There are many elements to maximizing your bank card rewards, together with benefiting from the most effective welcome bonuses, spending classes, and card perks.
Typically I feel it’s fascinating to interrupt down bank card methods by card issuer, so on this publish I wished to share my Capital One card technique for 2022. In separate posts I wrote about my Amex card technique, Chase card technique, and Citi card technique.
Capital One is a card issuer the place my emotions have advanced considerably, as Capital One has gotten extra aggressive within the transferable factors area. A couple of years in the past I didn’t have any Capital One playing cards, whereas now Capital One is the cardboard issuer with which I spend probably the most.
Right here’s a rundown of what you’ll want to know to be authorized for a Capital One card, a abstract of my technique, after which which Capital One card I’m most excited by making use of for.
Restrictions on making use of for Capital One playing cards?
All playing cards issuers have some software restrictions in place to get authorized for playing cards. Amongst card issuers, Capital One has the fewest constant restrictions, although:
- Capital One doesn’t actually have any constant guidelines on being authorized for playing cards, aside from that you could sometimes earn the bonus on a card as soon as
- Capital One generally pulls credit score from all three bureaus, although that shouldn’t be an enormous deal a method or one other, for my part
- Making use of for Capital One enterprise playing cards shouldn’t depend as an additional card towards Chase’s 5/24 restrict, if that’s a consideration
For extra of a way of what it’s wish to be authorized for playing cards, see my information to Capital One Enterprise X approval, my information to Capital One Spark Money Plus approval, and my information to Capital One SavorOne approval.
Which Capital One playing cards do I’ve?
Whereas I’ve properly over two dozen credit, I “solely” have 4 Capital One playing cards:
How do I exploit my Capital One playing cards?
Capital One has the most effective bank cards for on a regular basis spending, for my part, provided that a number of playing cards earn 2x Capital One miles per greenback spent, with no caps and no overseas transaction charges. These rewards can then be transfered to Capital One’s wonderful airline & lodge companions, largely at a 1:1 ratio. That’s why I spend extra on Capital One bank cards than another playing cards.
For context:
For some context on these seemingly totally different rewards currencies:
- Enterprise and Spark miles are just about an identical, as they can be utilized in the identical approach, and will be pooled
- Capital One money again will be transformed into Capital One miles together with a card incomes these miles, on the fee of 1 cent per mile; which means that 2% money again on the Capital One Spark Money Plus can get me 2x Enterprise or Spark miles, and that 3% money again on the Capital One SavorOne can get me 3x Enterprise or Spark miles
As you may inform, I’ve three playing cards incomes 2x transferable factors (one private and two enterprise), so let me share a bit extra about how I justify these playing cards.
The Enterprise X pays for itself
As talked about above, I spend probably the most on the Capital One Enterprise X, since you may’t beat incomes 2x transferable factors per greenback spent with no overseas transaction charges. I worth Capital One miles at 1.7 cents every, so to me the cardboard affords a 3.4% return on spending.
The catch, theoretically, is that the Capital One Enterprise X has a $395 annual payment. That’s so much to pay for a bank card. Thankfully the cardboard greater than pays for itself, because of all the nice perks. On probably the most fundamental degree, the cardboard affords a $300 annual journey credit score and 10,000 anniversary bonus miles, which I worth at far more than $395.
And that’s solely the beginning, as the cardboard additionally affords a Precedence Go membership, Plaza Premium lounge entry, superb approved person perks, and a lot extra. There’s merely no query that the mathematics works out on this card.
Deciding between the Spark Miles & Spark Money Plus
For me, the a lot more durable choice is between the $95 annual payment (waived for the primary 12 months) Capital One Spark Miles for Enterprise and the $150 annual payment Capital One Spark Money Plus. Whereas one is a factors incomes card and the opposite is a money again card, for my functions the playing cards earn the identical rewards, as I can convert the money again into miles.
So when the annual charges are due on these playing cards, I’ll seemingly maintain one however not the opposite, since they’re a bit redundant. Which is able to I maintain?
- The Capital One Spark Miles for Enterprise has the advantage of having an ongoing annual payment that’s $55 decrease
- The Capital One Spark Money Plus has the benefit of being a cost card (so it has no pre-set spending restrict), and the cardboard additionally affords a $200 money bonus if you happen to spend $200,000 on the cardboard yearly (although I don’t fairly spend that a lot on the cardboard)
So I feel I’ll maintain the Capital One Spark Miles for Enterprise and cancel the Capital One Spark Money Plus, however I’m undecided but.
The SavorOne is very underrated
The no annual payment Capital One SavorOne is my latest bank card, and is one which I’ll be utilizing fairly a bit. Initially, there’s worth in holding onto playing cards in the long term, as it could possibly assist your credit score rating, and it’s supreme to try this with a no annual payment card. In order that alone is a motive I plan to carry onto this card.
What makes me most enthusiastic about this card is the partnership between Capital One and Uber. By means of November 14, 2024, you can’t solely obtain a complimentary Uber One membership, however you may as well obtain 10% money again with Uber and Uber Eats, which is big.
On prime of that, I’m excited to have a Capital One card with nice bonus classes, as my different Capital One playing cards are simply supreme for on a regular basis spending. It is a phenomenal complement to the Capital One Enterprise X.
Which Capital One playing cards do I most need?
For fairly a while, the Capital One SavorOne was the one Capital One card on my radar. Now that I’ve that card, and I’m really fairly proud of my Capital One card portfolio. Capital One’s card portfolio has been evolving at a fast tempo, so I’m certain there’s one other Capital One card that may curiosity me ultimately.
Backside line
Capital One is a card issuer that has grow to be more and more common within the factors world in recent times, because of the consistently bettering transferable factors forex. Because it stands, the Capital One Enterprise X is the non-public card that I spend probably the most on, whereas the Capital One Spark Money Plus is the enterprise card that I spend probably the most on. You possibly can’t beat Capital One providing 2x transferable factors per greenback spent with no overseas transaction charges.
I’m additionally excited to lastly have the Capital One SavorOne, which affords unbelievable perks with Uber, and in addition affords some bonus classes that you simply gained’t discover on different Capital One playing cards.
What’s your Capital One bank card technique?
