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. In order to use the tool, you will need to provide some basic personal information such as your name, address, and the last four digits of your Social Security number. Bankrate’s secure tool will then generate personalized offers based on your borrower profile.
The preapproval process involves a soft pull, so it will not impact your credit score. You can compare rewards and rates from multiple credit cards and easily submit an application for the card that suits you best. For more information on how to use CardMatch, click here.
You can also get preapproved for a Capital One card directly from their website. Similar to the CardMatch tool, you will need to provide personal information including your name, address, Social Security number, income, expenses, and employment status. The lender will inform you if you are preapproved for any Capital One credit cards.
Additionally, there are other ways to prequalify for a Capital One card, such as responding to a targeted mail flier or visiting a physical bank branch to speak with a representative in person.
Capital One offers a variety of credit cards for different needs, whether you want to earn cash back, travel miles, or rewards for specific spending categories. The Capital One Venture Rewards Credit Card, for example, is a great option for frequent travelers, as it earns 5X miles on hotels and rental cars booked through Capital One Travel and 2X miles per dollar on all other purchases. These miles can be redeemed for travel expenses or transferred to over 15 different Capital One transfer partners. New cardholders have the opportunity to earn a generous welcome bonus of 75,000 miles by spending $4,000 on purchases within three months of opening an account, which is equivalent to $750 in travel. Additionally, this travel card offers benefits such as up to $100 in credits for Global Entry or TSA PreCheck membership and no foreign transaction fees on purchases made in foreign currency.
Details about the card include:
– Welcome bonus: 75,000 miles after spending $4,000 on purchases within three months of opening the account
– Rewards: 5X miles on rental cars and hotels booked through Capital One Travel, unlimited 2X miles on all other purchases
– Annual fee: $95