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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 increase the chances that your application will be approved. 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 both for 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, 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 (rather than a soft pull) on your credit before deciding whether or not to approve your application. If your application is rejected, then 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. It can be especially frustrating if your credit is right on the threshold of average and good or good and great since a hard pull can ding your score by a few points and make it even more difficult to qualify for competitive card offers.
Getting preapproved for a credit card allows you to see if you 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’ll need to provide some basic information about yourself, including your name, address and the last four digits of your Social Security number. Bankrate’s secure tool will then match you with personalized offers based on your borrower profile. Because the preapproval process only triggers a soft pull, it won’t affect your credit. Plus, you’ll be able to compare rewards and rates from multiple credit cards and quickly and easily submit an application for the card that works best for you. You can learn more about how to use CardMatch here.
Prequalify on Capital One’s website
You can also prequalify for a credit card from Capital One on their website. As with the CardMatch tool, you’ll need to provide some personal information including your name, address, and Social Security number. You’ll also need to provide information about your income, expenses and employment status. The lender will then let you know if you’re preapproved for any Capital One credit cards.
Additional ways to prequalify for Capital One credit cards
There are a few additional ways to prequalify for a Capital One card. If you receive a targeted flyer in the mail, you can follow the instructions on the card to apply. You can also visit a physical bank branch to speak with a representative in person and learn more about your options.
Best Capital One credit cards for prequalified offers
Capital One offers some great credit cards for borrowers, whether you’re looking to earn general cash back, miles for travel or rewards for spending in particular categories.
Capital One Venture Rewards Credit Card: Best for travel
- Welcome bonus: Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel
- Rewards: Unlimited 2X miles on all purchases
- Annual fee: $95
If you’re a frequent traveler looking to earn points and miles toward travel expenses, the Capital One Venture Rewards Credit Card is a great option. This card earns an unlimited 2X miles per dollar on all purchases, which can then be redeemed for travel purchases or transferred to over fifteen different Capital One transfer partners. New cardholders can also earn a hefty welcome bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel.
This travel card also comes with some nice additional perks, like up to $100 in credits toward Global Entry or TSA PreCheck membership and no foreign transaction fees on purchases made abroad.
Capital One Quicksilver Cash Rewards Credit Card: Best for overall cash back
- Welcome bonus: $200 cash bonus when you spend $500 in the first three months
- Rewards: Unlimited 1.5 percent cash back on all purchases, unlimited 5 percent cash back on hotels and rental cars booked through Capital One Travel (terms apply).
- Annual fee: $0
While some consumers can get a lot of value out of maximizing credit card rewards, there’s something to be said for a straightforward cash back card. The Capital One Quicksilver Cash Rewards Credit Card is a compelling entry in this category of cards with an unlimited 1.5 percent cash back on all purchases. This card makes it incredibly easy to earn while you spend—without having to worry about different spending categories or redemption options. This is also a great beginner card for borrowers on a budget as it doesn’t charge an annual fee.
Capital One Savor Cash Rewards Credit Card: Best for dining
- Welcome bonus: $300 bonus when you spend $3,000 in the first three months
- Rewards: 4 percent cash back on dining, entertainment and popular streaming services, 3 percent at grocery stores and 1 percent on everything else; plus, earn 8 percent back on purchases from Vivid Seats through Jan. 31, 2023
- Annual fee: $95
If eating out is one of your biggest spending categories, then this card is sure to be a lucrative option. The Capital One Savor Cash Rewards Credit Card earns an impressive and unlimited 4 percent cash back on dining and entertainment, which means that you can earn rewards on every takeout and delivery splurge. Plus, the card now earns an additional 4 percent cash back on select popular streaming services and 3 percent back at grocery stores.
The Savor card also comes with a welcome bonus of $300 when you spend $3,000 in the first three months, which is a nice additional perk. You do have to pay a $95 annual fee, so if you’re looking for a similar card without the added charge, the Capital One SavorOne Cash Rewards Credit Card is another great option.
How to increase your chances of getting preapproved
Preapproval is a great way to find out which cards you qualify for without hurting your credit, but that doesn’t mean that you’ll be preapproved for every card you have your heart set on. In order to increase your chances of being approved, there are a few things you can do to boost your credit score.
Make on-time payments on your credit cards
One of the most important factors influencing your credit score is your history of on-time payments. Making on-time payments consistently each month will help your credit, but on the other hand, even a few missed or late payments can have a serious negative impact on your score. In order to boost your chances of preapproval, be sure to prioritize making on-time payments each month.
Reduce your credit utilization
Credit utilization is another important factor that influences your credit score. The higher your credit utilization, the worse it is for your credit. You can decrease your credit utilization ratio by reducing the balances on your credit cards and paying off debt. Opening up a new credit card can also potentially reduce your credit utilization as well as it increases the amount of credit available to you.
Sign up for Experian Boost
While utility bills don’t usually appear on your credit report, that doesn’t have to be the case. You can be rewarded for a history of on-time utility payments by signing up for Experian Boost. This service from Experian allows consumers to list utility bills, like electric bills and phone bills, on their Experian credit report. Just by paying your utility bills on time each month, you can work to increase your credit score.
The bottom line
Capital One has plenty of great rewards credit cards to choose from, whether you’re looking for travel cards, cash back cards or something in between. These credit cards may be hard to qualify for if you’re a borrower with less-than-stellar credit, but you don’t have to suffer a rejected application in order to find out. To see if you qualify without hurting your credit, you can use Bankrate’s CardMatch tool to get preapproved or visit Capital One’s website.
All information about the Capital One Savor Cash Rewards Credit Card has been collected independently by Bankrate and has not been reviewed or approved by the issuer.