Best Card For Premium Travel Rewards
This Card Is Right for You If:
Capital One Venture Rewards Credit Card is Capital One’s flagship card, and it can do some pretty neat things. First, you can earn an intro bonus of 60,000 miles after you spend $3,000 on new purchases within 3 months of account opening . You also earn 2 miles on all purchases. Miles are worth 1 cent each as statement credits toward any travel reservations you make, with no blackout dates or capacity controls. Blackout dates are fixed dates when no awards are available, while capacity controls are when award availability is limited. When you earn 2 miles on each purchase, and miles are worth 1 cent each as statement credits, it allows you to realize 2 cents in rewards value per dollar spent. Another option for redeeming your rewards is transferring them to miles with more than 10 frequent flyer programs, most at a 2-to-1.5 ratio. When you can transfer your rewards to airline miles, and redeem those miles for expensive flights in business and first class, it’s possible to realize several cents in value per mile redeemed. Benefits include a $100 credit toward the application fee for TSA PreCheck or Global Entry. The card charges a $95.
Capital One Venture Rewards Credit Card
Best for travel rewards
- This card is best for: Anyone who wants a flat-rate travel rewards card that allows you to redeem miles to offset travel purchases and everyday expenses.
- This card is not a great choice for: Those who will not spend enough to receive the sign-up bonus or offset the $95 annual fee.
- What makes this card unique? The Capital One Venture Rewards Credit Card offers unlimited 2X miles on all eligible purchases, up to $100 credit for Global Entry or TSA PreCheck application fee and cardholders will not be subject to foreign transaction fees.
- Is the Capital One Venture Rewards Credit Card worth it? The Capital One Venture Rewards Credit Card is a worthwhile option if you prefer simple flat-rate rewards or if you dont spend enough on travel to justify a bonus category card.
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Secondly, some banking groups will not allow you to have more than one credit card from their range at the same time.
This might be because they want to reserve their other cards for ‘new customers’.
If you have one credit card for less than six months, and then apply for another from the same provider, you may get turned down for this reason.
You may also wish to know which banking group your current provider falls under. This could be following a bad experience and wanting to avoid it when switching to a new current account provider.
However, its worth noting that many banks, even under the same banking group umbrella offer different services, and can often be very different from one another. For example, you might be able to get a New Day credit card with Aqua, but they also provide store cards for Amazon, Topshop and Debenhams.
Also Check: What Is The Annual Fee For First Premier Credit Card
Benefits Of Upgrading Or Downgrading Your Card With Capital One
Plus, it is a great way to adjust how much you spend on credit cards each year. If you are paying an annual fee that is too expensive for your current budget but you still like some of your cards perks you can often downgrade to a no-annual-fee version of the card.
One great example of this is the Capital One Savor Cash Rewards Credit Card*, which charges a $95 annual fee. For cardholders who still want to earn top-notch dining rewards, the SavorOne card offers a similar earning scheme without an annual fee.
On the flip side, you can upgrade a card to take advantage of better benefits, and then you dont have to worry about carrying a card you no longer have use for. For example, if you applied for the Capital One Platinum Credit Card as a way to build your credit score, but now qualify for one of Capital Ones many great rewards cards, you can change to a better rewards rate without having to close the Platinum.
Tip: Our staff have had mixed results calling in to upgrade the Capital One Platinum Secured Credit Card. While one team member received an offer to upgrade to the Capital One Quicksilver Cash Rewards Credit Card, another was told her secured card would need to automatically upgrade to the unsecured Platinum card before she could request an upgrade to a rewards card. Thats why its important to communicate with the issuer and see what your options are. Every situation is unique, and you wont know what you can get until you ask.
Understanding Credit Card Balances Can Help You Make Smart Financial Decisions And Build Good Credit With Responsible Use
Your credit cardâs balance is the total amount you owe. However, understanding your cardâs different balances might be a bit confusing at first. You may see âprevious balanceâ and ânew balanceâ when reading your credit card statement. Or even âcurrent balanceâ if you’re checking your account online.
Your statement balance is the sum of all the charges and payments you made during one billing cycle. And your current balance is a more real-time view of what you owe on your credit card. Learning how these different credit card balances work can help you budget for the coming weeks and months, and make strategicâpotentially money-savingâdecisions.
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Should You Close Your Capital One Account
There are different reasons for wanting to close a Capital One account. For instance, you might consider it if you:
- Dont use the card for purchases that often
- Want to avoid paying an annual fee
- Are interested in earning a different type of rewards
- Want a card with a lower APR
If youre not using the card at all but it has an annual fee, then you may not be getting much in exchange for what youre paying. And the same goes if youre earning cash back when what you really need are travel miles.
Looking at your spending habits and rewards redemptions for that particular card over the past year can give you an idea of how useful it really is to you.
Via Regular Account Notifications
With most credit card issuers, once you have set up your online account, you now have free rein to customize how closely you want to monitor account activity. Although this feature was designed mostly to help combat fraud, it allows you to receive emails, push notifications, or text messages notifying you of all recent account activity. Some companies enable you to set up email notifications to update you with your current balance after every purchase or monthly payment.
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Example Of How Your Premium Would Be Calculated Based On Daily Balances
Say you have signed up for credit card balance insurance and your monthly premium is $0.95 per $100 you owe, plus applicable sales tax. This example shows how your premium would be calculated for the month of December, which has 31 days, using the average daily balance method.
Step 1: Find out the total amount of daily balances
| Number of days during the month | Balance amount for that number of days | Sum of daily balances |
|---|---|---|
| $89,000 |
Step 2: Find out the average daily balance
Take the total of daily balances and divide it by the number of days in the month to get the average daily balance:
$89,000/ 31 days in December = $2870.96, plus applicable sales taxes, is the average daily balance.
Step 3: Find the cost of credit card balance insurance for the month of December
Next, you multiply the average daily balance by the premium rate: $2870.96 x 0.0095 = $27.27.
In this example, youd pay $27.27, plus applicable sales tax for your monthly premium. If your average daily balance amount stays the same for the year, youd pay almost $330 plus applicable sales tax in insurance premiums for the year.
Which Credit Cards Will I Be Eligible For
Sometimes having a credit card with a provider means that you do not qualify as a new customer and therefore miss out on some of the best deals.
In the case of some credit card providers, the issue of being a customer for a short period is not necessarily an issue. However, you will likely not be eligible for any introductory offers.
Its also worth noting that issuers such as American Express , may also create some restrictions of their own.
For example, a Lloyds credit card with an American Express licence, which gives you Avios points on shopping may restrict you from getting the introductory offers on any other American Express credit card.
Applying for too many credit cards in a short space of time can also affect your credit score.
If youre in doubt about your credit history, you can find out how to check your .
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Want To View And Manage Your Credit Card Payments Online
View, edit or cancel a scheduled payment
To view pending payments, go to your Payment Activity page.All of your pending online, mobile, phone and AutoPay payments will show up on this page in the Pending Payments section. You can edit or cancel a pending payment here too.
View processed payments
To view processed payments, go to your Payment Activity page. All of your processed online, mobile, phone and AutoPay payments will display on this page in the Payment History section. You cannot edit or cancel a payment that has been processed.
View your payment history
To view your payment history, go to your Payment Activity page. You can see your history in the Payment History section.
View your minimum payment
To view your minimum payment due this month, sign on to your account, click Pay Bill. Your minimum due will be shown once you click Choose Amount.
On this page you can view your current minimum payment and other account information. If you have not received your first statement, we have not calculated your due date, and you don’t owe us a payment yet.
Other Options: Upgrade Or Downgrade Your Card
Before closing a Capital One account altogether, consider whether switching to a different card isnt the better option.
For example, say you have the Capital One Savor Cash Rewards Credit Card*, which comes with a $95 annual fee. If youre not using the card as often, you could ask to be downgraded to the Capital One SavorOne Cash Rewards Credit Card. Youll earn a slightly lower rewards rate on dining, entertainment and other purchases. But you wont have to contend with the annual fee.
On the other hand, upgrading your card to earn better rewards could make sense, even if it means paying an annual fee. The Capital One VentureOne Rewards Credit Card, for example, earns unlimited 1.25 miles on every purchase. But you could get unlimited 2 miles per dollar on purchases by upgrading to the Capital One Venture Rewards Credit Card and paying a $95 annual fee.
See related: How much are Capital One miles worth?
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Capital One Spark Cash Plus
Best for small businesses
- This card is best for: Small business owners looking to earn high cash back rewards without keeping track of spending categories.
- This card is not a great choice for: People who may not have the cash flow in their business to cover the annual fee.
- What makes this card unique? Small business owners can earn unlimited 2 percent cash back on all purchases, making it a bit easier to earn consistent rewards on business expenses. Theres also the opportunity to earn cash bonuses with certain terms and conditions.
- Is the Capital One Spark Cash Plus worth it? For small businesses with the cash flow to handle an $150 annual fee, the Capital One Spark Cash Plus is a great way to earn consistent and high cash back rewards on purchases. If youre looking to earn some of the cash bonuses but youre worried about the spending requirements, there may be other cards on the market that offer a different set of rewards that better fit your needs.
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Best Card For Students
This Card Is Right for You If:
It can be a good idea for college students to start to learn how to use credit cards responsibly while building their credit history, and Journey Student Rewards from Capital One is a good place to start. This card starts students off with a modest credit line, but considers them for a higher credit limit in as little as six months. It also features 1% cash back on all purchases, and the chance to earn an extra 0.25% when they make their payments on time, for a total of 1.25% cash back. There’s no annual fee for this card.
Read Also: Best Buy Credit Online
Should I Consider Getting A Credit Card
Pros of using a credit card
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Credit cards can offer you protection on your purchases with Section 75
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Improve your , by making regular monthly payments and not missing any
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Manage your spend by paying for expensive items when needed, to be able to balance your spending, especially if you have a 0% interest rate
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Many credit cards offer great rewards, meaning anytime you use them you are likely to reap the rewards
Cons of using a credit card
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After any introductory rates, interests rates can be very high
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Can lead to debt, if not used correctly and minimum payments aren’t made
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Too many credit card applications can hurt your credit score
Making A Complaint About Credit Card Balance Insurance
Federally regulated financial institutions, such as banks, cant sign you up for credit card balance insurance or charge you for it unless you have agreed to sign up.
If you notice a credit card balance insurance charge on your credit card statement, but you didnt agree to sign up for it, make a complaint by following these steps:
- Step 1: start locally by contacting the financial institution where you signed up for your credit card
- Step 2: escalate your compliant to the senior manager of the financial institution
- Step 3: escalate your complaint to the financial institutions internal ombudsman
- Step 4: escalate your complaint to a third-party for their review of your complaint, also known as an external complaints body
If you think your complaint with a federally regulated financial institution, such as a bank or federal credit union, relates to a breach of a law, code of conduct or public commitment, you can contact the Financial Consumer Agency of Canada .
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Restrictions Limitations And Exclusions
There are important restrictions, limitations and exclusions on the coverage provided by credit card balance insurance. You can find this information in the certificate of insurance that you get when you sign up for credit card balance insurance. For example, pre-existing conditions may be excluded from coverage, and critical illnesses that are covered will be specifically defined. Read the certificate of insurance carefully and ask questions if you dont understand whats covered.
What You Can Do After Overpaying Your Credit Card
If you overpay your credit card account, you wonât lose the money. In fact, you have options if you overpay your card.
Spend Down the Credit Balance
You could choose to spend down the credit balance.
Think of a credit balance like an account credit. Just use your credit card like you normally do, and your credit card company will apply your credit balance to any new balance. Eventually, you wonât have a credit balance.
This is an easy way to handle overpayments because you donât have to do anything out of the ordinary.
Request a Refund
If you have a credit balance and want the money back, you can make a written request of your credit card company for a refund.
Requesting a refund could be a good option if you need the credit balance back in order to pay other bills. It could also be a good option if the credit balance is on a credit card you donât use often.
If you overpay your credit card by more than $1 and request a refund, your credit card company must send you a refund within seven business days of getting your written request.
And even if you donât ask for a refund, your credit card company must try to issue a refund if you donât make any other purchases for more than six months.
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How Is The Statement Balance On A Credit Card Calculated
Your statement balance is like a snapshot of your credit card balance at the end of a billing cycle.
That statement balance wonât change until the end of the next billing cycle. And consistently paying off your full statement balance by the due date can help you avoid paying interest.
Another important thing to remember is that some transactions can lead to balances with different annual percentage rates . For example, cash advances may have a higher APR than purchases or balance transfers. And if your card has an introductory APR offer, you may temporarily receive a 0% APR on balance transfers or purchasesâor both.
Keep in mind, your minimum payment due may be applied to the balance with the lowest APR first. Review your cardâs terms or ask your card issuer how types of balances accrue interest and how your payments will be applied.