal; up to $12.95 plus applicable taxes on one membership fee)
  • Your spending limit is flexible and adjusts based on factors such as your purchase, payment, and credit history

Why we like it: The American Express® Business Gold Card is a flexible rewards card that allows business owners to decide how they want to redeem their points.

While it has a relatively high annual fee, the Amex Business Gold includes $240 in annual credits at select business merchants and $155 in Walmart+ membership credits (select benefits require enrollment). It has no present spending limit and you can add employee cards at no additional charge.

Read our full Amex Business Gold Card review

This article was edited by Ben Walker (CEPF, CFEI®)

Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. All opinions belong solely to Yahoo Finance and are not those of any other entity. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information. This site doesn't include all currently available offers. Credit score alone does not guarantee or imply approval for any financial product.