Tag: Cash

Alternative to a Merchant Cash Advance #canadian #business #magazine


#business cash advance

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OnDeck

Merchant Cash Advances

Interested in financing for your business? Get a true loan decision in minutes with OnDeck.

If you re a small business considering using merchant cash advances for working capital. consider a smarter alternative — a business loan from OnDeck.

OnDeck is a preferred option to merchant cash advances we offer lower rates, fixed payments and true business loans where your payments are reported to the business credit bureaus. And with OnDeck, you can apply in just minutes and have funding in as fast as one business day.

If you’re seeking merchant cash advances for financing specific purchases such as equipment, inventory, expansion or marketing, consider instead a 3-24 month loan from OnDeck. Requirements include: 1 year in business and $100,000 in annual revenue.

What is a Merchant Cash Advance, and how is OnDeck Different?

With a merchant cash advance (sometimes known as a business cash advance), a business owner gets an advance on their future credit card sales. This advance is paid off by the advance company taking a percentage of each credit card transaction until the agreed upon amount has been paid back to the advance company.

For example – Joe’s Pizza gets an advance of $10,000, and they agree to pay back $14,000 (note: OnDeck offers rates are far lower than this). The advance company then takes a percentage (typically 10%-20%) of every credit card transaction until the business has paid back the agreed upon $14,000. It is important to note the difference between the “hold back” (10%-20% in this case) and the “payback” or “interest rate” (40% in this case.)

Three Reasons Why OnDeck is Different

1) OnDeck rates are typically up to 50% lower than a merchant cash advance.

2) Unlike a business credit card advance, OnDeck offers both a fixed rate and a fixed term. This means that a business owner knows the exact amount they will pay back, and the exact date the loan will be fully paid off.

3) With an OnDeck loan, repayment is reported to the business credit bureaus.

Frequently Asked Questions about Merchant Cash Advances:

What are the rates of a merchant cash advance?

The rates of a merchant cash advance will vary by the size of the advance, the perceived risk of the merchant and the term of the payback. Typically, a business will pay back between 20% and 40% of the amount borrowed with a merchant cash advance. In some cases, the rates can range as high as 60% of the amount borrowed. Important note: OnDeck rates are far lower than this.

Do I need to switch my credit card processing to get a business cash advance?
Generally, you do have to switch your credit card processing and point of sale system to get a business cash advance. Cash advance companies measure your revenue through their own proprietary hardware and software that is built into the POS system.

Is a merchant cash advance the same as a business loan?

A merchant cash advance is not the same as a business loan. Though in both cases a merchant will get money up front to pay back at a later date, merchant cash advances are not legally defined as loans and are not reported to credit bureaus.

Does a merchant cash advance build business credit?

Merchant cash advances do not build business credit. Paying back any number of merchant cash advances completely will not improve your business credit.

Can I get a business cash advance if I don’t accept credit cards?

Significant credit card sales are required to get cash advance financing. Cash advance companies measure your revenue by credit card volume going through their own proprietary POS systems.


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Unsecured Business Loans for Collateral-Free Cash #business #health #insurance


#unsecured business loans

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Credit Cards

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Credit Cards

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Unsecured Business Loans for Collateral-Free Cash

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An unsecured business loan has an attractive advantage over a secured loan: You don’t have to put up collateral, such as your home, your business equipment or inventory. So if your small business goes south and you can’t repay the loan, the lender cannot seize your personal or business assets.

Unsecured loans, however, will likely carry a higher APR than secured business loans, but they typically come with higher approval rates and faster funding. Although you don’t need collateral to qualify, you may still need strong business revenue, several years of operating history and fair or better personal credit — though this will depend on the individual lender’s requirements.

Here are five alternative lenders offering unsecured business loans or lines of credit of up to $100,000.

JUMP TO OUR RECOMMENDATIONS:

Lending Club: Lowest borrowing costs among online lenders for unsecured term loans and lines of credit.

OnDeck: Solid choice for an unsecured line of credit for working capital needs and handling unexpected expenses.

StreetShares: Good choice if you have strong credit and need working capital at a competitive APR.

Kabbage: Can be a smart option if you have bad credit and need working capital fast.

Fundbox: Sound choice if you have unpaid customer invoices and want to avoid a credit check.

Unsecured business loans: Summary of funding options.

If you want a term loan or line of credit with low rates: Lending Club

Lending Club’s APR ranges from 8% to 32%, making its loans and lines of credit slightly more expensive than SBA loans but the lowest among unsecured funding options online.

Lending Club also has less stringent requirements than banks, which typically require excellent personal credit and collateral to back loans. The lender requires a minimum 600 credit score, but collateral is only needed on loans and lines of greater than $100,000.

Before you apply for a Lending Club line of credit, find out whether you meet the minimum qualifications.

  • 600+ personal credit score.
  • 2+ years in business.
  • $75,000+ in annual revenue.
  • Own at least 20% of the business.
  • No recent bankruptcies or tax liens.
  • Provide collateral for loans and lines of credit of more than $100,000.

Lending Club is currently unavailable to borrowers in Iowa and Idaho.

If you need cash for working capital or unexpected expenses: OnDeck

OnDeck’s unsecured business line of credit is a good option for business owners who need working capital to manage cash flow or handle unexpected expenses. OnDeck’s APR is slightly higher than Lending Club’s borrowing costs, but requirements are less stringent. To qualify, you need at least a 600 personal credit score, nine months in business and $75,000 in annual revenue.
Each draw on the line of credit is repaid weekly over a period of six months, and borrowers can choose to repay sooner to save on interest with no prepayment penalties.

OnDeck’s line of credit doesn’t require a lien on your business’s assets, although you still have to sign a personal guarantee, which makes you personally liable for repaying the debt if your business fails to.

Before you apply for a OnDeck line of credit, find out whether you meet the lender s minimum qualifications.

  • 600+ personal credit score.
  • 9+ months in business.
  • $75,000+ in annual revenue.
  • No bankruptcies in the last two years.
  • Personal guarantee required.

If you need working capital and have good credit: StreetShares

When you have strong credit and need working capital at a competitive rate, StreetShares is a good option but the maximum loan or line of credit you can qualify for is 20% of your annual revenue. To qualify for StreetShares, you need a personal credit score of 600 or more, a year in business and $25,000 in revenue. The lender offers term loans and lines of credit of up to $100,000, with no collateral required. The possible drawback is the 20% cap: For example, if your business makes $300,000 per year, you can qualify for a loan of up to $60,000.

Before you apply for a StreetShares loan, find out whether you meet the lender s minimum qualifications.

  • 600+ personal credit score.
  • 1+ year in business.
  • $25,000+ in annual revenue.*
  • No bankruptcies in the past three years.
  • No current tax liens or collections (unless you have proper documentation).

You only need 6 months in business if you have $100,000+ in revenue.
StreetShares is currently unavailable to borrowers in North Dakota or South Dakota.

If you need working capital and have bad credit: Kabbage

Kabbage is a good option for borrowers with bad credit who need fast cash for short-term expenses; the company does not have a minimum credit score to qualify.

Funding is fast: Once approved, you can get access to funds immediately or, at most, within a few days. You’ll pay more for it, however, as Kabbage’s loan ranges from 32% to 108% APR. With a short repayment time frame and a higher APR, it’s likely not your best option for a large expense, such a new piece of expensive equipment for your company. Keep in mind that each new draw from the line starts its own six- or 12-month term with its own fee structure, so the cost of borrowing will increase.

Before you apply for a Kabbage loan, find out whether you meet the minimum qualifications.

  • No minimum personal credit score required.
  • 1+ year in business.
  • $50,000+ in annual revenue.
  • A business checking or online payment platform required.

If you have unpaid invoices and want to avoid a credit check: Fundbox

Fundbox is a good option if your business has unpaid customer invoices up to $100,000. The lender provides an unsecured cash advance (no collateral or personal guarantee required) for up to 100% of the value of your invoices, starting at $500. The company provides instant approval, with funding typically in one to three business days.

After receiving the cash advance, you’ll repay it in 12 equal weekly installments, plus a fee. If your customer ends up paying you before then, you can repay the advance in full to save on fees, with no penalties.

Before you apply for Fundbox’s invoice financing, find out whether you meet the lender s minimum qualifications.

  • No minimum personal credit score required.
  • No minimum annual revenue required.
  • Must use online accounting software that can link to Fundbox (such as Quickbooks, FreshBooks, Harvest).

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The importance of cash flow – Controlling cash flow for business growth – Chartered

#cash flow business

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Controlling cash flow for business growth
A CIMA case study

Page 2: The importance of cash flow

Cash flow is of vital importance to the health of a business. One saying is: revenue is vanity, cash flow is sanity, but cash is king . What this means is that whilst it may look better to have large inflows of revenue from sales, the most important focus for a business is cash flow.

Many businesses may continue to trade in the short- to medium-term even if they are making a loss. This is possible if they can, for example, delay paying creditors and/or have enough money to pay variable costs. However, no business can survive long without enough cash to meet its immediate needs.

Cash inflow and outflow

Cash comes into the business (cash inflows), mostly through sales of goods or services and flows out (cash outflows) to pay for costs such as raw materials, transport, labour, and power. The difference between the two is called the net cash flow. This is either positive or negative. A positive cash flow occurs when a business receives more money than it is spending. This enables it to pay its bills on time.

A negative cash flow means the business is receiving less cash than it is spending. It may struggle to pay immediate bills and need to borrow money to cover the shortfall. The distinction between cash flow and profit is shown in the example. In accounting, negative figures are shown in brackets.

Liquidity

Businesses aim to provide greater financial returns than the level of interest earned by simply placing the cash in a bank. They can also hold too much cash. Cash does not earn anything so holding too much cash could mean potential losses of earnings. The cash situation is referred to as the liquidity position of the business. The closer an asset is to cash, the more ‘liquid’ it is. A deposit account at a bank or stock that can easily be sold are liquid. Assets such as buildings are the least liquid. Liquid assets are those that are most easily turned into cash.

Cash flow is always important, but especially when it is not easy to obtain credit. When the economy is in recession, financial service providers are reluctant to lend money. Borrowing also becomes more expensive as interest rates are raised to partially offset the risk of borrowers not paying back loans.

Controlling cash

Controlling cash is essential and management accountants deal with a range of cash issues:

  • ensuring that sufficient cash is available for investment by not tying up cash in stock unnecessarily
  • putting procedures in place for chasing up outstanding debts
  • controlling different levels of cash outflows in relation to the size of the business.

For example, a car repair garage buys parts and tyres whilst a hairdresser buys shampoos, equipment and pays for power. In each case, if the business has cash problems it may be slow to pay its bills to suppliers. This creates further cash problems which spread throughout the economy. If small suppliers are not paid they may go out of business. This in turn may affect businesses further up the ladder.

Chartered Institute of Management Accountants | Controlling cash flow for business growth


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Looking for Stable Business Ideas? Here Are 12 Types of Companies With Healthy Cash

#cash flow business

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Looking for Stable Business Ideas? Here Are 12 Types of Companies With Healthy Cash Flow.

Data Featured Lists Editor

November 24, 2014

Land subdivision and funeral businesses may not be the sexiest small-business ideas when compared to, let s say, a web startup or a local coffee shop. But private companies in these fields tend to have the healthiest cash flow, according to new data from Sageworks. a Raleigh, N.C.-based financial data company.

For entrepreneurs seeking new ventures. businesses with a track record of stability and solvency may be a good place to start. Sageworks used highest average current ratios to generate a ranking of 12 business types with healthy cash flow for the year ending Aug. 31, 2014. [See list below.]

Cash flow is a leading indicator of financial strength because if a company has sufficient cash on hand, it will likely meet its short-term obligations — like accounts receivables and employee salaries — on time.

Sageworks analyst Jenna Weaver says the businesses listed have the ability to pay their bills and they tend to, on average, have positive cash flow. She adds that while these businesses aren t necessarily fun or flashy, understanding why certain industries or business models are more inclined toward solvency than others is useful for any entrepreneur.

Following land subdivision and death-care services, this year s ranking also includes grocery stores, real-estate businesses, clothing stores, liquor stores, gas stations, dry cleaning and laundry services, specialty-food stores, employment services, health and personal care stores, and investigation and security services.

Land-subdivision companies divide land into plots to make selling the property easier. Weaver explains that its top ranking may reflect the strong real estate/construction market recovery since 2009.

The rest of the results show themes: half of the list represented the retail sector. While giants like Walmart are known to operate with a low current ratio because of their ability to turn inventory quickly into cash, small private retailers may have difficulty predicting consumer behavior and may therefore stockpile inventory to meet any unexpected consumer demand. Weaver explains that the ability for these smaller establishments to then turn these inventory levels into receivables, and receivables into cash plays a big role. Also, she says a third of the industries on the list are service-related businesses, which usually have lower or no inventory needs.

While every industry operates on different business cycles and models, entrepreneurs brainstorming on stable business ideas should always keep solvency in mind.

Often, when businesses fail, they fail because of their inability to manage these ratios and generate positive cash flow, Weaver says.

It s important to note that a current ratio that is too high is not always ideal. A company wants to keep enough cash or liquid assets available to be able to meet its short term debts, but it doesn t want to sit on too much cash or inventory, so that its assets are still being productive for the business.


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Accepting Cash Only #business #printers


#business finances

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Cash is the most commonly accepted and reliable form of payment for a business. Many small businesses operate as “cash only” merchants. Years ago this wouldn’t have been uncommon, but with advances in technology, business owners must ask themselves if they’re hurting their bottom line by limiting payment options.

If you’re thinking about starting a cash only business or if you’re considering expanding your current payment options, be aware of the pros and cons of only accepting cash.

Pros of accepting only cash:

Cash payments ensure that businesses receive funds immediately. With each transaction, your business immediately receives the appropriate payment amount without the worry of waiting periods or not getting paid at all.

Cash is the simplest form of payment and therefore involves less bookkeeping. For a business, that not only means less stress and hassle, but it also may save money in the time and labor it would take for a bookkeeper to record other payments methods.

There is limited risk of fraud when accepting cash only. There are cases of counterfeit cash payments, but compared to other payment methods, fraud is much less common in cash transactions.

Cash only businesses don’t have to worry about third parties or fees associated with other payment options.

Cons of accepting only cash:

Customers who do not have enough cash on them will have to walk away from a purchase they would otherwise make.

Your business may lose customers by only accepting cash. As card payments become more and more popular, many consumers expect this to be an option when making purchases. If they find that a particular business only accepts cash, they may feel inconvenienced and shop elsewhere.

Keeping large sums of cash on your business’s premises increases the amount of time you’ll spend managing finances and also creates an added security risk.

The IRS requires that you file a Form 8300 if your business receives more than $10,000 in cash from one buyer as a result of a single transaction or two or more related transactions. The same rule applies to cash equivalents such as traveler’s checks, bank drafts, cashier’s checks, and money orders. The form requires the name, address, and Social Security number of the buyer.

The nature of some small businesses may make it smarter to stay cash only. Flea markets, street vendors, and lawn service providers are just a few examples of common cash only small businesses. At the end of the day, you will have to decide which payment options will create the most success for your business.


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Online Merchant Cash Advance #business #plan #samples


#business cash advance

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Merchant Cash Advances

What is a merchant cash advance?

When you receive a merchant cash advance, your business gains upfront working capital in exchange for a percentage of future credit card sales. Merchant cash advance companies frequently partner with card processing companies to hold back a percentage of sales revenue. A merchant cash advance is also sometimes referred to as a business cash advance.

How are merchant cash advances different from a business loan?

Merchant cash advances are not small business loans. You are selling future income in exchange for immediate access to working capital. Instead of collecting payments to cover the advance, the merchant will automatically deduct a set percentage of your credit card sales until they recover the advance. In contrast, other small business loans can be paid back using funds from other accounts, rather than being automatically withdrawn from your sales.

Because merchant cash advances are not loans, these agreements are not held to the same laws that regulate lenders, so interest rates can be upwards of 38%.

Is a merchant cash advance a good fit for my business?

Merchant cash advances offer benefits to small businesses, including payment schedule – you only pay back your advance when your business makes sales. If you have had strong sales but struggle with little or bad credit, a merchant cash advance may be a good option for your business.

Your business typically will not qualify for a merchant service cash advance if you have a prior bankruptcy on file, if your business has been in existence for less than one year or if you do not already have the ability to process credit card payments for your customers. This segment of the lending industry is not regulated, so it’s important to understand the costs up front.

While some small businesses may have turned to merchant cash advances in the past because they had few options to get the working capital they need, platform lenders like Kabbage are now a great option for small businesses.

Unlike merchant cash advances, an online loan from Kabbage provides ongoing access to funding. Take what you need, when you need, and only pay fees on the amount you use.

The biggest difference between Kabbage and merchant cash advance companies is the amount business owners pay and how rates are determined. Merchant cash advance companies typically base interest rate charges on the borrower’s credit rating – often with an APR equivalent of more than 38%.

Kabbage, however, looks at a variety of real-time business data – not just a credit score – to determine the financial health of each business. Based on this review, monthly loans fees between 1.5 and 12% are assessed. Kabbage customers can pay off loans early with no penalties and aren’t charged any fees on the remaining months.

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*Kabbage can approve you in minutes when we are able to automatically obtain your business data and instantly verify your bank account. In some situations errors may occur during the sign up process, or we may need to send micro-deposits to confirm your bank account for security purposes. If this is the case, it may take up to several days to provide you access to funding.

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Cash Advance Definition #business #cards


#business cash advance

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Cash Advance

What is a ‘Cash Advance’

A cash advance is a short-term loan from a bank or alternative lender. The term also refers to a service provided by many credit card issuers allowing cardholders to withdraw a certain amount of cash, either through an ATM or directly from a bank or other financial agency. Cash advances generally feature high interest rates or fees, but they are attractive to many borrowers as they also feature fast approval and quick funding.

BREAKING DOWN ‘Cash Advance’

Credit card cash advances typically carry a high interest rate, even higher than the credit card itself, and the interest begins to accrue immediately. In most cases, credit card cash advances do not quality for low interest rate introductory offers. On the plus side, credit card cash advances are quick and easy to obtain.

Merchant Cash Advances

Merchant cash advances refer to cash advances received by companies or merchants from banks or alternative lenders. Typically, businesses with less-than-perfect credit use cash advances to finance their activities, and in some cases, these advances are paid for with future credit card receipts or with a portion of the funds the merchant receives from sales in his online account. Rather than using a business’ credit scores, alternative lenders often survey the creditworthiness of the borrower by looking at multiple data points including how much money the merchant receives through online accounts such as PayPal.

Cash Advances and Payday Loans

In consumer lending, the phrase cash advance also refers to payday loans. Payday loans are short-term loans that typically must be repaid on the borrower’s next payday, along with a fee. Rather than taking into account the borrower’s credit score. the lender determines the amount of the loan based on the laws in the state and how much the borrower earns each paycheck. If the loan is approved, the lender hands the borrower cash if the loan is being granted in a storefront, and if the loan takes place online, the lender sends an electronic deposit to the borrower’s checking or savings account. To ensure repayment, the lender either takes a post-dated check from the borrower or has him sign an agreement for an automatic payment.

Direct Deposit Advance

Another form of cash advance is a direct deposit advance. With this lending tool, banks give their customers advances on their direct deposits. Then, when the deposit is made, the bank recoups the loan and the associated fees. In most cases, the repayment for the cash advance is taken out of the account before any other checks, charges or automatic payments are allowed to post. In 2014, after receiving numerous complaints about the fees related to their cash advances, many major banks discontinued the practice.


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Alternative to a Merchant Cash Advance #business #startup #loans


#business cash advance

#

OnDeck

Merchant Cash Advances

Interested in financing for your business? Get a true loan decision in minutes with OnDeck.

If you re a small business considering using merchant cash advances for working capital. consider a smarter alternative — a business loan from OnDeck.

OnDeck is a preferred option to merchant cash advances we offer lower rates, fixed payments and true business loans where your payments are reported to the business credit bureaus. And with OnDeck, you can apply in just minutes and have funding in as fast as one business day.

If you’re seeking merchant cash advances for financing specific purchases such as equipment, inventory, expansion or marketing, consider instead a 3-24 month loan from OnDeck. Requirements include: 1 year in business and $100,000 in annual revenue.

What is a Merchant Cash Advance, and how is OnDeck Different?

With a merchant cash advance (sometimes known as a business cash advance), a business owner gets an advance on their future credit card sales. This advance is paid off by the advance company taking a percentage of each credit card transaction until the agreed upon amount has been paid back to the advance company.

For example – Joe’s Pizza gets an advance of $10,000, and they agree to pay back $14,000 (note: OnDeck offers rates are far lower than this). The advance company then takes a percentage (typically 10%-20%) of every credit card transaction until the business has paid back the agreed upon $14,000. It is important to note the difference between the “hold back” (10%-20% in this case) and the “payback” or “interest rate” (40% in this case.)

Three Reasons Why OnDeck is Different

1) OnDeck rates are typically up to 50% lower than a merchant cash advance.

2) Unlike a business credit card advance, OnDeck offers both a fixed rate and a fixed term. This means that a business owner knows the exact amount they will pay back, and the exact date the loan will be fully paid off.

3) With an OnDeck loan, repayment is reported to the business credit bureaus.

Frequently Asked Questions about Merchant Cash Advances:

What are the rates of a merchant cash advance?

The rates of a merchant cash advance will vary by the size of the advance, the perceived risk of the merchant and the term of the payback. Typically, a business will pay back between 20% and 40% of the amount borrowed with a merchant cash advance. In some cases, the rates can range as high as 60% of the amount borrowed. Important note: OnDeck rates are far lower than this.

Do I need to switch my credit card processing to get a business cash advance?
Generally, you do have to switch your credit card processing and point of sale system to get a business cash advance. Cash advance companies measure your revenue through their own proprietary hardware and software that is built into the POS system.

Is a merchant cash advance the same as a business loan?

A merchant cash advance is not the same as a business loan. Though in both cases a merchant will get money up front to pay back at a later date, merchant cash advances are not legally defined as loans and are not reported to credit bureaus.

Does a merchant cash advance build business credit?

Merchant cash advances do not build business credit. Paying back any number of merchant cash advances completely will not improve your business credit.

Can I get a business cash advance if I don’t accept credit cards?

Significant credit card sales are required to get cash advance financing. Cash advance companies measure your revenue by credit card volume going through their own proprietary POS systems.


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Capital One Spark Cash Review #business #news #articles


#business credit cards

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Nerdwallet Review

If your business needs a straightforward cash rewards credit card, the Capital One® Spark® Cash for Business is a solid option. It offers 2% back on all of your purchases and there’s no annual spending cap. There’s also a signup bonus: Earn a one-time $500 cash bonus once you spend $4,500 on purchases within the first 3 months.

The Capital One® Spark® Cash for Business has an annual fee of $0 intro for first year; $59 after that, and no foreign transaction fees. There are business cards without annual fees, but this isn’t a bad fee — you can make it up by spending just $2,950 a year. The Capital One® Spark® Cash for Business is ideal for businesses that don’t require frequent travel, and for spending that is high and/or varies throughout the year.

Want to learn more about the Capital One® Spark® Cash for Business? See our full review of all the Spark cards for additional information.

NerdWallet reviews are the result of independent research by our editorial team while cardholder reviews are contributions from independent users not affiliated with NerdWallet. Banks, issuers and credit card companies are not responsible for any content posted on the NerdWallet site, nor do they endorse or guarantee any posted comments or reviews.

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Disclaimer: NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions. Pre-qualified offers are not binding. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly.

Additionally, this site may be compensated through third party advertisers. However, the results of our comparison tools, blog content and editorial reviews are based on objective analysis. For more information, please see our Advertiser Disclosure .


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