It may seem difficult to select the right credit card when faced with the abundance of options and choices available on the market. Did you know that there are more than 75 million credit cards circulating in Canadian consumers’ pockets? Despite this, there’s no need to panic!

There are several criteria to consider, and when you take the time to do so, it quickly becomes easier to see clearly. In his book, financial journalist Stéphane Desjardins says more than 82% of credit card holders choose their card based on its corresponding loyalty program. Psychologically it’s always more enjoyable to spend without remorse, especially if doing so comes with its share of rewards! It all boils down to asking yourself one simple, yet important question: “What will my credit card be used for?”

Your lifestyle and purchasing habits provide the answer, as the card you need will vary depending on your consumer profile. For example, here are some common profiles:

  • A person who enjoys traveling
  • A person with a family
  • A person whose personal finances are tight
  • A person who uses their credit cards a lot

These are just a few that may or may not relate to your situation. The important thing is to know yourself well and to be clear-headed as a consumer. Thus, you need to understand yourself in order to understand your credit card. This phrase is so inspiring that it could be tattooed onto your lower back, however, it's very important when it comes to choosing a credit card. To do so, we can look at the six Mastercards offered by Capital One, whose range is quite attractive.

 

Profile A: I want a card that gives me rewards.

 

1. Aspire Travel Platinum Mastercard

Let’s begin with the Aspire Travel Platinum Mastercard from Capital One. One of the first things to look at when searching for a credit card is its annual fee. When this fee shows up on your statement it can leave you in a cold sweat when it comes time to settling your bill. Most of the time, travel cards have an annual fee because they offer perks like travel insurance and little extras. But, drumroll please…the Aspire Travel Platinum card has no annual fee, in addition its insurance package that includes travel accident insurance, collision insurance, baggage delay and travel assistance. The card even gives you a dollar back for every $100 spent. These rewards have no expiration date and no earning limit and can be used for travel as well as for any other purchase.

    • 19.8% interest on purchases and balance transfers
    • 21.9% interest on cash advances
    • $1 rebate per every $100 spent
    • Travel accident insurance
    • Travel medical insurance
    • Trip cancellation insurance
    • Trip interruption insurance
    • Flight delay insurance
    • Baggage insurance
    • Rental vehicle insurance

Apply now

 

 2. Aspire Cash Platinum Mastercard

Capital One offers an alternative to the Aspire Travel Platinum Mastercard, the Aspire Cash Platinum Mastercard. If you’re having trouble deciding between the Aspire Travel Platinum and Aspire Cash Platinum Mastercards, keep in mind that these two credit cards are very similar and both offer the same benefits in terms of insurance and annual fees ($0). The most significant difference is in the rewards structure, as with this card you’ll receive 1% cash back on every purchase amount. So if we recap, the Aspire Cash Platinum Mastercard has a variable rebate rate, whereas the Aspire Travel Platinum Mastercard has a fixed discount rate. It’s better to opt for a variable rate when your buying habits vary and your purchases are often lower than $100 increments.

  • 19.8% interest on purchases and balance transfers
  • 21.9% interest on cash advances
  • 1% cashback per every $1 spent
  • Travel accident insurance
  • Travel medical insurance
  • Trip cancellation insurance
  • Trip interruption insurance
  • Flight delay insurance
  • Baggage insurance
  • Rental vehicle insurance

Apply now

 

Profile B: I want a credit card because I need to (re)build my credit.

 

3. Guaranteed Mastercard

Are you the type of person to look at your personal finances, sigh heavily and say to yourself, “I should have seen a psychic!” Or are you wondering how to build your credit effectively? There’s no need to worry, Capital One offers an ideal credit card for fixing #mistakes (past or future ones): the Guaranteed Mastercard.

This card comes with guaranteed approval and the same insurance coverages as the Aspire Travel Platinum Mastercard and the Aspire Cash Platinum Mastercard. This card has a $59 annual fee and helps you build much better credit fairly quickly. The only condition? Use it daily and pay it back! It sounds simple, but yet it is the key to fixing the mistakes of the past. In less than two years, this card can help you improve your finances and give you the chance to improve your credit rating, so you can obtain better interest rates on your future loans. In other words, spend smartly, repay promptly and you will save in the future (that too could be a great phrase for a tattoo).

  • 19.8% interest on purchases and balance transfers
  • 21.9% interest on cash advances
  • $59 annual fee
  • Travel accident insurance
  • Travel medical insurance
  • Trip cancellation insurance
  • Trip interruption insurance
  • Flight delay insurance
  • Baggage insurance
  • Rental vehicle insurance

Apply now

 

  4. Low Rate Guaranteed Mastercard

Another attractive option for anyone seeking to improve their credit rating is the Capital One Low Rate Guaranteed Mastercard. As the name suggests, the most profitable benefit of this card is its lower-than-average annual interest rate of 14.9%. Why choose a card with lower interest rates? This Mastercard is ideal for people who are having trouble repaying their monthly loans and it limits cash advance fees in case of “I'm a little broke this month.”

Again, the Capital One Mastercard provides monthly reports of your card use. A monthly credit review is also provided, helping you get back on your feet one month at a time. This is a great card choice for its low interest rate, its guaranteed acceptance, and its low balance transfer rate. Also note that a $79 annual fee is charged if this is your first Mastercard with Capital One, but there’s no fee for an additional card. You can always read the comparative article the 10 best credit cards to rebuilt your credit in Canada if you have more questions about low interest rates. 

  • 14.9% interest on purchases and balance transfers
  • 21.9% interest on cash advances
  • $79 annual fee
  • Travel accident insurance
  • Travel medical insurance
  • Trip cancellation insurance
  • Trip interruption insurance
  • Flight delay insurance
  • Baggage insurance
  • Rental vehicle insurance

Apply now

 

  5. Guaranteed Secured Mastercard

The last option in this category is the Capital One Guaranteed Secured Mastercard. This card has guaranteed coverage in the event of unauthorized use of the card, a $59 annual fee and an interest rate of 19.8%. This credit card is ideal for moderate daily use and helps you to organize your monthly repayments realistically. It also has the same guaranteed approval, which gives anyone who's been unlucky in the past another chance to have access to credit and to prove themselves.

  • 19.8% interest on purchases and balance transfers
  • 21.9% interest on cash advances
  • $59 annual fee
  • Zero Liability protection
  • Travel accident insurance
  • Travel medical insurance
  • Trip cancellation insurance
  • Trip interruption insurance
  • Flight delay insurance
  • Baggage insurance
  • Rental vehicle insurance

Apply now

 

Profile C: I have a family and we eat a lot at home.

 

6. The Capital One Mastercard, exclusively for Costco members

Last, but not least, the cashback Mastercard, exclusively for Costco members. With this card, you’ll earn very good rewards, as this Mastercard provides up to 3% cashback on purchases, broken down as follows: 3% cashback on restaurant purchases (not just Costco hot dogs); 2% cashback on fuel purchases and on average 0.5% on all other purchases. Note that you must be a Costco member to benefit from this card with attractive refunds that are paid to you by cheque the following year, but you can use the card wherever Mastercard is accepted. You can also replace your Costco membership card and use this Mastercard as your ID when entering the store.

With a reasonable interest rate of 19.75%, this Mastercard is a great choice for the consumer who wants to spend smartly. We are also talking about no annual fee and the same guaranteed insurance as the other cards in the Capital One range. To explore this card’s benefits in more depth, consult the article about it.

  • 19.75% interest on purchases and balance transfers
  • 19.75% on cash advances
  • No annual fee
  • Up to 3% cashback on purchases
  • Travel accident insurance
  • Travel medical insurance
  • Trip cancellation insurance
  • Trip interruption insurance
  • Flight delay insurance
  • Baggage insurance
  • Rental vehicle insurance

Apply now

 

A final word to our review of 6 Capital One credit cards

It’s only by comparing that we can appease ourselves and truly find the credit card that meets our needs as a consumer. We always like to remind you that it’s important to choose a card according to your payment habits, to evaluate the range of rewards according to the type of savings of which you want to take advantage, and especially to settle your accounts every month. Because, like Red Bull, credit cards will make you feel like they give you wings, they can quickly become your worst nightmare, which is why it is wiser to use them sensibly, intelligently, but most importantly without complication! Do you have questions about how repayments works? Check out the federal government’s credit card payment calculator, or compare credit cards with each other using Hardbacon’s comparison tool. 

 

This article was compiled by Hardbacon, which has designed a credit card comparator listing hundreds of Canadian credit cards. Hardbacon also helps you save on savings accounts, chequing accounts, online brokers, robo-advisors, life insurance, mortgages and personal loans. If you want to go one step further and take control of your finances, you should download Hardbacon’s mobile app, which links to your bank and investing accounts, helps you plan for your financial goals, create a budget and invest better.

 

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