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Q: I’m interested in applying for the Capital One Cash Rewards card, but my credit is only in the fair range. Is this score good enough to be approved?
A: The Capital One No Hassle Cash Rewards card is for those with fair credit or better. To get most of Capital One’s credit cards, it will take a score above 600. Fair credit is a score in the mid 600s, around 620 to 680. If you have a score of 620 and above, you have a pretty good chance of qualifying for this card. Those with credit scores under 600 either will not qualify, or will be charged high rates, possibly upwards of 20%. Scores in the 700s and 800s will likely qualify for Capital One’s best rates, the lowest of which is currently 12.9%.
As with all cards, credit score alone does not make or break a credit card application, unless it is far below what the company is looking for. Credit card companies look at a variety of factors, including your credit report. They are looking to see if you had a bankruptcy in the past ten years, if you have defaulted on any loans, what your income is, how much debt you currently have, and if you have a stable job. All of these factors together paint a picture for lenders and help them decide if you are a good risk or not.
If you do qualify for this card, it is a very simple rewards card. You get 2% cash back on gas purchases and at major grocery stores, and 1% cash back on everything else. Your rewards never expire, and there is no limit to the amount of cash back you can earn. There are no rotating rewards categories to remember, and no earning caps.