Capital One Cash (rewards) Card

[h4ldol]

I'm surprised how no one talks abond this card, which I found out about recently. 

Basically, it's 1% cashback on purchases with no limits (quarterly, annual, etc.) on cashback accumulated, plus a 50% yearly bonus on cashback that you earned during the year (so if you got $300 cashback, you would get an additional $150 at the end of the year for a total of $450), effectively making this card a 1.5% cashback on all/general purchases card.  No rotating catagories for higher cashback rates like many other cards though, but the 1.5% on all purchases seems awesome to me.

It seems like it would be a good card for general purchases that you could supplement with a grocery/gas card (like AMEX BCE/BCP or BoA Cash Rewards card) to maximize cashback potential.

Of course, it's Capital One so you may get a low CL and won't be able to request CLI so that is a drawback, but I have read that people can get pretty high CL with the Capital One 'excellent credit' CC (like the Cash card).

[logan_720]

I once was considering this card, which I quickly shrugged off. I would rather get a rotating card, such as the Freedom, or Discover more that will guarantee me credit limit increases, and will only do one hard pull.

[h4ldol]

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@logan_720 wrote:

I once was considering this card, which I quickly shrugged off. I would rather get a rotating card, such as the Freedom, or Discover more that will guarantee me credit limit increases, and will only do one hard pull.

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That does seem to be the main drawback with this, and all Capital One, cards.  I don't so much mind the HP but would hate to get a CC that sticks me with a lame CL and that is difficult to ever get to a target goal CL.  

And yet, if I had this card I think I would use it enough that Cap One would hopefully increase the CL steadily.  Alas, I have already reached my personal five credit card limit (that is, after my AMEX Gold is closed in the near future) so I cannot app this one.  

[logan_720]

There's just never any way to tell with Capital One. For example, I previously had two cards with them, both had gone through Credit steps and stood at $750 a piece, both were paid off. I then went and apped for the Playstation card because of the $50 voucher I would get if approved. Instead of starting me out at $750, or higher, where my other cards stood, they gave me a $500 limit. I would close my other card, but 1.) I haven't found a card to replace it to offset the lost credit and rise in utilization I would see and 2.) My credit score would jumo significantly as my Capital One accounts are my oldest. Which is why I am currently gardening, so that I can get a really good prime card, then close my Capital One accounts so that getting approved wont be a problem. 

[pipeguy]

DW applied for the Green "Cash Card" last month - the average credit one. $2000 CL, 17.90 APR, 9 months 0% intro rate, $39 AF. This card is also in the "steps" program with an increase to $3000 after 6 months.

2 weeks ago I looked at this card but went for the Platinum Prestige Card instead because of the 15 month 0% intro rate. $7500 CL, 14.90 APR after the intro, no AF.

I've made no secret about how I don't care about "rewards cards" even though I have a few, I much prefer 0% financing for 15 months or zero percent on a $149 purchase such as Amazon or $249 on Firestone, etc. I typically PIF every month on just about anything that's not on a zero percent promotion. I also don't care about mega credit limits as the only time my utilization would make a difference is if I was applying for new credit and that's easy to fix in advance (I'm currently running at about 4% total having 1 account using a zero percent offer).

[Wolf3]

I have last years model (2% gas, grocery, 1% everything else).  I like you can get the cash credited to your account in 1 day.   Very happy with CL $3500.

[h4ldol]

Nice CLs!  I really don't need another credit card, having just gotten three new ones in the last month, but I am intrigued by this one. 

[Gollum]

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@h4ldol wrote:

I'm surprised how no one talks abond this card, which I found out about recently. 

Basically, it's 1% cashback on purchases with no limits (quarterly, annual, etc.) on cashback accumulated, plus a 50% yearly bonus on cashback that you earned during the year (so if you got $300 cashback, you would get an additional $150 at the end of the year for a total of $450), effectively making this card a 1.5% cashback on all/general purchases card.  No rotating catagories for higher cashback rates like many other cards though, but the 1.5% on all purchases seems awesome to me.

It seems like it would be a good card for general purchases that you could supplement with a grocery/gas card (like AMEX BCE/BCP or BoA Cash Rewards card) to maximize cashback potential.

Of course, it's Capital One so you may get a low CL and won't be able to request CLI so that is a drawback, but I have read that people can get pretty high CL with the Capital One 'excellent credit' CC (like the Cash card).

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It's a Capital One MasterCard rewards card with a variable APR 12.9% - 20.9%, depending on the applicant's FICO scores and credit history.

If you qualify for it, you qualify for other cards, so you have a choice:

Capital One, or a Credit Union or local bank that offers better terms.

[LS2982]

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@logan_720 wrote:

I once was considering this card, which I quickly shrugged off. I would rather get a rotating card, such as the Freedom, or Discover more that will guarantee me credit limit increases, and will only do one hard pull.

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+1

5% rotating categories is better to me.