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Up to 1.5%
Cash back
$39
Annual fee
22.99%
Purchase APR (variable)
580
Recommended credit score
Review by
Kliment Dukovski is a credit cards writer. He's written over 600 articles to help readers find and compare the best credit cards. Kliment has also written on money transfers, home loans and more. Previously, he ghostwrote guides and articles on foreign exchange, stock market trading and cryptocurrencies.
Thanks to Capital One’s automated preapproval system, you’ll usually get a decision on your application within 60 seconds. It can sometimes take up to 10 business days to hear back, and you may need to submit additional information.
Upon approval, you’ll get your card and welcome materials in the mail within seven to 10 business days.
Where you spend: | The amount you spend: | Cash back earned: |
---|---|---|
Dining | $2,000 | $30 |
Gas | $2,000 | $30 |
Groceries | $3,000 | $45 |
Everything else | $6,000 | $90 |
Total | $13,000 | $195 |
With annual spending similar to our example, you would earn $156 each year once we deduct the annual fee of $39.
You have to spend $2,600 per year — or $217 per month — to offset the annual fee.
To apply for the card, you must be at least 18 years old and a US citizen or permanent resident of the US.
In your application, you’ll need to provide personal and financial details, such as:
During your application, you may choose to receive alerts when your payments are due. You can also select to receive further communication in Spanish if that’s your preferred language.
You’ll have a better chance at approval if you apply with a credit score of 580 or higher. Applying with a higher credit score will earn you a lower APR and a higher credit limit.
Most customers with fair credit scores are happy with their approval and the credit line increases they received after months of timely payments. Some even claim Capital One offered them an upgrade to Capital One® Quicksilver® Cash Rewards Credit Card. The only complaint about the card is the high APR. But if you pay your balance in full and on time, this shouldn’t be a problem.
The Better Business Bureau has accredited Capital One with a rating of A as of October 2020. However, it sports a 1.13 out of 5 when it comes to a customer rating from an average of nearly 500 reviews. It fares little better on Trustpilot, earning a 1.4 rating out of 5 as of October 2020.
You can either call the rewards center or sign in to your online Capital One account and request your cash back in the form of:
You can also set up an automatic redemption preference for a specific time each calendar year or when you reach a specific threshold — $25, $50, $100 or $200.
This is an excellent card for those with limited credit history and for those with fair credit. You’ll earn unlimited cash back on everything you buy — and with on-time payments, Capital One may give you a credit line increase or upgrade you to the no-annual-fee Capital One® Quicksilver® Cash Rewards Credit Card.
But if you want a card with signup bonuses, no annual fee or higher cashback rewards, explore other rewards credit cards, or if you want to build your credit, check out other credit-building cards to find the card that best suits your needs.
Images: Capital One
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