Do you have a Capital One credit card in your wallet? If you said yes, you’re probably in the minority (at least of the people that I know personally). I don’t have a Capital One credit card and those commercials with the barbarians aren’t really convincing me that I really want one of those credit cards in my pocket. Their flagship card, the Capital One No Hassle Rewards, really isn’t much to write home about!
What you get with that card is 1% cashback followed by a 25% annual cashback bonus. Don’t let the 25% number fool you, 25% added onto 1% is exactly a whopping 0.25%. There are no earn caps, the rewards don’t expire, and there is no-hassle. Whooopeee!
That’s awesome, except my current credit card system leaves Capital One in the dust. When I eat out or go to the movies, the Citi mtvU card  gets me 5% cashback. When I buy gas, Discover Open Road  gives me 5% cashback. When I make travel purchases, my Costco American Express TrueEarnings  card gets me 3% and 1% on everything – no caps. Where does that leave a 1.25% cashback card? No where, I’m not slipping a fourth card into my wallet so I can get an extra 0.25% – even if it never expires.
The only advantage that I see with a Capital One card is the fact that Capital One does not charge foreign exchange fees  (for when you use your card overseas) and they actually eat the 2% fee that Visa/MasterCard charges them, which is a nice gesture.
Capital One – Give better rewards if you want to be what’s in my wallet.