Building Credit: Unsecured And Secured Credit Cards
- Min. credit levelLimited Credit History
- Annual Fee$0
- Be automatically considered for a higher credit line in as little as 6 months
- Fraud coverage if your card is lost or stolen
- Use online banking to access your account, even from your smartphone, with our mobile app
- Check out quickly and securely with a contactless card, without touching a terminal or handing your card to a cashier. Just hover your card over a contactless reader, wait for the confirmation, and you’re all set
- Pay by check, online or at a local branch, all with no fee – and pick the monthly due date that works best for you
- Get access to your account 24 hours a day, 7 days a week
- Help build your credit through responsible use of a card like this
A balance transfer is a way to move debt from one card to another with the goal of saving money on interest.
- Intro Balance Transfer APRN/A
- Regular Balance Transfer APR26.99% Variable
- Balance Transfer Fee$0 at this Transfer APR
- Additional Cards Annual FeeN/A
- Foreign Transaction FeeNone
The Capital One Platinum Credit Card is a simple card made for people with average or limited credit, and could make a good stepping stone up to more rewarding credit cards. Consider it if youre still navigating the credit-building process and are having trouble qualifying for better cards, but also check out the Journey Student card below, a similar option but with cash back rewards .
- Additional Cards Annual FeeN/A
- Foreign Transaction FeeNone
Extra Benefits Of A Capital One Credit Card
One of the best things about the cards from Capital One is that they dont charge any Foreign Transaction Fees. They also offer travel accident insurance coverage on the cards as well as:
Travel & Retail Benefits:
- Auto rental collision damage waiver for damage due to theft or collision
- Travel accident insurance for covered losses at no extra charge
- No Capital One credit card has a foreign transaction fee
- 24-hour travel assistance for an emergency replacement card or a cash advance
- An extended warranty at no extra charge
Services
- Eno allows you to keep tabs on your account and lets you pay your bills
Security
- Security and account alerts by phone, email or text
- Fraud coverage with $0 fraud liability
Exit From Mortgage Banking
In November 2017, President of Financial Services Sanjiv Yajnik announced that the mortgage market was too competitive in the low rate environment to make money in the business. The company exited the mortgage origination business on November 7, 2017, laying off 1,100 employees. This was the second closure the first occurred on August 20, 2007, when GreenPoint Mortgage unit was closed. GreenPoint had been acquired December 2006 when Capital One paid $13.2 billion to North Fork Bancorp Inc. The re-emergence into the mortgage industry came in 2011 with the purchase of online bank ING Direct USA.
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What Are Capital One’s Fees Like
Capital One offers a number of cards without annual fees. The card interest rates, while based on creditworthiness, are generally considered reasonable relative to other issuers products in the market. One notable feature is that Capital One waives foreign transaction fees on all of their cards, which is a very consumer-friendly policy.
Premium Rewards: Capital One Venture X Rewards Credit Card
If you want a premium travel card, this is for you. The best Capital One card for premium travel is new to the Capital One lineup. It comes with several premium perks that can help cardholders quickly earn rewards. For starters, with the Capital One Venture X Rewards Credit Card, all purchases earn at least 2x miles per $1 spent. However, cardholders booking hotels and rental cars through Capital One Travel earn 10x miles while flights booked through Capital One travel earn 5x miles.
Additionally, cardholders can receive up to $300 back annually as statement credits for bookings through Capital One Travel. Other airport perks include unlimited access to all-inclusive amenities at the Capital One Lounge and at 1,300+ Priority Pass lounges worldwide. Plus, get up to $100 credit for Global Entry or TSA PreCheck.
Get 10,000 bonus miles every year, starting on your first anniversary.
You can use your miles for travel, including flights, hotels, rental cars, and more. Alternatively, you can transfer your miles to your choice of several travel loyalty programs.
The annual fee is $395, which is much lower than other competing premium travel credit cards.
Learn more: Travel Rewards Credit Cards
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Expansion Into Auto Loans
In 1996, Capital One expanded its business operations to the United Kingdom and Canada. This gave the company access to a large international market for its credit cards. An article appearing in the “Chief Executive” in 1997 noted that the company held $12.6 billion in credit card receivables and served more than nine million customers. The company was listed in the Standard & Poor’s 500, and its stock price hit the $100 mark for the first time in 1998.
Throughout its history, Capital One has focused on making acquisitions of monolines in various related sectors. In 2005, the company acquired Louisiana-based Hibernia National Bank for $4.9 billion in cash and stock. It also acquired New York-based North Fork Bank for $13.2 billion in 2006. The acquisition of smaller banks reduced its dependency on the credit business alone. Other companies acquired by Capital One include Netspend for $700 million in 2007, Chevy Chase Bank for $520 in 2009, IDG Direction division for $9 billion in 2011, and General Electric’s Healthcare Financial Services Unit for $9 billion in 2015.
During the subprime financial crisis of 2008, Capital One received $3.56 billion in investments from the US Treasury courtesy of the Troubled Asset Relief Program in 2008. The company was forced to close its mortgage division, GreenPoint Mortgage, due to the losses incurred by investors. It paid back $3.67 billion to the US Treasury for the repurchase of the company stock.
Best For Bad Credit: The Secured Mastercard From Capital One
When you have no credit, need to rebuild your credit, or have a credit score below 600, the Secured Mastercard® from Capital One is a better fit.
This version of the Platinum Mastercard requires access to an authorized bank to make a refundable security deposit of $49, $99, and $200. If you can make the minimum required security deposit, you will get you an initial $200 credit line. If you can deposit more money before your account opens, youll get a higher credit line.
In as little as 6 months of timely payments, Capital One will consider increasing your credit line with no additional deposit needed. Capital One will monitor the account, so doing things like making on-time payments may earn you back your deposit as a statement credit. And unlike a prepaid card, Capital One regularly reports to the 3 major credit bureaus. Plus, you can easily keep track of your account 24/7 by using their mobile app.
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You Need To Build Credit
The Capital One Secured MasterCard is going to be the best option for you if you have bad credit or need to rebuild your credit. Its probably one of the best secured credit card options available on the market. It offers one of the lowest security deposits and also the ability to have a credit limit increase after a few on-time payments.
Compare The Best Capital One Credit Cards Of 2022
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- Capital One® Spark® Classic for Business: Best for Small business: Fair credit
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Product Details
The Capital One Venture Rewards Credit Card is at the front of the wallet for many frequent travelers, thanks to its rich flat-rate rewards, plum sign-up bonus and flexible redemption options.
The Capital One Venture Rewards Credit Card is at the front of the wallet for many frequent travelers, thanks to its rich flat-rate rewards, plum sign-up bonus and flexible redemption options.
How Capital One Rewards Work
Capital One credit cards offer either cash back rewards or travel rewards. The former is self-explanatory as their system is similar to any other cash back rewards system.
Their travel credit cards, such as their Venture® cards, offer a surprisingly simple rewards system — easy redemptions arent always the case when it comes to travel rewards. Capital One Venture® miles arent like frequent flyer miles. Instead of being redeemable on a specific airline, you can redeem them for any qualifying travel purchase, including hotels, taxi rides, and rental cars. You can even redeem your miles for gift cards, or statement credits, although travel redemptions offer the best value.
Your miles will never expire as long as your account is in good standing, and theres no minimum redemption requirement, which is a big advantage over similar travel rewards programs that require you to redeem a minimum of 2,500 to 10,000 points at a time.
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You Are New To Credit
The best overall card to choose from if you are new to credit is the Capital One Platinum Card. The Platinum card wont give you all the bells and whistles that you get from lets say a Quicksilver however, it will help you to establish a stronger credit profile and give you an unsecured credit card.
What Credit Score Do You Need For A Capital One Credit Card
Capital One offers credit cards for people with all levels of credit.
As covered above, they offer cards such as the Capital One Platinum Secured Credit Card which is designed for people with limited or bad credit, cards for average/fair/limited credit like the Capital One QuicksilverOne Cash Rewards Credit Card, and cards for good or excellent credit such as the Capital One Venture Rewards Credit Card.
Your credit score isn’t necessarily the only thing being considered during an application review though. Issuers don’t usually specify the exact number you’ll need to qualify for a card, and additional factors from your application and credit history could also affect your approval chances.
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What Are The Main Benefits Of Capital One Credit Cards
Capital One made its Venture and Sparks Miles cards more valuable, offering the ability for cardholders to transfer miles to travel partners mostly at a 1:1 ratio .
The flat miles and cash back earned on Capital One Venture X, Capital One Venture, VentureOne, Spark Miles and Quicksilver cards makes things simple for cardholders, since you dont have to worry about remembering which spending categories offer higher rewards. If you spend regularly on dining and entertainment, the 4% cash back on the Savor or SavorOne card is a good deal. And, if you dont want to pay an annual fee and prefer a fixed earning rate, the Quicksilver is a reasonable choice.
Plus, none of these cards charge foreign transaction fees.
How To Choose The Best Capital One Cashback Card
While rewards might be your top priority for your Capital One card, these considerations might help steer you toward the best card for your needs:
- Do you have fair credit?If you have fair credit, the Capital One QuicksilverOne Cash Rewards Credit Card might be the right choice. If youre a business owner with fair credit, consider the Capital One® Spark® Classic for Business.
- What annual fee do you want to pay?Capital One doesnt have any premium cards that cost hundreds of dollars a year. Rather, your choice is whether you want to pay a $0 or $39 annual fee, or a $95 annual fee starting the second year.If youll pay an annual fee, consider whether youll get enough value from the card to justify the cost. For example, you might want the card for its rewards, or simply because its one of the few cards available to someone with your credit profile.
- Do you want a signup bonus?Capital Ones personal cards have signup bonuses of $150 to $300, while its business cards have signup bonuses of $200 to $500. Keep in mind some cards have annual fees that will eat into these rewards.
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Mbna Rewards Platinum Plus Mastercard
Card details
- No annual fee
- Earn 4 pointsâ â for every $1 spent on eligible restaurant, grocery, digital media, membership and household utility purchases during the first 90 days , and 2 pointsâ¡ for every $1 spent on eligible purchases in those categories thereafter â in both cases, these earn rates apply until $10,000 is spent annually in the applicable category. 1 pointâ¡ for every $1 spent on all other eligible purchases
- Income requirement: None
- This offer is not available for residents of Quebec.
The MBNA Rewards Platinum Plus has no annual fee and no minimum income requirement, immediately making it one of the most accessible options on this list. Cardholders earn 4 points per dollar spent on, on eligible restaurant, grocery, digital media, membership, and household utility purchases until $50,000 is spent annually in the applicable category, and 1 point per dollar on all other purchases. For context: 1 MBNA rewards point equals 1% when redeemed for travel or around 0.9% when redeemed for gift cards.
Yes, the cardâs rewards scheme offers a standard 1 point per dollar at Costco, but it still outearns the Capital One Costco Mastercard . The MBNA Rewards Platinum Plus also has groceries as a bonus category, making it a solid option to use for shopping runs at full-fledged grocery stores like No Frills or Loblaws, and overall, a great all-around alternative to the Capital One Costco Mastercard.
Card details
Can You Stick To Best Practices
While a Capital One credit card can provide a number of benefits when used strategically, it may also lead to an increase in debt, a negative impact on your credit score or growing interest charges if youre not careful. Consider the following best practices and, if you can, stick to them when deciding on a Capital One credit card:
- Paying your balance on time and in full each month. Paying your balances in full and on time helps you to avoid interest charges. On time payments will also be reported to the three credit bureaus, helping you to improve your credit score over time.
- Making your payments on time every time. Again, on time payments are one of the major influences on your credit score. Late payments will negatively affect your credit score, and usually cost you a late fee as well.
- Only charging what you can afford. Your is another one of the criteria used to determine your credit score. The lower your utilization ratio the more favorable impact it will have on your credit score. Try to keep your credit utilization ratio below 30 percent.
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Services Offered By Capital One
Capital One currently offers a wide breadth of consumer and commercial financial services. These services include:
Consumer
- Banking from checking and kids savings to CDs and IRAs
- Auto for new or used car loans, or refinancing
- Invest through Capital One Investing
Business
- Banking checking and savings
- Invest includes creating 401 plans
- Manage merchant services and cash management
Commercial
- Commercial lending from term loans to lines of credit
- Depository services commercial checking, savings or CDs
- Treasury management digital tools and automated solutions
- Capital markets from foreign exchange to public finance
- Private banking & wealth management from asset management to trust services
- Corporate card The One Card from Capital One simplifies expenses, accounts payable and billing processes
Free Creditwise Tool Helps You Track Your Credit
Capital One offers a free digital tool called CreditWise to help you monitor your credit. You have access to this tool with any of Capital Ones credit cards.
It pulls your credit reports from the TransUnion, one of the three major U.S. credit bureaus.
Using that data, it will provide a TransUnion VantageScore 3.0. It may not be the standard FICO credit score, but it is still useful for helping you track your credit.
Youll also receive alerts when there is a change to your credit report. If you notice a big drop in your credit score, you can respond quickly to repair it.
Or, see what kind of behavior that led to a rise in your score .
There is a credit simulator that allows you to see how you score will change depending on a certain action.
For example, you can see how much your credit score will drop if you made a $1,000 credit card purchase.
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