Best Capital One Credit Cards in Canada

Capital One offers a number of popular and unique credit cards in Canada. Whether you are looking for a credit card to build your credit, cash back credit cards, low interest rate credit cards, or a card that offers travel insurance benefits, there’s a Capital One credit card option for you.

Even better is the fact that three of Capital One’s credit cards have no annual fees, including the popular Capital One Mastercard for Costco members.

While the credit cards offered by this issuer are way more popular in the U.S., their diverse card offerings have gained ground in Canada as well, especially among those looking to repair their credit.

This Capital One review covers the credit cards they offer in Canada, how to sign up, how to contact Capital One and more.

About Capital One

Capital One Bank is one of America’s largest banks with more than 755 branches. It was founded there in 1994. The bank also operates in Canada and the United Kingdom.

Capital One Canada has been offering financial products in Canada for over 20 years and has offices in Toronto, Montreal, and Kitchener-Waterloo.

The company trades on the New York Stock Exchange under the ticker symbol “COF” and is included in the S&P 500 Index.

Capital One’s customers are able to manage their accounts via a web interface (capitalone.ca) or by using the Capital One mobile app available on iPhone and Android devices.

Capital One Credit Cards in Canada

Capital One offers a total of six credit cards in Canada. Five of these cards are offered directly by the company, while one card is offered in partnership with Costco.

Capital One credit cards can be divided into two general categories:

Capital One Guaranteed Credit Cards

These cards are guaranteed for approval, and they are useful if you want to establish or rebuild credit.

  • Capital One Guaranteed Mastercard
  • Capital One Low-Rate Guaranteed Mastercard
  • Capital One Guaranteed Secured Mastercard

Capital One Rewards Credit Cards

These no-fee credit cards offer travel rewards or cash back on your purchases and include:

  • Capital One Aspire Travel Platinum Mastercard
  • Capital One Aspire Platinum Mastercard
  • Capital One Mastercard for Costco Members

Capital One Guaranteed Mastercard

This guaranteed approval credit card has a $59 annual fee and comes in handy when you need to do something about your credit profile.

A bad or poor credit score often means you are unable to qualify for credit or loans, and when you do, it’s at prohibitively high-interest rates.

There are two versions of the Capital One Guaranteed Mastercard – a Gold version that is unsecured and a ‘secured’ option that is discussed later.

Applicants who do not qualify for the Guaranteed Mastercard (Gold Card) due to their poor credit history are considered for the Secured Guaranteed Mastercard.

The Capital One Guaranteed Mastercard offers:

  • Free price protection within 60 days of item purchase (up to $500 per year)
  • Purchase protection for up to 120 days
  • Extended warranty for up to one extra year
  • Travel accident insurance (up to $250,000)
  • Car rental insurance for up to 31 consecutive days
  • Baggage delay insurance (up to $100 per day for up to 3 days)
  • 24/7 travel assistance

The annual interest rate on this card is 19.80% for purchases, balance transfers, and cash advances. It has no minimum income requirement.

Souce: Capitalone.ca

Capital One Low Rate Guaranteed Mastercard

Low-rate credit cards are rare in Canada. The Capital One Low Rate Mastercard offers a 14.9% rate on purchases and balance transfers, and 19.8% for cash advances.

Cardholders enjoy purchase protection, price protection, travel accident insurance, car rental insurance, baggage delay and travel assistance.

If you carry a balance and have a less-than-stellar credit score, this card can save you money in interest fees over time.

Its 14.9% purchase annual interest rate is at least a 5% savings compared to the regular 19.99% charged by regular credit cards.

Note that this card has a $79 annual fee, which is somewhat high compared to some cards on our list of the best low rate credit cards in Canada.

If your application for the Low Rate Guaranteed Mastercard is not approved, you are automatically considered for the Guaranteed Secured Mastercard instead.

Capital One Guaranteed Secured Mastercard

This secured credit card is similar to the Guaranteed Mastercard, except that you are required to provide a security deposit. If you have no credit history or are looking to repair your credit, this card can help.

To qualify, you must provide collateral of $75 or $300. When you close your account in good standing, the security fund is returned to you. You can increase your credit limit for this account by up to $2,500.

The Capital One Guaranteed Secured Mastercard has a $59 annual fee and an interest rate of 19.8%. This card does not offer any perks or rewards.

Capital One Aspire Travel Platinum Mastercard

This no-fee card is one of Capital One’s rewards card offerings. It offers users 1 reward mile per $1 spent on any purchase.

100 miles are equivalent to $1 in travel miles or 1 mile = 1 cent for a 1% earn rate.

New cardholders enjoy a welcome bonus of 10,000 miles when they spend $500 within their first 3 months. This is equivalent to a $100 bonus when you redeem your miles for travel, e.g. car rentals, taxis, hotels, etc.

There is no limit to how many miles you can earn.

The Capital One Aspire Travel Platinum Mastercard offers free price protection, purchase security, and extended warranty. You also enjoy travel accident insurance (up to $250,000), car rental, and delayed baggage insurance benefits.

Its annual interest rate is 19.80%.

Capital One Aspire Cash Platinum Mastercard

Similar to its counterpart, the Aspire Cash Platinum Mastercard offers a 1% reward rate. For this card, you earn 1% cash back on all purchases and you can redeem your cash back as either a cheque or as a statement credit.

There is no limit to how much cash back you can earn within a year.

This card offers Capital One’s standard suite of insurance coverages including price and purchase protection, extended warranty, travel accident insurance (up to $250,000), delayed baggage, car rental insurance, and 24/7 travel assistance.

Its annual interest rate is 19.8% for purchase, cash advances, and balance transfers.

Capital One Costco Mastercard

This no-fee Capital One Costco credit card is unique because it doubles as your Costco membership card and is basically the default card for those who shop at Costco.

Here’s what the card offers in rewards:

  • 3% cash back on restaurants
  • 2% cash back on gas purchases
  • Up to 1% cash back on all other purchases

For the 1% cash back category, you earn 0.50% on your first $3,000 in purchases and 1% after that.

The big downside for this card is that you must be a Costco member to qualify, and that means you have paid at least a $60 annual fee to become a Costco Gold Star member.

Also, you can earn a better cash back rate on general grocery purchases using a no-fee cash back card such as the Tangerine Money-Back Credit Card (Costco excluded).

The Capital One Costco Mastercard also offers travel insurance benefits, price and purchase protection, and extended warranty. This card has a 19.75% interest rate.

How To Sign Up For a Capital One Credit Card

To apply for a Capital One credit card, you must be at least the age of the majority in your province or territory, i.e. 18 or 19 years old.

For the guaranteed credit cards, you must meet other conditions and should:

  • Not have applied for a Capital One account more than once in the last 30 days
  • Not have an existing Capital One account or a pending application for one
  • Not have a Capital One account that is not in good standing in the last year
  • Provide security funds (applicable to the secured Guaranteed card only)

You can apply online at Capitalone.ca. If you are applying for the Capital One Costco Mastercard, you must have a current Costco membership and can apply for the card through Capital One or Costco.

To check the status of your credit card application, call 1-877-277-5901.

Capital One Canada Contact

You can reach Capital One Canada for routine account inquiries at 1-800-481-3239 (toll-free in Canada or the U.S.) or at 1-804-934-2010 (outside Canada or the U.S.).

General correspondence can be mailed to their Ontario office at P. O. Box 503, Stn. D, Scarborough, ON M1R 5L1. If you prefer to make payments by cheque or money order, mail it to P. O. Box 521, Stn. D, Scarborough, ON M1R 5S4.

Alternatives To The Best Capital One Credit Cards

While Capital One Canada credit cards are good, alternatives exist and some of them may be more attractive in terms of rewards or rates depending on your needs.

Here are some alternative credit cards to consider:

1. MBNA True Line Mastercard: This no-fee card has a 12.99% low-rate for balance transfers and purchases. You can learn more about it in this MBNA True Line Mastercard review.

2. Tangerine Money-Back Credit Card: This card offers unlimited 2% cash back rewards in up to three categories of spending including grocery (excludes Costco), restaurants, recurring bill payments, gas, entertainment, and more.

You earn 0.50% on all other purchases. The Tangerine Money-Back card also provides a low balance transfer rate for 6 months, purchase protection, and extended warranty. Learn more about the card in this review.

3. Rogers World Elite Mastercard: The Rogers World Elite card recently downgraded its rewards, however, you still get 3% unlimited cash back on all U.S. currency purchases and 1.5% cash back on everything else (including at Costco).

In addition, this no-fee card offers comprehensive travel insurance and Mastercard Airport Experiences, and free Boingo Global Wi-Fi. Get more details in this Rogers World Elite Mastercard review.

4. BMO CashBack World Elite Mastercard: The BMO CashBack World Elite Mastercard is a premium card offering a 5% cash back in your first 3 months (up to $200) and 1.5% after on all purchases (including at Costco).

This card provides complimentary roadside assistance and membership in Mastercard Airport Experiences, comprehensive travel insurance benefits, and more. 

The card comes with a $120 annual fee. Learn more about the card in this BMO CashBack World Elite Mastercard review.

 

Capital One Credit Card FAQ

Is Capital One a Good Credit Card?

Capital One offers a total of five credit cards in Canada with a focus on building your credit or earning rewards. Their guaranteed credit cards are great for those looking to repair their credit, while their Costco Mastercard doubles as a membership card.

Ho Do I Get a Capital One Mastercard?

You can visit Capital One’s website and click on the “Apply Now” button. Complete and submit the application form online. To confirm the status of your credit card application, you can call them at 1-877-277-5901 and select option 3.

If you are applying for the Capital One Costco Mastercard, you can also apply for it at any Costco Wholesale warehouse.

How Do I Make a Payment To Capital One?

You can pay your Capital One Mastercard balance through your online banking or by filling out a pre-authorized debit (PAD) authorization form to enable automatic pre-authorized debit payments.

These payment options are also applicable to the Capital One Costco Mastercard.

What Are The Benefits of a Costco Mastercard?

The Capital One Costco Mastercard has no annual fees and offers up to 3% cash back. It also comes with travel benefits, extended warranty, and purchase protection.

The card functions as a Costco membership card, so you don’t need to carry an additional card in your wallet.

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in the Toronto Star, The Globe and Mail, MSN Money, Financial Post, Winnipeg Free Press, CPA Canada, Credit Canada, Wealthsimple, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO and monitors his credit score for free using Borrowell.

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