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Cap One No Hassle Cash Rewards Card

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LS2982
Mega Contributor

Re: Cap One No Hassle Cash Rewards Card


@CreditCrusader wrote:

"Congratulations! We think you'll like this pre-qualified card offer"

 

The preceding headline is what I received when I did a prequal on Capital One's website. I have been itching for their Cash Rewards card for some time, and this one gives 2% cash back at gas stations and grocery stores and 1% cash back on all other purchases.

 

What are my chances of success? Current FICO scores in the mid 600s. I also have their platinum card and have kept it in good standing for over a year. They haven't allowed me to convert that card, which is what has me wondering about this prequal.


I think you'd be just fine getting it, make sure it's the one for average credit your going for.




EQ FICO 548 3/3/16
Message 11 of 25
pipeguy
Senior Contributor

Re: Cap One No Hassle Cash Rewards Card


@Anonymous wrote:

AHHH!!!!

 

Sorry, but I've been searching for this topic FOREVER lol.

 

I applied for this card and was also approved for the average credit rating. My credit scores are as follows--

 

EX-650

EQ- 561 (**bleep**?!)

TU- 638

 

I liked the perks and it got some really good reviews. On the other hand I've heard deragatory things about Capital One, but I can't find anything too recent on the matter. Only time will tell..

 

If you don't mind, I have a question to the person above me. I just opened my card and it's the only credit card I currently have. I was approved for $300. I saw you said your score went up 40 points when you had the "available balance of $0" (I already know CP1 doesn't report credit limits) so with that being said, should I just leave it open and never charge on it so it reports "$0" or should I use around 25% of the credit limit and charge $50-75 and pay off each month?

 

Thanks!


Just FYI Cap-1 does report credit limits to all three CRAs

Message 12 of 25
pipeguy
Senior Contributor

Re: Cap One No Hassle Cash Rewards Card


@LilloEsquilo wrote:

So far I'm tempted to close my Barclay's after reading about how paranoid they are (worse than the dictator in North Korea, if someone burns them you better be crying like your dog died or they'll cancel your account and send you to a "credit education camp") and Cap One (no explanation needed, is there?).

 

I'm going to re-evaluate all of my cards on a periodic basis, and ditch what I don't want or use, and replace them as needed. These companies are constantly AR'ing us, well I'm going to do the same, it goes both ways, and if they don't measure up, they can hit the road too.


+1

 

BEST POST of the month. When "we" start thinking of credit cards as tools of convenience for "our" best interest, we will be much better off by ignoring the marketing hype and doing what's best for us.

 

Banks and credit card companies are not our friends, their job is to take the least risk and make the most money off their client base. Our job is to forget the marketed loyalty and look out for best rewards with the best interest rates and best treatment to us. By making the banks compete for our  business, we at least hold our own in the game. Yes I know when rebuilding that you have to take what you can get, but once you are in good to prime status use it (your best interest) for your advantage.

 


 

Message 13 of 25
Anonymous
Not applicable

Re: Cap One No Hassle Cash Rewards Card

That's good to hear about them reporting credit limits (and I hope it's true) because a quick google search shows that people have been complaining about that problem for the past 6 years. They've been showing the amounts OWED but no credit limit.

Message 14 of 25
haulingthescoreup
Moderator Emerita

Re: Cap One No Hassle Cash Rewards Card


@Anonymous wrote:

That's good to hear about them reporting credit limits (and I hope it's true) because a quick google search shows that people have been complaining about that problem for the past 6 years. They've been showing the amounts OWED but no credit limit.


One thing about the internet is that it repeats old (solved) problems and flat-out errors forever and ever and ever. Smiley Tongue

 

It has been at least two years since I've seen a post here about a Cap One card not reporting to all three that didn't turn out to be a different sort of problem, like addresses not matching up or something.

 

They report. They didn't used to; they do now.

 

99% chance that your card isn't going to "grow" with you, unless your card is enrolled in Credit Steps. (There are a zillion threads here attesting to that.) If you're rebuilding, your best bet is just to use it regularly and pay it off immediately.

 

Its main value to your credit goals is to produce a string of clean history each month, so whatever you do, don't ever come anywhere close to letting it report late payments.

 

As your reports and scores improve in the future, the card will probably have less and less value for you. If so, at that point, don't let it make you crazy, as it does to so many people. Just accept the fact that this card is a perfectly good set of training wheels, CC version, and when the time comes that you no longer need training wheels, take them off and let the card go. It will have served its purpose.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 15 of 25
logan_720
Established Contributor

Re: Cap One No Hassle Cash Rewards Card

I was considering applying for that card and just closing one of my rebuilder cards with them, but I just had BofA PC me to a Bank Americard Cash Back which I wanted even more Smiley Wink No hard pull involved!

Message 16 of 25
Anonymous
Not applicable

Re: Cap One No Hassle Cash Rewards Card

That's good to hear and that's what I've been looking for...I haven't found something since 2009 that involved not reporting so I'm glad to hear they changed..

Now, you said there's a "99% chance your card isn't going to grow with you"
Did you mean that or did you mean "is"?

I know once my credit is better I can apply for better cards, but this will do for now correct?
Message 17 of 25
logan_720
Established Contributor

Re: Cap One No Hassle Cash Rewards Card

No, Capital One does not grown on you. You are better, actually you are much better off applying with someone else. Capital One is very, very conservative with their credit lines.

Message 18 of 25
Gollum
Established Contributor

Re: Cap One No Hassle Cash Rewards Card


@Anonymous wrote:

AHHH!!!!

 

Sorry, but I've been searching for this topic FOREVER lol.

 

I applied for this card and was also approved for the average credit rating. My credit scores are as follows--

 

EX-650

EQ- 561 (**bleep**?!)

TU- 638

 

I liked the perks and it got some really good reviews. On the other hand I've heard deragatory things about Capital One, but I can't find anything too recent on the matter. Only time will tell..

 

If you don't mind, I have a question to the person above me. I just opened my card and it's the only credit card I currently have. I was approved for $300. I saw you said your score went up 40 points when you had the "available balance of $0" (I already know CP1 doesn't report credit limits) so with that being said, should I just leave it open and never charge on it so it reports "$0" or should I use around 25% of the credit limit and charge $50-75 and pay off each month?

 

Thanks!



Google for

Capital One credit trap

Credit Scores: (FICO 8) 846 Experian March 2024, 844 TransUnion March 2024 | (FICO 9) 850 Equifax March 2024
Credit Cards (newest to oldest): NFCU VISA Platinum $25,000 | BECU Cash Back VISA $10,000 | American Express BCE $9000 | Simmons Bank VISA $7500 | Capital One Quicksilver VISA Platinum (PC/upgrade from No Hassle Miles Rewards VISA Platinum) $500
Message 19 of 25
Anonymous
Not applicable

Re: Cap One No Hassle Cash Rewards Card


@CreditCrusader wrote:

Whoa...scrap that...will be YMMV, as usual...

 

I just messaged a friend about this...he tells me Cap One actually sent him a mail offer for that card (He has the same platinum card and a similar credit profile to mine)...and when he applied, they shot him down and suggested he apply for their SECURED card! Smiley Very Happy

 

SO happy I didn't waste a hard pull on these jacka**es in vain...just goes to show you, they are good for a singular purpose - credit rebuilding. Look elsewhere for rewards and other goodies associated with improving credit.


I thought the Capital One No Hassle Rewards Card and Cap One Cash Credit Card (Green Card) were for those with average credit and in the rebuilding phase?

Message 20 of 25
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