CapitalOne® Cash Rewards for Newcomers
Expert's Rating:
If you're new to the United States, especially on an H1B Visa or another work-related program, it may be hard for you to establish a credit history. Capital One wants to help, with the Capital One Cash Rewards for Newcomers, a special version of its Cash Rewards MasterCard designed for recent immigrants to the country. This basic card offers an easy and inexpensive way to jumpstart your U.S. credit score, as long as you plan to pay off the balance every month.
Travel rewards
Capital One Cash Rewards for Newcomers uses the same online rebate tracking system that powers the bank's other popular rewards credit cards. You'll earn 2 percent cash back on all travel purchases and 1 percent rebates on everything else, which you can easily redeem for statement credits through Capital One's website. Like other Capital One credit cards, this account charges no foreign transaction fees, saving you up to 5 percent when you travel overseas.
Not the lowest APR card
However, access to credit comes at a price if you want to carry over a balance from month to month. Capital One Cash Rewards for Newcomers comes with an annual percentage rate well into the double digits, far higher than most cash back rewards cards and comparable to many credit cards for bad credit. Although the card charges no fee for balance transfers, it's unlikely that you'll save money by consolidating your debt with this account.
Should you switch?
Not if you already have a Capital One credit card, or a credit card from any other major United States lender. Capital One designed the Capital One Cash Rewards for Newcomers for people who may already have credit cards in their former home countries, or may not have used a credit card before.
Travel rewards
Capital One Cash Rewards for Newcomers uses the same online rebate tracking system that powers the bank's other popular rewards credit cards. You'll earn 2 percent cash back on all travel purchases and 1 percent rebates on everything else, which you can easily redeem for statement credits through Capital One's website. Like other Capital One credit cards, this account charges no foreign transaction fees, saving you up to 5 percent when you travel overseas.
Not the lowest APR card
However, access to credit comes at a price if you want to carry over a balance from month to month. Capital One Cash Rewards for Newcomers comes with an annual percentage rate well into the double digits, far higher than most cash back rewards cards and comparable to many credit cards for bad credit. Although the card charges no fee for balance transfers, it's unlikely that you'll save money by consolidating your debt with this account.
Should you switch?
Not if you already have a Capital One credit card, or a credit card from any other major United States lender. Capital One designed the Capital One Cash Rewards for Newcomers for people who may already have credit cards in their former home countries, or may not have used a credit card before.
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