Capital One Targets Small Biz With Spark

Capitol One

Capital One is targeting small business owners with a new suite of credit cards offering miles or cash rewards.

Its Spark Miles and Spark Cash cards will offer the highest-value rewards in the marketplace, according to McLean, Va.-based Capital One. The Spark Cash card offers 2% cash back on every purchase every day and no limits to the amount of cash back that can be earned.

Business owners looking for travel rewards can opt for the Spark Miles card, which features double miles on every purchase every day, miles that will not expire, and the flexibility to redeem miles for free flights on any airline anytime with no blackout dates. Spark Business also features four other products, including those with attractive low-rate options.

Small businesses make up 64% of total U.S. job creation, 65% of the global GDP and account for nearly 90% of the world’s workforce, according to The Kauffman Foundation. Small business owners are looking for credit cards that provide value on many different levels, says Michael Wassmer, executive vice president of U.S. Card for Capital One. Besides the rewards, the card also enhances how owners manage their small business, he adds.

Other features of the Spark Cash card include a one-time $100 bonus (if the card member spends $1,000 on purchases within the first three months) and a one-time $50 bonus for signing up for one or more employee cards within 60 days of opening an account. There is no rewards expiration or no limit on the amount of cash card members can earn. There are no redemption tiers, no spending minimums, no enrollment programs required to earn rewards, and no alternating special earn categories.

Features of the Spark Miles card include a one-time 10,000-mile bonus (if card members spend $1,000 on purchases within the first three months) and a one-time 5,000-mile bonus for signing up one or more employee cards within 60 days of opening an account.

Features of all Spark products include free employee cards that allow business owners to set spend limits and track employee spending. Company owners can delegate routine account management tasks, such as requesting transaction information or making payments. Businesses will receive online quarterly and year-end statements that categorize expenses to assist with budgeting and tax reporting.  

Businesses can personalize the card with their name and company logo/photo so they can promote their business when they use their card.

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