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Capital One Cash Review: Simple and Low Maintenance

Credit card companies are finally getting the message—consumers want to see more credit card offers that are simple and low maintenance.  The truth is the average consumer is just tired of messing with complicated rewards programs or hefty annual fees that could make using their cards worthless. Instead, many consumers these days simply want a that provides nothing more than cash back without all the "gotchas" hidden in the fine print.  Last year's launch of the Capital One Cash Card was clearly in direct response to these wants, and the card has turned out to be quite popular among credit card users. Here's what I still like and dislike about this card:

Likes

  1. No annual fee
  2. No foreign transaction fees
  3. 1% cash back on purchases plus 50% bonus on cash back earned each year (Total of 1.5% cash back)
  4. $100 cash back bonus after spending $500 during first 3 months
  5. No limit on cash back, and you can get your cash back anytime you want as an account credit or check

Dislikes

  1. 0% interest promotion is just 11 months. The , for example, is currently offering no interest for 18 months.
  2. There are plenty of other offering more than 1.5% cash back. Yes, you might have to pay an annual fee, but it could be worth it.
  3. This card isn't for you if your FICO scores fall below the good-excellent range (700+).

Bottom Line

If you have good credit scores and are looking for a straightforward no annual fee credit card with cash back, the Capital One Cash Card is a great option to consider.  It really is a simple cash back credit card with no frills. Spend $10,000 in a year, and you'll receive $150 cash back in addition to the $100 sign-up bonus after spending $500 during the first 3 months.  That's it.  You really can't get much more simple than that. Updated June 15, 2012

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Joshua Heckathorn's picture

Joshua Heckathorn was the President and owner of Creditnet.com. He shared his unique insights about credit cards, credit scores, investments, and all aspects of personal finance on Creditnet's blog, Credit¢ents. Joshua received a Bachelor of Science in Management (Finance) from Brigham Young University's Marriott School of Business and earned his Master of Business Administration from Seattle University in 2009.

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