Updated August 21, 2008. Any indented text is excerpted directly from Capital One’s marketing.
Capital One has been in the news recently for two issues relevant to card holders. First, the company reversed their policy on reporting credit limits so FICO scores are not adversely affected. Later, Capital One closed its wholesale mortgage business, distancing the company from the sub-prime mess (and lowering its risk exposure).
I haven’t mentioned much about Capital One credit cards in the past. Now that the company has adjusted its policies, I have looked into their credit cards with more detail.
Capital One® No Hassle CashSM Rewards (apply here)
The Capital One® No Hassle CashSM Rewards card. Through the reward program, cardholders earn a 2% cash back on purchases at gas stations and major grocery stores and 1% cash back on all other purchases. There is no limit on cash back and rewards won’t expire for the life of your account. You can request your cash back rewards whenever you want. The card has no annual fee or balance transfer fees. With a 14.9% APR on purchases and balance transfers.
Try this application if you have a below average credit history.
Capital One® No Hassle MilesSM Rewards (apply here)
The Capital One® No Hassle MilesSM Rewards card card you earn miles 25% faster than regular miles cards – for customers with excellent credit. Earn 1.25 miles for each dollar spent on purchases. There are no blackout dates or seat restrictions and no expiration date on miles and no limit on the miles you can earn. With a 13.9% APR on purchases and balance transfers.
If you have only average credit, try this application for the same card offering a higher APR, for which you have a better chance of qualifying.
Capital One® Platinum Prestige (apply here)
The Capital One® Platinum Prestige card is designed for those with excellent credit who want a credit card with a very low interest rate. The best feature of this card is the very low interest rate on purchases and balance transfers. It makes this card a great option for those who plan to carry a balance and for those who would like to transfer balances from cards with high interest rates. There are no balance transfer fees, and there is no annual fee. Overall, this card is one of the most cost-effective credit cards available.
For other cards that will be useful for their introductory 0% APR for balance transfers see this information on credit card arbitrage.
You’ll need a good credit history to qualify for this MasterCard.
Capital One® Platinum (apply here)
The Capital One® Platinum MasterCard for people with good credit is designed for those who want a credit card with a competitive APR and great benefits. The best feature of this card is the reasonable interest rate on purchases and balance transfers. It makes the card a good option for those who plan to carry a balance. There are no balance transfer fees, and there is no annual fee.
All card holders have access to the Capital One® Saving Zone(SM) on Yahoo! Shopping, which offers special discounts on a variety of products.
Right now, Capital One is not offering any introductory offers for new customers. For cards with strong introductory cash bonuses and cash-back rewards, look into the American Express Business Gold Rewards Card and the Citi Drivers Edge Card.
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Flexo, props to you for putting together such well-written posts. As a fellow blogger, I know the time that goes into something like this. Keep up the great work.