Asma Ahmed
Asma Ahmed
Asma is a fintech writer at AskWallet

CapitalOne online banking app that enables users to manage all their accounts in one place.

Online banking app enables users to manage all their Capital One accounts, cards in one place. They can also transfer funds to family and friends, make online payments, and keep an eye on their credit scores via their smartphones. The app also lets you activate/block your cards and deposit checks.

5 min read 10.01.2021

What is Capital One?

Capital One is a full-service online bank. It can be a good choice for users wanting to have a savings/checking account with no maintenance fee, who want to do their banking online, and manage accounts credit score via the smartphones. However, I would like to highlight that if you plan to open a savings account then for the first two years of opening the account, you will be charged a small fee for every statement copy. You will also have to pay a commission on outgoing local wire transfers. With 0.4% APY, and no minimum balance requirement, the online savings account can be a very good option. 

 

Capital One’s interest checking account also offers interest rates starting from 0.10% APY with no monthly maintenance fee and no minimum balance requirements. I would advise checking the official site for more information and to compare which account will be suitable for your needs. To qualify for the maximum APY, read the account disclosure which explains that one must have at least 100,000 USD in his account to qualify for this.

 

Capital One’s official website has offered complete account disclosures for every account, and you should go through them before making a final decision. The official website also offers comprehensive information related to credit cards, auto loans, checking and savings accounts, business, and commercial purposes etc.

 

The bank has been rated exceptional in terms of customer satisfaction for credit cards, mobile application, and small business banking. Its customer support has also received impressive reviews from customers.

 

Is Capital One Safe?

As a member of the FDIC, Capital One is required to offer top-notch protection when it comes to the safety of user information and transactions. During 2019, the personal details of the bank’s customers in the US and Canada were stolen. However, the credit card account numbers remained secure. 

 

Online banks are secure as long as they are insured federally, and the user is also cautious and follows best practices such as multi-factor authentication, changing password regularly, setting text alerts for withdrawals/transactions, and not using an unsecure internet network etc.

 

Pros & Cons

  • Saving accounts with high interest rates.
  • No minimum balance for savings and checking accounts, and no-fee access to thousands of ATMs (Find the ATms near you here)
  • Users have choices for IRAs, CDs, checking, auto loans, savings, SMB services etc.
  • The banking app is highly rated for ease of use and managing the accounts.
  • Wide selection of credit cards with different benefits.
  • Great option for a beginner looking to open an account in a versatile bank.
  • There are limited traditional branch locations.
  • Does not offer many options for money market accounts.Its saving rates aren’t the highest, so may not be good for savers.
  • Not a highly profitable online bank.

Conclusion

Capital One offers all the banking basics that a modern customer desires- a user-friendly app, online banking, no maintenance fee for savings and checking accounts, extensive credit card offerings, and send money to family members and friends. The interest rates on its saving and checking accounts are also competitive, and users have various options to choose from CDs (certificates of deposits) and IRA CDs to capitalize on their savings or for retirement. But it is not the only bank offering good rates, and there are several others that are offering better rates on CDs and savings.

 

Capital One may not be a good option for savers due to the rates. Also, Capital One’s rates on long-term CDs are not the highest among other similar banks. In my opinion, you should weigh all the pros and cons while keeping your financial goals in mind. The bank’s app is rated as one of the best and offers special features such as card locking, free credit score access alongside typical functionalities. If the benefits are appealing than the drawbacks, it will be easier to decide to open an account with Capital One. In my opinion, any customer with modest savings will find this bank’s offers adequate.

 

FAQ

How to close my Capital One account?

If you want to close your account, the Capital One support team can assist you by phone between 8am to 11pm Eastern Time from Mon-Sun. 

 

  1. Call 1-888-464-0727 for Capital One 360, a fee-free online account.
  2. Call 1-800-655-2265 for branch accounts.

 

You can click on this link for important things to consider before making such a request. 

How to pay for a Capital One credit card?

There are several ways to pay:

 

  1. Capital One online banking.
  2. Capital One app.
  3. Capital One branches.
  4. In person with cash/debit card at Kroger-owned stores.
  5. Walmart - if you are making a payment for Walmart Capital One credit card.
  6. 7-Eleven via linking your credit card with the PayNearMe app.
  7. MoneyGram and Western Union (standalone or within another store).
  8. Apply Cash back or redeeming Travel rewards .
  9. Cheques and money order by mail.
  10. Transfer from a bank account.
  11. Over the phone 
How to use Capital One miles?

You can use these miles to:

 

  1. Book a trip 
  2. Erase any travel related purchase made with your Capital One Venture card (miles can be redeemed and used within ninety days of the purchase).
  3. Share or transfer these with a friend or family member.
  4. Buy gift cards.
  5. Give donations.
  6. Transfer to Capital One airlines and hotels partners.
  7. Redeem in the form of a check or statement credit.
How to increase credit limit Capital One?

Only eligible Capital One cardholders are entitled to a credit limit increase. Visit this link to determine the eligibility factors. A good credit utilization rate is another important factor. 


Submit your request on your Capital One credit card online, and the bank will review the information. After logging in, use the “Request Credit Line Increase” link from the “Services” tab.

How to cancel Capital One credit card?

To cancel your Capital One credit card, we recommend calling the Capital One customer service at 1-877-383-4802. You need to inform them about your intent, and follow their instructions.

Another option is cancelling online by signing in and choosing “ I want to …..” (near the top of the webpage) then follow the instructions. For quick support better to call Capital One phone number.

How to close my Capital One account?

If you want to close your account, the Capital One support team can assist you by phone between 8am to 11pm Eastern Time from Mon-Sun. 

 

  1. Call 1-888-464-0727 for Capital One 360, a fee-free online account.
  2. Call 1-800-655-2265 for branch accounts.

 

You can click on this link for important things to consider before making such a request. 

How to increase credit limit Capital One?

Only eligible Capital One cardholders are entitled to a credit limit increase. Visit this link to determine the eligibility factors. A good credit utilization rate is another important factor. 


Submit your request on your Capital One credit card online, and the bank will review the information. After logging in, use the “Request Credit Line Increase” link from the “Services” tab.

How to pay for a Capital One credit card?

There are several ways to pay:

 

  1. Capital One online banking.
  2. Capital One app.
  3. Capital One branches.
  4. In person with cash/debit card at Kroger-owned stores.
  5. Walmart - if you are making a payment for Walmart Capital One credit card.
  6. 7-Eleven via linking your credit card with the PayNearMe app.
  7. MoneyGram and Western Union (standalone or within another store).
  8. Apply Cash back or redeeming Travel rewards .
  9. Cheques and money order by mail.
  10. Transfer from a bank account.
  11. Over the phone 
How to cancel Capital One credit card?

To cancel your Capital One credit card, we recommend calling the Capital One customer service at 1-877-383-4802. You need to inform them about your intent, and follow their instructions.

Another option is cancelling online by signing in and choosing “ I want to …..” (near the top of the webpage) then follow the instructions. For quick support better to call Capital One phone number.

How to use Capital One miles?

You can use these miles to:

 

  1. Book a trip 
  2. Erase any travel related purchase made with your Capital One Venture card (miles can be redeemed and used within ninety days of the purchase).
  3. Share or transfer these with a friend or family member.
  4. Buy gift cards.
  5. Give donations.
  6. Transfer to Capital One airlines and hotels partners.
  7. Redeem in the form of a check or statement credit.
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Asma Ahmed
Asma Ahmed
As a fintech researcher and writer, she enriches AskWallet website with new posts and articles. Asma is an MBA graduate from IoBM, Karachi and has been working in the financial services industry since 2013. She loves traveling, listening to music, and watching Netflix.