What Capital One Credit Cards Offer

Capital One issues several credit cards aimed at different financial situations. Some are designed for people building credit or rebuilding after past problems; others target people with established credit who want rewards or low interest rates. All Capital One cards work the same way once you have one: you charge purchases, receive a monthly bill, and pay what you owe.

The main difference between Capital One cards is what you pay upfront, what interest rate you get, and what rewards or benefits come with the card. A card for someone new to credit might require a cash deposit (a secured card), while a card for someone with good credit does not. Some cards earn cash back on purchases; others do not.

Capital One does not charge annual fees on most of its cards, though a few products do. The company reports your payment history to the three major credit bureaus — Equifax, Experian, and TransUnion — so on-time payments help your credit score over time.

Key Takeaways

  • Capital One offers secured cards (which require a cash deposit) for people new to credit, and unsecured cards for people with established credit.
  • You can explore online, by phone, or by mail, and you will usually know whether you are approved within minutes if you explore online.
  • If approved, you must set up your card before you can use it, either online or by phone.
  • Capital One reports your payment activity to all three credit bureaus, so paying on time each month builds your credit history.
  • You can pay your bill online, by phone, by mail, or in person at a Capital One Café location if one is near you.

Types of Capital One Cards and Who They Are For

Capital One's Platinum Secured Credit Card requires a cash deposit between $200 and $2,500. You place this money in a savings account that Capital One holds; it becomes your credit limit. This card is designed for people with no credit history, a very low credit score, or a history of missed payments. There is no annual fee.

Capital One's Quicksilver Secured Cash Rewards Card also requires a deposit, but it earns 1.5% cash back on all purchases. It is for people in a similar situation as the Platinum card but who want rewards while they rebuild.

Capital One's Quicksilver Card (unsecured) requires no deposit and is for people with good to excellent credit. It earns 1.5% cash back on all purchases and has no annual fee.

Capital One also offers cards with different rewards structures, such as cards that earn bonus cash back in specific categories. Visit Capital One's website to see the current full list, as the company adds and removes products over time.

how the process works for a Capital One Card

You can explore online at Capital One's website, by phone at the number on the back of any Capital One card or in their marketing materials, or by mail using an process form that comes in the mail.

Online is the fastest route. Go to Capital One's website, select the card you want, and click the explore button. You will enter your name, address, date of birth, Social Security number, income, and employment information. The system will ask whether you want the card for personal or business use. Capital One will pull your credit report from one or more of the three bureaus.

You will usually see a decision on the screen within minutes. If you are approved, you can set up a PIN and set up your card right away. If you are denied, Capital One will tell you why — usually because your credit score is too low, you have too much existing debt, or you have a recent late payment or collection account.

If you explore by phone, a representative will walk you through the same questions and tell you the decision during the call. If you explore by mail, you will wait 7 to 10 business days for a response.

What Happens After You Are Approved

Once approved, you must set up your card before you can use it. If you applied online, you can set up it when ready on the same screen. If you applied by phone or mail, Capital One will mail you the physical card, and you can set up it by phone or online when it arrives.

For a secured card, you will also need to fund the deposit account. Capital One will tell you how to do this during the approval process — usually by bank transfer or check. Your credit limit will equal the amount you deposit, so if you deposit $500, your limit is $500.

After set up, you can use the card to make purchases anywhere Visa or Mastercard is accepted (depending on which network your card uses). Capital One will send you a monthly statement showing what you charged, what you owe, and when payment is due.

How to Pay Your Capital One Card

You have several ways to pay your bill. The easiest is online through Capital One's website or mobile app — you can log in, see your balance, and pay any amount you choose. You can also set up automatic payments so a fixed amount or your full balance is paid on the same day each month.

You can pay by phone by calling the number on the back of your card. A representative can process a payment over the phone using your bank account or debit card.

You can mail a check to the address shown on your statement. Mail takes 5 to 7 business days, so send it early if your due date is soon.

If there is a Capital One Café near you, you can walk in and pay in person with cash or a debit card. Capital One Cafés are located in select cities; check their website to see if one is near you.

Your payment is due by the due date shown on your statement. If you pay at least the minimum amount by that date, you will not be charged a late fee. If you pay the full balance, you will not be charged interest on your purchases.

Building Credit With a Capital One Card

Capital One reports your payment history to Equifax, Experian, and TransUnion every month. This means that every on-time payment you make helps your credit score, and every late payment hurts it.

To build credit as fast as possible, charge a small amount each month (even just $10 or $20), then pay the full balance before the due date. This shows lenders that you can borrow money and pay it back reliably. Avoid carrying a balance and paying interest, because interest costs you money and does not help your credit score any more than paying in full does.

If you have a secured card, Capital One may move you to an unsecured card after 6 to 12 months of on-time payments. When this happens, your deposit is returned to you. You can also request to move to an unsecured card if you think your credit has improved enough.

What to Do If You Miss a Payment

If your payment is late by 30 days or more, Capital One will report it to the credit bureaus, and your credit score will drop. The company may also charge you a late fee (the amount varies but is usually $25 to $40 for the first late payment and up to $40 for later ones).

If you realize you will miss a due date, contact Capital One before the date passes. Explain your situation — job loss, medical emergency, or other hardship. Capital One may be willing to waive a late fee or work out a payment plan, though they are not required to.

If you have already missed a payment, call Capital One as soon as you can. Bring your account current by paying what you owe plus any late fees. The late payment will stay on your credit report for seven years, but its impact on your score will fade over time as you make on-time payments going forward.

Frequently Asked Questions

How long does it take to get a Capital One card after I am approved?

If you explore online and are approved, you can use your card number to make purchases online or by phone when ready. The physical card will arrive by mail in 7 to 10 business days. You must set up the card before using it, but set up takes just a few minutes online or by phone.

Can I increase my credit limit on a Capital One card?

Yes. If you have a secured card, you can increase your limit by depositing more money into your deposit account. If you have an unsecured card, you can request a credit limit increase online or by phone. Capital One may approve you for a higher limit based on your payment history and credit score, or they may deny the request.

What happens to my deposit if I close my Capital One secured card?

When you close a secured card, Capital One will return your deposit to you, usually within 5 to 7 business days. The deposit goes back to the bank account you used to fund it. Closing the card will lower your credit score slightly because it reduces the total credit available to you, so only close it if you no longer need it.

Does Capital One charge interest if I carry a balance?

Yes. If you do not pay your full balance by the due date, Capital One charges interest on the remaining balance at the rate shown in your card agreement. This rate varies by card and by your creditworthiness. To avoid interest, pay your full balance each month.

Can I use my Capital One card outside the United States?

Yes, Capital One cards work anywhere Visa or Mastercard is accepted, including outside the United States. However, Capital One charges a foreign transaction fee (usually 1% of the purchase amount) for purchases made in a foreign currency. Check your card agreement for the exact fee.