The Offer
No direct link to offer, sent out via snail mail
- Capital One is offering a $3,500 signup bonus on their business Spark Cash Plus card. Broken down as follows:
- $500 bonus after spending $5,000 within the first 3 months
- Additional $3,000 bonus after spending $50,000 within the first 6 months (an additional $45,000 in spend)
Card Details
- $150 annual fee not waived
- Card earns 2% cash back on all purchases
- Earn an annual $200 cash bonus every year you spend $200,000 or more
- Card earns cashback; if you have a different points-earning Capital One card (such as the Venture or Spark Miles), you’ll be able to transfer over the cash back into miles which could be more valuable
Our Verdict
This is an extra $500 to the public $3,000 offer, requirements are all the same. This does require $50,000 in spend, but the card also earns 2% meaning it’s worth doing.
Just a warning that I am fairly sure this card is a scam. I spent 47k on this card from March until today. Suddenly, Capital One will not approve any transactions on the card. Apparently the card auto-adjusts credit limits on the fly. That is why it is marketed as no-preset spending limit. I never missed any payments and don’t have any issues with any accounts. I think they didn’t expect people to hit the requirements for the sign-on bonus. If they get close, they just close the spigot and you can’t meet the requirements for the sign-on bonus. If I ask CapOne representatives as to what the issue is, they won’t tell me and just say “the system draws from many sources in making credit decisions”. I paid 17k recently to pay previous month in full and on time and “the system” won’t approve any purchases anyway. Previous month, I paid down $25k. Also on time and paid in full. When I first got the card, I used the purchasing power feature to see what my credit limit was and it appeared to be 30k because that was the highest amount it would approve. Now that I am close to the bonus though, suddenly approving a $1500 transaction is a problem according to “the system”. Would love to know from others if they were able to hit the sign-up bonus or not. My guess is anyone close to achieving it experienced what I have. Would love to see them nailed for a class action suit.
does anyone have the contact info for a business RM they found on linkdin for the link?
Any suggestions on how to reach the $50k spend requirement? Was hoping the no preset spending limit meant I could charge a single $50k purchase (this year’s taxes) — and that’s actually what they implied to me when I spoke to CSR before applying — but I’m not given that high of spending power. Would absolutely love to be able to reach $50k. Would mean $6,000 off our taxes after factoring in my wife’s P2. Thanks!
Followed b’s tip and contacted a CapOne RM via LinkedIn. Asked for some info and sent me the application link. Was instantly approved 🙂
I did this as well. The RM informed me that the 3500 offer is only available for new tax ID’s (EIN/SSN) to Cap1 Business. We already have the Spark Miles for the only biz we own that could hit the spend, so we will have to shoot for the public offer.
Where do you see B’s tip? Please share which RM you contacted 🙏
Hey guys…random question…I got this offer. Can I churn a parent’s personal tax IRS bill through this card if it’s in my business’s name? I’m just wondering what the implications are. The parent will write a check to my business for this amount and then I’ll pay the parent’s tax bill with the card and keep the rewards.
There was someone here earlier (comment appears to be deleted) who was claiming he could get you approved. Anyone know if that was a scam?
For a real business, I can see this card being a workhorse.
– The $3,500 bonus works out to 8.7% cashback on the first $50k in spend when you account for the $150 AF.
– If you spend up to $200k, you get a $200 bonus, which can offset the AF and essentially leave you with a bonus $50. That means in year one with the SUB, this works out to be a 3.375% card up to $200k in spend. That’s unheard of.
After year 1, unless you’re spending $200k/year to get the $200 incentive, the $150 AF seems steep for just a 2% card. Although it seems there is a lack of dependable 2% Biz cards on the market since Amex caps the BBP/BBC at $50k spend and Chase only offers 1.5x with the CIU. The Chase Business Premier offers 2% but has a higher AF ($199) with no way to offset it, unless you make enough $5k+ purchases for the 2.5% earn.
Let’s just hope this charge card gets the AMEX treatment and approves every transaction—allowing most the ability to hit $200k if they choose. Since most here are churners, I wouldn’t fault them for hitting $50k and moving onto another SUB.
EXCEPT that CrapOne reports business balances to personal credit reports. My business could have a statement cut with a high balance, tank my personal score, and screw up something important like a mortgage app.
Spark Cash does not report (unlike other Cap1 cards)
Damn I paid for and did unthinkable things for this link last week
Is there a code or it’s only to your name? Meaning can I use someone else’s code and if so are we allowed to share here? Looking for one! Thanks!
Got this in the mail, but already have an existing card. Anyone know if you can get the bonus twice?