How to submit your application for a Capital One business credit card

Capital One business credit cards are perfect for entrepreneurs who want to maximize rewards with minimal effort and time.

Cards like the Capital One Spark Miles for Business and Capital One Spark Cash Plus offer a simple 2 miles per dollar or 2% cash back on nearly all purchases, respectively. These cards allow you to earn consistently without the need to track different spending categories, and 2% back on business expenses that would otherwise earn 1% is a great way to accumulate rewards quickly.

With the Spark Cash Plus card, earn up to $2,000 cash back after spending $30,000 in the first 3 months. Plus, you can get an additional $2,000 cash back for every $500,000 spent within the first year. On the other hand, the Spark Miles card offers 50,000 miles after spending $4,500 in the first 3 months, which can be redeemed for $500 in travel. You can further enhance the value of these miles by transferring them to Capital One's airline and hotel partners.

Capital One credit card eligibility criteria

It's important to understand the restrictions associated with applying for Capital One credit cards.

While Capital One allows you to hold two personal credit cards at a time, business cards and cobranded cards are not counted towards this limit. However, keep in mind that you can only be approved for one Capital One-issued card every six months.

Additionally, be aware that most Capital One business cards will show up on your personal credit report. This means they will contribute to your Chase 5/24 count, even though they're business-related cards.

Steps to apply for a Capital One business credit card

Regardless of which Capital One business card you're applying for, the application process is consistent. Let's take a look at how the application for the Capital One Spark Cash card works.

To start, you'll need to provide your email address and details about your business.

If you're a sole proprietor, you can use your personal name as your business name. Freelancers or independent contractors should do the same unless you've registered a 'doing business as' (DBA) name with your local government, in which case, use that. For other business types like partnerships or LLCs, use the official business name that was legally registered. Avoid inventing a business name that hasn't been officially registered as a DBA.

Pro Tip: If you don't have a separate official business name, simply use your own name.

The 'business name as you want it to appear on the card' doesn't need to be identical to your legal business name. You can abbreviate if the full name doesn’t fit. The business address and phone number can be your home address and personal cellphone number.

If you're the sole owner of your business and haven’t formed a legal entity like an LLC or non-profit, choose "Sole proprietor" for your business structure. As a sole proprietor, you can use your Social Security Number (SSN) as your business tax ID. If not, you'll need to use your Employer Identification Number (EIN).

Typically, the "Business ownership type" will be listed as privately owned unless your company is publicly traded or partially government-owned. After selecting your "Industry type," you'll need to narrow down your business activities by choosing a "Category" and "Specialty." The options available often don’t perfectly align with my freelance work, so pick the option that best reflects your business.

For your "Annual business revenue," report all income your business generates before expenses and taxes. When asked for "Business spend per month," you can estimate your average monthly expenses for the year, especially if your business experiences seasonal fluctuations.

After entering your personal details, select your role or title in the business. For most people, this will be either the owner or partner. Your "Total annual income" should reflect all sources of income you regularly use to cover your expenses, including your spouse or partner’s income if applicable.

The final question asks if you’d like blank checks for cash advances. I suggest leaving this unchecked or selecting "no." Using these checks results in a higher interest rate for the cash advance compared to regular card purchases, plus a cash advance fee, even if you repay it right away. Additionally, cash advances don’t earn rewards or contribute to your welcome bonus.

Bottom line

Before applying for a Capital One business card, make sure you fully understand the application process and the card’s requirements.

Filling out your application accurately can increase your chances of approval. Be sure to familiarize yourself with Capital One's specific rules before beginning the application.