Capital One Aspire Cash Platinum MasterCard Review

Aspire Cash Platinum

Capital One Aspire Cash Platinum MasterCard

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Capital One Aspire Cash Platinum MasterCard
6.8 / 10 Our Vote
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Pros
No annual fees
1% cash back rate
Travel and price protection
Cons
Low cash back rate
Summary

In today’s cashless market transactions there are many types of credit cards that are very popular. When you select to apply for a credit card it is not just their eligibility criteria that matter and you may also pick and choose the rewards. You may do a bit of a research about their rewards program, service charges, insurance features etc. A credit card is not just being used for making payments and may have a broader role. It could also be a tool to earn some kind of reward, be it travel or cash back. One such credit card is the Aspire Cash Platinum MasterCard by Capital One in the cash back rewards category. This card is a simple, no annual fee card that gives you 1% cash back with no limit and is widely accepted as a MasterCard.

Yes, there are other cards that may give better cash back rate and bonus but they may require you to have an excellent credit rating too. You may qualify to get this card with a good credit score rating too. The cash back that you earn do not expire and you may save them up for redemption later. This card also has some travel, purchase and price protection features that are almost on par with other travel rewards cards.

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Our Review on Capital One Aspire Cash Platinum MasterCard

Capital One Aspire Cash Platinum MasterCard Pros

As a Capital One Aspire Cash Platinum MasterCard member, you do enjoy some perks that come with their cash rewards card.

  • You pay no fees annually for the primary or additional cards.
  • They give you 1% cash back rate on all net purchases and have no set limit on the cash back you may earn. You may redeem your cash back as and when you want with no restrictions.
  • Your cash rewards do not have an expiry date.
  • The card has some comprehensive purchase, travel and price protection features.
  • Their APR or annual purchase rate at 19.80% is lower than the market rate of 19.99%.
  • No categories or tiers for rewards.

Capital One Aspire Cash Platinum MasterCard Cons

The Capital One Aspire Cash Platinum MasterCard has few drawbacks as follows.

  • Their cash back rate at 1% may seem the lowest in the market as well as slowest to build up a cash balance.
  • There are no balance transfer promotions going on as of now and there are other cards that may give you promotional rates as low as 0% or 1.99%.

Capital One Aspire Cash Platinum MasterCard Overview

Annual Fee$0
Interest Rate (APR)19.99% on purchases
Balance Transfer22.99%
Cash Advance22.99%
Foreign Currency Conversion Fee2.5%
Credit ScoreGood
Otheronly optional insurance

Our Review on Capital One Aspire Cash Platinum MasterCard Features & Benefits

Some of the main features of the Capital One Aspire Cash Platinum MasterCard are as follows.

Annual Fee

This is a credit card with no annual fee on the primary card and the supplementary card. So, if you are looking to pay no fee and get some cash back rewards then this might be the card for you.

Interest Rate

They charge an annual purchase rate or APR at 19.80%. However, if you miss a payment in a billing period and don’t pay until next billing period then they may increase APR to 25.99% which is very high. So when you miss 2 payments in a row then your APR increases from 19.80% to 25.99%. You may not want to keep any balances on this card and pay such a high rate of interest.

Balance Transfer

The annual interest rate for balance transfers is 19.80% when you make all your minimum payments on time. If you miss 2 payments then they may increase this rate to 25.99%. Unless lowered or waived you may pay a balance transfer fee of 3%. You may find many cards with introductory low rates from 0% to 1.99% in the market. So when you transfer a balance to this card it is best to stay on top of your payments and not carry a revolving balance.

Cash Advance

You may obtain a cash advance at any merchant who displays a MasterCard or Cirrus logo. There are over 26 million locations in more than 210 countries. They charge an annual rate of interest at 19.80% for cash advances. This may increase to 25.99% when you miss 2 payments in a row. They charge a cash advance fee of 1% of the amount you take as a cash advance. This may be a minimum of $5 but not over $10.

Foreign Currency Conversion Fees

They will bill the charges for converting any foreign currency to Canadian dollars when you use this card for those transactions. These conversions use the rate of exchange set by MasterCard and there is an additional charge of 2.5%. This is the foreign currency conversion fee that is calculated on the amount of transaction that they post to your account.

Credit Score Rating

In order to qualify for this card, you must have a good credit rating. There are many cards in the market that require you to have an excellent credit rating. But this card does not have comparable cash back rewards like some other cards.

Rewards

You may earn 1% cash back reward on all net purchases that you make with this card. These do not include any credits such as returns or refunds. They have not set a limit for earning cash back. These cash rewards do not expire and you may save them for later. Any transactions that you conduct using this card for a cash advance or balance transfer is not counted towards cash back rewards. Earning rewards is simple as there are no tiers.

Capital One Aspire Cash Platinum MasterCard Cash Back Calculator

CategoryRewards
Total Spending Rewards$240
Groceries:$400
Gas:$300
Restaurants:$200
Bills:$500
Travel:$150
Entertainment:$200
Pharmacy:$0
Everything else:$250

Insurance Features Of Capital One Aspire Cash Platinum MasterCard

The Aspire Cash Platinum MasterCard by Capital One has some insurance features as follows.

Benefits (Everyday Platinum)

  • Price protection service
  • Purchase assurance
  • Extended warranty

Travel Benefits (Platinum)

  • Accident insurance for travel by common carrier
  • Collision or loss damage waiver for rental vehicle
  • Baggage delay coverage
  • Travel assistance

Where Can You Use Capital One Aspire Cash Platinum MasterCard

It is very easy to find acceptance for this card at a payment location or merchant terminal as it is a MasterCard. You may look for signage display for Cirrus or MasterCard logo. The MasterCard contactless feature on this card also helps you to check out of payment terminals faster by just tapping. To use this feature you may look for the symbol for contactless MasterCard.

Capital One Aspire Cash Platinum MasterCard Reward Redemption

You may check your cash back rewards balance online by logging into your account. Then you may redeem your cash back rewards online through their online banking. If you do not want to redeem your cash back rewards online then you may call the rewards department. To reach them you may call 1877 680 4423. Your rewards do not have an expiry date and when you ask for a statement credit they give it within 5 to 7 business days. In case you ask for a cheque then they will send it to you in 30 days. It is important to keep your account in good standing to redeem your cash back rewards.

Capital One Aspire Cash Platinum MasterCard Contact Information

  • Customer Service Number: 1800 481 3239 (within U.S. and Canada) & 1804 934 2010.
  • Credit Card Application: 1877 277 5901.
  • Mailing Address: P.O. Box 503, Scarborough Station D, Scarborough ON M1R 5L1.

Information about rates and product may change at any time. This review does not constitute financial advice in any form. You may get in touch with the supplier for complete details.

Walmart is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.


Resources:

http://www.capitalone.ca/credit-cards/aspire-cash-platinum/


 

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