Capital One is a well-known bank that offers a variety of financial products from savings accounts to auto loans. With the bank’s popular “What’s in your wallet?” promotions, some people immediately think of credit cards when they hear the bank’s name. For this reason, you might consider a Capital One credit card if you’re looking to open a new account. The bank has different types of credit cards for different types of credit levels. To get the most out of your credit card, you need to apply for an account that best fits your lifestyle.
Do you need help getting the right Capital One credit card? Ask yourself these four questions and then choose the card that’s right for you.
- Will I use the credit card for everyday purchases? Some people don’t carry a lot of cash, and they like the convenience of paying for purchases with a credit card. If you’re a frequent credit card user, consider a credit card with a rewards program. A rewards credit card is unique because you earn points or cashback on every purchase. The more you use your credit card, the more reward points you earn. Redeem points for gift cards, travel, cash and more. Popular reward credit cards offered by Capital One include the Venture One Rewards credit card and the Capital One Cash Rewards credit card.
- Will I pay off my balance every month? Paying off your balance is an excellent way to limit debt and avoid interest charges. Understandably, this isn’t always doable. If you carry a balance from month-to-month, you need a Capital One credit card that features a low interest rate, such as the Capital One Prestige credit card. Of course, credit scores determine interest rates, thus it pays to maintain a good credit history and pay your bills on time. A low rate reduces how much you owe in interest and results in a lower minimum payment.
- How often do I travel? If you travel often for work or pleasure, and typically book your reservations with a credit card, consider a travel rewards credit card. Capital One’s VentureOne and Venture rewards credit card are a good match. Earn either 1.25 or 2 miles for every $1 spent with the credit card, plus there’s the option to earn bonus travel miles. Redeem your miles for airline tickets, hotels, car rentals and other travel purchases.
- Am I looking to establish my credit history? Have you been turned down by other banks due to lack of credit. Capital One has credit cards for all types of credit, including no credit history. A secured credit card can get your foot in the door and help you build an excellent credit rating. These types of credit cards require a security deposit, plus there’s an annual fee. Not the best terms, however, the bank reports your account activity to the three credit bureaus every month. Pay your bill on time and keep your balance low, and you will improve or establish a good credit history.