Are you looking for a business credit card with 0% APR with an easy application?
If you will enjoy reading and contributing to the discussion for this post, will you please join us on the YouTube video above and leave a comment there because I read and respond to most comments on YouTube?
If you find anything helpful in this video or funny, will you please leave a like because you will feel great helping other people find it?
I’m grateful that Capital One just approved me with the Spark business select card for $20,000 credit limit, which I’m already getting to work spending.
I’ll show you how the application looks right here. The application was super easy. And so far, this is the highest credit card limit I got approved out of the other three cards I applied for.
This one gave me twice as much as the American Express with all the same information.
Let’s take a look at the application right here for you.
This is the application on Capital One small business credit cards.
I chose the Spark Cash Select, because you get 0% APR for nine months.
It also has the lowest interest rates out of the other cards.
The downside potentially is that you need excellent credit for it, which I understand many of us don’t have.
I’m grateful that for the moment I do have excellent credit. I had times when I didn’t have very good credit. I’ve paid all the bills since then and now I am grateful I got approved for this.
You also get 1.5% cash back on every purchase.
Note, it’s 0% APR for the first nine months, then you get a significantly higher interest rate after that.
There is no 0% on balance transfer and there’s also no fee.
So when you go to apply, you hit ‘Apply Now’ for this, then here’s what the application looks like over here.
It’s a Capital One Visa card. They give you this really nice key summary up here of the most important terms.
0% APR for nine months and no annual fee. You also get a $200 cash bonus once you spend $3,000 on purchases within the first three months. Then these are the rest of the terms.
Here’s the rest for the application or the beginning of it I should say. You put your business name in here and you put your business name as you want it to appear on the card. This is a little bit shorter.
Business address, this means no P.O. Boxes or commercial mail receiving addresses.
If you’ve got a home office, you need to put your home address in there otherwise you just put your office address in there.
For your legal structure you might have some questions if you’re in the USA. If you’re in the USA, even if you have an LLC, you are probably a sole proprietorship.
This is what I put under here. I’m a sole proprietorship. Even though I have an LLC at the state level, at the federal level the IRS doesn’t care that I have an LLC. Any money I make in my company is the same to them as I earned it as just a part of my income.
Now, if you’ve set up a different structure, then you can go and do that.
On your business tax ID number, it says, if you’ve got a sole proprietorship on here, if you read the little Help icon, you need to put in your social security number if you’ve got a sole proprietorship.
This is important so they pull all the credit correctly and actually get you approved.
One thing that it probably helps me get approved for this too is the business length.
About half of businesses go out of business within five years. My business is seven years old now which allows it to stand out.
So I put 6 to 10 in here.
Business ownership type, privately owned. That is easy.
The industry type, just do your best on this. I am not sure whether they consider this or how much they consider it. But I went through and I don’t even remember what I put on that. I put some kind of industry type in here.
For the annual business revenue, that’s the total amount of sales or the total before anything’s taken out. So the gross income before any expenses.
I took last year’s approximate business revenue. Mine was $236,000 or $239,000 in 2019, so I put that in here.
Then I put the business spend per month, whatever my average expenses were. Something like 9,000 or so.
I probably didn’t answer this, because while I don’t normally, or in the last several years I haven’t carried a balance.
I am borrowing money now as I launch the new Uthena platform.
And if you put your largest purchase on here, 1,000 to 5,000 is mine.
Then there’s these questions about the US. This might be a US based card so I’ve got all these answers for the US.
Then you need to go through and put your first, middle initial, last name, social security number, date of birth.
If you’re a home business, you just check this and it’ll fill your address in automatically.
Primary phone number, email address in here, then your business role is probably ‘owner’ if it’s self-employed, then you put your total annual income.
Now, this is your personal income. So for me, this included the profit from my business plus the capital gains I got in 2018.
For this, my income was something like $170,000 in 2018.
Thank you very much for all that you did or/and are doing now to help with that. I love making money, because I love giving and giving back.
I put that in for my income. I just took the number off of my taxes instead of trying to estimate it.
Then my monthly rent or mortgage is a few thousand dollars, and I put ‘own’ in the home, and I put ‘no’ I don’t need blank checks for cash advances.
I reviewed the terms pretty quickly. Then it is important to go down here.
Here’s some key things to check for on this section.
APR for cash advances 25%.
That means if you do anything that qualifies as a cash advance, that’s 25% not 0% APR.
So make sure you don’t trigger off a cash advance.
Then the penalty APR is 31.65%.
If you make a late payment, this can immediately invalidate your 0% and instead of 0%, you go up to 31.65%. So watch that penalty APR.
Look, on the due date, you have 25 days after the close of a business cycle.
What I did, as soon as I got this card approved, I went immediately added my bank account and set up automatic payments on it.
It’s nice there’s no fees on a transfer, however, note that there is a significant advance on a cash advance and that that 0% does not apply to a transfer.
$39 late payment fee and a lot of these are pretty standard.
What you do want to also know is, where do they put in the payments? If you make a payment over the minimum, where is that applied?
So you can look down here. Sometimes they have this in here. Here we go.
“How do you apply my payment? We will apply payments to your minimum payment first to the balance with the lowest APR.”
That means if you are just paying the minimum payment, and you’ve put something on 0%, and you’ve put something on let’s say a cash advance, you will first pay on the 0% while the cash advance sits there.
Now, note what you need to do if let’s say if I put $10,000 on 0%, and then let’s say I took a $2,000 cash advance. The cash advance will go on immediately at 25% interest, or whatever the cash advance fee remains at.
That means if I just made the minimum payment, all of that minimum payment would actually go towards the lowest APR, the 0%, none of it will go towards the highest 25%.
If you make purchases that trigger multiple APRs, what it says you need to do is you apply any part of your payment exceeding your minimum payments to the balance with the highest APR.
Therefore, let’s say, same scenario, I had $10,000 on 0%, and I’ve got $2,000 on a cash advance. What I would need to do is pay $2,000 over the minimum payment to wipe out the cash advance then all the rest of the balance would remain at 0% APR.
Those are the things that I paid attention to reading this. You also have 0% fraud liability claim, which is pretty standard.
Once you hit ‘Continue’, then what I liked is this is a nice simple one page application, pretty standard application.
Then after you hit that continue button it immediately goes straight to this.
For me, it went straight to the, “You’re approved.”
It was like seven in the morning and I’m like, “Yes, $20,000 credit line. Let’s let Jerry spend some more.”
Thanks Capital One Spark business cash select for that $20,000 of credit when I’ve already got so much credit.
I think it said I had 16 credit cards or something like that. Let’s go.
Once you get approved, then the first thing to do immediately is set up your online account, set up your automatic payment.
Because if for some reason you forget this you will lose that 0% if you miss a payment, and the easiest time to miss a payment’s when you’ve just set it up or after you’ve just set it up.
So just put the minimum payment on automatically right away. As soon as you can, just set it up so it automatically pays the minimum payment so you don’t get triggered off like that.
If you’re wondering, why do you need a business credit card with 0%, what I’m using it for, I’m building up a next generation online teaching services and business platform that I’ve had a vision for this for a long time.
Like seven years since I first started my business, I pictured having a platform where you could join in, run your whole business and especially sell services, and more effectively collaborate.
We’ve got a working version up of this now on uthena.com. What I’m doing to lay a strong foundation, I’m paying freelancers to film a brand new in-demand video courses.
Like for example, Master Ethical Hacking is a brand new course I paid to put the whole thing out there. 143 lessons on it. I’m grateful for all the sales we’ve got and I’m making entire course bundles out of the courses.
For example, I’m filling up in-demand courses on uthena.com to lay a strong foundation.
And then the beauty of it is these courses, you can then use with your own private label rights. You can actually have private label rights to all of my video courses. You can sell them.
My courses have sold millions of dollars online. You can easily earn hundreds of thousands. All right, maybe not easily. You can easily earn $10,000 selling the video courses that I’ve just given you. You can easily do that.
So I’ve got a partner program at jerrybanfield.com/partners where you can get access to all the videos for that.
Therefore, a big value of the Uthena Partner program is having about 134 or more video courses right now in there with hours of new video coming in every single day.
That’s what I’m spending on this Capital One card. I use this to pay the freelancers and the way I see it, it can’t possibly lose.
Worst case scenario, if I don’t make any money at least I’ve helped other people teach their passion. I’ve put out tons of really helpful professional development tutorials for free. That’s worst case scenario.
Best case scenario well, everyone buys the courses and we all have a great life together and it’s utopia on earth, right? Then we all get bored and leave this planet behind and go do something harder.
All right, I just went off on a tangent so it’s time to wrap this up.
Thank you very much for watching and learning how you can apply for the Capital One Spark business select cash card.
Shout out to my mom for recommending that I apply for this credit card.
Thanks to Capital One for giving me the highest limit ever.
I don’t get anything for telling you this other than my normal ad revenue. I just share this with you, because I thought it was helpful.
I love you.
I’ll see you in another video.