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Capital One Guaranteed Mastercard®
Credit cards

Capital One Guaranteed Mastercard®

Updated 01.12.2022

About Capital One Guaranteed Mastercard

Capital One bank provides customers with various credit cards, and one of the most popular ones is Guaranteed Mastercard. This credit card is guaranteed, as customers will receive it anyway. However, there are two variations of this card: Gold and Secured. Customers who are not eligible for the Gold version will automatically be approved for the secured one. 

This credit card is suitable mainly for customers who want to build or rebuild their credit. The company reports customers’ credit card activity to the credit reporting agencies monthly, so if they use it responsibly, they will establish or improve their credit. 

Capital One Guaranteed Mastercard card features

This credit card has two versions: the Gold version and the secured version. Customers who are not approved for the Gold one will receive the secured one anyway. That’s why this card is called “Guaranteed.” Customers will be approved for it anyway. 

The bank sends customers’ credit cards usage reports to credit reporting agencies monthly, so responsible usage of cards can lead to customers’ credit improvement. 

Customers can manage their credit card accounts easily online. The bank has developed a mobile application for customers to view and manage their balances and set up reminders for when their payment is due, when they are nearing a credit limit and when their statement is ready.

Mastercard Guaranteed cardholders can enjoy more benefits such as price protection service. For example, when they use a card to buy a new item offered for sale in Canada at a lower price within 60 days of purchase, the price protection service will cover the price difference up to $100 per item and $500 per calendar year. Also, customers will have a purchase assurance, which means most personal items purchased with this card are automatically insured against theft, loss, or damage anywhere in the world for 120 days from the date of purchase. In that way, customers protect their personal items from loss.

What is more, Capital One extends the warranty of purchased goods. It means that when customers buy an item with warranty coverage, its period extends two times up to 2 years. 

Unfortunately, this credit card has a $59 annual fee that may be inconvenient for customers, but there are no additional fees. Customers will have a 19,8% interest rate for purchases and 21,9% for cash advances. 

Moreover, they can enjoy some travel benefits such as travel accident insurance. Customers need to charge their fare to their Capital One credit card to be insured against accidental loss of life or dismemberment for up to $250,000 while traveling on a common carrier. Also, customers will have a car rental collision/loss damage waiver that insures them if their rental car is damaged or stolen and a baggage delay insurance that works if customers’ baggage delays for 1-3 days. Finally, customers will have 24/7 travel assistance, 25 days interest-free grace period, and some Mastercard perks such as a global service and zero liability. 

Pros and cons

Here are the key benefits of a Capital One Guaranteed Mastercard:

  • Guaranteed approval

  • Flexible alerts system

  • A range of insurance coverage programs 

  • An interest-free grace period of at least 25 days

  • Simple eligibility rules

The drawbacks of a Capital One Guaranteed Mastercard:

  • The annual fee of $59

  • Balance protection is not included

  • Security funds may be charged

How to apply for a Capital One Guaranteed Mastercard 

Customers can apply for any credit card by Capital One Canada online. First, they must visit the bank’s website and choose the Capital One Guaranteed Mastercard page. Afterward, they need to click on the “Apply Now” button. They will be redirected to the application form where they should read the disclosures and enter their full name, birthdate, mother’s maiden name, SIN number, and contact information such as address, province, city, email address, and phone number. Also, customers must choose their employment status and enter the required information for each type. Finally, they need to enter their financial information, such as the type of real estate ownership, annual income, other sources of income, and information about their mortgages.

What are the requirements to get a Guaranteed Mastercard from Capital One?Customers need to be over the age of majority, haven’t applied for a Capital One account more than once in the last 30 days, have no existing Capital One account or a pending application for one, and have no Capital One account that was not in good standing in the last year.
Will I have a cash back or other rewards with Guaranteed Mastercard from Capital One?Unfortunately, this credit card has no rewards and cash back programs.
Will I need to pay security funds?Usually, customers approved for the Guaranteed Mastercards are not required to pay security funds. However, it will depend on their eligibility. Once they have applied, the bank will let them know the amount of security funds (between $75 and $300).
Rate
i

Effective interest rate on the product

19,8% - 21,9%

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