Capital One Review

capital one

4.0 rating

Foundation Year
1994


Office Address
P.O. Box 30285 Salt Lake City, UT 84130-0287


Phone number
+1-877-383-4802


Locations
USA


Pros

  • Competitive interest rates
  • Mobile banking options
  • No monthly maintenance fees
  • Relatively affordable overdraft policies
  • Its mobile bank app scores high
  • No-fee access to more than 39,000 ATMs

Cons

  • Average rates on longer-term CDs
  • Savings rates are never the highest
  • No international wire transfers
  • Few local branches

Overview

Capital One is an American bank specializing in credit cards, banking, auto loans, and savings accounts. The bank is headquartered in McLean, Virginia, and primarily operates in the United States. It offers high interest rates of any savings products.

The company started as a small business in 1988. Over the years, it has grown to a large company offering a range of financial services. It also offers personal finance education services and materials.

The bank allows keeping all your accounts in one place. Moreover, you can easily manage all your accounts online, by calling the customer support or visiting one of their physical branches.

How to create a Capital One account?

You can open bank accounts online through the bank’s official website. Just go to the website, find the account you wish to open and click “Apply” or “Open Account.” You will need to provide personal information like your Name, Date of birth, Mailing address, Email address, Phone number, Employment and salary information, and Social Security number.

Online applications are completely secure, but you can also open an account in a physical branch. Keep in mind that a MONEY account can only be opened online.

As soon as you’ve opened an account, you will need to make your first deposit within a set time period. Accounts don’t require a minimum amount to deposit.

Some Capital One accounts might require more from you to qualify before you can open an account. For example, you can open a 360 IRA on the condition that you do not have another 360 account.

How do I access my account?

Capital One accounts can be easily assessed online on your computer or smartphone. You can also use a mobile app. As soon as you open an account, you can log in through their website or on the mobile app.

Your account balances and transactions can also be checked online. Money transfer can also be done online. Besides, you can deposit checks on your mobile app in a few clicks. All your accounts with this bank will be in one place for your convenience.

You may also call the bank manager for to manage your accounts. Or you can visit a physical location.

How to close Capital One account?

Follow the steps you see below to close your savings and/or checking account:

  1. Call the bank at 877-514-2265;
  2. Say “close account” when you hear an answerphone;
  3. Provide some basic personal data;
  4. Have your account number at hand;
  5. Talk to a manager and close your account.

What products does it offer?

CDs
  • Rates depend on your CD term 
  • Terms vary from 6 months to 5 years
  • 10-day rate lock guarantee if you fund your CD within 10 days
  • Guaranteed rates and returns
  • Interest compounded monthly
Performance Savings Accounts
  • No minimum balance or deposit requirement
  • Competitive interest rates
  • Automatic Savings Plan
  • Interest compounded monthly
Checking Accounts
  • Interest-earning accounts
  • Mobile check deposit
  • No minimum deposits or balances required
  • MasterCard debit card
  • Interest compounded monthly
IRAs
  • You can open an IRA through Capital One Investing or Capital One 360
  • No account fees or minimums
  • To open a 360 IRA, you will need to have another kind of 360 account
  • Available as Roth or traditional IRAs
  • Available as individual or joint account

The bank also offers credit cards:

Business Credit Cards:

  • Spark Cash
  • Spark Miles
  • Spark Cash Select
  • Spark Miles Select
  • Spark Classic

Cashback Credit Cards:

  • Quicksilver Rewards
  • QuicksilverOne Rewards
  • Savor Rewards
  • SavorOne Rewards

Travel Credit Cards:

  • Venture Rewards
  • VentureOne Rewards
  • Spark Miles
  • Spark Miles Select

Student Credit Card:

  • Journey Student Rewards

Secured Credit Card:

  • Secured Mastercard

They also offer other services including:

  • Auto loans
  • Commercial banking solutions
  • Business accounts and services

Can I get a loan with Capital One?

The bank doesn’t offer personal loans, but it is still considered one of the country’s biggest lenders. Most of their credit cards are available even if you have bad credit. They also offer auto loans starting from $4,000, for which you can get pre-qualification without damaging your credit. And the bank also offers small business loans of $10,000 and up.

What credit score do you need for Capital One?

According to the bank’s website, you may need a score of at least 570 to be approved for the Capital One Platinum. They consider a score of 580 to 669 is a fair score, and a score of 670 to 739 – good.

They also note that you could still be approved for credit cards if you’ve defaulted on a loan in the last 5 years or you have less than 3 years of credit history.

Capital One CD rates

TERM APY
6 Month 0.25%
9 Month 0.30%
12 Month 0.50%
18 Month 0.50%
24 Month 0.75%
30 Month 0.75%
36 Month 0.80%
48 Month 0.90%
60 Month 1.00%

Capital One 360 IRA CD Rates

TERM APY
6 Month 0.25%
9 Month 0.30%
12 Month 0.50%
18 Month 0.50%
24 Month 0.75%
30 Month 0.75%
36 Month 0.80%
48 Month 0.90%
60 Month 1.00%

How to increase credit limit Capital One?

In many cases, the bank automatically increases your credit limit if you pay your bill on time regularly. This is especially true with credit building and student credit cards – the bank promises to provide clients with a higher credit line after 5 months of on-time payments.

Some users say they were able to get $500-$1,500 initially. The bank may increase your credit limit after you make the first 5 monthly payments on the dot. After this period, they will review your account from time to time to understand if you earn a higher limit.

How can I find Capital One?

The bank has physical branches, but you can also use their website and application. The company operates in New York, New Jersey, Texas, Louisiana, Maryland, Virginia, and the District of Columbia.

Customer service is available in the following ways:

  • Phone 1-877-383-4802;
  • Mail;
  • Fax;
  • Support knowledge database.

Do they have a mobile app?

Yes. You can manage your accounts through a Capital One mobile banking app. The app has good reviews and a rating of 4.7 out of 5 on the App Store and Google Play. Moreover, it is ranked 13th in the Finance category for iOS apps.

How can I save more money with Capital One?

The company offers interest on both its savings and checking accounts. As a result, you can put away some of your funds for safekeeping, and it will grow while they sit there.

You can also save money on fees. The bank charges no fees to open or maintain an account, which allows your funds to grow significantly. Of course, you will have to pay for certain transactions.

How good is Capital One?

This bank is a good option for you if you prefer to manage money online. If you got used to in-person banking experience, you may be disappointed by its limited locations.

All in all, the company is considered one of the largest banks in the market. It offers investing opportunities, credit cards, auto loans, various savings accounts, and more. This means you can avoid the hassle of visiting too many financial institutions.

Moreover, the bank offers the best rates for some services when compared to other banks. If you’re searching for a trusted bank chosen by millions of clients, this institution could be a good option.

Reviews

2.0 rating

They closed my account without prior notice. Now I have a zero balance. They also owe me $40 for a payment made when they closed my account. Never use this company! Choose another one.

Ronald McDowell
4.0 rating

So far a satisfied client and I hope the service will remain the same. Plan to improve my credit score. I expect to have a long-term relationship with this company in the future.

Juanita Black
5.0 rating

They offer the best cards for people who want to build their credit. So happy that I have applied for this credit card! I will surely recommend Capital One to my friends and family!

Joyce Wilds
4.0 rating

Good credit card, high interest rate. Their mobile app works great, I use it to make payments, love their notifications but have no rewards. Besides, it is easy to send a credit increase request through the mobile app.

Rochelle Hill
5.0 rating

I love this bank! Their card goes with me anywhere I go. Fast and easy to use. Use it anytime as needed. Could not ask for a better service.

Ernest Jensen

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