Capital One launched their newest MasterCard on Aug. 23, the Captial One Cash, promising higher cash back rewards that never expire and have no limit. Applicants with excellent credit can benefit from 1% cash back on all purchases, topped with an anniversary cash back totalling 50 % of the total cash back earned during the year. The anniversary cash back coincides with the date the card was first used. The logic behind it is sound as it promotes loyalty amongst Capital One customers who will be rewarded for their patience.
Mike Wassmer, Executive Vice President of US Card at Capital One, said “With the launch of Captial One Cash, we are raising the bar for cash back much like we did in the miles segment when we launched the Venture card, the Sacramento Bee reports. Additionally the Director of Consumer Research at CreditCards.com stated “The new Capital One Cash card offers compelling value in the ever-competitive rewards category, and the 50% anniversary bonus takes cash back to a new level.”
In addition to the cash back bonus customers can take advantage of a $100 bonus by spending $500 within the first three months being approved for the card. Another excellent feature to recommend the card is the absence of any foreign transaction fees. Cash backs can be requested at any time or a payment schedule can be arranged so they can be redeemed when certain pre-chosen increments are reached. Additionally card holders can opt for gift cards starting at $20.
Any cash backs become inconsequential if a balance is carried and the card holder pays interest. APR’s are determined by creditworthiness and will be 14.9%, 17.9% or 20.9% variable. Cash advances attract an APR of 24.9% and penalty rates are charged at 29.4% and may apply if a payment is made late. Fees charged on balance transfers are 3% and on cash advances 3% or $10, whichever is greater.
The minimum credit limit is $3,000 but applicants should be aware that if granted a card with less than a $5,000 limit they will not in fact qualify for the Capital One Cash but the Capital One Premium MasterCard.
In addition to the cash back program card holders can also enjoy exclusive benefits which include discounts on dining, hotels, retail purchases and sporting events. The primary attraction is the simplicity of the cash back program that allows unlimited cash backs with no expiration. The anniversary 50% bonus is unique and represents a pleasant windfall each year.