Verdict: The Capital One No Hassle Points Rewards Card is a great card for those who love to shop and is available to consumers of three different credit levels: excellent, average and limited history. It gives consumers the ability to carry a balance without high rates. Points can be redeemed for merchandise, gift cards or cash.

Overview

With the Capital One No Hassle Points Rewards Card you can earn while you shop! This card has reasonably low interest rates dependent upon which credit level under which you fall; excellent, average or good. Additionally, the cardholder will receive points for spending which are redeemable for merchandise, cash, travel, and gift cards.

How This Card Works

The Capital One No Hassle Points Rewards offers points rewards to three levels of credit: excellent, average and limited history. Your credit line is based on the strength of your credit history and the information you provide in your application. (You must submit a transfer request in order to be eligible to receive the highest credit line.) Through the points reward program with average and limited credit, cardholders will earn five points per dollar spent at gas stations, major grocery and drug stores, and they earn one point per dollar spent on all other purchases. If you have excellent credit you will only receive two points per dollar spent for these purchases. Points are redeemable for merchandise, cash, travel, and gift cards. There is no limit to the amount of points that can be earned, and points do not expire.

Excellent credit is defined as having had a loan or credit card for at least five years, a credit card with a credit limit greater than $10,000, never been more than 60 days late on a credit card, medical bill or loan payment and have never declared bankruptcy. Consumers with this rating can expect an APR of 0% until October 2009; after that, 9.9% variable and a credit limit of $500 – $20,000.

Average credit is currently having or have had a U.S. loan or credit card, credit limit on a current credit card, if any, is less than $5,000 and may have been late on more than one credit card, medical bill, or loan payment in the last six months. Consumers with this rating can expect an APR of 0% until June 2009; after that, 16.9% variable, $29 annual fee and a credit limit of $300 – $3,000.

Limited credit history is having had a credit card for less than three years or never had one; a limited credit history (for example a student, or new to the country; or a young person working for a living, or have been an authorized user on someone else’s credit card); and a valid credit score that can be found at one of the major credit reporting companies. Consumers with this rating can expect an APR of 0% until June 2009; after that, 16.9% variable, $29 annual fee and a credit limit of $300 – $3,000.

Benefits

• Get gift cards from Target, Best Buy and Macy’s
• Redeem for brand-name merchandise, including digital cameras and golf clubs
• Save at Capital One Saving ZoneSM on Yahoo! Shopping
• Save up to 40% off featured deals and get 10% savings on everything else when you use your Capital One credit card in the Saving Zone.
• $0 fraud liability
• 24-hour travel & emergency assistance
• 24-hour roadside assistance
• Extended warranty program
• Auto rental insurance

Fees

• Balance Transfer: 9.9% (excellent credit); 16.9% (average, limited credit)
• Balance Transfer Fee: $0 (excellent credit); 16.9% (average, limited credit)
• Cash Advance: 22.9%
• Default APR: 24.9%
• Min. Finance Charge: $0.50
• Late Fee: $15 to $39
• Overlimit Fee: $39

Pros

The Capital One No Hassle Points Rewards card offers a great points rewards program to consumers of three different credit levels. This card gives you access to savings of up to 40% off special offers and 10% savings on merchandise purchases at the Capital One(r) Savings Zone (SM) on Yahoo! Shopping. The emergency and roadside assistance is a great benefit, as is the extended warranty program and auto rental insurance.

Cons

You cannot redeem points until you have a point balance of 700 or more. If your payment is received late (3 or more days after your payment due date) twice within any 12 billing periods, your APRs will be increased immediately to the Default APR.

Apply for the Capital One No Hassle Points Rewards Card.

(No Ratings Yet)

 Loading ...