The Capital One Low Rate Guaranteed Mastercard is no longer available
Capital One has discontinued its Low Rate Guaranteed Mastercard. Consider our best Capital One credit cards guide instead to choose your next Capital One card.
Quick overview of the Capital One Low Rate Guaranteed Mastercard
A rarity in the Canadian credit card market, the Capital One® Low Rate Guaranteed Mastercard® is a solution for cardholders who need to reduce their exposure to high interest and rebuild credit, but may not have high enough credit scores to qualify for most low-interest cards. Applicants are guaranteed to be approved for one of two versions of the card: those with higher credit scores will be approved for the Gold Low Rate card, and those with lower credit scores will be approved for the Secured card (conditions apply). Both offer low interest rates, but the Gold is an unsecured card with extra features, and the Secured has less features and requires security funds.
Who’s the card for?
The card is ideal for those with low credit scores who need a break from high interest. With effortless approval, a competitive balance transfer and purchase rate, plus some special perks, the Capital One® Low Rate Guaranteed Mastercard® is one of the most comprehensive lower-tier credit cards around.
Pros and cons
Pros
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Guaranteed approval for Gold or Secured version
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Low interest rate on purchases and transfers
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Gold version offers extra perks like Price Protection
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Benefits tailored for those with low credit scores
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Competitive compared to similar secured cards
Cons
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Annual fee
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Secured version lacks some features of Gold
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Cash advance interest rate is relatively high
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Limited travel insurance, only with Gold version
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Benefits may not outweigh annual fee for some
Capital One Low Rate Guaranteed Mastercard interest rates
The key benefit for cardholders with the Capital One® Low Rate Guaranteed Mastercard® (be it the Gold or Secured version) is its sensible 14.90% interest rate, which is applied to purchases and balance transfers alike. 14.9% is a low interest rate for cardholders with poor credit, and a lower rate makes it more feasible to carry a balance to the next month when need be.
However, the biggest benefit of the Capital One® Low Rate Guaranteed Mastercard® isn’t the fact that it has favourable interest rates; it’s that the rates are available via guaranteed approval (conditions apply). This is extremely useful for those who need to escape rates of 20.00%+ but who also have low credit scores. We hasten to emphasize that the 14.9% rate applies to not only purchases but balance transfers as well, which is a saving grace for those who were rejected from more popular balance transfer cards which typically require at least average/fair credit scores. Cash advances accrue interest at a relatively standard rate of 21.90%.
Capital One Low Rate Guaranteed Mastercard key benefits
- $79 annual fee
- Guaranteed approval (conditions apply)
- 14.90% rate on purchases and balance transfers
- Gold benefits include Price Protection, Purchase Assurance and more
- Basic travel insurance services (with Gold card only)
- Mastercard perks like Zero Liability
Capital One Low Rate Guaranteed Mastercard insurance coverage
- 1.
Purchase protection: Purchases charged to your card are protected for 90 days incase of loss or accidental damages.
- 2.
Extended warranty: This policy extends coverage for new purchases against damage and theft for 120 days, and it extends original manufacturer warranties by up to two years.
- 3.
Common carrier travel accident insurance: This policy offers $250,000 in coverage in case of accidental loss of life or dismemberment while traveling on a common carrier.
- 4.
Baggage delay insurance: Receive reimbursement for lost or delayed luggage, up to $100, when you purchase your trip using your card.
- 5.
Car rental collision/loss damage waiver: This car rental insurance allows you to waive the insurance policy of the car rental company and provides coverage for up to 31 days, with a maximum of $65,000.
What people say
After 7 months my score went up 63 points and had an automatic credit increase of 3000$ without asking them.
Kimihiro Watanuki
This card holder explains how their credit score jumped 63 points within seven months of having the Capital One Low Rate Guaranteed Mastercard and they even got an increased credit limit without requesting. This just shows how you can easily rebuild your credit and get access to more available funds when you use your card smartly.
Read: Best Capital One credit cards in Canada
Lubna Umar has worked in the field of personal finance for over 5 years. She has produced a wide variety of content including personal finance guides and insurance reports for brands like RATESDOTCA and the Financial Post. In her free time, she can be found writing fiction or exploring the café culture in Toronto or any other major city.
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