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Capital One Low Rate Guaranteed Mastercard®
Credit cards

Capital One Low Rate Guaranteed Mastercard®

Updated 01.12.2022

About Capital One Low Rate Guaranteed Mastercard

Capital One Canada offers customers several types of credit cards; among them, there is a card with lower rates. Capital One Low Rate Guaranteed Mastercard may be useful for customers with low credit scores. To be approved for it, they can have their credit lower than 670 or have no credit at all. However, there are some subtleties, such as higher annual fees. Nevertheless, this credit card is still called “Guaranteed,” so customers will be approved for it anyway and will be able to enjoy lower rates on purchases and deposit transfers. The Low Rate Guaranteed Mastercard from Capital One is made for Canadians seeking to establish or repair their credit history and who also intend to carry a credit card balance from time to time. 

Capital One Low Rate Guaranteed Mastercard card features

This credit card can help Canadians to improve or build their credit scores, but only if they pay responsibly. For example, suppose customers make regular purchases within their credit limits and on time, paying at least minimum monthly amounts. In that case, their credit will increase as the bank reports regularly to credit bureaus. 

Moreover, the bank provides cardholders with many insurance services. For example, customers can enjoy a price protection program that means if they buy an item with their Capital One credit card that is offered for sale at a lower price within 60 days of purchase, they will be paid the price difference up to $100 per item and $500 per calendar year.

The most significant feature of this credit card is that it has lower rates than some other credit cards from Capital One bank. Customers will have only a 14.9% annual interest rate on purchases and balance transfers instead of the 19,8% for other cards. On the other hand, customers will have to pay more annual fees. If other Guaranteed Mastercards have only a $59 yearly fee, Low Rate Mastercard has a $79 fee, and the cash advances rate is the same: 21,9%. Also, the bank may require some security funds, the amount of which will depend on customers’ eligibility. 

Nevertheless, customers will still be able to use perks such as purchase assurance that insure most personal purchases from loss, theft, or damage anywhere in the world for 120 days from the date of purchase when the full cost of the item is charged to customers’ Capital One credit card. Also, customers can extend the warranty of goods they buy as the bank also provides such services. Extended Warranty coverage automatically doubles the original manufacturer’s warranty for up to two years.

Moreover, Capital One credit card holders will have some travel insurance services. For example, they will be insured against accidental loss of life or dismemberment for up to $250000 while traveling on a common carrier. Also, the bank has a rental car protection program that protects customers from the damage or theft of their rental cars during travel. 

There are also some perks of Low Rate Guaranteed Mastercard, such as 

  • Zero liability;

  • Mastercard global service;

  • Baggage delay insurance;

  • 24/7 travel assistance.

Pros and cons

Strong sides of Capital One Low Rate Guaranteed Mastercard are:

  • Guaranteed approval;

  • Flexible alerts system;

  • Full range of Mastercard protection services;

  • A range of insurance coverage programs;

  • Lower rates;

  • Responsible usage leads to a credit score increase. 

However, here are some disadvantages of a Capital One Low Rate Guaranteed Mastercard:

  • The annual fee of $79;

  • Balance protection and some other services are not included;

  • Security funds may be required.

How to apply for a Capital One Low Rate Guaranteed Mastercard 

To apply for the Capital One Low Rate Guaranteed Mastercard, customers don’t need to visit the bank’s office as they can do it online instead. On the bank’s website, they need to choose the Capital One Low Rate Guaranteed Mastercard page and click the “Apply Now” button. Afterward, 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 an address, province, city, email address, and phone number. Also, customers must choose their employment status and enter the information necessary 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.

How does this credit card differ from the Guaranteed Mastercard from Capital One?Low Rate Guaranteed Mastercard has a lower annual interest rate on purchases and balance transfers: 14,9% against 19,8% on other cards. Also, it has a higher annual fee: $79 against $59. 

How can I apply for insurance services?

Customers of Capital One Canada can apply for one of the insurance services via the mobile app or the online account. However, they must have a Capital One Canada credit card. 
Are my funds protected?Customers will always be notified about unexpected expenses via the Capital One Second Look service. Also, they will receive real-time alerts to inform you about things like suspicious card activity or fraud attempts.
Rate
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Effective interest rate on the product

14.9%

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