Capital One offers their customers innovative and exclusive features. In addition to the security of $0 Fraud Liability and standard Visa and MasterCard benefits, you can also personalize your card with your favorite pictures. And you won’t get No Hassle Rewards anywhere else.
If you’re not unfamiliar with Capital One, here are some important things to know about their Credit Cards. Hopefully, this list will help you learn a thing or two that you may not have known before reading this post!
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Things to Know
- Capital One will pull your credit report from all three credit bureaus. This matters because new applications on your credit report affect your FICO score. Other issues will usually only pull from only one of the three bureaus which allows you to spread out those new inquiries.
- If you apply for an authorized user card, they will also receive a hard pull on all three of their credit reports.
- Capital One will still approve you if you have one credit report frozen. This goes back to the point we made above, but basically you can freeze either your TransUnion or Experian credit reports and still get approved. Freezing Equifax doesn’t look like it’ll work.
- You’re limited to one Capital One card per six months.
- They do not offer a referral program.
- Capital One will merge multiple inquiries if you apply for multiple credit cards in the same day. Just keep in mind that they’ll still pull from all three credit bureaus.
- You can get the sign up bonus on Capital One cards more than once. As long as you’re approved, you should get the bonus. There doesn’t seem to be any minimum waiting period.
- Capital One limits how many cards you can have. You can be approved for a maximum of two personal cards, but only Capital One branded card counts. Cards that have been product changed due to other cards being discontinued do not count either (even if they are Capital One branded cards).
- View what cards you’re pre-approved for online.
- You cannot check your credit card application status online. You must call (800) 903-9177
- Capital One does not match higher sign up bonuses. So wait if you can and apply for the best offer.
- It is possible to get an instant credit card number. You just need to downloading the app on your phone.
- Minimum spending requirements start as soon as the card is approved.
- You can request a credit limit increase with Capital One online — your limit is once every six months. It’ll be considered a soft pull each time.
- They allow you to do credit limit reallocations online. Unsure if it’s a hard or soft pull, but both cards need to have been opened for at least six months to be considered.
- They don’t offer retention bonuses, but they’ll usually waive the annual fee on your credit cards.
- Capital One doesn’t really have a reconsideration department if you’re denied for one of their credit cards. You need to receive an official e-mail from them with the status of your application you can then try calling one of the many numbers available for them.
- You can get a refund if you cancel a Capital One card. If you cancel your credit card within 30 days from account opening, they will refund the annual fee.
- You will not be allowed to reinstate a Capital One credit card that you choose to close voluntarily and later change your mind and want to re-open it.
- They do not expedite new credit cards. If an existing card is lost or stolen, they might expedite a card but you’ll need to have a good argument and sometimes they will require you to pay a fee.
- Capital One will report your statement balance as your credit used to the credit reporting agencies. If you want to lower your credit utilization, then you should pay your card off before your statement closes.
- They do allow product changes between different cards. But it’s a little complicated. Sometimes they’ll process the request and other times they’ll deny it. But either ways, there is no hard pull.
- Capital One business credit cards WILL get reported to the personal credit bureaus. This is different from the other credit card issuers. So, make note that these cards will show up on your credit report.
- They will always proceed to do the auto-pay for the full statement balance, even if you make payments beforehand.
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