A huge welcome bonus has just been rolled out to the rewarding Capital One Spark Cash Plus (review). While the spending needs are significant, this may be the biggest credit card welcome bonus we’ve ever seen.
Capital One Spark Cash Plus offering a $3,000 bonus
Capital One Spark Cash Plus offers a new limited-time welcome bonus of up to $3,000 cashback:
- Get $500 cash back when you spend $5,000 in the first three months
- Earn an extra $2,500 cash back when you spend a total of $50,000 in the first six months
- In other words, you will earn a total of $3,000 after spending $50,000, which equates to an additional 6% return.
For context, the Capital One Spark Cash Plus has an annual fee of $150 and has the following features:
- The card offers 2% unlimited cash back, making it one of the best cards for everyday spending
- The card offers an additional $200 cash back when you spend $200,000 on the card in a year, so it’s especially rewarding for big spenders.
- The card is a payment card, so it does not have a predefined spending limit
Since the card usually offers 2% cashback, you will earn a total of $4,000 after spending $50,000 with this bonus, which equates to an 8% return. It’s just amazing.
Convert your rewards into Capital One miles
A $3,000 bonus is great, but what’s even cooler is that you can potentially convert those rewards into 300,000 Capital One miles.
If you have Capital One Spark Cash Plus in addition to the Capital One Venture X Rewards Credit Card (Revision), Capital One Venture Rewards Credit Card (Revision), or Capital One Spark Miles for Business (Revision), then every cent can be converted into a Spark Mile or a Venture Mile.
Personally, I value Capital One miles at 1.7 cents each, which means:
- The $3,000 bonus is potentially worth $5,100 (based on my assessment of 300,000 Capital One miles)
- Given that you earn a total of 400,000 miles after spending $50,000, that potentially equates to a 13.6% return on that spend, based on my assessment.
If you are able to meet the spending requirement, it is simply an amazing deal.
Can you be approved for Capital One Spark Plus?
I know many of us recently purchased the Capital One Venture X Rewards credit card. It is therefore understandable that the question is what are the chances of being approved for Capital One Spark Cash Plus. A few thoughts:
- For the record, it seems that you are eligible for the bonus on the Capital One Spark Cash Plus even if you have another Capital One Spark card
- Requesting this card shouldn’t count as another card towards Chase’s 5/24 limit, if that’s a consideration
- Capital One doesn’t have many consistent card application rules; while some think you can only get approved for one Capital One card every six months, there are also plenty of data points of people getting approved for two cards in less time than that
There are definitely still questions here, but if anyone who recently purchased the Venture X wants to be the guinea pig and claim the Spark Cash Plus, please report (or if anyone sees data points elsewhere, please do report). If there are no data points soon, I’ll just give the app a try.
At the end of the line
The Capital One Spark Cash Plus offers a huge welcome bonus of up to $3,000 after spending $50,000. It’s an amazing bonus, and when you combine it with the card’s standard 2% cash back, you could be looking at an 8% return on your first $50,000 spent.
It potentially gets even better than that, because you can convert those rewards into Capital One miles, at the rate of one cent per mile. Based on my assessment of Capital One miles, this further increases the value of this offer.
The big question is about the odds of being approved if you recently purchased the Capital One Venture X. If anyone has any data points, please report them. For the big spenders, this is probably the best credit card welcome bonus we’ve ever seen.
Do you plan to collect Capital One Spark Cash Plus with a $3,000 bonus?