How to complete a Capital One business credit card application; take advantage of massive limited-time offers

Oct 30, 2019

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Update: Some offers mentioned below are no longer available. View the current offers here – Capital One Spark Miles for Business, Capital One Spark Cash for Business

For a long time, Capital One business cards have been ideal for the business owner, who wanted to earn the most rewards with the least amount of time and effort. Cards such as the Capital One® Spark® Miles for Business and Capital One® Spark® Cash for Business earn a straight 2x miles or 2% cash back on every purchase. You don’t have to juggle cards to take advantage of specific bonus spending categories, and earning 2% back for business purchases that would normally only earn 1% in rewards adds up over time. Now is the perfect time to apply for either card because both have massive limited-time bonus offers.

With the Spark Cash card, you can earn up to $2,000 cash back. You’ll earn $500 after spending $5,000 in the first three months of account opening, and an additional $1,500 after spending $50,000 total in the first six months. The Spark Miles card has a similar offer — 50,000 miles after spending $5,000 in the first three months of account opening and another 150,000 miles after spending $50,000 total in the first six months — that’s 200,000 Capital One Spark miles you can transfer to 15 airline partners, which only increases the value of the miles.

With that in mind, you should be aware that Capital One has some credit card application restrictions. First, although the issuer limits you to having two personal credit cards at a time, Capital One business cards (and cobranded cards) aren’t included in this limit. You’ll also only be approved for one Capital One-issued card every six months. Another item to keep in mind is that Capital One business cards will appear on your personal credit report, which means they add to your Chase 5/24 count even though they’re business cards.

How to complete a Capital One business credit card application

Let’s walk through this application for the Capital One Spark Cash business credit card, for example. No matter which Capital One business card you’re applying for, the application will look exactly the same.

First, enter your business information.

If you’re a sole proprietor (i.e., the sole business owner), you can use your name as the business name. For example, if you’re a freelancer or independent contractor, use your own name as the business name unless you’ve registered with your local or state government for a DBA name (“doing business as”), in which case you should use that name. For partnerships, LLCs or any other type of legal business structure, use the official business name. Don’t make up a business name that you haven’t registered as a DBA. Use your own name if you don’t have an official, separate business name.

The “business name as you want it to appear on the card” doesn’t need to match the “business name,” it can be an abbreviation if the full business name won’t fit. The business address and phone number can be your home address or personal cell phone number.

If you’re the only owner and haven’t registered as a legal business entity (LLC, non-profit, etc.), then select “sole proprietor” as the “legal business structure.” As a sole proprietor, you can use your Social Security Number (SSN) as the business tax ID. Otherwise, use your federal Employer Identification Number (EIN).

In most cases, the “business ownership type” will be privately owned, unless your company is publicly traded or partially government owned. Once you’ve selected your “industry type,” you’ll need to further specify your business activities by “category” and “specialty.” I find that the limited choices for this part of the application almost never accurately describe my freelance business activities. If you’re in the same boat, just pick the option that make the most sense.

When it comes to your “annual business revenue,” include all the money your business takes in before expenses and taxes. For your “business spend per month,” it’s OK to estimate your average monthly spending for the year, especially if your business is seasonal and your expenses fluctuate.

Once you’ve filled out your personal information, choose your role or title in the business. For most folks, this will be owner or partner. Your “total annual income” can include any income you regularly use to pay your bills — for most people this means a spouse or partner’s income can be included in this box.

The last question asks if you want blank checks to use for cash advances, I recommend leaving this blank or selecting “no.” If you use one of these checks, you’ll pay a higher interest rate on the cash advance (compared to a regular card purchase) along with a 3% fee ($10 minimum), even if you pay it off right away. On top of that, cash advances won’t earn points or count toward earning the welcome bonus.

Bottom line

Right now the Capital One Spark Miles and Capital One Spark Cash cards each have an incredible limited-time bonus worth more than $2,000. But before you apply, make sure you understand the ins and outs of the application process. Accurately filling out the application can improve your chances of getting approved, and be aware of the rules specific to Capital One before you start your application.

Featured photo courtesy of Kinga/Shutterstock.

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