1/5/2024 0 Comments Spark capitalSo, if your card shows as “Select”in your Capital One account, mystery solved. I don’t love that C1 does this, but they do. And it’s possible to apply for a Spark Cash and be offered/given a Spark Cash Select if they don’t feel your credit warrants the one you applied for. ![]() The Select DOES report to your personal credit. OK, let’s try and troubleshoot this a bit □įirst off, and perhaps the simplest explanation is this: You say “Spark Cash Select.” That is not the same card as the old Spark Cash or the new Spark Cash Plus. Can you send me the screenshots of the account executive you spoke with? I would just like to see what they said. Sucks cause I was quite excited to get this card… hopefully things change. I told her about October, 22 2020 and she said unless it’s on the actual website that it’s not “real information.” Questions about when you applied for the business card: Did you enter your social security number or just your EIN? I saw your post and similar posts and got real excited when I found out they don’t report to personal credit anymore for business but apparently it’s not true? I asked if it was because I already had 2 personal credit cards with them / already had a personal account and she said no it wouldn’t matter if you’re a brand new customer or not… They’re still going to report the small business cards (all of them) to the personal credit bureaus. I called this morning and talked to an account executive who confirmed that they still report to your personal credit no matter what small business card you apply for. I’m currently considering applying for the Spark 2% Cash Small Business card. Why You Might Want BOTH Capital One Spark Credit Cards.Can the Capital One Spark Annual Fees Be Waived?.Spark Cash for Business (no longer available) It’s great to see that Capital One is hearing that people do care about this distinction and is moving to be more in line with all other issuers (only Discover would be left reporting business cards to personal credit profiles). That’s a benefit of having both Capital One Spark cards – the ability to cash out at full value or convert to miles. You can earn the cash on your new Spark Cash Plus and you can convert those into miles online. You are allowed to have two of the same Spark card. It’s unfortunate that existing Spark Cash cardholders (prior to October 2020) won’t get the new benefit, but one possible strategy would be to open a new Spark Cash card now even if you already have one – or a Spark Miles. late payments, missed payments), it will still report to your personal credit profile. If your account is not in good standing (i.e. This only applies to accounts in good standing.All Capital One cards, including these, may pull all three credit bureaus when opening an account.(I got a “no comment” from Capital One on the question of when or if this will change.) ![]() All Spark Miles cards, for now, will continue to report to your personal credit.Existing Spark Cash cards will still continue to report your business line to a personal report. ![]() Changes for the Spark Cash: Won’t Report to Personal CreditĮffectively immediately, new Spark Cash Plus for Business cards will not report to your personal credit report, as originally learned by HelpMeBuildCredit and then confirmed to me personally by a Capital One spokesperson. After all, they aren’t personal expenses. If I use half of my credit line to pay for large business expenses, I don’t want my personal credit score to suffer as a result. Personally, I charge a lot on my business cards and always pay in full, but I don’t put much on my Spark card for this reason. You may pay it off each month (or not) but a business is likely to have relatively higher utilization than a person. This is a big negative, because businesses tend to charge a lot. The only exception historically has been those with high credit lines ($150,000+). Here are our favorite credit cards for Intro 0% APR offers and for balance transfer offers ![]() If you are in a cash crunch, you should avoid travel rewards credit cards until you are caught up.
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