NEW YORK (AP) ? Capital One Financial Corp. is now offering a rewards credit card that offers a total of 1.5 percent cash back with few strings attached.
Customers who get a Capital One Cash MasterCard will get 1 percent of their purchases back in cash immediately. Then on the anniversary of the account opening, they’ll receive an additional 50 percent of the total cash they’ve received in the prior year. Cardholders will have a range of options for claiming the rewards, including being able to set up automatic account credits that can be used to pay off balances.
There aren’t any minimums or limits on how much cash back a customer can collect, and the rewards don’t have an expiration date.
Plus, there’s no annual fee for the card and like all Capital One cards, no foreign transaction fees.
In addition to the regular rewards, cardholders who spend $500 in the first three months will get a one-time $100 bonus. The card also offers access to benefits like preferred tickets for entertainment and sporting events, and special offers from hotels and retailers.
The fine print
On the website set up to promote the card, Capital One states that the Cash Card is “for people with excellent credit.”
Typically “excellent credit” means a FICO credit score in the high 700s or above. The website spells out that it also requires that no payments were made 60 days or more late on any type of loan or medical bill in the last year, a credit history without any bankruptcies or defaults, and a loan or credit card that is at least three years old with a limit above $5,000.
The card offers an introductory interest rate of 0 percent through August 2012, after which the interest will switch to a variable rate based on the prime rate, with the starting point at 11.9 percent, 14.9 percent or 17.9 percent, depending on credit standing. Cash advances will be at a 24.9 percent rate.
More details are available at www.capitalonecash.com .