Growing a business has enough challenges so when it comes to choosing a bank, low fees, great rewards, few restrictions, and flexibility are high priorities.
Capital One Spark® Business is designed for small businesses looking for the best business checking and business savings accounts combined with an excellent credit card, and even an optional 401k plan.
The Capital One Spark® Business Checking account features no monthly transaction limits while the Spark® Savings account has one of the industry’s most generous savings rates.
Plus, Spark® Credit Cards offer double the standard industry rewards rate so you can double your cash or miles.
If you want to enjoy more benefits from your business credit card and save more on cash balances without compromising on convenience, Capital One Spark® Business is hard to beat.
Capital One Spark® Business
Reviews Spotlight
| CAPITAL ONE SPARK® BUSINESS SPOTLIGHT | |
InvestorMint Rating 4.5 out of 5 stars |
via Capital One Spark® Business secure site |
Capital One Spark® Business
Checking
Capital One Spark® Business has a “your business comes first” philosophy that will feel refreshing if you have been on the hunt, but come up short so far, for a bank that does it all.
Where many other banks will nickel and dime you when you exceed transaction limits or fail to meet minimum balance requirements, Capital One Spark® Business Checking does away with all those nuisances. You won’t get hit with monthly fees either.
And the benefits are plentiful.
Not only do you enjoy day-to-day conveniences like a free debit card, next-day availability of deposits, and 39,000 fee-free ATMs nationwide, but you also get a host of benefits to help you run your business like free online bill pay and free electronic invoicing.
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Capital One Spark® Business
Checking Benefits
| Overdraft protection | ✅ |
| Free online bill pay | ✅ |
| Free electronic invoicing | ✅ |
| Deposits available next day | ✅ |
| 39,000 fee-free ATMs nationwide | ✅ |
| Free debit card | ✅ |
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What You Need To Know About
Spark® Business Checking
Compared to other banks that limit free transactions, Capital One Spark® Business Checking provides truly unlimited transaction volume whether depositing, transferring, or withdrawing funds.
And while you won’t get hit with monthly fees or minimum balance requirements either, there are a few things you should know.
Federal regulations restrict business savings accounts to 6 withdrawals monthly, and Capital One is obligated to abide by that limit.
If you want access to checkbooks, it will cost you $30 for your first checkbook and $22 thereafter.
And because Capital One Spark® Business is an online banking solution, you won’t receive in-branch support but you can phone support anytime between 8am and 10pm ET.
Capital One Spark® Business
Savings
When you choose a business savings account, you usually have to compromise between an attractive savings rate and access to your money.
If you are willing to tie it up for longer periods, you can usually earn higher savings rates.
A Capital One Spark® Business Savings account offers a happy medium between access to capital and an attractive savings rate.
And like a Capital One Spark® Business Checking account, it’s got a host of benefits, including:
- no monthly service fees
- no minimum balance requirements
These may not seem too special but among business savings accounts they are rare.
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Capital One Spark® Business
Savings Benefits
| Earn 1.10% APY for 12 months | ✅ |
| After 1 year, earn 0.40% APY | ✅ |
| Overdraft protection (when you link to your Spark ® Business Checking account) |
✅ |
| No minimum balance required | ✅ |
| No monthly service fees | ✅ |
What You Need To Know About
Spark® Business Savings
Like Spark® Business Checking accounts, Business Savings accounts are online only also, so you won’t receive in-branch support.
Plus, your savings rate declines after the first year, though it is still competitive with standard industry rates.
And if for some reason you do need to make more than 6 monthly withdrawals from your savings account, you will be charged a penalty fee of $10 per withdrawal.
If you need to make withdrawals, you can use your debit card to take cash out from any one of the 2,000+ Capital One® ATMs or 37,000+ fee-free Allpoint® ATMs nationwide.
You can also get cash from stores with cash back policies as part of a PIN-based withdrawal method.
Or use your debit card anywhere that Mastercard® is accepted.
Capital One Spark® Business
Credit Card
While most business cards offer 1% cash back rewards, the Capital One Spark® Business Card doubles that to 2%.
And what’s more, the 2% cash back earnings are not limited no matter how much you spend.
Plus, the sign-up bonus rewards are generous. You can earn a one-time $500 cash bonus when you spend $4,500 within the first 3 months.
On top of the bonus sign-up and ongoing incentives, you get to use the card for the first year at no charge. Thereafter, a $95 annual fee applies.
Capital One Spark® Business
Credit Card Benefits
| For Cardholders with excellent credit | ✅ |
| Unlimited 2% cash back on every purchase | ✅ |
| $500 cash bonus (after spending $4,500 in first 3 months) |
✅ |
| $0 Annual fee in 1st year ($95 per year thereafter) |
✅ |
| No transfer fee | ✅ |
| Purchase rate | 18.24% (variable APR) |
| Transfer Info | 18.24% (variable APR) |
What You Need To Know About
Spark® Cash Credit Card
The standout benefit of the Spark® Cash credit card is the 2% ongoing unlimited cash back rewards on all expenditures.
And although the Spark® Cash card is accompanied by a host of other bonuses and benefits, you should be aware that it does not come with a 0% introductory balance transfer period.
So, if you are planning to make a big purchase and looking to credit cards as a means of accessing free financing for an extended duration, the Spark® Cash card is not going to provide the most favorable terms.
And while the first year fee is waived, you will need to pay $95 per year thereafter, so as long as you spend $4,750 per year or more you will breakeven.
Lastly, frequent fliers will enjoy no foreign transaction fees but the Spark® Miles rewards card may be a better fit with its Unlimited 2X Miles policy along with 50,000 Bonus Miles when signing up.
Capital One Spark® Business
Review Pros and Cons
| Capital One Spark® Pros | Capital One Spark® Cons |
| ✅ High Savings Rate: The Spark® Business savings account has one of the most competitive industry savings rates. | ❌ No 0% Balance Transfer: Small businesses looking for 0% credit card financing will be disappointed to find no 0% balance transfer offer. |
| ✅ No Transaction Limits: Unlike many other business checking accounts, Spark® Business does not impose penalties if you fail to reach certain transaction limits. | ❌ Annual Fee: An ongoing annual fee is charged, though at $95 it is fair for the benefits and rewards offered. |
| ✅ No Balance Minimums: When your account falls below a certain balance, many business checking and savings accounts will penalize you but Spark® Business won’t. | ❌ No Travel Perks: The Spark® Miles rewards card is a better fit for frequent travelers who prefer Miles bonuses as opposed to cash back rewards. |
| ✅ Free Online Bill Pay: Small businesses can take advantage of free online bill pay. | |
| ✅ 2% Cash Back: The Spark® Business credit card has a cash back rate that is twice as high as the industry standard. | |
| ✅ $500 Cash Bonus: As long as you spend $4,500 or more within the first 3 months, you qualify for a one-time $500 cash bonus. | |
| ✅ No Foreign Transaction Fees: When traveling abroad, you won’t be hit with foreign transaction fees. | |
| ✅ Unlimited Cash Back Earnings: No matter how much you spend on your Spark® Business credit card, you keep earning 2% cash back on all purchases. | |
| ✅ $0 Annual Fee 1st Year: The $95 annual fee is waived during the first year you use the card. | |
| ✅ Fraud Coverage: You are covered by the $0 Fraud Liability policy if your card is lost or stolen. | |
| ✅ Fraud Employee Cards: You can add employee credit cards at no extra cost, and they earn all the rewards on their purchases too. |
Capital One Spark® Business
Review Summary
The Capital One Spark® Business checking and savings accounts, and Spark® Cash or Spark® Miles credit cards are among the best small business credit cards.
For cash you don’t need to use right away, you can earn a high interest rate in your Savings account.
And unlike most other banking alternatives, you won’t be penalized if you hit certain transaction volumes because no penalties are imposed.
Plus, you can earn 2% cash back on all purchases using your Spark® Cash credit card without limit. Or earn 2X Miles on the Spark® Miles credit card with no limits if you are a frequent traveler.
Along with generous Cash or Miles sign-up bonuses and an introductory $0 annual fee, Capital One Spark® Business is hard to beat and deserves to be ranked among the best banking solutions for small businesses.
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