Capital One has increased the welcome offer on the Capital One Spark Cash Plus card, with there being two elements for the bonus you can earn. The first tier awards $2,000 bonus cashback after spending $30,000 in the first three months, then for big spenders you’ll earn $2,000 bonus cashback for every $500,000 you spend.
The Offers and Key Card Details
| Card Offer and Details |
|---|
$2,000+ Cash Back ⓘ Affiliate Earn a $2K cash bonus when you spend $30K in the first 3 months + earn an additional $2K bonus for every $500K spent within the first year.. (Rates & Fees)$150 Annual Fee Recent better offer: Expired 3/14/22: $3K after $50K spend in 6 months FM Mini Review: This may be a good option for business owners who prefer simple cash back rewards. Note that this is a pay-in-full card, so your balance is due in full every month. Earning rate: 2% everywhere ✦ 5% on hotels and rental cars booked via Capital One Travel Base: 2% Card Info: Visa issued by CapOne. This card has no foreign currency conversion fees. Big spend bonus: Spend at least $150,000 annually and get $150 annual fee refunded. Noteworthy perks: No foreign transaction fees ✦ No preset spending limit |
Quick Thoughts
This is an excellent welcome offer, especially for those who have businesses that generate a lot of spend and who don’t want the hassle of applying for lots of new credit cards.
The first part of the welcome offer earns you $2,000 when spending $30,000 in the first three months. The card earns 2% cashback as standard, so spending $30,000 will earn you $600 cashback from those 2% earnings; add that to the $2,000 bonus cashback and you’ll have $2,600. That’s an 8.67% return on your spend which is great.
You’ll then earn $2,000 bonus cashback for every $500,000 spent thereafter in your first cardholder year, with no limit on how many times that can be earned. That works out to be a 0.4% return, meaning you’d earn an effective 2.4% cashback for every half a million you spend.
While certain other cards (e.g. some Bank of America cards with Platinum Honors) have the potential to earn far more than that, you’ll likely be constrained as to how much cashback you can earn on those cards due to them being credit cards. Unless you have an enormous credit limit, you’d likely need to cycle your credit limit many, many times to earn as much cashback as this Spark Cash Plus offer will allow you to earn. That’s because this is a charge card rather than a credit card, meaning you should be able to spend significantly more on the card over the next year.
If you also have a Capital One card that earns miles, you’ll be able to transfer the cashback to that other card which would then allow you to transfer your earnings to travel partners, thereby boosting even further the value you can get from your spend.
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Is this one of the Cap1 cards that reports to your personal cresit?
The Spark cards do overall, but the Cash Plus traditionally has not, most likely because it is a “charge” card like the Venture Business X (which means you have to pay it off every month).
You will most likely get hard pulls when you apply, however.
And is the $2000 taxable, as in a 1099?
I don’t think Capital One sends 1099s for these types of bonuses
Thank you.
So, I spend the $30,000 at the IRS. Cost about $600, receive $2000. Okay or does this lead to a shutdown?
Also I have the Venture X … how do I transfer the $2,000 into points?
No, you shouldn’t get shut down for that as paying the IRS is a legit charge.
With regards to converting the cashback into points, here’s more info about that https://frequentmiler.com/huge-if-true-convert-capital-one-cash-back-to-miles-by-moving-rewards/
Thanks.
What are the rules for earning the SUB if you have had this card before?
I looked at the terms and conditions, but they are very vague and not giving specific requirements.
Guessing you cannot hold this card and the Venture X Business card at the same time?
Check with a business relationship manager. That rule might have changed about a year ago. Good luck.
Thanks Lee.
I picked up Venture X Bus almost 1 year ago with no relationship manager, and I have no, er, relationship with one. 🙂
Interesting that you hear this rule may have changed.
I remember hearing similar reports last year too. I already had the Spark Cash Select card and so decided to try applying for the Venture X Business. I was declined for that, but they did offer me a different business card instead. Hopefully you have more luck if you try for this one.
I do have a business relationship manager (ie, card salesperson) from a previous app. The Spark Cash Plus cardholders aren’t usually eligible for the VX and vice versa…the one exception being if you’re an AU or if you’re spending over a certain high dollar amount/year (I’ve heard $300k, $500k and $1m mentioned).
It sounds like some newer relationship managers don’t realize that, but I’ve yet to hear a positive DP from a VXB cardholder that was successful in getting a Spark CP.
Is it possible to product change Spark Cash Plus to Venture X ? This SUB is better than one for VXB
Thanks Tim and Stephen,
That’s consistent with what I’ve heard. Would love to have the combo, but will just sit tight instead.