About
Capital One is a financial services company headquartered in McLean, Virginia, in the United States. It was founded in 1988 and has since grown to become one of the largest banks in the country. It offers a range of financial products and services, including credit cards, auto loans, personal loans, and banking services such as checking and savings accounts.
Capital One is known for its innovative and customer-centric approach to banking. For example, it was one of the first banks to introduce credit cards with no annual fee and cashback rewards. Capital One is also a leader in digital banking and has invested heavily in technology to make banking more convenient and accessible to customers.
Capital One is a publicly traded company listed on the New York Stock Exchange under the ticker symbol COF. As of February 2023, the company had a market capitalization of over $44B.
In addition to its financial services, Capital One is also known for its corporate social responsibility initiatives. The company is strongly committed to environmental sustainability and has implemented several initiatives to reduce its carbon footprint. The bank has also been recognized for its diversity and inclusion efforts, including its support for LGBTQ+ rights and its commitment to hiring and promoting women and people of color.
Capital One is a prominent player in the US financial services industry, known for its customer-focused approach and innovative products and services.
Key Features
- Credit Cards. Capital One offers a wide range of consumer credit cards tailored to different spending habits, including cashback rewards for everyday purchases, travel rewards, and business credit cards. Some of its most popular cards include the Capital One Venture Rewards Credit Card, the Capital One Quicksilver Cash Rewards Credit Card, and the Capital One Savor Cash Rewards Credit Card.
- Eno. It is Capital One's virtual assistant for managing your account, which can help you monitor your account activity, set up fraud alerts, and even generate virtual card numbers for online shopping.
- Auto Loans. The bank is also a major player in the auto lending market, providing new and used car financing. The company offers competitive rates and flexible terms, making it a popular choice for car buyers.
- Personal Loans. Customers are offered unsecured personal loans that can be used for various purposes, such as debt consolidation, home improvement, and major purchases. These loans have fixed rates and flexible terms, making them a good option for people who need to borrow money.
- Checking and Savings Accounts. Capital One also provides traditional banking services, including checking and savings accounts. Its 360 Checking and 360 Savings accounts are popular options, offering no monthly fees and competitive interest rates.
- Digital Banking. The financial institution has invested heavily in technology to make banking more convenient and accessible for customers. Its mobile app and online banking platform allow customers to manage their accounts, deposit checks, pay bills, and more from their smartphone or computer.
- Corporate Social Responsibility. Capital One is committed to environmental sustainability and has implemented several initiatives to reduce its carbon footprint. The company has also been recognized for its diversity and inclusion efforts, including its support for LGBTQ+ rights and its commitment to hiring and promoting women and people of color.
- Capital One Shopping. Capital One Shopping is a free browser extension designed to help shoppers save money by automatically finding and applying coupon codes and discounts when shopping online. The Capital One Shopping extension is available for Google Chrome, Mozilla Firefox, and Microsoft Edge web browsers. Once installed, the extension works in the background and alerts you if any better deals or savings are available on the product you want to purchase.
- Fees. The bank charges a fee for balance transfers, typically 3% of the amount transferred. However, some promotions may waive this fee for a limited time. A fee for foreign transactions is not charged. Capital One charges a late payment fee of up to $40 if you do not make your minimum payment on time. The bank charges a fee for cash advances, typically 3% of the amount advanced. Overlimit fees are not charged.
Pros and Cons
Pros
Pros
Access to over 70,000 ATMs without any fees.
Offers high interest rates on savings and certificate of deposit (CD) accounts.
Checking and savings accounts have no minimum balance requirements.
Cons
Some services may only be accessible online, not in branches.
The range of online tools and features may be overwhelming for new customers unfamiliar with digital banking.
Branches and some services may not be accessible to all customers due to geographic limitations.
Requirements
- Credit Cards. They typically require a good to excellent credit score (usually 670 or higher), although some cards may be available to those with fair or limited credit. Other factors that may be considered include income, employment status, and debt-to-income ratio.
- Auto Loans. They are available to people who want to finance a new or used car and those who want to refinance an existing auto loan. To qualify, you will need to meet certain credit and income requirements.
- Personal Loans. Capital One offers unsecured personal loans that require a good credit score and a certain income level. The exact requirements may vary depending on the loan amount and other factors.
- Checking and Savings Accounts. They typically do not have minimum balance requirements or monthly fees. However, to open an account, you must provide certain personal information, such as your Social Security number and contact information.
- Digital Banking. To use Capital One's mobile app and online banking platform, you must have an account with the company and a compatible device. The specific requirements may vary depending on the features and services you want to use.
Access on the Go
- Mobile App. It can be downloaded on iOS and Android devices. The app allows customers to manage their accounts, deposit checks, pay bills, and more from their smartphones or tablets. It also provides real-time alerts and notifications to help customers stay on top of their finances.
- Online Banking. Capital One's online banking platform can be accessed from any web browser. Customers can log in to their accounts, view their balance and transaction history, transfer money, and pay bills. The online platform also lets customers set up account alerts and notifications.
- ATMs. The bank has over 40,000 fee-free ATMs across the United States. Customers can use these ATMs to withdraw cash, check their account balances, and more. The Capital One mobile app can also help customers find the nearest ATM.
- Customer Service. Capital One has a customer service team available 24/7 to assist customers with their banking needs. Customers can call, email, or chat with a representative for help with account-related questions or issues.
Capital One Bank products
- Checking Accounts. Capital One offers several checking account options, including 360 Checking and Teen Checking. These accounts have no monthly fees, no minimum balance requirements and come with features such as online and mobile banking, mobile check deposit, and access to an extensive network of fee-free ATMs.
- Savings Accounts. The bank offers several savings account options, including 360 Savings and Kids Savings. These accounts have no monthly fees, no minimum balance requirements, and offer competitive interest rates. In addition, customers can set up automatic savings plans to help them reach their financial goals. Capital One offers a high-yield savings account called the Capital One 360 Performance Savings account. The account offers an APY (annual percentage yield) of 3.40%. However, it's important to note that interest rates are subject to change and may fluctuate over time.
- Money Market Accounts. Customers are also provided with Money Market accounts, which typically offer higher interest rates than traditional savings accounts. These accounts have no monthly fees, no minimum balance requirements and come with check-writing privileges.
- Certificates of Deposit (CDs). Capital One offers CDs with terms ranging from six months to five years. These accounts typically have higher interest rates than savings or money market accounts but require customers to lock in their money for a specific period.
- Individual Retirement Accounts (IRAs). Customers can open Traditional, Roth, and SEP IRAs. These accounts offer tax advantages for retirement savings and can be used to invest in stocks, bonds, mutual funds, and other assets.
- Business Banking. Capital One provides a variety of banking products and services for businesses, including checking and savings accounts, credit cards, loans, and merchant services. Business customers can also access online and mobile banking and other tools and resources to help them manage their finances.
- Capital One offers credit card products designed to meet the needs of different types of consumers. Here are some of the most popular Capital One credit cards:
- Capital One Venture Rewards. This travel rewards card is popular with travelers, as it enables you to earn miles rewards for every dollar spent on purchases and a sign-up bonus of 75,000 miles. Cardholders also get access to travel benefits such as travel insurance and airport lounge access.
- Capital One Quicksilver Cash Rewards. This card offers cashback rewards on every purchase, with no limit on the amount of cashback you can earn. It also has a sign-up bonus of $200 after you spend $500 in the first three months.
- Capital One Platinum Mastercard®. This card is designed for people with fair or average credit and offers tools to help build credit, including automatic credit line increases after five months of on-time payments.
- Capital One Savor Cash Rewards. This card offers unlimited 4% cash back on restaurants, entertainment, and several streaming services, 3% at grocery stores, and 1% on all other purchases, as well as a sign-up bonus of $300 after you spend $3,000 in the first three months.
- Capital One Platinum Secured. This card is designed for people with poor or no credit and requires a security deposit to establish a credit line. Cardholders can build credit with responsible use of the card and may be eligible for an upgrade to an unsecured card after making on-time payments
Which associations does Capital One belong to?
- The Consumer Bankers Association (CBA). Capital One is a member of the CBA, which is a trade association for retail banks in the United States. The CBA advocates for policies that support the banking industry and provides resources and networking opportunities for its members.
- The American Bankers Association (ABA). The bank is a member of the ABA, the most extensive banking trade association in the United States. The ABA represents banks of all sizes and provides advocacy, education, and networking opportunities for its members.
- The Financial Services Roundtable (FSR). Capital One is a member of the FSR, a trade association for financial services companies in the United States. The FSR advocates for policies that support the financial industry and provides resources and networking opportunities for its members.
- The Electronic Transactions Association (ETA). The financial institution is a member of the ETA, which is a trade association for companies in the payments industry. The ETA provides advocacy, education, and networking opportunities for its members.
- Capital One is a member of the Federal Deposit Insurance Corporation (FDIC), which is an independent agency of the United States government that provides deposit insurance to protect customers in case a bank fails.
Bank Reliability
Capital One is a well-established financial institution and is generally considered to be a reliable bank. The company was founded in 1988 and has since grown to become one of the largest banks in the United States, with more than 60 million customers.
In terms of financial stability, Capital One has a strong credit rating and has consistently been ranked as one of the top-performing banks in the country. The bank is also a member of the Federal Deposit Insurance Corporation (FDIC), which provides insurance protection for deposits up to $250,000 per account.
In terms of security, this bank has robust measures in place to protect customer data and prevent fraud. The bank has also implemented multi-factor authentication and other security features to ensure that customers' accounts are secure.
Overall, Capital One is considered to be a reliable bank with a strong reputation for financial stability and security. However, as with any financial institution, it is always important to do your own research and due diligence before making any decisions about where to invest or store your money.
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Editorial Opinion
Additional Resources
- Capital One Account Review
- How to PayOff Capital One
- Capital One Mobile App
- Capital One Credit Cards for February 2025