Paying credit card fees isn't something anyone enjoys doing, and annual fees are just another part of that. The standard annual fee ranges from $25 to as much as $500, and a good rule to keep in mind is that the higher the fee, the more benefits the card is likely to bestow. For example, rewards cards have higher annual fees than non-rewards cards.
What are the Capital One credit cards with the best annual fee offers? Is there just one or more than one? Are there any with no annual fees?
Of the 13 credit cards available from Capitol One, nine come with no annual fees at all. In a shift from the norm, the available cards are still quite beneficial; those with no annual fees include the Quicksilver Cash Rewards Card, the VentureOne Rewards Card, the Premier Dining Rewards Card, and several others.
The QuicksilverOne Rewards Card has an annual fee of $39 from the time the account opens. The Spark Cash Rewards Card gives a full year of no annual fees before the fee jumps to $59 per year after that. The Venture Rewards and Spark Miles card share this same pattern.
How do Capital One's credit cards' annual fee offers differ from other cards?
While there has been a recent trend of credit card companies adding more fees and increasing existing fees, Capital One continues to maintain low fees while still providing great benefits from its cards. Some of the most highly recommended rewards cards from other companies share this trait. Take a look at some of Capital One's competition.
The Chase Freedom provides unlimited 1.5% cash back on every purchase and gives a one-time $150 bonus if you spend $500 within the first three months of opening the account. The rewards don't expire at any time, and the card comes with a 0% introductory APR for 15 months.
The BankAmericard is similar in a number of ways. It provides 1% cash back on all purchases, 2% cash back at grocery stores and wholesale clubs, and 3% on gas up to the first $2,500 spent. To make things even more convenient, there are no changing categories and your rewards never expire. There's a one-time bonus of $150 if you spend $500 within 90 days of opening the account. You'll also receive a 10% customer bonus if you redeem through a Bank of America checking or savings account. And of course, there's no annual fee.
The final card we'll use for comparison is the Citi Double Cash Card. It's one of the best choices for a cash rewards card because you earn 1% cash back... twice. Once when you buy the items, and then a second time when you pay off your balance. There's also a solid APR bonus of 0% for 18 months, and you don't have to keep track of categories. There's no cap on the amount you can earn, and there's no annual fee. Pretty awesome, right?
What are the transfer rates for the Capital One rewards credit card(s)?
Capital One has several card options with favorable transfer rates. The best of these is the Quicksilver Cash Rewards Card. It offers 0% APR on balance transfers for the first nine months of owning the card, after which rates increase to 13.74% to 23.74% based on your creditworthiness. It's the only Capital One card to have a balance transfer bonus period like this, although the Venture Rewards Card shares these rates.
The next lowest transfer rates in Capital One's repertoire belongs to the VentureOne Rewards Card. Its rates begin at 12.74% and go to 22.74%. The Spark Cash Select and Spark Miles Select cards range from 13.74% to 21.74%. The Premiere Dining Rewards Card ranges from 15.74% to 24.24%. The Spark Miles has a flat rate of 17.74%. The Journey Student Rewards Card has a flat rate of 20.74%, with the Spark Classic coming in close behind with a 23.74% APR. The QuicksilverOne Cash Rewards Card has the highest transfer rate of any rewards card with 24.99% APR.
What is the minimum credit score one should have before applying for a Capital One credit card with a special annual fee offer?
The vast majority of Capital One credit cards require you to have an Excellent credit rating or higher to apply. This means your score should be 720 or more. However, the Journey Student Rewards Card has no annual fee and requires only Average credit in order to qualify.
Are there any bonuses that come with the Capital One credit card's' annual fee offers? e.g. Introductory APR offer, 0% interest for an amount of time on, etc.
The majority of Capital One rewards cards have an introductory period in which you can qualify for a one-time bonus, but the cards that come with an annual fee bonus—that is, cards that provide an annual fee of $0 for a limited time—do not include any bonuses on APR or interest.
What is the difference between low/introductory and no annual fee offers? Which is better and why?
In most cases, cards with no annual fees provide fewer rewards than those with annual fees. That said, this isn't always the case; as stated above, Capital One has several cards that break away from this norm and provide high-yield rewards with no annual fee at all. Deciding between an annual fee and non-annual fee offer is difficult; in many instances, the introductory period without an annual fee is accompanied by an increased reward period which will equate to a much greater value than the annual fee would. However, this is only useful to cardholders that take full advantage of this period.
Travel and credit hackers would benefit most from cards like this. The average credit card user, on the other hand, would most likely be better off with no annual fee. The question you have to ask yourself is if the rewards you generate each year be worth the fee that accompanies the card. For example, if you earn 1% cash back on a card with a $59 annual fee, you would need to spend $5,900 per year to break even. If you don't spend that much each year with your credit card, you're losing money for the privilege of owning it. Worse yet, if you don't pay your balance off on time each month, you're losing even more money.
Is anyone able to change current annual fees on any cards for a better offer? Or are you locked in to what you currently have?
It's entirely possible to request a lower annual fee. While many credit card companies may have rules that are 'set in stone,' most companies are also willing to bend the rules a bit to keep their customers happy. In some cases, companies might not be able to waive or change the fees, but may award cardholders a point or mile bonus for their trouble.
Most cardholders do not realize they have the power to pick up the phone and request changes to their existing credit account. While it isn't guaranteed that anything will be done, give your credit card's customer service department a call and find out what they can do for you.
What have customers said about these rewards cards?
Not sure what to think about Capital One? Take a look at what other customers have to say about the cards.
"I have had this card over 5 years and appreciate the points accumulation for travel related purchases. Two points for any flights, rental cars, restaurants, ride hailing services, hotels etc. Redeeming the points for travel is very easy on the website. It does seem to take a long time to earn enough points to pay for a flight etc., but really that's my fault because i don't use the card for everything. But I love the card and it is accepted anywhere in the world with no foreign transaction fees."
- Azbleer, May 27, 2017
"I called to cancel my Venture Card b/c my other reward ard gave me 2nd year annual fee and Venture Card did not only not match the offer but told me that if I cancel I would not get a pro rated refund of the annual fee."
- karma1222, August 22, 2012
"I like the way I can choose to automate my rewards and set the amount level and how I want my rewards to be delivered, credit to my account or check, etc."
- Longhorn, November 10, 2014
"On my other rewards cards if I pay off at least the monthly balance then I don't get any finance charges while earning my rewards. With Capital One, my finance charges continuously were more than my rewards even though I paid more each month then my last monthly balance."
- electricrog89, May 14, 2015
The annual fees for each of these cards will likely be a factor in which you want to apply for. No matter what, make sure you read the fine print!
More About Capital One Cards