Top Capital One Credit Cards for 2016
Capital One has become one of the most well-known credit card issuers, thanks to their television commercials with high-profile celebrities. But Capital One also has some of the best credit cards in the industry. They offer an extremely attractive card no matter what kind of credit score you may have. In fact, they are one of the few major issuers that will offer cards to people with fair or poor credit.
Here are some of the top Capital One credit cards for 2016.
The Capital One Quicksilver Cash Rewards card gives cardholders 1.5% cash back on every purchase with no limits. Currently, new customers are given a $100 cash bonus after they have spent $500 on purchases in the first three months of opening the account. Customers receive nine months of interest-free financing on both new purchases and balance transfers, with a 3% balance transfer fee. After this introductory period, a variable interest rate of 13.24% to 23.24% applies, depending on your credit worthiness. A unique feature of the Quicksilver card is the current promotion with Uber: every 10th Uber ride is free up to $15 when you pay with your Quicksilver card through March 31, 2017. Cardholders receive complimentary 24/7 concierge service and extended warranty coverage. This card requires good or excellent credit.
If you only have fair credit, apply for the Capital One QuicksilverOne card. It has some of the same attractive benefits of the Quicksilver card, such as the 1.5% cash back rewards, the introductory financing for nine months and the Uber promotion. But it has an APR of 23.24% and an annual fee of $39. One big advantage of the QuicksilverOne card is that it has no balance transfer fee. There are no foreign transaction fees with any Capital One card.
The Capital One Venture Rewards card is a great travel card. It offers double miles on every purchase. Each mile is worth one cent as a statement credit toward travel reservations. Eligible travel purchases include those made from airlines, cruises, hotels and rental cars. To redeem your miles, make a purchase the way you normally would. Then redeem your miles later for statement credits to offset those purchases. This allows you to earn points and miles from your award travel, and you are still eligible for upgrades, unlike traditional airline and hotel awards.
As a special introductory bonus, new cardholders receive 40,000 bonus miles, worth $400, after spending $3,000 on new new purchases within three months of account opening. Cardholders receive access to Capital One’s CreditWise app which includes a free TransUnion credit score as well as a what-if simulator to see how future actions could affect your credit score. This card is equipped with an EMV smart chip, and is compatible with the Apple Pay mobile payment system. There is a $59 annual fee for this card but it is waived the first year.
If you don’t want to pay an annual fee, Capital One offers the similar VentureOne Rewards card. It is very similar to the Venture card, except it has no annual fee and only earns 1.25 miles per dollar spent. The introductory bonus is also scaled back. New VentureOne applicants earn 20,000 bonus miles, worth $200 in travel, after spending $1,000 within the first three months of account opening. This card also offers new applicants 12 months of interest-free financing on new purchases. Both the Venture and VentureOne cards have no foreign transaction fees.
The Capital One Platinum card is geared to applicants with an average credit score. New customers are eligible to receive access to a higher credit line after making five on-time monthly payments. Capital One cardholders take part in CreditWise, which includes free unlimited access to your credit score and a what-if simulator to help predict how future actions could affect your credit. Cardholders are given extended warranty coverage that adds additional protection to your purchases at no extra charge, as well as price protection that reimburses you if you find a lower price on an eligible item within 50 days of purchases made with your credit card. Cardholders receive auto rental collision damage waiver coverage when traveling, in addition to travel accident insurance and access to a 24-hour travel assistance line. The standard interest rate for purchases and balance transfers is 24.99% APR, and there is no balance transfer fee. An attractive feature is that there is no annual fee for this card.
Consumers with poor credit–anyone with a credit score below 640–will want to seriously consider the Capital One Secured MasterCard. Applicants must complete an application, and once approved, you will be notified of the amount of the refundable security deposit that you will have to make, which will be $49, $99 or $200 based on your creditworthiness. You will then receive a credit line between $200 and $3,000. Submit your security deposit, and you should receive the card in a few weeks.
This card works in the same was as any other credit card. You receive a monthly statement, and must make a minimum payment. Pay your balance in full, and you avoid interest charges, which are at a rate of 24.99% APR for purchases, cash advances, and balance transfers.
Like the Capital One Platinum card, the Secured MasterCard customers receive extended warranty, auto rental, travel accident insurance, travel assistance, roadside assistance, and price protection. Cardholders receive complimentary access to Capital One’s CreditWise app. There is no annual fee or foreign transaction fees on this card.
The Capital One student card, called the Journey Student Rewards card, allows students the chance to build their credit while also earning some cash back. Consumers receive 1% cash back on every purchase, and an additional 25% bonus on the cash back earned each month when you pay by the due date. The Journey card also allows you to set up free account alerts via text, email or phone.
Cardholders are first given a low credit line, but can receive a larger credit line with the Credit Steps program after making five on-time payments. Journey cardholders have access to Capital One’s CreditWise app which includes a free monthly credit score, and a what-if simulator allowing you the opportunity to monitor your credit.
As a Capital One customer, you will receive 24-hour travel assistance services, extended warranty coverage, and auto rental insurance. The standard interest rate for purchases is 20.24% APR. There are no foreign transaction fees or annual fee for this card.
Capital One has a number of small business credit cards. But if you only have a fair credit score, then the Capital One Spark Classic for Business is the card for you. The card has no annual fee and you get 1% cash back on every purchase you make. As a small business owner, you will receive helpful year-end summaries, and can add employee cards at no extra cost. Capital One also has a good small business customer service department to help answer questions regarding your account. There is fraud coverage if any of your small business cards are lost or stolen. The card does have a rather high variable 23.24% APR so you will want to pay off the balance in full and on time each month. Like all Capital One cards, there are no foreign transaction fees with the Spark Classic card.