At its most basic level, people use credit cards as another form of payment for different transactions. As time goes by, banks encourage people to use credit cards by becoming more creative. Now, you can have a card that gives you a suite of privileges like rewards, cashback, and other perks.
Capital One credit cards are all about rewards and personalized purchasing features. With a credit card in your wallet, you can shop around without cash and enjoy worldwide acceptance. Capital One boasts of bigger cash signup bonuses, entertainment, and travel benefits.
Read on to find out which Capital One credit card works for your lifestyle and spending needs. If you are interested in applying, here’s a guide for the application process, requirements, and fees associated with the credit cards.
Types of Capital One Credit Cards
Capital One offers 19 credit cards, namely: Platinum, Venture Rewards, Venture One, Quicksilver Rewards, Savor Rewards, SavorOne Rewards, QuicksilverOne Rewards, Journey Student Rewards, Secured Mastercard, Walmart Rewards Mastercard, Spark Cash, Spark Miles, Spark Cash Select, Spark Miles Select, Spark Classic, BuyPower Business Card, BuyPower Card, Cabela’s Club, and the Bass Pro Shops Club Card.
Card issuers design these cards with distinct functions, including credit building, Miles rewards boosters, bigger cashback, and more.
The most basic credit card is the VentureOne Rewards credit card with 20,000 bonus miles upon card opening. This card is made for travelers who want to earn more Miles for every purchase made using the card. The VentureOne Rewards card lets cardholders earn 1.25 miles per $1 transaction.
If you concentrate your purchases on gas, dining, groceries, and office supplies, the Savor Rewards Card is the best choice. It is a reward credit card that provides up to 4% cash back on grocery stores, entertainment, dining, and other purchases. The zero foreign transaction fee is the highlight of the card for purchases made outside the United States.
Capital One also has business cards designed to boost the spending of companies and their key employees. The BuyPower Business Card gives cardholders flexibility on spending and provides limitless rewards. The points do not expire; plus, there is no annual fee.
Aside from business cards, Capital One also offers co-branded cards. The Cabela’s Club Card provides a 1% cashback for all Bass Pro Shops and Cabela's purchases. Additionally, cardholders can earn $20 in Club points after making five purchases from account opening.
There’s also a Pro credit card with enhanced rewards-boosting features for cardholders. The Bass Pro Shops CLUB Card lets cardholders earn 2% for all Bass Pro Shops and Cabela’s purchases.
Want up to 5% cash back for purchases? With the Capital One Walmart Rewards Card, cardholders can earn 5% cash back for shopping at Walmart, including delivery and grocery pickup. The card allows 2% cash back for dining at restaurants, buying fuel at Murphy USA Fuel stations, and 1% for other purchases.
Capital One Credit Cards: Benefits
Aside from the worldwide acceptance brought by Mastercard, cardholders can also enjoy secure transactions, travel rewards, and zero transaction fees. The list of benefits is limitless, especially for people who travel for work or business. Additionally, the interest rate for Capital One credit cards are lower at 14.49% APR up to 26.99%.
Moreover, the ability to redeem rewards is flexible, especially Miles points, where cardholders can convert points to credit. Mastercard and Capital One also offer several promotions, like merchant discounts.
For travel cards, a new member signup bonus of 50,000 points is rewarded for spending $3,000 on the first three months of account opening. Additionally, the rewards earning feature of these cards double the Miles for more redeemable promotions.
When it comes to protection, Capital One credit cards have a travel accident insurance for plane tickets purchased using your card. Additionally, cardholders can get a 24-hour travel assistance services if the card is stolen or lost. You can even get an emergency replacement card after losing the card.
The best thing about Capital One is that you can find out if you are qualified for a certain credit card. The Pre-qualify tool assesses the applicant’s profile and determines the best card for the applicant.
Cons of Capital One Credit Cards
While the perks are overcoming the drawbacks for the Capital One credit cards, applicants still need to assess and weigh the advantages and disadvantages.
The first turn off can be the $95 annual fee of certain cards, after the $0 intro fee for the first year. The $7 to $9 dollar a month fee isn’t worth it if you are not maximizing the card’s rewards features. Therefore, people recommend that you assess how much you will spend using the card and see if the annual fee outweighs the perks.
Another downside of the Capital One credit cards is the limited rewards available. Some credit cards offer extended warranty for products purchased using the card. This perk is available for Capital One credit cards. However, the extended warranty is only limited.
Moreover, cardholders still need to pay for processing fees when you use the card outside the United States.
How to Apply Online
It is incredibly easy to apply for a Capital One credit card. Anyone can submit a card application, but the decision will depend on the financial portfolio of applicants. Capital One supports online applications, which means applicants need to have a computer, phone, or tablet to apply.
To get started, you must visit the Capital One website. Choose among the credit cards available and click on Apply Now. The site will redirect you to a new page. The prompt will ask you to fill out a form and provide information about your employment and financial status.
Make sure to provide accurate information because the bank will verify the details you provide. Under the employment status, applicants need to provide information on the employment type, whether they are salaried or self-employed, and their total annual income.
You also need to give an estimate on your home setup, whether you have an existing mortgage or are paying a rental property. Finally, applicants must review the fees associated with the credit card of your choice.
Eligibility
To successfully become a Capital One cardholder, you need to satisfy the requirements set by the bank. Aside from being a US legal resident, applicants must also be the legal age of 21 years old, employed, and have a decent credit score.
For the credit building cards, applicants without a credit history can still apply. Make sure that you have an existing bank account to strengthen your application.
As mentioned, Capital One pre-qualifying tool will help you assess whether you are eligible for a credit card or not. The tool gives information on the best credit card for you, based on your financial status.
Fees and Charges
The credit cards offered by Capital One have different rates and fees. For instance, the interest rate can vary between 14.99% and 26.99%. Here’s a rundown of the interest rate per card.
- Platinum- 26.99%
- Venture Rewards- 17.24%
- VentureOne Rewards- 14.49%
- Quicksilver Rewards- 15.49%
- Savor Rewards- 15.99%
- SavorOne Rewards- 15.49%
- QuicksilverOne Rewards- 26.99%
- Journey Student Rewards- 26.99%
- Secured Mastercard- 26.99%
- Capital One Walmart Rewards Mastercard- 17.99%
- Spark Cash- 18.49%
- Spark Miles- 18.49%
- Spark Cash Select- 14.49%
- Spark Miles Select- 14.49%
- Spark Classic- 24.49%
- BuyPower Business Card- 18.49%
- BuyPower Card- 14.40%
- Cabela’s CLUB Card- 16.74%
- Bass Pro Shops CLUB Card- 16.74%
Aside from interest rates, other credit card features that come with fees include cash advances (the same rate as interest rate per card, annual fee, and late payment).
The cards with an annual fee include Savor Rewards ($95), QuicksilverOne Rewards ($39), Spark Cash ($95), and Spark Miles ($95).
Failing to settle the balance within the interest-free period can mean an additional late payment fee of $39, on top of the unsettled amount and the interest rate.
Overall, the fees and charges of the Capital One credit cards are minimal compared to other card issuers in the United States.
Capital One Contact Information
Do you have concerns and queries about credit cards? Capital One has a 24/7 customer support hotline at 1877-383-4802 for general concerns and 1800-227-4825 for the credit card support hotline.
You can also reach the bank through 1800-695-5500 for online applications. For calls outside the United States, you can call Capital One at 1804-934-2001.
Capital One’s headquarters are located at Capital One Financial Corp., 1680 Capital One Drive, McLean, VA, United States.
Bottom Line
Having a Capital One credit card is a great addition to your wallet because of the limitless benefits and perks available. From global payment acceptance to travel insurance and Miles rewards, you definitely have more using a Capital One card.
If you are interested in applying, make sure to check out the application process and requirements to successfully become a cardholder. For more information, visit the website of Capital One today.
*Note: It involves risks to apply for and using a credit card. Consult the bank’s terms and conditions page for more information.
