Capital One announced an enhanced portfolio of card products for small business owners, including Capital One Spark Cash Plus, a new cash back card for small businesses allowing them to earn unlimited 2% cash back rewards on all purchases with no preset spending limit. Also announced was an updated Spark Cash Select product with two variations allowing new customers to select the version that works best for their business needs while earning unlimited 1.5% cash back.
Capital One, which has a couple of thousand employees in northern has been pursuing a business credit card market long dominated by American Express. Chase, Barclays and other banks also offer airline credit cards that often carried by businesspeople.
“Running a business has always required grit and determination, but the pandemic has introduced unexpected challenges and even some new opportunities for business owners,” said Matt Vischulis, senior vice president for small business card at Capital One. “We have taken a broad look at our product portfolio to introduce new and enhanced products that meet business owner spending needs and allow them to maximize their rewards, and we will continue to adapt our offerings in the future to help businesses flex and grow.”
The Spark Cash Plus card is Capital One’s first product with no preset spending limit, a category where American Express has a major presence. Spark Cash Plus is replacing the Spark Cash product, but current Spark Cash cardholders will remain on the same product and can continue using their current cards.
The updated Spark Cash Select products will give small business owners a choice of features that work best based on their credit and business spending needs. One version, for business owners with excellent credit, offers a $500 cash bonus for new cardholders that spend $4,500 in the first three months. The other offers a 0% introductory APR for 12 months and is available for business owners with good credit. Both versions offer unlimited 1.5% cash back rewards with no annual fee.
Capital One Business cardholders will also be eligible for special entry rates at the recently-announced Capital One airport lounges opening later this year at Dallas/Fort Worth Airport. and in 2022 at Denver International Airport, and Dulles International Airport.