Last Reviewed: 6/08/2012
The Capital One Cash Rewards for Newcomers is a rewards credit card designed for those with “average credit”. Per the Capital One definition, average credit includes folks who have experienced one of the following:
- Been more than 60 days late in paying more than one credit card, bill or loan payment in the last year, or
- Have declared bankruptcy or defaulted on a loan within the last 5 years, or
- have had their own credit card or other credit for less than 3 years (thus, limited credit history)
With no annual fee and a reasonable rewards program (see below for details), this card could be a smart choice for those looking to repair damaged credit or build up a more substantial credit history.
Details On Rewards and Fees for the CapitalOne Cash Rewards For Newcomers Card
- Credit Level Required: Average or Better
- Base Rewards: 2% cash back on all travel-related purchases, including airfare, hotels, trains, car rentals, cruises, timeshares, limos, taxis and more. This card earns 1% cash back on all other spend.
- Earnings Caps: None
- Rewards Expiration: Rewards never expire as long as you don’t close your account.
- Redemptions: Redeem rewards via (1) requesting; (2) selecting a pre-defined time each year; or (3) selecting a pre-defined amount, which, once reached, triggers redemption (example: “give me my rewards once I have accumulated $25 (or $50, etc) worth of cash-back”).
- Annual Fee: None
- Balance Transfer Fee: None (but no promotional APR
- Late Payment Fee: Up to $35