Capital One Guaranteed full review
Be aware that we encounter financial issues from time to time, and Capital One understands our situation, so you should consider this card!
What You Should Know About the Capital One Guaranteed Credit Card
Capital One, a subsidiary of Capital One Financial Corporation, is a well-known FORTUNE 500 firm that offers a wide range of financial products. However, in Canada, Capital One only provides credit cards and does not offer investment products or bank accounts like other major financial institutions. It is important to note that any mention of these products and services is specific to Capital One’s operations in the United States.
Capital One Canada focuses solely on providing affordable credit cards that allow cardholders to earn rewards, build credit, and repair damaged credit. While it does not offer chequing, savings, or investment accounts, the Capital One Guaranteed credit card is designed specifically for Canadians who had a past-due Capital One account in the previous year. The card serves as a useful tool for individuals looking to improve their credit score with the support, technology, and resources of an international financial institution.
How Does the Capital One Guaranteed Credit Card Work?
The Capital One Guaranteed credit card is designed for individuals with no credit or poor credit who want to rebuild their credit score. Approval for the card is guaranteed unless certain circumstances apply. These circumstances include being underage, having recently submitted an application for a Capital One account, having a past-due Capital One account, or being unable to provide the required security funds.
Depending on the applicant’s credit history and application requirements, a security deposit may be required. The minimum and maximum deposits are $75 and $300, respectively. Increasing the security deposit may result in a higher credit limit, potentially up to $2,500.
One standout feature of the Capital One Guaranteed credit card is its quick reporting to credit agencies, which helps individuals improve their credit score by making timely payments. Cardholders are advised to make at least the minimum payment each month and to be aware of the card’s 19.8% interest rate. The card also offers additional benefits such as Zero Liability, which protects the cardholder against fraud, and 24/7 customer service from Capital One.
Main Benefits of the Capital One Guaranteed Credit Card
The Capital One Guaranteed credit card offers several benefits:
- Simple qualification process
- Opportunity to build or restore credit
- No liability insurance for fraudulent purchases
- Travel benefits, including coverage for baggage delays, car rental damage, and travel accident insurance
- Worldwide acceptance as part of the Mastercard network
How to Apply for the Capital One Guaranteed Credit Card
If you are interested in applying for the Capital One Guaranteed credit card, check out our article on how to apply for the Capital One Guaranteed.
