Advertiser Disclosure

Capital One for Newcomers: A Warm Welcome to America

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

This page may be out of date

This page includes information about one or more products not currently available on NerdWallet.

  • Capital One® Cash Rewards for Newcomers
  • Capital One® Secured Mastercard®

As a result, offers described on this page may be out of date. See our best credit cards page for updated offers.

Aw nerds! It looks like this page may be out of date. Please visit NerdWallet’s Best Credit Cards page for updated info.

Making a fresh start in America? You’ll have to start fresh on your good credit history, too. Luckily, The Capital One® Cash Rewards for Newcomers was specially created for immigrants with previously good credit to reestablish credit and earn cash back. While you’re in the process of rebuilding your credit, you won’t have to wait on great rewards. So, if you’re new to America, trust us; there’s no better deal out there.

Credit building rewards

The Capital One® Cash Rewards for Newcomers is intended for immigrants who maintained good credit in their previous country but are starting with a blank slate in America. While its interest rate is rather high — The ongoing APR is 25.65% Variable — the main function of this card is to help you build a solid history, not necessarily to serve as a line of credit. Plus, you won’t find anything better elsewhere.

To reward you, the Capital One® Cash Rewards for Newcomers gives 2% cash back on travel purchases and 1% elsewhere. As added incentive, you get unlimited cash back that doesn’t expire. Have your rewards credited to your account or redeem them in check or gift card form at any time.

Home travel advantages

Planning to travel abroad to visit relatives and friends once or twice a year? Apart from 2% back on travel purchases, Capital One doesn’t charge a foreign transaction fee, while most cards charge 3%. Take advantage of this great travel perk to revisit old places, faces and memories.

For plain ol’ bad credit: Capital One® Secured Mastercard®

The Capital One® Secured Mastercard® is a good option for those who need to boost their credit score, in general, and is among the easiest to qualify for. As with all secured credit cards, the Capital One® Secured Mastercard® holders are required to post a refundable collateral of $49, $99 or $200 upfront, dependent upon your credit score. You can, however, pay this security deposit in increments within a certain timeframe. The extra flexibility is ideal for those on fixed income. Also, your credit line starts at $200 but can be increased to the $3,000 maximum with additional security deposits.

The Capital One® Secured Mastercard® also has a $0 annual fee. Its interest rate, like the Capital One® Cash Rewards for Newcomers card, can be on the high side compared to credit union secured cards. Again, the goal is to build good credit by making timely payments, so this shouldn’t be a deal breaker.

While it doesn’t offer rewards, the Capital One® Secured Mastercard® is one of the better secured cards for building and repairing credit, owing to its low security deposit, flexible payment options and credit line of up to $3000. So, for those with poor credit, the Capital One® Secured Mastercard® will help to improve your credit score so you can advance to cards with rewards and lower fees. Since you’re an immigrant eligible for the Capital One® Cash Rewards for Newcomers, however, you can scrap the Capital One® Secured Mastercard® and its lack of rewards.