Capital One Smart Rewards Mastercard Review for 2024

The new Capital One Smart Rewards Mastercard is the only credit card in Canada that rewards cardholders for payments made towards their balance. 

You get to enjoy the rewards while benefiting from good financial habits. 

In this Capital One Smart Rewards Mastercard review, we’ll review its features, benefits, how to earn points, apply, and more. 

Capital One Smart Rewards Mastercard Features

The Capital One Smart Rewards Mastercard celebrates and rewards the positive financial habits of its cardholders. 

This credit card comes with no annual fees, a standard annual interest rate of 21.9%, and zero cost for additional cardholders. 

You will receive customized alerts to know when payments are due, if you receive unexpected charges, or if suspicious card activity is happening. 

Capital One Smart Rewards Mastercard Benefits

The Capital One Smart Rewards Mastercard comes with a suite of benefits for its cardholders, including:

Buyer’s Protections – Did items you purchased using your card get lost, damaged, or stolen? Capital One will take care of it. 

Warranty Extension – If you pay using your card, the warranty on the products purchased will automatically double. 

Car Rental Collision / Loss Damage Waiver – You can save money on collision damage waiver insurance on vehicle rentals. 

Price Safeguard Service – Did something you recently bought using your card suddenly go on sale? Capital One will pay the difference in cost. 

Earn Rewards – Simply pay the balance on your card to earn points. You will receive five points for every $1 paid towards your balance. 

Do you travel often? This card also comes with several travel benefits, namely: 

Common Carrier Travel Accident Protection – Capital One will cover for any incidental dismemberment or loss of life while on a common carrier. This way, you can travel with ease and peace of mind with your family. 

Lost or Delayed Baggage – If your luggage gets lost or delayed during a trip purchased using your card, you will get reimbursed. 

Travel Support – You will get 24/7 travel support on your trip. 

Other benefits of the Capital One Smart Rewards Mastercard also include: 

Mastercard Global Service™ – If your card gets lost or stolen, you can get an emergency card replacement and emergency cash advance.

No Liability – Got charged with suspicious or dubious transactions? You don’t need to pay for any unauthorized purchases on your card. 

Downsides of the Capital One Smart Rewards Mastercard

This card offers lower earn rates than many other no-fee cash back credit cards. Considering that you can redeem 20,000 points for a $25 gift card (as per its website), this translates to 800 points per $1 or 0.125 cents per point. 

At 5 points earned per $1, you will earn at a 0.625% rate, which is lower than the top cash back rate offered by the Tangerine Money-Back Card or SimplyCash Card from American Express. 

While this credit card comes with some insurance perks, a higher-tiered credit card that comes with annual fees may work better as a travel card. 

How to Earn Capital One Smart Rewards Points

To earn Capital One Smart Rewards Points, as mentioned earlier, all you need to do is consistently pay the balance on your card. 

For every $1 paid towards your balance, you will earn five points. The points you earn will not expire, and there is no limit to the amount of points you can earn. 

To track your points, just head over to the Capital One mobile app or through online banking.

It’s also important to note that you will lose your points if you close your Capital One account. 

How to Redeem Capital One Smart Rewards Points

To redeem your Capital One Smart Rewards Points, simply login to your Capital One account and check out the Rewards Page. 

Here’s a couple of things that cardholders will need to remember when redeeming their rewards:

• Don’t forget to keep your mailing address updated on your profile. 
• Make sure that your account is in good standing. Accounts that may be suspended, delinquent, restricted, or in default may lose unredeemed rewards or have different redemption options. 
• Although rewards are earned for all purchases by an account user, eligibility to redeem rewards or access all redemption options may vary among account users.

How to Apply for the Capital One Smart Rewards Mastercard 

To apply for the Capital One Smart Rewards Mastercard, you will first need to do their Quick Check assessment so they can recommend a card for you. You can do it here. 

To be approved when you apply for the Capital One Smart Rewards Mastercard, you must:

• Have no changes in your information like personal details and financial status from the time you receive the results from the Quick Check to the time you apply for the card. 
• Be the age of majority in your province. 
• Not have your application flagged for fraud prevention. 
• Not have an existing account with Capital One. 
• Not have an account that is in bad standing with Capital One and have not applied for an account in the last 30 days. 

Capital One Smart Rewards Mastercard Alternatives 

Here are a few alternatives to the Capital One Smart Rewards Mastercard:

Scotiabank Gold American Express Card

The Scotiabank Gold American Express Card is a credit card that has:

• An annual fee of $120 per year
• Interest rates of 20.99% on purchases and 22.99% on cash advances
• A minimum credit limit of $5,000
• A $29/year fee on supplementary cards

On every $1 CAD you spend in Canada on eligible dining, grocery, and entertainment purchases, you can earn up to 6x Scene+ points. 

On top of that, you still earn 1 Scene+ point for every $1 on all other eligible purchases. 

All cardholders will also enjoy no foreign transaction fees on any foreign purchases, whether if it’s made while traveling abroad or through online shopping. You only have to pay for the exchange rate. 

The Scotiabank Gold American Express Card comes with even more benefits, namely:

• Amex Offers
• Amex Front of the Line
• Special Offers and Events 
• Book and Redeem Flights 
• 24/7 Concierge Services
• Access to Airport Lounge 
• Faster Checkout

For more details on the benefits, you can check out the card here. 

Tangerine World Mastercard

The Tangerine World Mastercard gives up to 2% money-back rewards. This credit card also comes with zero annual fees. 

This credit card is an excellent option for those who travel often as you will gain access to the Mastercard Travel Rewards and Travel Pass.

On top of that, As a Tangerine World Mastercard holder, you will get to save on subscription services and on-demand apps as you are entitled to special perks and offerings. 

Lastly, cardholders will gain access to over one million Wi-Fi hotspots globally with Boingo Wi-Fi.

American Express Cobalt Card

The American Express Cobalt Card is a credit card that has:

• Zero annual fees
• Annual Interest Rates of 20.99% on purchases and 21.99% on funds advances
• A monthly fee of $12.99

You can earn up to five points when you use your card to purchase things like food and drinks, streaming subscriptions, travel and transit, and other everyday purchases. 

On top of the points, the American Express Cobalt Card also comes with other benefits like:

• Cobalt Perks Program
• Access to the hotel collection
• Mobile Device Insurance 
• Travel Protection
• Access to American Express Experiences 
• Shopping Protection
• 24/7 Customer Service
• Exclusive Offers
• Lending Options

For more details on the benefits, you can see them here.

MBNA World Elite Mastercard

The MBNA World Elite Mastercard is a credit card that has:

• A $120 fee for Primary Cardholders and a $50 fee for Additional Cardholders
• Interest rate of 19.99% on purchases
• Interest rate of 24.99% on cash advances
• Interest rate of 22.99% on balance transfers and access cheques 

When you spend $1 on any eligible grocery, household utility purchases, restaurant, membership, and digital media, you will earn five points until $50,000 is spent annually in the respective category. 

You will still get one point for every $1 spent on any other eligible purchases.

Every year, cardholders will receive Birthday Bonus Points equal to 10% of their total number of points earned in the past 12 months before the cardholder’s birthday. The birthday bonus points have a maximum of 15,000 points.

In addition, as long as your account is in good standing, your MBNA points will never expire. 

If you’re someone who usually makes large purchases, this card helps you pay for them and manage your budget. 

When you pay using your card on eligible products over $100 you can choose to pay them on either a 6-month, 12-month, or 18-month timeframe. 

The MBNA World Elite Mastercard has more benefits like 

• The MBNA Rewards Program
• Everyday Services 
• Insurances 
• Security

Is the Capital One Smart Rewards Mastercard For You?

If you’re someone who is not only looking for a card with no annual fees, great features, and benefits but also a card that rewards you for your good financial habits, then the Capital One Smart Rewards Mastercard is a good option. 

Even if you’re someone who doesn’t have the best financial habits, but wants to start improving, this card is a good option, as you’ll be rewarded for doing the right things financially. 

FAQs

Have more questions? Let us answer them for you. 

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