Capital One Review 2023 | Bankrate (2024)

FAQs

Is Capital One a safe bank in 2023? ›

It also has Federal Deposit Insurance Corp. (FDIC) insurance, so deposits are safe up to the legal limit. High APYs: Capital One offers above-average APYs on its checking accounts, savings accounts and CDs. Lots of ATMs: Account holders have access to 70,000 fee-free ATMs across the country.

If you are eligible for a credit limit increase, your request may be approved immediately. But sometimes requests can take a few days to review. And sometimes your issuer may ask for additional information before it approves your request.

It is not very hard to get a Capital One credit card because Capital One offers cards for people with bad credit, no credit, or better. As long as you meet a Capital One card's credit score requirement and you have a steady income, you should have a good chance of being approved.

We will notify you in writing of our decision within 7 to 10 days of your application. When will I receive my new credit card? If you're approved, you should receive your Capital One card, credit limit information, and welcome materials by mail within approximately 7 to 10 business days.

Your money is safe at Capital One

The FDIC insures balances up to $250,000 held in various types of consumer and business deposit accounts.

Finally, from a product standpoint, Capital One also has less to offer than many other big-name banks. The bank offers no mortgages, home equity loans or personal loans. There are also no investment or retirement account options.

According to anecdotal reports, the card's credit limit can be as low as $750 and as high as $10,000. However, Capital One does not list a minimum or maximum credit limit in the card's terms and conditions. If you want to aim for a higher credit limit, there are a number of areas...

Credit limit increases are not a bad thing, and can offer a lot of upside – so long as you have a plan to make them work for you. With planning and responsible use, you can make a credit limit increase work in your interest with every credit line you have.

Capital One may automatically increase your credit limit if you use your credit card responsibly. Some Capital One cards, especially those geared toward consumers establishing or building credit, offer the opportunity for an increase after six months of on-time payments.

You need a credit score of 700 or higher (good to excellent credit) to get the best Capital One credit card offers. Other options are also available for people with lower scores, as it is possible to get approved for Capital One credit card with limited credit history or a bad credit score.

Why won't Capital One approve me? ›

Some common reasons for not getting approved for a credit card include: Having a low credit score. Having too much debt. Having too many hard inquiries on your credit reports.

Your monthly income needs to be at least $425 more than your monthly rent or mortgage payment to get a Capital One credit card. Capital One wants to know you can afford credit card payments on top of your other expenses, and the higher your income is above the minimum, the more likely you are to be approved.

If you apply by phone or online, you'll typically get a response within 60 seconds. If you submit a paper application, it will take longer. But no matter how you apply, Capital One generally notifies applicants of the decision in writing within seven to 10 days of receiving the application.

The Capital One Platinum Credit Card will increase your credit limit no more than once every six months generally. This time frame applies whether you request a credit limit increase yourself or wait for Capital One to offer you an automatic increase.

Getting pre-approved doesn't guarantee you'll be approved once you apply for a credit card. But it can give you a better idea of which cards you have the best chance of being approved for. If you're pre-approved for a Capital One credit card, you don't need to apply separately.

Capital One, N.A. is an FDIC member. Our FDIC certificate numbers are 33954 and 4297. All deposits at this Capital One banking institution are FDIC-insured to at least $250,000 per depositor, per ownership category.

Fitch Affirms Capital One at 'A-'/'F1'; Outlook Stable. Fitch Ratings - New York - 21 Feb 2024: Fitch Ratings has affirmed Capital One Financial Corporation's (COF) Long- and Short-Term Issuer Default Ratings (IDRs) at 'A-' and 'F1', respectively, and has affirmed the bank's Viability Rating (VR) at 'a-'.

There are no balance minimums or monthly fees, and you won't need to worry about overdraft fees either. Capital One was named best big bank and best bank for ATM access as part of the 2024 Bankrate Awards, which recognizes the best financial products available to consumers.