|Highlights||Credit Card Feature|
|Things We Like||Earn 1% cash back on every purchase|
|Our Least Favorite||Very high APR for purchases and balance transfers|
|Our Verdict||Great card to get for those with a fair business credit score|
If you own a small business, you may already know it can be quite difficult to get a business credit limit nowadays in the US, especially if you don't have a good or excellent business credit score. Capital One understands that, so with its Capital One® Spark® Classic for Business, it considers businesses with average credit. This business credit card is ideal for any entrepreneur or business owner who wants a business credit card while rebuilding their credit. It is a Visa card, so it comes with many cardholder benefits.
Here we'll do a detailed review of Capital One® Spark® Classic for Business, one of the more popular business credit cards for fair credit in the US, and tell you how we rate this business credit card.
Things We Like About Capital One® Spark® Classic for Business
$0 annual fee. If you have a small business that doesn't have a very good credit score, Capital One makes it easy for you to use this card and build your business credit without having to pay any annual or monthly fee.
Earn 1% cash back on every dollar you spend. You will earn cash back for every single dollar you spend on purchases with this card.
Receive extra credit. With this credit card, you can get a higher credit limit by activating your card and using it at least once in the first 90 days, not exceeding your credit limit, and making your first three minimum monthly payments on time. A higher credit limit will come in handy if you have unplanned business expenses, and will also help improve your business credit score by having a lower debt-to-credit-limit ratio.
Free itemized report on your business spending. At the end of every year, so as to help you better organize your finances, spot any tax deductions and plan the next year's budget, you will receive a free itemized report of all your spending that current year.
Fraud coverage for lost or stolen cards. To make you feel more secure and protected, this card also includes a coverage against fraud, so if your card is ever lost or stolen, you will not be held responsible for any unauthorized charges from your card.
Purchase Security and Extended Protection. Purchase Security automatically protects most purchases you make with your business credit card within 90 days of purchase in the event of damage, loss, theft, or fire, up to a maximum of $10,000 per claim and $50,000 per cardholder. Extended Protection doubles the time period of the original manufacturer's written U.S. warranty up to 1 year on warranties of three years or less.
Have your company's logo on your card. With Capital One Image Card, you can easily upload your company's logo or a photo of your business. This customized card design helps you promote your business every time you use your card.
Free auto rental collision damage waiver. When you rent a car with this business credit card, you'll be covered with collision, damage, and loss insurance.
Travel and emergency assistance. When you're traveling for business anywhere, you can feel more secure knowing you can rely on a number of Visa emergency services 24/7 such as ticket replacement, medical or legal referrals and more.
No foreign transaction fees. Save on charges when making purchases outside of the US as this card has no foreign transaction fee.
Various discounts. This credit card also offers various discounts to help you save money on things like dining and staying at certain business hotels.
Online Banking. You can access and manage your account whenever it's convenient for you. With online banking, you can view account activity, pay bills, view and download up to 13 months of statements, and more.
Experienced small business customer service. No more recorded messages or being put on hold. If you have any questions, call them toll-free at 1-800-867-0904, and their representatives, who are specially trained to deal with business owners, will help you.
Our Least Favorite Things About Capital One® Spark® Classic for Business
Very high regular 24.49% variable APR rate for purchases and balance transfers. You'll have to pay interest to the tune of 24.49% variable APR if you carry a balance on your account, so we wouldn't recommend this card unless you make your payments in full every month.
How Other Cards Compare With Capital One® Spark® Classic for Business
|Annual Fee:||$0 introductory annual fee for the first year, then $95|
|Credit Required:||Excellent Credit|
|See Rates & Fees||Terms Apply|
|Intro APR:||0% intro APR on purchases and balance transfers for 12 months|
|Regular APR:||13.24% - 19.24% Variable|
|Annual Fee:||No annual fee|
|See Rates & Fees||Terms Apply|
|Regular APR:||15.74% - 24.74% Variable|
|Credit Required:||Excellent, Good|
|See Rates & Fees||Terms Apply|
Capital One® Spark® Classic for Business is, in our opinion, one of the best credit cards you can get if you only have fair credit.
With Capital One® Spark® Classic for Business, you don't need an excellent or good business credit score to qualify. If your business credit score is poor or fair (in the 600's range), you are very likely to be approved for it. Because of that, this card has a very high regular 24.49% variable APR on purchases and balance transfers. To avoid paying the regular APR, make sure to pay off your balance by the due date each month, if not, you will incur high interest fees.
You may earn credit limit increases with this card based on your payment and credit history. This credit limit increase will come in handy if you have unplanned business expenses, and will also help improve your business credit score by having a lower debt-to-credit-limit ratio. So if you have a fair business credit score, you may use this card to help improve your score over time.
This card comes with the usual benefits of a Capital One business credit card: free year-end itemized summary, ability to set spending limits on employee cards, online banking, experienced small business customer service, Purchase Security, Extended Protection, $0 fraud liability, auto rental insurance and more.
Capital One® Spark® Classic for Business will suit your needs the most if you have a fair business credit score and would like the advantages of having a credit card with a reputable bank.
Click here to view the details of Capital One® Spark® Classic for Business now.
GET.com has a huge selection of the best credit cards in the US for consumers, business owners and students. If your business has a good to excellent credit score, you will be able to choose a business credit card that doesn't charge any annual fee and rewards you on your business spending.This card offer is currently unavailable through GET.com! However, check out our Best Credit Cards