Capital One Guaranteed Mastercard

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Capital One’s Guaranteed Mastercard is designed for people who want to establish or repair their credit. 

Canadians have no shortage of credit cards to choose from. if you’re looking for your first credit card or want to repair your credit score, the Guaranteed Mastercard from Capital One might be a good place to start

Of course, few things in life are “guaranteed”. That also applies to the Capital One Guaranteed Mastercard. But qualifying for one is pretty simple so long as you are above the age of majority; haven’t applied for a Capital One account more than once in the last 30 days; you don’t have an existing or pending account with the company; and you weren’t in bad standing with Capital One in the last year.

If you meet those criteria, read on to see if the Guaranteed Mastercard is right for you.

What banking products does Capital One offer?

Capital One is a subsidiary of Capital One Financial Corporation, a FORTUNE 500 company that offers a full suite of financial products. In Canada, Capital One’s products are limited to credit cards. There are more than a dozen credit cards to choose from.

How does it compare to other banks or services?

Capital One’s US operations offer a full suite of credit, investment and banking services. On the Canadian side, Capital One focuses solely on credit products.

For this reason, Capital One offers highly competitive credit cards that let you earn rewards, build credit and repair bad credit. But if you’re looking for chequing, savings or investment accounts, you won’t find them with Capital One Canada.

Capital One reviews and complaints

The Capital One Guaranteed Mastercard has generally favourable reviews. According to Capital One’s website, roughly 85% of customers recommend the Guaranteed Mastercard based on nearly 7,000 reviews. The average customer rating is 4 out of 5 stars.

Why should I get a Guaranteed Mastercard?

Some of the main benefits of Capital One’s Guaranteed Mastercard include:

  • Easy to qualify. This Mastercard is “guaranteed” because it’s easy to qualify. Just satisfy the four conditions outlined above and you’ll get approved.
  • Establish or repair credit. If you’re looking for your first credit card or want to boost your credit score, this is the card to get.
  • Zero liability protection. If your credit card number gets compromised, you won’t be held responsible for unauthorized purchases.
  • Travel benefits. With this card, you’re covered under common carrier travel accident insurance, baggage delay and car rental damage.
  • Global acceptance. As part of the Mastercard network, you can use this card anywhere Mastercard is accepted. This includes ATMs.

What should I look out for?

Some of the disadvantages of the Capital One Guaranteed Mastercard include:

  • Annual fee. The Guaranteed Mastercard has an annual fee of $59.
  • High interest rates. Carrying a balance on your Mastercard will cost you. This card charges 19.8% interest on purchases, cash advances and balance transfers.
  • Low credit limit. The highest credit limit you can qualify for is $7,000, so keep that in mind if you’re looking to make large purchases on your card.

Capital One customer service

Customer service agents can be reached toll-free within Canada and the US at the following number: 1-800-481-3239. Hours of operation are not listed on Capital One’s Canadian website.

Alternatively, you can reach out to Capital One through various social media channels including Twitter and Facebook. Support via Twitter is available Monday through Friday between 9am and 5pm ET. If you send a message through Facebook, expect to hear back within a day.

The bottom line

Capital One’s Guaranteed Mastercard is the closest thing you’re ever going to get to “guaranteed” credit. It also offers travel perks and zero liability protection against unauthorized purchases. If you’re looking for your first credit card or want to repair existing credit, consider putting the Guaranteed MasterCard on your shortlist.

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