By Amit Gossai
With the increase of credit approval and good credit needed in order to do almost everything these days, from renting a car to buying a house, Capital One is making it easier for newcomers to
With its new MasterCard geared for people who are new to
Capital One spokesperson Laurel Ostfield says the new program not only builds newcomers credit but also repairs it.
“It’s hard to get a credit card without a credit history but because this is a guaranteed approval, we actually start making changes to the card,” said Ostfield. “If you use your credit card properly, we’ll actually waive the annual fee.”
Ostfield said that if an applicant is practicing good behaviour for a full year – meaning making payments on time – Capital One would send the applicant a free credit analysis.
“It’s really geared to people who are new to
To apply for the GMC, one must be 18 years of age or older, have not had a Capital One card in the past, and of course a resident of
More importantly, applicants do not need to have a previous credit history for approval.
“There’s lots of information to help people,” Ostfield said. “The program also offers an explanation of all the terms.”
Ostfield said the relatively new product, which came out late last year, really hits home for a lot of new Canadians.
“The commercials have been very well received,” she said. “This is our (Capital One) first product that we’ve developed for newcomers.”
Several features include guaranteed approval, an annual interest rate of 19.8 per cent, an annual fee of $59 for the first year and $0 every year after, a bonus credit report after the first year, $0 fraud liability and 24/7 customer service.
Ostfield said the idea for the product came about after talking to several new Canadians and asking them what were some of the challenges they faced when applying for a credit card.
“To get a credit card, you need a good credit history but to get a good credit history, you need a credit card,” she said. “It leaves people with no where to turn.”
Ostfield said that the new credit card is really tailor-made for newcomers.
“It’s not a one size fits all card because everyone is different with unique needs,” said Ostfield. “We tried to develop a card for this reason because we understood the challenges that newcomers face when applying for credit.”
For more information or to apply for a Capital One Guaranteed MasterCard, visit www.roadtobettercredit.ca or call 1-800-481-3239.