Capital One Low Rate Guaranteed Mastercard

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Capital One’s Low Rate Guaranteed Mastercard can help you repair or build credit while saving on interest charges. 

If you’re looking to build or repair credit without paying that much in interest charges, the Capital One Low Rate Guaranteed Mastercard might be for you.

As the name implies, this card is “guaranteed” as long as you meet some basic criteria. You will need to be 18 years of age or older, be in good standing with Capital One and make sure this is your only application with the company in the last 30 days. Do all that and you should be good to go.

Read on to see if the Capital One Low Rate Guaranteed Mastercard is right for you.

What banking products does Capital One offer?

Capital One Canada is in the credit card business, so don’t expect to find any information on bank accounts or investment products. If you do find any reference to Capital One banking or investment services, it applies only to its US operations.

How does it compare to other banks or services?

Capital One isn’t a bank – not in Canada, anyway. Its credit card offerings are as plentiful as the ones offered by the major banks. Capital One has more than a dozen Mastercard options that let you earn rewards and build credit.

Capital One reviews and complaints

Capital One’s Low Rate Guaranteed Mastercard has generally favourable reviews. Based on nearly 6,000 customer reviews, the card has an average rating of 4.1 out of 5, with 87% of reviewers recommending this product.

Why should I get a Low Rate Guaranteed Mastercard?

The following are the main benefits of the Capital One Low Rate Guaranteed Mastercard:

  • Easy to qualify. The credit card really is “guaranteed” as long as you meet some very basic bookkeeping requirements. If you do, you’ll get approved right away.
  • Competitive interest rate. Unlike the Guaranteed Mastercard, which charges you 19.8% interest on purchases and balance transfers, the Low Rate version charges only 14.9%interest.
  • Good option as a first credit card. If you’re looking to build credit for the first time, a good option may be a low interest-rate, guaranteed Mastercard. The same holds true if you want to get your credit back on track.
  • Travel perks. If you book travel with this card, you’ll receive lots of benefits, like travel and baggage delay assistance as well as accident insurance.
  • Zero liability protection. You won’t be held accountable for unauthorized purchases.

What should I look out for?

The following are some of the main drawbacks of the Low Rate Guaranteed Mastercard:

  • Annual fee. This card will set you back $79 annually in mandatory fees.
  • High interest rate on cash advances. The 14.9%interest rate only applies to purchases and balance transfers. Cash advances incur a 19.8% interest charge.
  • Limited credit. The largest amount of credit you can qualify for is $7,000

Capital One customer service

If you’d like to speak to customer service, you can call the following toll-free number: 1-800-481-3239.

You can also reach out to Capital One on social media. The company maintains an active Twitter presence, with customer support available Monday through Friday between 9am and 5pm ET. You can also message Capital One on Facebook. Typical response time is one business day.

The bottom line

If you’re shopping for your first credit card, the Capital One Low Rate Guaranteed Mastercard ticks a lot of boxes: low interest rates, guaranteed credit and all the benefits of the Mastercard network. If that sounds appealing to you, visit Capital One’s website to learn more.

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