Capital One Cash Rewards for Newcomers Review

Capital One Cash Rewards for Newcomers

New to the USA? Capital One Cash Rewards for Newcomers Card Review

The old Capital One Cash Rewards card has actually, and very recently, expired, to be replaced by other cash back reward cards offered through Capital One.

These include cards such as the QuickSilverOne and the Journey for Students. Many people know about these cards, so we thought we would focus on the oddball of the group: the Capital One Cash Rewards for Newcomers.

This is a very unique credit card among a sea of credit cards as it’s geared towards immigrants to the U.S. who have achieved citizenship and now need to establish their credit rating.

We rather liked the idea of looking at this card because hey, some of you out there need a card like this! So what should you know about the Capital One Cash Rewards for Newcomers credit card?

Below is a high level review of the benefits you get when you apply online for the Capital One Rewards Card for Newcomers to the United States of America.

If you’re a newcomer to the USA, then this is one of the best credit cards to apply for today!

4.5 / 5 stars     

Welcome to America: Do You Have a Credit Card?

Getting a credit card can be hard enough for natural born citizens of America; for those who have gotten their citizenship, it is exponentially harder. This is because while you may have been building up credit in your old home, you’ll have to, at least to some extent, start over from scratch here. However, many new citizens still need a credit card and to that end, Capital One created this card as a way to let those with an average sort of credit rating build it up and get rewarded for it. In order to apply for this card, you will need to have a social security number and be making enough money to afford it.

The Capital One Cash Rewards for Newcomers is just what it sounds like: it’s a cash rewards card. You can earn 2% cash back on travel and 1% on everything else. It’s not the most exciting cash back credit card around; on the other hand, it’s pretty solid for a card offered to people with only middling sort of credit. It’s also great if you do a lot of traveling; when combined with the lack of foreign transaction fee, you have a great card to go visiting family and friends outside of America on.

As a MasterCard, this credit card is fairly universally accepted and so you can use it as your main piece of plastic with very little concern about it getting declined. Another benefit is that this card does automatic reporting to three credit bureaus, meaning that you can use it to strengthen your credit rating and thus become eligible for better loans and better credit cards. Everyone has to start somewhere after all.

Building Your Credit in the US of A Doesn’t Come Cheap!

Unfortunately, this is probably not the card you’ll want to stick with for the rest of your life. While there is no annual fee and no foreign transaction fee associated with this card, the creditor does zing you with the APR which is a whopping amount; just a hair under 25% for purchases and balance transfers and cash advances.

Yeesh! This means that it’s very important to stay on top of your balance and pay it off as much as possible. You also want to steer clear of late payments and returned payments as the fees here are a little nasty too. This is definitely a card that is meant to be used for building up your credit and then replaced with a better cash rewards card from Capital One or a whole different card altogether.

If you’re looking for a credit card to help you build up your credit rating and you are an immigrant turned citizen of America, this is a rare card; it’s one of the only of its kind and so is worth taking a look at if you need a card.

The extra cash back on travel is nice to have as is the fact that you can build up your credit rating. Just make sure you can stay on top of this card as much as possible so that the high APR doesn’t bite you from behind and you should be all right.

You can apply for the Capital One Cash Rewards for Newcomers here and enjoy!

4.5 / 5 stars     

Speak Your Mind

*