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Cash In On Capital One’s Cash Back Card

Capital One’s No Hassle Cash Rewards MasterCard is one of our favorite reward cards.

Capital One No Hassle Cash Rewards MasterCardOne reason we’re a fan is because we love cash rebates. We think they’re the best kind of reward.

With this card you get back 2% of everything you spend at gas stations and major grocery stores and 1% on all other purchases, with no limits on how much you can receive.

To collect your reward, all you have to do is ask for a check or gift card. You can also have the amount you’ve earned credited to your credit card balance.

There’s also no annual fee and no interest on purchases for the first year.

After that the regular interest rate is variable, calculated by adding 11.65% to the prime rate. With the prime currently at 3.25%, that means you’d currently pay a total of 14.90% APR.

That’s an average rate. Not a great rate. And since the prime is currently at a record low, you can pretty much count on it going up over the next few years, dragging your credit card’s rate with it.

But reward cards make the most sense for consumers that don’t carry a balance and never pay any interest charges.

For them, the interest rate is not a top concern.

Although Capital One says this card is for consumers with excellent credit, its definition of that is rather modest. You’ve must have:

  • Another credit card or loan for at least five years.
  • Another credit card with a credit limit of more than $10,000.
  • Never been more than 60 days late on a credit card, medical bill or loan payment.
  • Never declared bankruptcy.

Click here to compare the Capital One No Hassle card with the rates and terms for other reward cards that offer cash rebates.

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Comments (2)
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2 Existing Comments
  1. Eric said:
    on October 23rd at 12:45 am

    The 2% at grocery stores includes ALL Wal-Mart purchases, which is a great deal for me. I’ve had the card since February and love it.

  2. CardMogul said:
    on January 11th at 09:47 am

    As of Jan. 11, 2011, Capital One was still offering its excellent cash rewards credit card.