Very easy, reward shows up right after purchase been post, do not even have to wait for statement! you can apply rewards towards balance any time with no min amount required!, this and no foex fee make me still keep my 11 year old cap1 card without AF of course.
+1 - it is very easy.... when they say "no hassle rewards" they really do mean it. It's easy as jumping online, a couple clicks later.... you can have it credited towards your balance.
I opened a Cap 1 rewards platinum credit card and I have to say its not as bad as I thought it would be. I have no interest on purchases until February 2013 and already have gotten $38 worth of rewards. My limit is 2000 which so not that bad for me. You get an email telling you you have rewards. I go to the website and just apply them to my ballance, But after march my interest rate will rise to 21.99% A little high so I wont use it at all. Better than when I had credit 1 card.
I've had one for a couple of years, and have had no real "problem" with it, beyind the stingy CL which they are notorious for not increasing. But as others have said, the cashback is easy to deal with... I have mine set up to automatically appear as a credit on my statement whenever it hits $25, so I don't even have to bother with redeeming them. But ultimately, their tiny credit limits drove me to other cards, which also happened to have better (higher) rewards.
I really don't understand them. They are known for taking on some "riskier" customers with little or poor credit. Nothing wrong with that, because there is potential in customers that want to build or re-build credit. But it seems like they take the risk, but don't allow themselves to reap the benefits, because they drive off the ones that ended up being a good investement through their unwillingness to grow with their good customers.
My credit scores are in the 650-680 range.
I opened up a Capital One Platinum MC about 16 months ago. Started with a CL of $200 and after 6 months increased it to $500. I've asked for CL increases two times and was denied both times.
I then opened the Green Cash Rewards MC also with Capital One and got a CL of $500 right off the bat. This was just 8 months ago. I asked for a CL increase 2 months ago and was denied. Yesterday I checked my account and they increased my CL all on their own without any type of credit check up to $3,500. I was very surprised. But then again, I was using it quite a bit and making multiple payments a month.
I love Cap 1. I have the No Hassles Cash Rewards card which they don't offer anymore. I like the 2% on both gas and groceries and use it when my other cards rotate out of these categories. You can claim the rewards whenever you want, and there's also no fees to use it out of the country.
I have the No Hassle Rewards which is no longer offered and my dad has Cash Rewards. The rewards by far is really no hassle and easy. I have a $25 Best Buy gift card coming. This is a 3rd one pretty much this year and now I have about $11 in rewards and will probabl get my 4th $25 Best Buy gift card sometime after I come back from my vacation beginning on October. That will roughly be about $100 bucks in rewards from this card and then I have BBRZMC which I pretty much put everything through and have another $125 in certificates there. For capital one I found that if I order the gift card to be shipped..even though it says 2-3 weeks to get it..usually within 48-72 hours it's shipped and I get it within probably 5 days or so after that. Not bad.
Capital On while having low limits has been good to me despite the fact that I screwed them on 2 cards in 2007. Yeah the CL is low..$500 each on BBRZMC and Ho Hassle, however I pay several times a month so no biggie, just inconvenience. Customer Service has been great. Yes - the answers to questions seems robotic and reading from script, however never had a problem with them.
When all my baddies fall off in 2 years or so I will probably apply for a better card with them. They might give low limits and things like that, but they don't black list and give you credit when everyone wont except for First Premier with their crazy APR and fees. Overall CapitalOne has a great model. Be there for sub prime members and capture the market that everyone ignores with exception of companies like FP who gouge people. A better alternative
My only wish is that they increase limits on cards as your history grows with them, but then again would you want to have a $3k limit on card with $39 or $59 annual fee. If your credit improves then apply for a CAPONE that has a better card, limit and no AF fee. Capone has same cards in Excellent credit category as they do with Average Credit Category with no AF fee. I seen a Cash Card with 30k credit line.
The transition from Average Credit Cash Card with Low Limit and $39 Annual Fee to better limits and Excellent Credit Cash Card could be better..that is their only opportunity as far as I can see
I really like my Cash (green) Rewards Card!
Their customer service has also been good.
Their online rewards mall is pretty nice too. Not that many in-store offers there (which you do have to activate), but there is a TON of retailers with cash back up to 15% (although the 15% options are few and far between)