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Compare Capital One Credit Cards in Canada

 
Welcome Bonus Value Estimated dollar value of the credit card welcome bonus
Annual Fee The annual fee on a credit card is a fee you pay each year to use the card
Purchase APR The interest Percentage Rate applied to all purchases you make with your credit card.
Cash Advance APR The Annual Percentage Rate applied if you used your card to get funds via ATM.
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Credit Score
Recommended credit score range required to be eligible for approval for the credit card

Capital One Credit Cards

 

Capital One is probably one of the most recognized names for credit card providers in Canada. As a financial services provider, they understand the importance of credit scores and the need for credit and offer guaranteed options for borrowers who have encountered challenges with their credit history. Their cards are all Mastercards, so you gain from their many above standard features. Here we look at their top-rated cards, benefits, and drawbacks with some comparisons to how they stand up to other credit card products.

Capital One Credit Cards Overview

 

As mentioned, perhaps one of the reasons Capital One credit cards stand out is their willingness to help those with bad credit rebuild their good standing. As a result, they also offer secured cards with unusual perks including extended warranty, purchase assurance, and price protection. Their categories are also a little different compared to other financial services and banks:

  • Guaranteed credit cards
  • Rewards

Overall, for those who have run into financial challenges, Capital One makes it possible to find credit for your needs, while also offering the opportunity to rebuild your credit score.


Capital One Credit Card Benefits and Perks

 

Because Capital One offers a wide variety of cards, we have focused on their top credit cards to highlight their benefits and perks here:

 

Capital One Low Rate Guaranteed Mastercard®

The reason these credit cards are dubbed “guaranteed” is that you can acquire a card even if you have a bad to poor credit score and no income. When you’ve hit some speed bumps financially, this could be your redeeming saviour, providing you with a chance to access credit and get yourself back into better credit standing. Of course, if you are not careful you can also get yourself further into debt! The perks and benefits of the card include:

  • Comes in a secured and unsecured version
  • Low interest rate of just 14.9%
  • Extended warranty and price protection on unsecured cards
  • Common carrier travel accident coverage on unsecured cards
  • Delayed baggage coverage unsecured cards
  • Car rental collision and damage waiver on unsecured cards
  • Emergency travel assistance on unsecured cards
  • Zero liability on all cards

 

Capital One Aspire Cash™ Platinum Mastercard®

For this card you don’t require a minimum income, but you do need a better credit score of fair to good. This entitles you to more perks including:

  • Your cashback points don’t expire
  • Redeem as much or as little as you like
  • Price protection
  • Extended warranty
  • Zero liability
  • Car rental collision or damage waiver
  • Common carrier travel accident coverage
  • Delayed baggage assistance
  • Emergency travel assistance

 

Capital One Aspire Travel™ Platinum Mastercard®

Another no minimum income, fair to good card, the Capital One Aspire Travel™ Platinum Mastercard® is the travellers’ pick. You get:

  • 1 reward mile for every $1 charged to the card
  • No annual fee
  • Emergency travel assistance
  • Common carrier travel accident coverage up to $250,000
  • Delayed baggage coverage
  • Car rental collision or damage waiver
  • Price protection
  • Extended warranty
  • Access to the Mastercard Global Service program

 

Capital One Credit Card Drawbacks

 

One of the key things to look for when considering a Capital One credit card is high interest rates. This is because they cater to those with poor credit scores and low credit scores always end up paying higher interest rates for any form of credit. Because of this, if you do tend to run into debt issues, you could make matters worse. So when applying for a card, be sure to check the interest rate they are offering you. Also, for cash advances, they tend to have limited ATMs around, so it depends on where you live. This ends up costing you more if you try to use another ATM. Also, for the guaranteed cards, the secured version requires security funds of between $75 and $300. These funds are returned when you close your account and pay off your balance.

How do Capital One credit cards compare to other banks?

 

All in all, what you’re gaining from Capital One credit cards is a second chance. There are many other credit card companies offering better deals, however, they are limited to those with good to excellent credit ratings in most cases. This is your opportunity to access a credit card even if you’ve experienced bankruptcy.

 

How to choose the right Capital One credit card for your need?

 

Choosing a credit card is based on your needs so it isn’t really possible to recommend a single card that stands out to cover any one purpose. However, as we’ve reviewed here the Capital One Low Rate Guaranteed Mastercard® is the best choice for those who tend to carry a balance due to the lower interest rate. It also offers a secured and unsecured version. The Capital One Aspire Cash™ Platinum Mastercard® is perfect for those looking for cashback rewards, and as the name implies travellers will appreciate the Capital One Aspire Travel™ Platinum Mastercard®.


FAQ

 

Which is the best Capital One credit card?

As mentioned, there is no one size fits all answer when it comes to the best Capital One credit card. You have to consider your income and credit rating, in hand with your ideal features to narrow down your choices. Our review does provide the top three cards to meet most needs which are:

  • Capital One Low Rate Guaranteed Mastercard® if you tend to carry a balance
  • Capital One Aspire Cash™ Platinum Mastercard® if you want cashback rewards
  • Capital One Aspire Travel™ Platinum Mastercard® for travellers


What is the easiest Capital One card to get?

If you are worried about your income and credit score, any of the guaranteed cards are your best bet. Because these cards do not have a minimum income requirement and don’t consider bad or poor credit scores in their decision process, you can more easily qualify in this category.


What credit score do you need for a Capital One card?

Although we did outline you don’t require a minimum income or high credit score for many of their cards, a good rule of thumb to determine if you’ll qualify is that the premium cards for Capital One credit cards require 700+ while their starter and guaranteed cards don’t have a minimum credit score requirement.

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