Capital One World Credit Card

Best Features of the Capital One World Credit Card

• Get 5% cashback on purchases for first 3 months (up to £2,000)
• Up to 1.5% cashback on all purchases after first 3 months
• Fraud monitoring & alerts
• 2 free credit reports per year from Equifax
• Read the terms and conditions

Our Review

Capital One’s World credit card has a fantastic introductory cashback deal plus a great long-term cashback rewards program. The more you spend on your Capital One World card, the more money you will get back as a reward. This is a great card for big spenders who know how to pay off their debt in full every month.

Who it’s for

Thanks to the stellar cashback rewards program, the Capital One World credit card is a great choice for high spenders. However, you should be able to pay off these purchases within the interest-free period or else debt will rapidly accumulate. This is not a balance transfer credit card.

Eligibility

To be eligible for the Capital One World credit card, you must be at least 21 years old, have an income of more than £20,000, and be a permanent UK resident. You should also be a home owner and had credit cards in the past. If you have missed any payments in the past or defaulted on CCJs, then you probably are not going to get accepted.

Balance Transfers

The Capital One World is not a credit card meant for balance transfers and they do not have any introductory deals for transfers. All transfers will immediately start accruing the high interest rate of 19.94% p.a. So long as you have any balance on your credit card to pay off, you will not get an interest-free period on your purchases.

Purchases

Capital One rewards you with cashback for your purchases, but you will pay for it dearly with a high purchase rate. The variable rate is 19.94% p.a. To make matters worse, you only have a 45 day interest-free period to pay off your balance or you will start to accumulate debt. If you have any cash advances or balance transfers to pay off, then there is no interest-free period.

The minimum credit limit with Capital One World card is £1,000 and the maximum is £10,000. You must pay off at least 1% of your balance each month or get a £12 fee. There are also £12 fees for late payments, over limit and returns. For foreign purchases, you will pay a 2.75% conversion fee which is on par with the industry standard.

Rewards

The Capital One World credit card doesn’t offer any rewards program. Instead, they give you cashback on your purchases. For the first 3 months of opening your account, you will get 5% cashback on all purchases for a maximum of £100 cashback. After that, you will get 0.5% cashback on all purchases up to £5,999.99. If you really spend a lot on your card, then the rewards get better. You will get 1% cashback on purchases from £6k-£9,999.99 and 1.5% cashback for purchases of £10k and up. There is no limit to the amount of cashback you can earn!

The cashback rewards are paid into your account every January, so you can start the new year with a nice bonus for your spending.

Cash Advances

Cash advances are never cheap, but the Capital One World credit card offers one of the better deals. Cash advances are at the same rate as purchases: 19.94% p.a. plus 3% of the amount (or £3, whichever is higher). There is no interest-free period.

Security & Fraud Protection

Capital One offers a fraud guarantee that you will not be held responsible for misuse of your card. They give you fraud monitoring and alerts if there is any unusual activity on your card. As a nice bonus, there is also purchase protection for up to £1,000 on items lost or damaged within 100 days of purchase.

Conclusion

The unlimited cashback rewards with the Capital One World credit card is a major drawing point. With this deal, you can really earn a lot of money from your big purchases. However, you will pay for this deal in other ways – like the high interest rate and short interest-free period. We still recommend Capital One World, but only for people who always pay their bill in full and quickly!