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Capital One specializes in guaranteed credit cards for those with bad credit, as well as travel and cash back rewards cards with no annual fees.
If you’re wondering which is right for you, take a look at this comprehensive list of the best Capital One credit cards in Canada. We cover everything from interest rates, recommended credit scores, details on rewards plans, and more.
The Capital One Guaranteed Mastercard is a great option if you’re looking to rebuild your credit score. Unlike traditional Capital One cards, this guaranteed card requires a money transfer of between $75 and $300 (the amount varies based on your credit score) to secure your account, which is returned if you close your account and pay off your balance.
From there, you can use your card like any other credit card. Your card payment activity is then reported to the credit agencies, so if you pay your bill on time, you can begin to improve your credit rating.
The Capital One Low Rate Guaranteed Mastercard combines the accessibility of a guaranteed credit card with the benefits of a low-interest card. A guaranteed card requires a money transfer of between $75 and $300 to secure your account. Once set up, it works the way all other Capital One credit cards do.
The added benefit of this card is the low 14.9% interest rate, which can save you a great deal of money if you are carrying a balance. You can also transfer a balance from an existing card with a higher interest rate to help pay your balance off faster (and improve your credit score faster).
The Capital One Guaranteed Secured Mastercard allows you to build your credit rating while providing the convenience of traditional Capital One credit cards. This card requires a security payment of between $75 and$300 to activate your account, which is returned if you close your account and pay off your balance.
As you use the card and regularly pay your bills, your credit rating will improve as Capital One sends your payment history to the credit agencies that determine your credit rating.
The Capital One Aspire Travel Platinum Mastercard has no annual fee and still offers substantial benefits. You’ll earn $1 in travel points for every $100 you charge to your card. There’s no limit to the Capital One rewards you can earn and your points never expire.
Points can be redeemed for flights, hotels, car rentals, and even taxi rides. If the high annual fee on most other travel cards has scared you away, consider this card as a great tool to start saving for your next trip.
The Capital One Aspire Cash Platinum Mastercard is the rare cash back rewards card with no annual fee. You’ll earn 1% cash back on all purchases, with no cap on the amount you can earn back. Your cash back rewards never expire, so you can save them for when you really need them the most.
You can choose to have your Capital One rewards mailed by cheque or use them to pay off your statement balance.
Many cards carry no annual fee
Flexible redemption programs
Earned rewards don’t expire
Guaranteed cards available to those with poor credit
No interest rate options lower than 14% in Canada
Not the most competitive rewards programs
Guaranteed cards all carry an annual fee
No cards combining third-party rewards programs (Air Miles, Aeroplan, etc.)
Credit cards from Capital One can be great options for those looking for a rewards credit card with no annual fee, or for those with poor credit.
The Capital One Aspire cards offer cash back or travel rewards with no annual fee, while the Capital One Guaranteed cards allow users to rebuild their credit by guaranteeing cards to anyone that meets the basic criteria.
If one of the above options best describes your current situation, a Capital One credit card may be right for you.
You can apply for a Capital One credit card directly on the Capital One Website. You will need to be the age of majority in your province of territory and be asked to enter your basic personal and employment info (your full name and address of residence, your social insurance number, and your employer and current salary).
Once approved, your Capital One credit card will be sent to you by mail. If you want to see which Capital One cards you will be approved for, you can use the Quick Check function on the Capital One site, which shows you which cards you will be approved for within 15 seconds of your application.
Capital One offers a variety of attractive credit cards in the United States, such as the Venture Rewards credit card or Venture X card. Canadians are welcome to apply, but with some stipulations. Applicants will need an American address, a U.S. bank account, and an Individual Taxpayer Identification Number (ITIN) to be eligible for the card.
For credit cards with no annual fee, yes, Capital One has a good rewards program. The Aspire Travel Platinum Mastercard earns you $1 in travel rewards for every $100 you spend, while the Capital One Aspire Cash Platinum Mastercard earns you 1% cash back on all purchases. There are more competitive credit card rewards programs out there, but they generally carry pricey annual fees.
If you’re interested in a travel or cash back rewards card with no annual fee or a guaranteed credit card, Capital One can be a good credit card for first-time users. However, unlike many other card companies, Capital One doesn’t offer a robust welcome offer for first-time users (beyond guaranteed approval). With that in mind, Capital One cards are best suited for those interested in no-fee cards or guaranteed credit card options.
Capital One live customer service is available from 8 am to 9 pm on weekdays and from 9 am to 5 pm on weekends. Capital One also has an interactive phone service that is available 24 hours a day.
