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Key takeaways
- Getting preapproved for a Capital One credit card can help you estimate your odds of approval without hurting your credit score.
- Using free tools, like Bankrate’s CardMatch, can help you get preapproved for a Capital One credit card and potentially match you with targeted offers that may be unavailable otherwise.
- If you are denied preapproval, you can increase your odds of approval by improving your credit score prior to submitting a full application.
It can be frustrating to apply for a rewards credit card only to have your application denied out of the blue. Luckily, getting preapproved for a credit card can help you determine the likelihood that you’ll be approved without actually having to apply. Best of all, it doesn’t hurt your credit score and takes just a few minutes to check.
Capital One has some great credit card offers for both credit card newcomers and consumers interested in maximizing credit card rewards. These include simple cash back credit cards, lucrative travel credit cards and points-earning rewards cards. If you’re interested in a Capital One credit card, going through the preapproval process is a great way to save time, protect your credit and receive targeted offers that match you with relevant cards according to your credit score and borrower profile.
You can use Bankrate’s CardMatch tool to quickly and easily see which cards you may be preapproved for. It’s also possible to gain preapproval for credit card offers on Capital One’s website. Either way, it can take just a few minutes to check and see if you’re preapproved for certain cards.
What is credit card preapproval, and how does it work?
When you apply for a credit card, the lender typically runs a hard pull on your credit before deciding whether to approve your application. If your application is rejected, not only are you unable to open up a credit card with the lender, but the hard pull could also negatively affect your credit score. Since a hard inquiry temporarily dings your credit score by a few points, this can be especially frustrating if your credit score is on the threshold of moving from average to good or good to excellent. The temporary setback to your credit score can also make it more difficult to qualify for competitive card offers moving forward.
Getting preapproved or prequalified for a credit card allows you to see if you are likely to qualify for a certain card before you officially submit an application. This is helpful because it can give you an idea of what credit cards are available to you without hurting your credit score. It can also give you the confidence to submit an application for a card that meets your needs. While preapproval isn’t a guarantee that your application for a credit card will be approved, it’s a strong sign that a lender will be willing to approve your application.
How to get preapproved for a Capital One credit card
There are several ways to get preapproved for a Capital One credit card, including using Bankrate’s CardMatch tool and prequalifying for a card on Capital One’s website.
Check for offers on Bankrate’s CardMatch tool
One of the easiest ways to see if you are preapproved for a Capital One credit card is to use Bankrate’s CardMatch tool. To use the tool, you’ll need to provide some basic information about yourself including your name, address and the last four digits of your Social Security number. Bankrate’s secure tool will then match you with personalized offers based on your borrower profile.
Because the preapproval process only triggers a soft pull, it won’t affect your credit. Plus, you’ll be able to compare rewards and rates from multiple credit cards and quickly and easily submit an application for the card that works best for you. You can learn more about how to use CardMatch here.
Prequalify on Capital One’s website
You can also get preapproved for a Capital One card directly from its website. As with the CardMatch tool, you’ll need to provide some personal information that includes your name, address and Social Security number. You’ll also need to provide information about your income, expenses and employment status. The lender will then let you know if you’re preapproved for any Capital One credit cards.
Additional ways to prequalify for Capital One credit cards
There are a few additional ways to prequalify for a Capital One card. If you receive a targeted flier in the mail, you can follow the instructions on the card to apply. You can also visit a physical bank branch to speak with a representative in person and learn more about your options.
Best Capital One credit cards for prequalified offers
Capital One offers some solid credit cards for borrowers, whether you’re looking to earn general cash back, miles for travel or rewards for spending in particular categories.
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If you’re a frequent traveler looking to earn points and miles toward travel expenses, the Capital One Venture Rewards Credit Card is a great option. This card earns 5X miles on hotels and rental cars booked through Capital One Travel and an unlimited 2X miles per dollar on all other purchases. Those miles can be redeemed for travel purchases or transferred to over 15 different Capital One transfer partners. New cardholders can also earn a hefty welcome bonus of 75,000 miles once you spend $4,000 on purchases within three months from account opening, equal to $750 in travel.
This travel card also comes with some nice additional perks, like up to $100 in credits toward Global Entry or TSA PreCheck membership and no foreign transaction fees on purchases made in foreign currency.
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- Welcome bonus: 75,000 miles once you spend $4,000 on purchases within three months of account opening, equal to $750 in travel
- Rewards: Earns 5X miles on rental cars and hotels booked through Capital One Travel, unlimited 2X miles on all other purchases
- Annual fee: $95
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The Capital One Quicksilver Cash Rewards Credit Card is an excellent straightforward cash back card, earning an unlimited 1.5 percent cash back on all purchases. It also earns a nice 5 percent cash back on hotels and rental cars booked through Capital One Travel.
This card makes it incredibly easy to earn on your spending without having to worry about different spending categories or redemption options. This is also a great beginner card for borrowers on a budget as it doesn’t charge an annual fee.
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- Welcome bonus: One-time $200 cash bonus when you spend $500 in the first three months
- Rewards: Unlimited 1.5 percent cash back on all purchases, unlimited 5 percent cash back on hotels and rental cars booked through Capital One Travel
- Annual fee: $0
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The Capital One SavorOne Cash Rewards Credit Card is an excellent choice for those whose largest spending categories include dining and entertainment. With this card, you’ll earn 3 percent cash back on dining, entertainment, popular streaming services and grocery store purchases (excluding superstores like Target and Walmart). You’ll also earn 10 percent cash back on Uber and Uber Eats purchases (through Nov. 14, 2024), 8 percent cash back on Capital One Entertainment purchases, 5 percent cash back on hotel and rental car bookings through Capital One Travel and 1 percent cash back on all other purchases.
New cardmembers can earn a one-time $200 cash bonus after making $500 in purchases during the first three months. To top it off, the card comes with no annual fee and a nice 0% introductory APR offer on purchases and balance transfers for 15 months (then 19.99 percent, 26.24 percent or 29.99 percent variable APR applies).
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- Welcome bonus: $200 bonus when you spend $500 in the first three months
- Rewards: Earns 3 percent cash back on dining, entertainment, popular streaming services and grocery stores (excluding superstores like Target and Walmart); 10 percent cash back on Uber and Uber Eats purchases (through Nov. 14, 2024); 8 percent cash back on Capital One Entertainment purchases; 5 percent cash back on rental car and hotel purchases through Capital One Travel; 1 percent cash back on all other purchases
- Annual fee: $0
How to increase your chances of getting preapproved
Preapproval is a great way to find out which cards you qualify for without hurting your credit, but that doesn’t mean that you’ll be preapproved for every card you have your heart set on. Here are a few things you can do to boost your credit score and increase your chances of being approved.
Make on-time payments on your credit cards
One of the most important factors influencing your credit score is your history of on-time payments. Making on-time payments consistently each month will help your credit. On the other hand, even a few missed or late payments can have a serious negative impact on your score. In order to boost your chances of preapproval, be sure to prioritize making on-time payments each month.
Reduce your credit utilization
Credit utilization is another important factor that influences your credit score. The higher your credit utilization, the worse it is for your credit. You can decrease your credit utilization ratio by reducing the balances on your credit cards and paying off debt. Opening up a new credit card can also potentially reduce your credit utilization because it increases the amount of credit available to you.
Sign up for Experian Boost
While utility bills don’t usually appear on your credit report, that doesn’t have to be the case. You can be rewarded for a history of on-time utility payments by signing up for Experian Boost. This service from Experian allows consumers to list monthly bills, like utility bills and phone bills, on their Experian credit report. Just by paying your utility bills on time each month, you can work to increase your credit score.
The bottom line
Capital One has plenty of great rewards credit cards to choose from, whether you’re looking for travel cards, cash back cards or something in between. If you’re a borrower with less-than-stellar credit, these cards may be hard to qualify for. However, you don’t have to suffer a rejected application – or unnecessary hard credit pull – to find out. To see if you qualify without hurting your credit, you can use Bankrate’s CardMatch tool to get preapproved or visit Capital One’s website.
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