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Capital One Smart Rewards™ Mastercard® Review
The Bottom Line
The Capital One Smart Rewards™ Mastercard® takes a completely unique approach to credit card rewards by rewarding payment behavior rather than spending. This Canadian card earns 5 points per dollar paid toward your balance instead of rewarding purchases, which encourages responsible financial habits and consistent payment behavior. At a 1.25% return on payments (with points worth 0.25 cents each), the rewards value is actually quite competitive for a no-annual-fee card, making it both a financial discipline tool and a legitimate rewards earner. This card is particularly appealing to those who want to avoid spending-based reward temptations while still earning meaningful returns, though it requires a different mindset than traditional rewards cards.
Rewards
- 5 points per $1 paid towards your balance
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
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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 1.25% return rate on balance payments
- Unique rewards structure that promotes responsible payment habits
- No annual fee keeps costs low
- Encourages consistent payment behavior and financial discipline
- Good for those who want to avoid spending incentives
- Enhanced insurance coverage including purchase security and extended warranty
- Travel coverage for rental cars, baggage delays, and common carrier accidents
- Helps build positive payment history
Cons
- Only earns rewards on payments, not purchases
- No welcome bonus offered
- Rewards program may seem confusing to traditional cardholders
- Limited redemption options compared to traditional programs
- Different earning philosophy may not appeal to all users
- Lower earning potential than premium rewards cards that offer category bonuses
Capital One Smart Rewards™ Mastercard®
3.9
FinlyWealth Rating
on Capital One's website