Interested in Spark card for a new business. Does the business need to have income for a period of time, or can I get one now?

[deemac]

We have recently started at tile installation business. Any materials purchased would be covered by the deposit on the job. I realized that this could be a lot of money flowing through our account and was thinking I'd like to get a rewards card.  (Actually thought of this after seeing how much we spent at Amazon and Home Depot in a year for a different business and all on a debit card.)

With a personal credit score of 740, am I likely to be able to get the Capital One Spark cash card? Or will the business need to have demonstrated income for a period of time? I don't want to burn a hard pull if there is no point.

[CTSoxFan]

I was able to get a Spark without providing any financials for the business, however this was a few years ago.  Not sure if UW standards have changed since then.  I would think 740 would allow you to qualify for the card (assuming you have a clean report).  If the card meets your goals you should apply for it, inquiries are essentially meaningless.

[cv91915]

Why would you pay a $95 annual fee for a card that pays 2% back?

 

There are cards that pay 2% with no AF.

[DPB]

Also, why choose one of the few business cards that report to your personal reports?

[deemac]

Wow, wasn't aware of that... does it really?

[DPB]

15 hours ago, deemac said:

Wow, wasn't aware of that... does it really?

Yep. I’d look for a card that has better rewards too.

I use the Amex Amazon Prime Biz card for 5% back at Amazon. 
At Home Depot, I usually use an Amex Biz Platinum. I spend a lot there. Many months can be around $100K. So not having a set credit limit is helpful. 
Chase and Amex has elevated SUBs on some of their business cards right now. And neither will report to your personal reports (unless you default). I like not having to worry about having a statement cut and my other creditors freaking out over large balances posting. 
Take a look and see which available cards fit your spending pattern for the best rewards. 

[deemac]

18 hours ago, DPB said:

Yep. I’d look for a card that has better rewards too.

I use the Amex Amazon Prime Biz card for 5% back at Amazon. 
At Home Depot, I usually use an Amex Biz Platinum. I spend a lot there. Many months can be around $100K. So not having a set credit limit is helpful. 
Chase and Amex has elevated SUBs on some of their business cards right now. And neither will report to your personal reports (unless you default). I like not having to worry about having a statement cut and my other creditors freaking out over large balances posting. 
Take a look and see which available cards fit your spending pattern for the best rewards. 

Thanks. Yes, I expect the biggest use will be Home Depot. My other business spends a lot at Amazon so I'm going to check out that card as well. We've always just used the debit card but it just seems dumb to lose out on that much cash back. I liked the Cap 1 card because the rewards can be in the form of gift cards rather than a statement credit, but I do not want something reporting on my personal credit.

[DPB]

6 hours ago, deemac said:

Thanks. Yes, I expect the biggest use will be Home Depot. My other business spends a lot at Amazon so I'm going to check out that card as well. We've always just used the debit card but it just seems dumb to lose out on that much cash back. I liked the Cap 1 card because the rewards can be in the form of gift cards rather than a statement credit, but I do not want something reporting on my personal credit.

Generally, when you use your cashback/rewards for a gift card the redemption rate isn’t good. Usually less than 1CPP.

I use Amex because I can rack up a ton of MR points that I can use for free travel. Well, I did during the pre-COVID times. Hopefully I can resume that sometime soon.
If you go the cashback route, don’t settle for less than 2% with no AF.