Capital One Transforms the Small Business Credit Card Category with the launch of Spark Business
October 17 2011 - 7:00AM
Business Wire
Small businesses make up 64 percent of total U.S. job creation,
65 percent of the global GDP and account for nearly 90 percent of
the world’s workforce1. Capital One Financial Corporation (NYSE:
COF) is recognizing their contributions to driving the economy by
offering them more rewards with the launch of a new Small Business
Credit Card portfolio – Spark Business
(www.capitalone.com/sparkbusiness). With double miles or 2% back on
every purchase, every day, Capital One’s Spark Miles and Spark Cash
cards are raising the bar for small businesses by offering the
highest value rewards in the marketplace to enable them to invest
more in their growing businesses. No other major small business
credit card currently offers a higher rewards earn rate that
applies across all spend categories every day. Capital One’s Spark
Business cards are filling a void in the small business credit card
category by truly recognizing the efforts of small business owners,
offering rewards options that deliver exceptional value while
providing tools and benefits designed to help manage a business and
save time.
Spark Business from Capital One not only offers compelling
value, but also avoids the hassles of other rewards programs. 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.
“We understand that small business owners are looking for credit
cards that provide value on many different levels,” said Michael
Wassmer, executive vice president of US Card for Capital One. “With
Spark, we are delivering on that promise of value through the most
rewards in the industry and tools that enhance how they manage
their business. Small business owners can earn more for their
businesses without the restrictions and limitations commonly
associated with earning or redeeming rewards.”
Spark Business also features four other products, including
those with attractive low-rate options.
Features of the Spark Cash card include:
- 2% cash back on every purchase, every
day
- One-time $100 bonus (once you spend
$1,000 on purchases within the first 3 months)
- One-time $50 bonus for signing up for
one or more employee cards within 60 days of opening an
account
- No rewards expiration; no limit on the
amount of cash you can earn, no redemption tiers, no spending
minimums, no enrollment programs required to earn rewards, and no
alternating special earn categories
- Award-winning small business customer
service
Features of the Spark Miles card include:
- Double miles on every purchase, every
day
- One-time 10,000 mile bonus (once you
spend $1,000 on purchases within the first 3 months)
- One-time 5,000 mile bonus for signing
up one or more employee cards within 60 days of opening an
account
- Redeem miles for free flights on any
airline, anytime with no blackout dates
- No limits to the amount of miles you
can earn and your miles never expire
- Award-winning small business customer
service
Features of all Spark products include:
- Free employee cards that allow business
owners to set spend limits and track employee spending
- Ability to delegate routine account
management tasks, such as requesting transaction information or
making payments
- Online quarterly and year-end
statements that categorize expenses to assist with budgeting and
tax reporting
- Option to personalize card with
business name and company logo/photo so small business owners can
promote their business when they use their card
- Experienced customer servicing agents
who are trained to address the specific needs of small business
owners
- No foreign transaction fees
For more information about Capital One’s new Small Business card
portfolio or any of Capital One’s small business products, visit
www.capitalone.com/sparkbusiness.
About Capital One
Capital One Small Business offers a range of products and
services to meet small business needs, including small business
credit cards and business money markets on a national basis, in
addition to loans and lines of credit; business checking, money
market and savings accounts; and payroll and merchant services
offered in our branches. Capital One has a team of bankers
committed to deepening our relationships with small business owners
and helping them achieve their financial goals.
Capital One Financial Corporation (www.capitalone.com) is a
financial holding company whose subsidiaries, which include Capital
One, N.A. and Capital One Bank (USA), N.A., had $126.1 billion in
deposits and $199.8 billion in total assets outstanding as of June
30, 2011. Headquartered in McLean, Virginia, Capital One offers a
broad spectrum of financial products and services to consumers,
small businesses and commercial clients. Capital One, N.A. has
approximately 1,000 branch locations primarily in New York, New
Jersey, Texas, Louisiana, Maryland, Virginia and the District of
Columbia. A Fortune 500 company, Capital One trades on the New York
Stock Exchange under the symbol "COF" and is included in the
S&P 100 index.
1 Sources: The Kauffman Foundation, International Data
Corporation, Organisation for Economic Cooperation and Development,
The Essential CIO: A 2011 Global Midmarket CIO study (IBM), Inside
the Midmarket: A 2011 Global Perspective (IBM)
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