Working hard in the background...
Capital One Guaranteed Mastercard® Review
The Bottom Line
The Capital One Guaranteed Mastercard® is designed as a credit-building solution for Canadians with poor or limited credit history, offering true guaranteed approval for at least one version of the card. The annual fee is $0 for the unsecured Gold version, though cardholders pay high interest rates of 21.9% - 29.9% on purchases. What sets this card apart is its dual-tier system - stronger applicants get the unsecured Gold version with better benefits, while those with weaker credit are automatically considered for the secured version. The card's strength lies in its accessibility and comprehensive insurance coverage, though it offers no rewards program. It's purely a credit-building tool with decent perks for its target market.
Welcome Bonus
N/A
Rewards Rate
No Rewards
Annual Fee
$0
Interest Rates
29.9%□ / 29.9%□
Rewards
No Rewards on this card
Insurance
Coverage
Travel Accident
$250,000
Baggage Delay
$100/day up to 3 days.svg)
Car Rental Damage & Theft
Up to 31 days
Purchase Protection
120 days
Extended Warranty
double up to 2 years
Benefits
Details
Price Protection
60 days, Up to $100 per item, $500 per year
Eligibility
Credit Score
PoorAnnual Income
N/A
*Capital One is not responsible for maintaining or monitoring the accuracy of information on this website. If you apply and get approved for a Capital One card, (I/we) may receive compensation from Capital One, which can be in the form of monetary payment. Check here for full details and current product information.
Card Details
Interest Rates
Purchase APR
29.9%□
Cash Advance APR
29.9%□
Balance Transfer APR
29.9%□
□ Quebec rates: Purchase 21.9%, Cash advance 21.9%, Balance transfer 21.9%
Fees
Annual Fee
$0
Additional Cards
$0
Eligibility
Minimum Individual Income
N/A
Minimum Household Income
N/A
Credit Score Estimate
Poor
Type
Card Type
Credit
Reward Type
None
Pros & Cons
Pros
- True guaranteed approval - you'll get some version of the card
- No annual fee for the unsecured Gold version
- Comprehensive travel accident coverage up to $250,000
- Car rental collision coverage and baggage delay protection
- Purchase assurance, extended warranty, and price protection
- Reports to major credit bureaus to help build credit
- No minimum income requirement
Cons
- No welcome bonus or rewards program
- High interest rates (21.9% - 29.9%)
- Only basic credit-building functionality
- May require security deposit for secured version
- Benefits only available on Gold version, not secured
- No cash back or points earning potential
Capital One Guaranteed Mastercard®
4.0
FinlyWealth Rating
on Capital One's website