Working hard in the background...
Capital One Smart Rewards Mastercard Review: The Unique Point Collector
Ever wanted to be rewarded for paying off your credit card balance? Then check out the affordable and accessible Capital One Smart Rewards Mastercard.
Feb 2, 2026 8:19 PM
Written By
Lead Writer
Edited By
Credit Card Expert
The Bottom Line
The Capital One Smart Rewards Mastercard offers a unique rewards program that allows cardholders to collect points per dollar paid towards their balance, making it a motivating financial disciplinary tool. The card also includes solid insurance coverage and price protection.
Skip to: Detailed Review
APPLY NOW
on Capital One's website
RECOMMENDED CREDIT SCORE
300⁎Poor
560⁎Fair
660⁎Good
725⁎Very Good
760⁎Excellent
Rewards
- 5 points per $1 paid towards your balance
Insurance
Coverage
Common Carrier Travel Accident Insurance
$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
Pros & Cons
Pros
- Solid balance payment return
- Unique rewards structure
- No annual fee
- Encourages consistent payment behaviour
- Some travel coverage
- Enhanced insurance coverage
Cons
- Lower earning potential
- No purchase optimization
- No welcome offer
- Confusing rewards program
- Limited redemption options
Our Detailed Review
How You Earn Rewards with the Capital One Smart Rewards Mastercard
Earning Capital One Smart Rewards points is quite simple with the Capital One Smart Rewards Mastercard, not to mention unique. Cardholders earn an impressive flat-rate of 5 points per dollar paid towards your balance. Which is rare considering most cards earn rewards per dollar spent on eligible purchases.
How You Redeem Rewards with the Capital One Smart Rewards Mastercard
Once you pocket enough Captial One Smart Rewards points, you can apply them towards statement credits or gift cards. Statement credit redemptions yield the highest cent-per-point value.
To learn more about these redemption categories, check out our Credit Card Points Value Calculator.
Benefits and Perks
5 Benefits of the Capital One Smart Rewards Mastercard
There are a few benefits that make the Capital One Smart Rewards Mastercard worth considering.
No Annual Fee
For starters, this card comes with no annual fee, making it extremely budget-friendly.
Unique Earning System
Unlike most rewards credit cards, the Capital One Smart Rewards Mastercard earns cardholders points per dollar paid to their balance, rather than points per dollar spent on qualifying expenses.
Solid Insurance Coverage
For a no-fee contender, the Capital One Smart Rewards Mastercard comes with some important coverage categories, including travel accident insurance, baggage delay insurance, and car rental damage and theft insurance.
Price Protection
As for perks, cardholders can expect price protection, a feature that reimburses you if the price of a purchased item drops after your initial purchase.
Read More: Canadian Credit Card Price Protection
No Income Requirements
To make the card accessible as well as affordable, the Capital One Smart Rewards Mastercard avoids annual income requirements.
Drawbacks and Considerations
3 Downsides to the Capital One Smart Rewards Mastercard
There are also a few downsides to consider before committing.
Low Point Value
Compared to other credit card loyalty programs, Capital One Smart Rewards points aren’t quite as valuable.
Limited Redemption Opportunities
Capital One Smart Rewards points also aren’t very flexible and can only be applied towards two lower-tier redemption categories: statement credits and gift cards.
No Purchase Optimization
While earning points per dollar paid towards your balance is certainly unique, some cardholders won’t find it as exciting as earning points on eligible purchases.
Frequently Asked Questions
The Capital One Smart Rewards Mastercard stands out on account of its unique rewards program. Instead of earning points per dollar spent on eligible purchases, this contender collects points per dollar paid towards your balance.
The Capital One Smart Rewards Mastercard is absolutely worth it for those who want to be incentivized to pay off their balance.
If you’re looking to earn rewards, the Capital One Smart Rewards Mastercard is the best Capital One credit card.
If you’re looking to pull money from a prepaid deposit and stick to a strict budget, the Capital One Guaranteed Secured Mastercard is a great choice.
If you’re looking to avoid secured credit cards and confusing rewards programs, try the Capital One Guaranteed Mastercard instead.
About the author
Sara Skodak
Lead Writer
Since graduating from the University of Western Ontario, Sara has built a diverse writing portfolio, covering topics in the travel, business, and wellness sectors. As a self-started freelance content ...
SEE FULL BIOAbout the editor
Kevin Shahnazari
Credit Card Expert
Kevin started FinlyWealth and juggles a bit of everything—digging into data, running our marketing, and keeping the finances on track. Before this, he spent years as a data scientist at tech companies...
SEE FULL BIOWhat's on this Page
Capital One Smart Rewards™ Mastercard®
3.9
FinlyWealth Rating
Get personalized rewards estimates — see exactly how much you could earn.
Capital One Smart Rewards™ Mastercard® Points Calculatoron Capital One's website