Credit Card Articles

Capital One Gold MasterCard For Credit Novices

29 February 2012 by CreditCardsCo™

If you are planning to acquire a credit card for the first time, it might be a good idea to check out what Capital One has to offer. The Capital One Gold MasterCard in particular has some benefits that are suited to first time credit card customers.

Capital One is well known in North America as a company that develops innovative financial products to satisfy a variety of consumer needs. Regardless of your credit standing, you could be guaranteed approval for this card as long as you satisfy a few minor requirements.

The Requirements

Getting a Capital One Gold MasterCard is not very hard to do. If you satisfy these simple requirements, your approval is guaranteed:

  • You currently do not have a Capital One account of any kind
  • You have not had a Capital One account that was in bad standing at any time
  • You have not applied for a new Capital One account within the past 45 days
  • You live in Canada and have surpassed the age of majority in your province or territory

As you can see, there is no concern for your income or credit standing. However, other questions may arise in order to keep your identity safe. Also, you may be required to make a security deposit if that is the type of card you are offered.

The Basic Benefits

While having guaranteed access to credit is certainly a great benefit, this particular credit card has other basic benefits that are also very attractive. These benefits are designed to help you get your credit on track with options that could save you money.

  • Competitive standard interest rate
  • Competitive balance transfer interest rate
  • Competitive cash advance interest rate
  • 25-day interest-free grace period on standard purchases
  • Low annual fee

As you can see, this card could cost you less in the long run than other cards on the market, particularly those that are available to credit newbies.

Gold Benefits

Because this financial product is a gold-level MasterCard, you get to take advantage of great gold-level benefits. This includes consumer protection that ensures you get the most for your money and that your money is always safe.

  • Price Protection refunds the difference in price of qualifying items that you purchase in Canada if it goes on sale within 60 days of purchase
  • Purchase Assurance protects the things you buy with automatic coverage that could replace or refund items purchases in the event of theft, loss, or damage anywhere in the world within 120 days of purchase
  • Extended Warranty automatically doubles the original manufacturer's warranty for up to two years for all items purchased with your card
  • $0 Fraud Liability protects you from being held responsible for unauthorized purchases made to your account

Consumer protection is not all you will get with this card. There are also some standard gold-level travel benefits available too:

  • Travel Accident Insurance gives you automatic travel insurance coverage of up to $250,000 for you and your family
  • Car Rental Collision/Loss Damage Waiver gives you an option for cheaper insurance than what a rental agency might offer you when you charge the full price of your rental to the card
  • Baggage Delay will reimburse you for up to $100 per day for three days if your luggage is delayed more than four hours so you can purchase daily incidentals
  • MasterAssist Travel Assistance gives you 24-hour access to emergency cash, medical referrals, lost luggage assistance, and other emergency needs when travelling away from home
  • Master RoadAssist Service provides domestic roadside assistance including towing, gas delivery, and repair of minor mechanical problems

The Application

The application process for this Gold MasterCard from Capital One is very simple. Visit their website and provide some basic contact information and a few notes about your income and employment status and you will be on your way. Things that you will likely be asked include:

  • Your name
  • Your address
  • Your birthdate
  • Your housing situation
  • Your employment status
  • Your income before taxes

These are pretty standard inquiries so you should be able to finish the application with little incident.


Competitive interest rates and comprehensive insurance benefits are just the beginning with this beginner's credit card. If you are looking to start developing a credit history, this guaranteed card might be just right for you.

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