No Hassle: Capital One Cash Rewards Card

By Elizabeth Lang. Last updated 17 July 2014. 3 comments

This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Please visit our Advertising Policy for more details.

It was Saturday morning and we were packing for an upcoming trip to Iceland — we were leaving on Tuesday, just three days later. While packing the credit cards (we normally only bring two credit cards and one debit card when traveling internationally) I realized that one of our Capital One cards had expired. I panicked. Then I called Capital One. Thankfully, the customer service representative shipped me a new card in the mail, overnight, to arrive on Monday.

Why was I so panicked that my Capital One No Hassle Cash Rewards card had expired? Because I was about to leave on an international vacation, and the Capital One No Hassle Rewards card is by far the best card for international travelers. Why is this card the best for international travel? For three main reasons: no conversion fees, no annual fee, and Visa Signature perks.

No Conversion Fees

First, the fees. Or lack thereof.

Capital One does not charge conversion fees for credit card purchases made overseas. Compare this to many other cards, like the Chase Freedom card which charges 2.7% conversion fees, or an American Express which charges 3%. Even my USAA debit card (which has very low fees because it serves military families) charges a 1% conversion fee. So if, for instance, you take one international trip a year and spend $3,000, you would pay just under $100 in conversion fees with most major credit cards. But, with the Capital One No Hassle Rewards card, you don’t pay a dime in foreign transaction fees.

No Annual Fee

Unlike the Chase Sapphire Preferred card (or other cards that also offer no conversion fees), the Capital One card has no annual fee.

Visa Signature Program

A hidden perk of the Capital One Cash Rewards Card is that it’s also a Visa Signature card.

A Visa Signature card offers a plethora of extra perks that regular Visa cards don’t offer:

  • 24/7 concierge service.
     
  • Discounts on movies and car rentals.
     
  • A whole host of travel protections (like travel accident insurance, car rental insurance, and lost luggage reimbursement).

Again, it’s rare to find a card with no annual fee that offers all of these protections. (See Visa’s site for  a complete list of the Visa Signature benefits.)

Cash Rewards

The Capital One Cash Rewards card offers 1% back on all purchases, no matter what you buy. While this isn’t the highest rewards rate you’ll get, it’s easy to keep track of. Plus, once a year (usually around November), the card automatically gives you an additional 50% cash back on the rewards you’ve received that year. (For example, if you earned $100 in rewards, they then give you another $50.)

What type of credit card are you interested in?
How much do you spend per month?
Do you carry a balance?
>

Another nice feature is the simplicity of the redemption system; it’s simple to cash out. Compared to other credit card rewards programs I’ve participated in, there are a lot fewer clicks needed to simply cash out the rewards you’ve built up. You can even set up automatic redemptions. So, if you want to get a $50 account credit every time you’ve earned that in rewards, you don’t have to log in. The system just automatically credits your account.

$100 Signup Bonus

If all of those rewards weren’t enough, there is also a $100 bonus right now. All you have to do is sign up for the card and spend $500 in the first three months. $500 is a very reasonable amount to spend to get a bonus. So this is a great deal, especially since there is no annual fee to worry about.

Capital One Cash Rewards Summary

Let’s sum it all up.

Pros

  • No foreign transaction fees. Even if you only travel internationally every few years, this is still worth your time to apply for.
     
  • No annual fee.
     
  • Visa Signature program. Again, the Visa Signature perks are similar to some of the American Express quality perks — perks that are difficult to get on a card with no annual fee.
     
  • Easy cash rewards program.
     
  • $100 bonus when you sign up for the card and spend $500 in three months.

Cons

  • 1% is a relatively low reward-point rate.

Who This Card Is Good For

Honestly, I think everyone should have this card in their wallet.

  • If you don’t use credit cards often, this card is nice because the rewards are in cash, are simple to keep track of, and can even be automatically redeemed and there is no annual fee.
     
  • If you are a credit card expert, you’ll appreciate the Visa Signature perks without having to sign up for a card with an annual fee.
     
  • But most of all, the lack of international transaction fees make this card good for anyone who travels abroad.

This offer has ended.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

Tagged: Credit Cards
1.340425
Average: 1.3 (47 votes)
Your rating: None
ShareThis

comments

3 discussions

Add New Comment

CAPTCHA
This test helps prevent automated spam submissions.
Guest's picture
Nancy

What's the interest rate? I missed seeing that in the article. Though I would pay off the balance completely every month, the interest rate usually won't matter, but it's important to know what it is.

Alex Lam's picture

Good question. The purchase and balance transfer APR is 0 until Nov 2013, and then 12.9%-20.9% variable APR.

Guest's picture
Guest

We have been unsuccessful after 6 weeks of dealing with Capital One regarding the replacement card that arrived without activation phone #. To this date still unable to use the card even though info requested were faxed. Have contacted CEO Richard Fairbank. The rep refused to give his address and asked materials be faxed to Salt Lake for his staff. No response until certified letter to his McLean VA office. Still being researched by Executive Office.