Should You Get the Capital One Spark Business $500 Offer?

Recently, Doctor of Credit and others reported a new, somewhat targeted offer for the Capital One Spark Cash Business credit card. This offer looked particularly valuable because it came with a $1,000 signup bonus after you used your card for $10,000 in purchases within three months of account opening. Best of all, it has only a $59 annual fee that is waived the first year.

Unfortunately, the direct link for this offer that was around initially, seems to be gone now. And now, the offer is back where it was before – a generous $500 after you spend $4,500 within three months of account opening

While a $1,000 bonus is better than $500, it’s still easy money you could use to cover any travel expense. But, should you pull the trigger? There are definitely some mixed reviews and reasons to go either way.

 

Advantages of the Capital One Spark Cash Business Card

If you’re looking for a reason to get this card, you won’t have to look that hard. First off, a $500 signup bonus is nothing to sneeze at. If you can get past the fact you need to spend $4,500 in three months or have lots of business expenses already, it may even be a no-brainer. The $59 annual fee (waived the first year) is especially low for a business card. The fact you also earn 2x points on all purchases also makes this card a winner.

As someone who has had seven of this card (between my husband and I) over the years and scored $3,500 in signup bonuses alone, I can also attest to how easy it is to redeem your rewards. Since you can redeem them as statement credits, it’s simple to cash in your points to cover any purchase at a rate of one cent per point.

 

Notable Downsides to Consider

Now comes the bad news. First of all, Capital One is notorious for putting in a hard inquiry with all three credit reporting agencies – Equifax, Experian, and TransUnion – when you apply for one of their cards. If you’re trying to stay under 5/24 to get a new Chase credit card or just don’t want a bunch of hard inquiries, that’s a big downer.

Also, it’s fairly safe to say at this point that Capital One has really cut back on approvals. While my husband and I were easily approved for seven of these cards a few years ago, we’ve been denied, denied, denied the last few times. These days, I pretty much give up on Capital One.

Obviously, another big downside to consider is the fact this card only offers fixed-value credit. You can’t transfer points to loyalty partners like you could with the Ink Business Preferred Credit Card, for example. The card is also free from any premier travel benefits like airport lounge access or annual travel credits.

 

The Bottom Line

Before you sign up for any offer, it helps to consider both the pros and cons. Personally, I think this particular offer is a winner provided you love cash back and don’t care how many hard inquiries you have on your credit reports. It’s hard to beat $500 in cash-back, and earning 2x points on everything is pretty sweet. Just remember that you need to meet a steep minimum spending requirement to qualify.

 

Would you go after this targeted offer? Why or why not?