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Capital One Canada credit cards

Although Capital One began in the United States in 1988, it wasn’t until almost a decade later that the company began doing business in Canada. In 1996, Capital One Canada launched and set up its Canadian headquarters in Toronto, Ontario. However, the Canadian branch only provides credit card products and is not diversified into other financial products like its American parent company. Capital One Canada is one of the Top Employers in Canada as listed by Mediacorp Canada, and proud to be among the prestigious Fortune 500. There are three different levels of credit cards available in Canada, including the Guaranteed, Classic and Premium cards, all carrying the MasterCard logo.

Guaranteed Approval Credit Cards

There are actually five different levels of guaranteed Capital One Canada credit card products which include both secured and non-secured levels of establishing or reestablishing credit in Canada. Annual fees range from $59 to $79 and interest rates vary from 14.9% on purchases and transfers (from other credit card companies) to 19.8%. The interest rate on cash advance is 19.8% on all guaranteed cards which include:

• Low Rate Guaranteed MasterCard
• Guaranteed MasterCard
• Low Rate Guaranteed Secured MasterCard
• Guaranteed Secured MasterCard
• Guaranteed MasterCard for Newcomers

Each card has slightly different features which makes it possible for literally anyone with or without a good credit history to qualify for a Capital One Canada MasterCard. However, some of the guaranteed cards do have income requirements.

Classic Rewards Credit Cards

Capital One Classic cards are Gold MasterCards that each come with a various rewards. None of the Gold cards has an annual membership fee and the interest rate across the board is 19.8% on purchases, transfers and cash advances. To qualify for a Gold series card your household income must be at least $30k per year and you must have had a Canadian credit card for at least 2 years. The Gold card series consists of:

• Aspire Gold MasterCard
• Delta SkyMiles Gold MasterCard
• Cash Back Gold MasterCard

The Aspire card lets you earn miles on literally any purchase and the miles can be redeemed on any airline. Of course the Delta SkyMiles card allows customers to earn Delta miles and the benefits include car and travel insurance. The Cash Back card, on the other hand, doesn’t offer sky miles but actual cash back. The cardholder actually chooses how and when they would like to redeem their rewards.

Premium Rewards Credit Cards

Like the Gold series cards, the premium cards have three different variations. Income limits to qualify for a Premium card is $40k annually and you must have had a credit card in Canada for at least three years. These cards are:

• Aspire World MasterCard
• Delta SkyMiles World MasterCard
• Cash Back Plus World MasterCard

Again, like the Gold series, the interest rate is also 19.8% on all transactions but there is an annual fee that ranges from $99 to $120 and the Delta SkyMiles card adds a $49 fee for each authorized user. Benefits on the Aspire World and Delta SkyMiles World include Trip Cancellation Insurance and Travel Emergency Medical Insurance.

Because Capital One is a trusted name throughout North America and the UK, many consumers find security in holding a credit card issued by this company. Although you may not qualify for some of their credit card products, since there is a guaranteed line, even bad credit is approved. Further information is available on the Capital One Canada website.

Capital One Canada credit card reviews and credit card application details.

NameTypeInterest RateAnnual Fee
Capital One Gold MasterCardMasterCard9.99%$49
Capital One Guaranteed MasterCard for NewcomersMasterCard19.8%$59
Capital One Cash Back Gold MasterCardMasterCard19.8%$0
Capital One Guaranteed Secured MasterCardMasterCard19.8%$59
Aspire Cash Platinum MasterCardMasterCard16.8%$0
Aspire Cash World MasterCardMasterCard16.8%$120