Possible to change the business on a Cap One Spark?

[CreditJim]

I have an old Cap One Spark from our first business that I don't use at all anymore. I recently started a second business, and it could benefit from the 0% offers I keep getting on the Spark so I'm wondering if Capital One would let me update the account to be in the name of the new, second business, so that I didn't have to incur a triple pull to get another card?

[lindsaydruart]

I doubt it because I believe they check business credit as well so the new business would need to have some credit. Doesn't hurt to ask though.

[linux007969]

I had my business name changed earlier last year........ I went from a Sole Proprietorship to an LLC. My LLC has a very simular name and my DBA is the name of my Sole Proprietorship. It was easy, i called and they emailed me a link to send them some business filings to prove the change, and then i had a new card in a week.

Not sure how it would workout for you but here's hope.

[lindsaydruart]

If it's just an entity type change, I believe they will do it with no problems. Not sure about a completely different business.

[linux007969]

Why not just leave the card as is, and simply update the address if needed? i mean it's your account correct?

[CreditJim]

It's my account, yes, but it's a completely different business. Not an entity change.

[linux007969]

CreditJim wrote:

It's my account, yes, but it's a completely different business. Not an entity change.

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If you would like your new business to get the account on its credit report then i think your SOL, bu if you do not care about how its being reported then who cares what the company name is, as long as your name is on it then it really doesn't matter.

[CreditJim]

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linux007969 wrote:

CreditJim wrote:

It's my account, yes, but it's a completely different business. Not an entity change.

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If you would like your new business to get the account on its credit report then i think your SOL, bu if you do not care about how its being reported then who cares what the company name is, as long as your name is on it then it really doesn't matter.

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I think the IRS would care what company name was on it!

[lindsaydruart]

The IRS actually doesn't care. Credit and taxes are quite different.

[CreditUnionFan]

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@CreditJim wrote:

I have an old Cap One Spark from our first business that I don't use at all anymore. I recently started a second business, and it could benefit from the 0% offers I keep getting on the Spark so I'm wondering if Capital One would let me update the account to be in the name of the new, second business, so that I didn't have to incur a triple pull to get another card?

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It's worth calling and asking. It sounds like it may include the business name, business type, and EIN all changing. You won't know for sure how likely they are to change it until you call. 

If you've dealt with their branches, there was a recent in-branch offer for the 2% cards without the usual annual fee. Rumor has it you also still get the $500 or 50,000 mile bonus.

Whether you could still use the old credit line as-is should consider that the cardholder agreement likely states that all purchases are business and not personal purposes. You may have PGd the old business card, but if that business no longer exists it may not be kosher per the card agreement.