Types of credit cards
Capital One Bank offers several credit cards that cater to the needs of different customers. However, the full list of Capital One’s credit cards differs from the Canadian one. There are two categories of credit cards: Get Rewards and Build or Rebuild Credit.
Build/rebuild credit. These are three credit cards with guaranteed approval: Guaranteed Mastercard, Low Rate Guaranteed Mastercard, and Guaranteed Secured Mastercard. However, there are some subtleties. For example, the bank offers two versions of Guaranteed Mastercard - a Gold version that is unsecured and the secured one. Customers who do not qualify for the Gold one based on their credit are automatically approved for the unsecured one. Both have a $59 annual fee and 19,8% interest for purchases, 19,8% for a balance transfer, and 21,9% for a cash advance. At the same time, the Low Rate Guaranteed Mastercard imposes a rate of 14,9% for purchases and balance transfers, but the annual fee is higher - $79.
Get Rewards cards: Aspire Travel Platinum Mastercard and Aspire Cash Platinum Mastercard. These will suit customers who need a credit card for travel or cash back. Aspire Travel Platinum Mastercard offers users one reward mile per $1 spent on any purchase. For example, 100 miles are equivalent to $1 in travel miles or one mile=one cent for a 1% earn rate. There are no limits on how many miles customers can earn. Also, there are free price protection options, extended warranty benefits, accident insurance (up to $250,000), car rental, and delayed baggage insurance benefits. These both have a $0 annual fee and 19,8% interest for purchases and balance transfers, and 21,9% - for a cash advance.
If customers are unsure which one they need most, they can compare cards on the bank’s website simply by clicking the “Credit cards” button. If they want to know for which credit card they will be approved, they can click the “Check Before You Apply” button.
How to open a credit card
If customers want to apply for one of the bank’s credit cards, they can do it online or visit one of the bank’s branches if they want to speak to the bank’s staff.
Firstly, they need to choose the credit card which suits their needs most, click on it and then click the “Apply now” button. Then they will need to read essential disclosures and mention the required information:
Personal information. First name, last name, date of birth, mother’s maiden name, and some optional data such as social insurance number and how they learned about that card.
Contact information. City, province, address, postal code, email address, and phone numbers.
The employment status must represent employment information: employed, self-employed, student, retired and unemployed. All these statuses require specific data.
Financial information. Information about their real estate: do they own it, rent it, live with parents or others. Also, as their annual income, other household income, monthly rent/mortgage, and some optional data such as whether they have a mortgage or not and whether they would like to use the card for cash advances.
Requirements
Capital One Bank's requirements are pretty lax. To apply for a Capital One credit card, customers must be at least the age of the majority in their province or territory, i.e., 18 or 19 years old. Also, they need to have an appropriate credit score, but if they don’t, they can still be approved for the secured credit card. Also, customers must:
Not have applied for a Capital One account more than once in the last 30 days;
Not have an existing Capital One account or a pending application for one;
Not have a Capital One account that is not in good standing in the last year;
Provide security funds (applicable to the secured Guaranteed card only).
Pros and cons
Capital One Bank offers different types of credit cards, which have pros and cons. For example, usually, customers are approved for the “Guaranteed Mastercard” that doesn’t require security funds. But, on the other hand, if they can’t qualify for this card, they will be approved for the secured one that requires security funds between $75 and $300.
Capital One Bank’s credit cards have an interest-free grace period of at least 25 days on new purchases and standard balance transfers if customers pay off their new balance in full by the payment due date. However, it doesn’t apply to cash advances, special balance transfers, and interest charges.
Also, if customers have their required minimum payment exceed their total balance, the bank will only need the total balance. Still, the bank will request the full over limit amount if they are over the limit more than their required minimum payment.
How to make a payment
Customers need to make two simple steps to make a credit card payment. Firstly, they must set up a payment account associated with their credit card. Secondly, make your online payment quickly and easily.
Customers can make payments via online banking, a mobile app, at the office of the bank, via ATM, or by setting automatic payments.