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It is important, these days, to have, at least, a little bit of credit. It can help you out in a crunch but developing strong credit can help you get bigger loans with better rates in the future. A simple credit card is often a good way to get started.
When you are trying to establish yourself as a responsible money manager, credit can be a powerful and very helpful tool. Of course, when money is tight credit comes in handy, but even if you live within your means it is important to use credit to set yourself up for the future. Whether you are completely new to the credit world or you are new to Canada, the Guaranteed MasterCard for Newcomers from Capital One bank could be that helpful tool you need.
How It Works
When you look at it from first glance, it might seem like a simple credit card, but this particular financial tool is designed to give newcomers a little help to start building their credit score. It has several benefits and options that are intended to help establish credit, as opposed to offering complicated rewards structures.
- Helpful for people who make as little as $20,000 in annual income
- Designed for people who do not make a lot of credit purchases every month
- Designed for people who do not carry a high monthly balance
- Guaranteed Approval
Guaranteed approval is definitely the key to the popularity of this card. As many people who have credit know, there is a strange dilemma regarding getting that important first credit card: it is difficult to get credit when you do not already have credit. Surely, then, knowing that this card is guaranteed is reassuring.
The Basic Benefits
Obviously, the reason you might apply for any credit card is to take advantage of the great benefits it provides. This Capital One card, aside from helping you establish a credit history, provides a few competitive features that make it a good choice for anyone who understands what credit can really do when used properly.
- Competitive annual interest rate on standard purchases
- Similar rate available for balance transfers
- Similar rate available for cash advances
- A notably low annual fee that you only have to pay the first year
Again, these are very simple; but that makes it easier for someone who is new to credit to keep track of their spending and build a solid credit history.
The Gold Benefits
Gold cards usually offer some great benefits to people who have already established a little credit, so having some gold benefits with a card designed for new credit customers is certainly a good thing. With this MasterCard, you will appreciate a variety of convenient options that could make your life a little easier as a consumer:
- Price Protection ensures you get the best price on qualified purchases if they are advertised at a different price within 60 days of purchase
- Purchase Assurance could replace or refund qualifying purchases that are lost, stolen, or damaged within 120 days of purchase
- Extended Warranty options that automatically double the manufacturer's warranty on qualifying purchases
Along with consumer protection, you will also enjoy a variety of Gold-level travel benefits too:
- Accident Insurance covers you and your family when traveling
- Car rental collision/loss damage waiver can provide optional insurance on rental vehicles
- Baggage Delay can compensate you for up to three days for things like toiletries and other incidentals in the event your bags do not arrive when you do
- MasterAssist Travel Assistance from MasterCard gives you 24-hour access to emergency assistance whether you need help with lost luggage, legal referrals, lost documents, ticket replacement, or emergency cash.
On top of this, you will also get select MasterCard benefits that include:
- Master Global Services for improved 24/7 support for many emergency or personal needs
- $0 Fraud Liability that protects you from unauthorized purchases if your card is lost or stolen
- Master RoadAssist Service gives you comprehensive roadside assistance coverage for minor mechanical issues and service charges incurred in an accident or breakdown
Conclusion
With a handful of competitive benefits, the Guaranteed MasterCard for Newcomers offers convenience and structure for anyone trying to build their credit history in Canada. It is easy to understand and therefore easy to use and can be a very helpful tool.
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