Small businesses, defined as an independent business having fewer than 500 employees, are key to the U.S. economy and account for a significant share of production and employment. According to the U.S. Business Administration Office of Advocacy, small businesses employ just over half of all private sector employees, pay 44% of total U.S. private payroll and generate 64% of new jobs over the past 15 years.
With such a vast number of jobs created and contributions to new product patents of more than 13 times that of large patenting firms, Capital One Finance is recognizing a significant force that drives our economy by offering more rewards with a new small business credit card portfolio – Spark. The suite of cards includes SparkSM Miles, featuring double miles on every purchase, every day and the flexibility to redeem them for flights on any airline, anytime with no blackout dates and the SparkSM Cash Select, offering double miles or 2% back on every purchase, every day.
The Spark Business credit card from Capital One® sets the bar higher for small business cards, with the highest rewards in the industry – double miles and 2% on every purchase. Not only are these offers a convincing value, but businesses can also avoid the hassles of other rewards programs that have restrictions. The thought behind the generous rewards is that by doing so small businesses can invest more into growing their businesses.
"We understand that small business owners are looking for credit cards that provide value on many different levels," said Michael Wassmer, executive vice president of US Card for Capital One. "With Spark, we are delivering on that promise of value through the most rewards in the industry and tools that enhance how they manage their business. Small business owners can earn more for their businesses without the restrictions and limitations commonly associated with earning or redeeming rewards."
According to the Federal Reserve, 18 percent of small business borrowed using a credit card in 2009 (the latest available statistic by the Fed). The advantages of using a business credit card over a personal card are numerous by providing services specifically designed for small businesses, like customizable individual spending limits, detailed monthly and quarterly statements and often have a higher credit limit.