Capital One Guaranteed full review

We occasionally run into financial issues, and Capital One is aware of this, therefore you should look at this card!

What do I need to know about the Capital One Guaranteed?

A FORTUNE 500 firm that provides a comprehensive range of financial products, Capital One is a subsidiary of Capital One Financial Corporation.

The only Capital One products available in Canada are credit cards. There are more than a dozen different credit cards available.

 It does not provide investment products or bank accounts in Canada, in contrast to large financial institutions. If you do come across any mention of these goods and services, know that it exclusively pertains to Capital One’s US activities.

The US operations of Capital One provide a broad range of banking, investment, and credit services. Capital One is only concerned with loan products and credits in Canada.

Capital One, therefore, provides extremely affordable credit cards that enable you to accrue rewards, establish credit, and fix negative credit.

However, you won’t find chequing, savings, or investment accounts with Capital One Canada.

The target market for this card is Canadians who had a past-due Capital One account in the year prior to applying.

Since everyone experiences financial troubles occasionally, Capital One offers this card as a useful and handy way to fix damaged credit.

While other credit card companies may instantly reject an application due to account delinquency, this card offers several additional benefits and a way for cardholders to get their finances back on track, all with the support, technology, and resources of a significant international financial institution.

So, if you somehow identified yourself as the target of this card, or know someone that may be in this situation, you should consider keeping reading to understand how this card can help you or your friend to get their credit score back!

How does the Capital One Guaranteed works?

As we have stated before, this card is made for those without or with poor credit who wants to get their way up to having a good credit score again

So, basically, unless one of the following circumstances applies to them, applicants are assured of approval:

  • They have not yet reached the province’s or territory’s legal drinking age.
  • They submitted an application for a Capital One account or product during the previous 30 days.
  • They had a Capital One account that wasn’t in good standing the year before they submitted their application.
  • They already have a Capital One account when they submit their application.
  • They are unable to give the card’s necessary security funds.

Depending on the applicant’s credit history and other application requirements, a certain amount of security money may be needed.

The minimum and maximum deposits that a cardholder must make are $75 and $300, respectively. But take note that if the cardholder increases their security deposit correspondingly, they may be granted a credit limit of up to $2,500.

The card’s quick reporting to credit agencies, which assists people who make on-time payments in raising their credit score, is another standout feature in addition to the simple acceptance process.

In order to maintain the momentum of their credit score, cardholders should be vigilant about making at least the minimum payment each month while keeping in mind the card’s 19.8% interest rate (though we always recommend paying off the balance in full whenever possible).

The card has a few ancillary advantages, such as Zero Liability, which relieves the cardholder of responsibility for issues brought on by fraud or unauthorized users. Additionally, they will have access to 24/7 Capital One customer service.

Capital One Guaranteed main benefits

Simple to qualify Because it’s simple to qualify, this Mastercard is “assured.” You only need to meet the requirements mentioned above to get accepted.

  • Create or restore credit. This is the card to get if you’re looking for your first credit card or want to raise your credit score.
  • No liability insurance. You won’t be held liable for fraudulent purchases if your credit card number is compromised.
  • Travel advantages. With this card, you have coverage for baggage delays, car rental damage, and common carrier travel accident insurance.
  • Worldwide acceptance. You can use this card anywhere that accepts Mastercard because it is a part of the Mastercard network. ATMs are part of this.

How to apply for the Capital One Guaranteed?

If you got interested, check out our article on how to apply for the Capital One Guaranteed right here!

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