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Capital One

Bank holding company headquartered in McLean, Virginia

Capital One logo.svg
CapitalOneHQ body.jpg

Capital One Tower in Tysons, Virginia

TypePublic

Traded as

IndustryFinancial services
FoundedJuly 21, 1994; 27 years ago (July 21, 1994)
Richmond, Virginia, U.S.
FounderRichard Fairbank, Nigel Morris
HeadquartersCapital One Tower
McLean, Virginia

Areas served

United States, Canada, United Kingdom

Key people

Richard Fairbank
(Chairman, President and CEO)
Stephen S. Crawford
(Head of Finance and Corporate Development)
R. Scott Blackley
(CFO)
ProductsRetail banking, credit cards, loans, savings
RevenueDecrease US$26.033 billion (2020)[1]

Operating income

Decrease US$3.203 billion (2020) [1]

Net income

Decrease US$2.714 billion (2020) [1]
Total assetsIncrease US$421.602 billion (2020) [1]
Total equityIncrease US$60.204 billion (2020) [1]

Number of employees

Increase51,985 (2020) [2]
SubsidiariesWikibuy, ShareBuilder, Paribus, United Income, BlueTarp, Adaptive Path, Confyrm, Capital One Securities, Critical Stack, Monsoon Company, Finnoble Solutions, Notch
Capital ratio11.2% (2018)
Websitewww.capitalone.com
Footnotes / references
[3]

Capital One Financial Corporation is an American bank holding company bathing suits near me in store in credit cards, auto loans, banking, and savings accounts, headquartered in McLean, Virginia with operations primarily in the United States.[3] It is on the list of largest banks in the United States and has developed a reputation for being a technology-focused bank.

The bank has 755 branches including 30 café style locations[4] and 2,000 ATMs. It is ranked 97th on the Fortune 500,[5] 9th on Fortune's 100 Best Companies to Work For list,[6] and conducts business in the United States, Canada, and the United Kingdom.[3] The company helped pioneer the mass marketing of credit cards in the 1990s.[7] In 2016, it was the 5th largest credit card issuer by purchase volume, after American Express, JPMorgan Chase, Bank of America, and Citigroup.[8]

With a market share of 5%, Capital One is also the second largest auto finance company in the United States, following Ally Financial.[9]

The company's three divisions are credit cards, consumer banking and commercial banking. In the fourth quarter of 2018, 75% of the company's revenues were from credit cards, 14% were from consumer banking, and 11% were from commercial merrick bank credit card payment phone number Capital One has consistently ranked as one of the best places to work for, appearing in multiple Glassdoor's Capital 1 gm credit card Places To Work reports.[10] In 2020, Fortune magazine ranked Capital One at number 24 on their Fortune List of the Top 100 Companies to Work For in 2020 based on an employee survey of satisfaction,[11] rising to 9 on the 2021 list.[12]

History[edit]

Richard Fairbank and Nigel Morris founded Capital One in 1988 with the support of Richmond, Virginia-based Signet Bank. Fairbank became the company's CEO on July 27, 1994, after Oakstone Financial was spun off from Signet Financial Corp. Oakstone Financial was later renamed to Capital One in October 1994, and the spin-off was completed in February 1995. The newly formed credit card company was ranked among the top ten credit card issuers in the United States after signing up more than five million customers. Capital One worked as a monoline, deriving all of its revenues from the credit card business. Even as a monoline, it succeeded in the credit card business due to its use of data collection to target personalized offers directly to consumers.[citation needed]

In 1996, Capital One moved from relying on teaser rates to generate new clients to adopting more innovative techniques that would attract more customers to their business model. At the time, it was losing customers to competitors who offered higher ceilings on loan balances and no-annual-fee accounts. The company came up with co-branded, secured, and joint account credit cards. In mid-1996, Capital One received approval from the federal government to set up Capital One FDB. It meant that the company could now retain and lend out deposits on secured cards and even issue automobile installment loans.[citation needed]

Monoline credit card company (1994–2004)[edit]

Capital One retail footprint as of 2010

On July 21, 1994, Richmond, Virginia-based Signet Financial Corp (now part of Wells Fargo) announced the corporate spin-off of its credit card division, OakStone Financial, naming Richard Fairbank as CEO.[13] Signet renamed the subsidiary Capital One in October 1994.[14][15]

At that time, Capital One was a monoline bank, meaning that all of its revenue came from a single product, in this case, credit cards.[16] This strategy is risky in that it can lead to losses during bad times.[16] Capital One attributed its relative success as a monoline to its use of data collection to build demographic profiles, allowing it to target personalized offers of credit directly to consumers.[17]

Capital One began operations in Canada in 1996.

Expansion into auto loans (1996–present)[edit]

In 1996, Capital One expanded its business operations to the United Kingdom and Canada. This gave the company access to a large international market for its credit cards. An article appearing in the "Chief Executive" in 1997 noted that the company held $12.6 billion in credit card receivables and served more than nine million customers. The company was listed in the Standard & Poor's 500, and its stock price hit the $100 mark for the first time in 1998.[citation needed]

Throughout its history, Capital One has focused on making acquisitions of monolines in various related sectors. In 2005, the company acquired Louisiana-based Hibernia National Bank for $4.9 billion in cash and stock. It also acquired New York-based North Fork Bank for $13.2 billion in 2006. The acquisition of smaller banks reduced its dependency on the credit business alone. Other companies acquired by Capital One include Netspend for $700 million in 2007, Chevy Chase Bank for $520 in 2009, IDG Direction division for $9 billion in 2011, and General Electric's Healthcare Financial Services Unit for $9 billion in 2015.[citation needed]

During the subprime financial crisis of 2008, Capital One received $3.56 billion in investments from the US Treasury courtesy of the Troubled Asset Relief Program in 2008. The company was forced to close its mortgage division, GreenPoint Mortgage, due to the losses incurred by investors. It paid back $3.67 billion to the US Treasury for the repurchase of the company stock.[citation needed]

CapitalOne Café in Chicago

In July 1998, Capital One acquired auto financing company Summit Acceptance Corporation.[18]

In 1999, Capital One was looking to expand beyond credit cards. CEO Richard Fairbank announced moves to use Capital One's experience with collecting consumer data to offer loans, insurance, and phone service.[19][20]

In October 2001, PeopleFirst Finance LLC was acquired by Capital One.[21]

The companies were combined and re-branded as Capital One Auto Finance Corporation in 2003.[22]

In late 2002, Capital One and the United States Postal Service proposed a negotiated services agreement (NSA) for bulk discounts in mailing services.[23] The resulting three-year agreement[24] was extended in 2006.[25] In June 2008, however, Capital One filed a complaint[26] with the USPS regarding the terms of the next agreement,[27] citing the terms of the NSA of Capital One's competitor, Bank of America. Capital One subsequently withdrew its complaint to the Postal Regulatory Commission following a settlement with the USPS.[28]

Onyx Acceptance Corporation was acquired by Capital One in January 2005.[29]

Expansion into retail banking (2005–present)[edit]

While many other monolines were acquired by larger, diverse banks, Capital One expanded into retail banking with a focus on subprime customers.

Capital One acquired New Orleans, Louisiana-based Hibernia National Bank for $4.9 billion in cash and stock in 2005[30] and acquired Melville, New York-based North Fork Bank for $13.2 billion in cash and stock in 2006,[31] which reduced its dependency on credit cards from 90% to 55%.[32]

In 2007, Capital One acquired NetSpend, a marketer of prepaid debit cards, for $700 million.[33]

During the 2007 subprime mortgage financial crisis, Capital One closed its mortgage platform, GreenPoint Mortgage, due in part to investor pressures.[34][35][36]

In 2008, Capital One received an investment of $3.56 billion from the United States Treasury as a result of the Troubled Asset Relief Program.[37][38] On June 17, 2009, Capital One completed the repurchase of the stock the company issued to the U.S. Treasury paying a total of $3.67 billion, resulting in a profit of over $100 million to the U.S. Treasury.[39]

The U.S. Securities and Exchange Commission criticized Capital One's conduct during the crisis, claiming that they understated auto loan losses during the financial crisis of 2007–2008. In 2013, Capital One paid $3.5 million to settle the case, but was not required to directly address the allegations of wrongdoing.[40]

In February 2009, Capital One acquired Chevy Chase Bank for $520 million in cash and stock.[41][42][43][44]

In January 2011, Capital One acquired Canada-based Hudson's Bay Company's private credit card portfolio from Synchrony Financial, then known as GE Financial.[45]

In June 2011, ING Group announced the sale of its ING Direct division to Capital One for $9 billion in cash and stock.[46] On August 26, 2011, the Federal Reserve Board of Governors announced it would hold public hearings on the Capital One acquisition of ING Direct, and extend to October 12, 2011, the public comment period that had been scheduled to end August 22.[47] The move came amidst rising scrutiny of the deal on systemic risk, or "Too-Big-to-Fail," performance under the Community Reinvestment Act, and pending legal challenges. A coalition of national civil rights and consumer groups, led by the National Community Reinvestment Coalition, were joined by Rep. Barney Frank to challenge immediate approval of the deal. The groups argued that the acquisition was a test of the Dodd-Frank Wall Street Reform and Consumer Protection Act, under which systemically risky firms must demonstrate a public benefit that outweighs new risk before they are allowed to grow. Kansas City Federal Reserve Bank head Thomas M. Hoenig was also skeptical of the deal.[48][49] In February 2012, the acquisition was approved by regulators and Capital One completed its acquisition of ING Direct.[50] Capital One received permission to merge ING into its business in October 2012,[51] and rebranded ING Direct as Capital One 360 in November 2012.[52]

In April 2011, Capital One signed a deal with Kohl's to handle Kohl's private label credit card program that was previous serviced by Chase Bank for a seven-year period for an undisclosed amount.[53] The contract between the two companies was extended in May 2014.[54]

In August 2011, Capital One reached a deal with HSBC to acquire its U.S. credit card operations.[55] Capital One paid $31.3 billion in exchange for $28.2 billion in loans and $600 million in other assets. The acquisition was completed in May 2012.[56] The acquisition also included private issued credit cards for such companies as Saks Fifth Avenue, Neiman Marcus, and Lord & Taylor that were previously handled by HSBC.[57]

On February 26, 2012, along with several other banks, Capital One announced support for the Isis Mobile Wallet payment system.[58] However, in September 2013, Capital One dropped support for the venture.[59]

In 2012, Capital One closed 41 branch locations.[60]

In 2015, Capital One closed several branch locations to leave 174 operating branches in the D.C. metro area.[61]

On February 19, 2014, Capital One became a 25% owner in ClearXchange, a Peer-to-peer transaction money transfer service designed to make electronic funds transfers to customers within the same bank and other financial institutions via mobile phone number or email address.[62] ClearXchange was sold to Early Warning in 2016.[63]

In January 2015, Capital One acquired Level Money, a budgeting app for consumers.[64]

On July 8, 2015, the company acquired Monsoon, a design studio, development shop, marketing house and strategic consultancy.[65]

In 2015, Capital One acquired General Electric's Healthcare Financial Services unit, which included $8.5 billion in loans made to businesses in the healthcare industry, for $9 billion.[66]

In October 2016, Capital One acquired Paribus, a price tracking service, for an undisclosed amount.[67][68]

In July 2019, Capital One signed a deal with Walmart to handle Walmart's private label and co-branded credit card programs that was previously serviced by Synchrony Financial.[69]

In November 2021, the company introduced Venture X, a travel rewards credit card, with a $395 annual fee.[70]

Exit from mortgage banking (2006–2007 and 2011–2017)[edit]

In November 2017, President of Financial Services Sanjiv Yajnik announced that the mortgage market was too competitive in the low rate environment to make money in the business.[71] The company exited the mortgage origination business on November 7, 2017, laying off 1,100 employees.[72] This was the second closure; the first occurred on August 20, 2007, when GreenPoint Mortgage unit was closed.[73] GreenPoint had been acquired December 2006 when Capital One paid $13.2 billion to North Fork Bancorp Inc. The re-emergence into the mortgage industry came in 2011 with the purchase of online bank ING Direct USA.[74]

Other acquisitions[edit]

In May 2018, the company acquired Confyrm, a digital identity and fraud alert service.[75][76][77]

In November 2018, Capital One acquired Wikibuy, a shopping comparison app and browser extension from an Austin, Texas start-up business; Wikibuy has no connection with Wikipedia/Wikimedia.[78]

Divisions[edit]

Capital One operates 3 divisions as follows:[3]

  • Credit cards – Capital One issues credit cards in the United States, Canada, and the United Kingdom and is the 3rd largest credit card issuer, after JPMorgan Chase and Citigroup. As of December 31, 2018, Capital One had $107.350 billion in credit card loans outstanding in the United States and $9.011 billion of credit card loans outstanding in Canada and the United Kingdom, with credit cards representing 47.3% of total loans outstanding.[3]
  • Consumer banking – offers banking services, including checking accounts, saving accounts, and money market accounts via its branches and direct bank as well as retail and auto loans. As of December 31, 2018, the company had $2.864 billion in retail loans outstanding and $56.341 billion in car finance loans outstanding, representing 22.9% of total loans outstanding.[3]
  • Commercial banking – As of December 31, 2018, Capital One had $70.333 billion in loans outstanding secured by commercial, multifamily, and industrial properties, representing 28.6% of total loans outstanding.[3]

Sports marketing[edit]

Since 2001, Capital One has been the principal sponsor of the college football Florida Citrus Bowl, which has been called the Capital One Bowl since 2003.[79] It sponsors a mascot challenge every year, announcing the winner on the day of the Capital One Bowl. The name of the stadium was changed in 2014 to the Orlando Citrus Bowl and was then changed again to Camping World Stadium in 2016, following a multi-year naming rights sponsorship with Camping World.[80]

Capital One is one of the top three sponsors of the NCAA, paying an estimated $35 million annually in exchange for advertising and access to consumer data.[81][82] Capital One also sponsored the EFL Cup, an English Soccer Competition, from 2012 to 2016. The company sponsored Sheffield United F.C. from 2006 to 2008. In 2017, the company became the sponsor of the Capital One Arena in Washington D.C.[83][84]

In 2018, to celebrate the Washington Capitals' second-ever Stanley Cup Finals appearance, the firm temporarily changed its logo by replacing the word "Capital" with the Capitals' titular logo, without the "s" plural.[85][86]

Corporate citizenship[edit]

Capital One operates some charitable programs. The accountability organization National Committee for Responsive Philanthropy has been highly critical of Capital One's relatively low rate of giving, stating that "Capital One's philanthropic track record is dismal".[87] The organization pointed out that Capital One's donations of 0.024% of revenue were much less than the industry median of 0.11% of revenue.[87] Capital One has disputed the groups figures, saying that ". In 2011 alone, our giving totals are more than 6 times greater ($30 million) than the number given by the NCRP".[88]

Criticism and legal actions[edit]

[edit]

In July 2012, Capital One was fined by the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau for misleading millions of its customers, such as paying extra for payment protection or credit monitoring when they took out a card.[89] The company agreed to pay $210 million to settle the legal action and to refund two million customers.[90] This was the CFPB's first public enforcement action.[91]

Automated dialing to customers' phones[edit]

In August 2014, Capital One and three collection agencies entered into an agreement to pay $75.5 million to end a consolidated class action lawsuit pending in the United States District Court for the Northern District of Illinois alleging that the companies used an automated dialer to call customers' cellphones without consent, which is a violation of the Telephone Consumer Protection Act of 1991.[92] It is notable that this legal action involved informational telephone calls, which are not subject to the "prior express written consent" requirements which have been in place for telemarketing calls since October 2013.[93]

2014 amendment to terms of use to allow personal visits[edit]

In 2014, Capital One amended its terms of use to allow it to "contact you in any manner we choose", including a "personal visit. . at your home maurices credit card payment capital one at your place of employment." It also asserted its right to "modify or suppress caller ID and similar services and identify ourselves on these services in any manner we choose."[94] The company stated that it would not actually make personal visits to customers except "As a last resort. if it becomes necessary to repossess [a] sports vehicle".[94] Capital One also attributed its assertion of a right to "spoof" as necessary because "sometimes the number is 'displayed differently' by 'some local phone exchanges,' something that is 'beyond our control'".[95]

July 2019 security breach[edit]

Capital One publicly acknowledged on July 29, 2019, that they had found unauthorized access had occurred ten days earlier by an individual who had breached the account and identity security of 106 million people in the United States and Canada.[96] The FBI arrested Paige Thompson, who had previously worked as a software engineer for Amazon Web Services, Capital One's cloud hosting company. Capital One declared that Thompson had accessed about 140,000 Social Security numbers, a million Canadian social insurance numbers; 80,000 bank account numbers, and an unknown number of names and addresses of customers. Capital One began offering free credit monitoring services to those affected by the breach.[97][98]

Thompson's employment at Amazon appears to have ended in September 2016. Amazon stated that the security vulnerability she used to access Capital One could have been discovered by anyone, the information that facilitated her activity was not gained from work at Amazon, and that she gained access via "a misconfiguration of the (Capital One-designed) web application and not the underlying (Amazon-designed) cloud-based infrastructure".[99]

Details of the breach[edit]

Forensic analysis[vague] determined Thompson's actual hacking activity occurred in March 2019, then she posted the information to different outlets over the next three months. In April she posted what came to be known[by whom?] as the "April 21 Files", a trove of leaked data along with instructions on how to access the company's credentials for more data extraction. In July a white-hat alerted Capital One to Thompson's hacking activity. Thompson pleaded not guilty to charges of wire fraud and computer fraud and abuse. During the investigations and subsequent data freeze, millions of Capital One accounts were locked; their owners were unable to process financial transactions, meet payments, or gain access to their financial records.[100]

Capital One Response[edit]

Critics lambasted the bank's effort to downplay the hack while investigations were ongoing, and described the bank as more concerned about its image than the needs of its clients. Several Capital One customers stated that the first time they heard about the hack was through the media and the bank did not disclose the breach or explain its implications to affected customers.[101] On social media and in the mainstream press, Capital One's contradictory July 2019 press statement was mocked[102][103] for saying "No bank account numbers or Social Security numbers were compromised," but then listing hundreds of thousands of bank account numbers and social security numbers that were compromised.

Federal Reserve Action[edit]

On August 6, 2020, the Federal Reserve Board of Governors announced a cease and desist order against Capital One resulting from the breach.[104] The order mandated, among other things, significant improvements in Capital One's governance, risk management and compliance (GRC) practices.

Lawsuits[edit]

Lawsuits were filed against Capital One and its employees capital 1 gm credit card federal[105] and circuit courts.[106]

Additional Lawsuits were filed against both Amazon and GitHub, alleging they were aware of the exploit but did not act to fix or patch the vulnerability[107]

Government investigations[edit]

Relative to other large banks, Capital One has received fewer sanctions or default judgments against it.[citation needed] But some[who?] allude this is a result of its close proximity to Washington, D.C. and possible relations with federal regulators.[citation needed] In 2015 the bank disclosed that it was under federal investigation for bank fraud, money laundering, and possible racketeering charges. No further information was given and government investigators would only confirm that it was under scrutiny for "unspecified charges".[108]

In 2018, Capital One was fined $100 million for failure to monitor, detect, and prevent money laundering.[109] Charging documents[110] specified Capital One failed to file suspicious activity reports, had deficiencies in its risk assessment, remote deposit capture and generally had weaknesses that compromised national bank security controls. The bank was the subject of a larger investigation that alleged funds were siphoned out of US jurisdiction to safe havens.

In January 2021 Capital one was fined $390 million by FINCEN for anti-money laundering control failure for a now-defunct, small portfolio of check-cashing businesses that Capital One acquired around 2008 which subsequently exited from in 2014. Capital One later admitted that it failed to file thousands of suspicious activity reports and lapsed on filing currency transaction reports on around 50,000 reportable cash transactions valued around $16 billion.[111][112]

Notable office buildings[edit]

References[edit]

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  79. ^Dosh, Kristi (November 3, 2013). "Capital One maximizing March's madness". ESPN.
  80. ^Hornblass, JJ (April 11, 2013). "Cap One Uses March Madness to Mine Customer Data, Even After Tournament". Bank Innovation.
  81. ^Steinberg, Dan (August 9, 2017). "Verizon Center to become Capital One Arena, starting now". The Washington Post.
  82. ^Medici, Andy (August 9, 2017). "Verizon Center to become Capital One Arena, starting now". American City Business Journals.
  83. ^Pimpo Jr., Stephen (May 27, 2018). "Capital One changes website logo to support Caps ahead of Stanley Cup finals". WJLA-TV.
  84. ^Brandt, Caroline (May 27, 2018). "Capital One Bank just made a Caps-themed update to its logo and we're here for it". NBC Sports.
  85. ^ ab"Doubt Over Capital One's Commitment to Philanthropy" (Press release). National Committee for Responsive Philanthropy. October 4, 2011. Archived from the original on March 6, 2014. Retrieved February 10, 2014.
  86. ^"Charity group wary of Capital One-ING merger". NBC News. Associated Press. October 5, 2011.
  87. ^"Capital One fined for misleading millions of customers". BBC News. July 18, 2012.
  88. ^"Capital One, Form 8-K, Current Report, Filing Date Jul 18, 2012"(PDF). secdatabase.com. July 18, 2012.
  89. ^"Capital One to pay $210 million in fines, consumer refunds". CNN. July 18, 2012.
  90. ^Dale, Margaret A. (August 19, 2014). "Capital One to Pay Largest TCPA Settlement on Record". The National Law Review. Proskauer Rose. ISSN 2161-3362.
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  93. ^Alix, Amanda (February 19, 2014). "Capital One to Customers: You Can't Hide From Us". The Motley Fool.
  94. ^"Frequently Asked Questions". Capital One. Archived from the original on July 30, 2019. Retrieved July 30, 2019.
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  96. ^"404 Not Found". Washington Post. Archived from the original on July 30, 2019.
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  105. ^Moritz-Rabson, Daniel (August 2, 2019). "GitHub "actively encourages" hacking, suit filed against company after Capital One hack says". Newsweek. Retrieved February 28, 2020.
  106. ^Andriotis, AnnaMaria (February 24, 2017). "Capital One Discloses Probe Into Anti-Money Laundering Program". The Wall Street Journal. ISSN 0099-9660. Retrieved February 28, 2020.
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  110. ^"FinCEN Announces $390,000,000 Enforcement Action Against Capital One, National Association for Violations of the Bank Secrecy Act

    Rivian IPO: What You Need To Know

    Rivian Automotive, the California electric vehicle upstart, has filed paperwork with the Securities and Exchange Commission (SEC) to become a publicly company. In a filing on Nov. 9, Rivan disclosed it was targeting a valuation around $67 billion in its initial public offering (IPO), and raised the initial pricing of its shares to $78 from the $57 to $62 range it offered just last week.

    This valuation would make the company only slightly less valuable than industry stalwarts General Motors (GM) and Ford Motors (F). That’s an impressive feat for a new IPO, but what’s really driving Rivian is growth like electric vehicle powerhouse Tesla, Inc (TSLA), which has seen its valuation shoot up from about $75 billion at the end of 2019 to more than $1 trillion today.

    The promise of meteoric growth is irresistible for potential Rivian IPO investors. But keep in mind, splashy IPOs are never a sure thing. The EV space alone is littered with the wreckage of failed companies that promised to help solve climate change and make you rich along the way.

    Remember Nikola Corp, which sought to become the Tesla of 18-wheelers? Founder and ex-CEO Trevor Milton was recently indicted for fraud by a federal grand jury for lying about “nearly all aspects of the business.” Rivian is no Nikola, but IPO investors should always do their homework.

    Is the Rivian IPO capital 1 gm credit card Next Tesla?

    Tesla has rocketed to ever-higher valuations in recent years at least in part because its cars became so cool. Not only did the owner of a Tesla Model S show themself to be someone who cared about the environment (despite questions about how green Tesla really is), but the car itself looked great.

    With its R1T and the R1S models, Rivian is aiming to do pickup trucks and SUVs what Tesla did with sedans. Pricing of both models starts around $70,000, and each features a base driving range of more than 300 miles on a full charge. Just as importantly, they’re being advertised in the “Built Ford Tough” mold: Glossy videos showing the vigorous vehicles vying with the elements, whether desert sand or mountain snow.

    The hope is that mass affluent truck shoppers won’t be able to get enough of Rivian. Remember, the Ford F-150 is and has been (seemingly forever) the best-selling vehicle in the country. In fact, the top six automobiles in the U.S. by sales are either pickup trucks or SUVs.

    In addition, Rivian will have the added benefit of, like Tesla, selling their trucks directly to consumers rather than going through a traditional dealership model. That means no bleeding of profits to any middlemen.

    This has whetted investor appetite, with Rivian recently raising $2.5 billion from the likes of T. Rowe Price (TROW) and Amazon Inc. (AMZN)—the latter recently acquired a 20% stake in the company and has already ordered 100,000 units for delivery by the end of 2030.

    Rivan IPO Faces a Crowded EV Market

    Rivan is hardly the only auto manufacturer aiming to corner the EV truck market. And among Rivian’s toughest competitors is one of its top investors: Ford Motors.

    Ford will begin selling an EV version of its famed F-Series pickups in 2022, named the F-150 Lightning. Much like the R1T, the model also has a 300-mile range but carries a price tag that’s $30,000 less than Rivian’s. It’s already garnered more than 120,000 reservations since its debut in May while Rivian is still making itself known to the general public. (For will also net around $900 million when Rivian goes public.)

    “Ford’s manufacture of a [battery electric vehicle, or BEV] full-size pickup shows how serious the company is about BEVs, as this segment is the lifeblood of the company at about 1 million units a year,” noted Morningstar analyst David Whiston after Ford’s May investor day. “CEO Jim Farley stressed that Ford will not give up its leadership in trucks as it moves to BEVs.”

    Tesla’s not exactly going to roll over and forgo the most valuable slice of the auto market, either. It’s been working hard to perfect its own outlandish pickup truck model, the aptly named Cybertruck, which looks like something out of a Mad Max movie. Consumers are very interested in the Cybertruck; it has a reported reservation backlog of around 1.3 million. The cheapest option is said to be priced at about $40,000.

    Throw in the likes of General Motors (with all-electric Silverados and Hummers), and Rivian will have a hard road to climb.

    Should You Invest in the Rivian IPO?

    Even in the rosiest Tesla-like scenario, it could be a long time before a bet on Rivian pays off.

    Tesla’s share price, for instance, bounced between $30 and $75 for most of the five years leading up to 2019. Though its stock now clocks in at over $1,100 per share, skeptics about the company’s viability abounded, and short sellers targeted the stock, betting against its success. Investors who held on faced massive uncertainty whether they would end up owning one most valuable companies in the world or (relatively) worthless shares.

    Recent big-name IPOs have likewise been stuck in purgatory. For instance, Coinbase (COIN) has suffered through disappointing returns since going public in April, while the S&P 500 has returned more than 20% so far this year.

    Rivian will inevitably face growing pains as a public company. No one will be driving around in a Rivian truck until late 2021 or early 2022—a date that has been pushed back more than once already and may be extended again as the company sorts through the supply shock caused by pandemic lockdowns. Nor has the company built up its own charging network.

    Say what you want about Tesla’s boffo market capitalization, but you actually see folks riding around in them and parking at Tesla-branded charging stations.

    That means investors need to be clear-eyed, patient and willing to cut losses should Rivian fail to launch as expected. Or you could wait until Rivian becomes big enough to warrant inclusion in the S&P 500 and buy it through a passively indexed, low-cost fund.

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    Источник: https://www.forbes.com/advisor/investing/rivian-ipo/

    @James3 wrote:

    I have  the original GM card. I'll never buy a car (I'm in an urban environment) and if I do it won't be a new car, so the rewards are meaningless. I keep the card because it's my oldest (2004) and for the credit limit (7500). Is there any advantage if I convert it to the Buypower card? I've never converted a credit card and don't want to affect my credit history by accidently closing my oldest card.


    I did not realize that anybody still had the original GM Card anymore; I capital 1 gm credit card have assumed that Capital One would have forced the BuyPower card on you by now.

     

    The BuyPower card does seem more flexible, with the up-to $250 per year statement credits rather than having the credits go towards a new GM car or truck. 

     

    It is my understanding that the entire GM Card/BuyPower card portfolio is being switched to Goldman Sachs in the near future. So you may want to contact Capital One to find out if a product change to BuyPower is available now. Make sure you let them know that you simply want your existing card and all of its history to transfer to the BuyPower card. 

     

    And if they do not allow a PC, you could always wait and see what Goldman Sachs will do with the card, if anything. 

     

    Please report back to let us know what Capital One tells you. 

    Источник: https://ficoforums.myfico.com/t5/Credit-Cards/update-original-GM-card-to-buypower-card/td-p/6159610

    Changes to your account services in Quicken

    What happened?

    Your financial institution has changed to a new method of providing data to applications like Quicken. Going forward, you'll use a bank-hosted sign-in form to authorize downloads.  The overall process for adding accounts and downloading is the same, but the screen you use to sign in to your financial institution will look different.

    With this new connection method, you'll sign in to authorize your accounts directly from Quicken, rather than storing your passwords in the Quicken Password Vault.  

    For your security, your financial institution may periodically request that you reauthorize your accounts in Quicken by signing in again. This may happen every 90 days or so.  

    What does this mean for me?

    Note: You will need to have your financial institution password to complete the new authorization process.

    When you update or add your accounts in Quicken, you'll be prompted to authorize your accounts–just enter your financial institution username and password, check the box next to each of your accounts, and then authorize the access.  Make sure all of your accounts are checked, even if they're already added to Quicken.  See this FAQ for complete instructions for Windows.

    If you have multiple accounts

    You'll need to authorize your accounts for each instance of your financial institution individually. 

    For example, if you have a checking account with Acme Bank, and a credit card account with Acme Bank - Credit Cards, you will need to go through the process twice, one for each instance of your financial institution.  Don't worry–Quicken will prompt you if you need to go through the process more than once.  

    If you do need to go through the migration process more than once, it's important that you don't uncheck any accounts listed on the authorization screen, unless you don't want to see the account at all in Quicken:

    If you uncheck accounts during the process, this will revoke your authorization, and prevent the accounts from updating.  If you've unchecked accounts, you can just follow this FAQ for Windows to authorize them again for download into Quicken.

    NOTE: if you have multiple accounts with just one financial institution instance, you'll only need to go through the process once.

    Troubleshooting

    What if I'm getting an error when I try to update my accounts?

    If you are getting an error when updating your accounts, we recommend to first check the Quicken Community for alerts on widespread issues or outages. You can also search for the specific error number or message in the Search Bar above. You should be able to find a resolution for your specific error. 

    What if I'm being asked to authorize my accounts repeatedly?

    We have been investigating reports from some users of experiencing an authorization 'loop', where once the authorization has been completed for the Schwab accounts, the message to authorize continues to appear when an update is performed.

    There are two potential causes to this issue:

    First Cause:
    This behavior may occur if you have multiple data files with Schwab accounts connected for transaction download.  At this time, the new Schwab authorization process is limited capital 1 gm credit card a single data file, and if Schwab accounts are connected or authorized in a different file, the original file connection is signed out, and you will again be prompted to authorize the accounts.

    Second Cause:
    This behavior may occur if there are any hidden or closed Schwab accounts in your data file that are still connected for downloads.

    If you experience this behavior and do not have multiple data wepay chase, please check the Account List for any hidden or closed accounts that are still connected for transaction download.

    To resolve this issue - Go to the Tools menu and select "Manage Hidden Accounts" and review the list for any Schwab accounts that may be marked as hidden and/or closed. Uncheck the box so they appear in the account list again. Then go to the Tools menu > Account List and click the 'Edit' button to the right of each Schwab account name. In the window that opens, go to the middle tab for "Online Services" and select the "Deactivate" button.

    Once these accounts have been deactivated from downloads, the prompt to authorize the accounts should no longer to appear. 

    Источник: https://www.quicken.com/support/changes-your-account-services-quicken

    BuyPower Business Card from Capital One (Review) – Discounts for GM Vehicles

    The BuyPower Business Card from Capital One is a no-annual-fee business credit card with a powerful rewards program whose currency (expressed as cash back and always worth $0.01 per point) can be redeemed to offset the cost of new GM vehicle purchases (and only to offset the cost of new GM vehicle purchases). It has no earning limits in any category, and its rewards never expire. BuyPower Business’s earning power is impressive: 5% back on parts, service, and accessory purchases made with authorized GM dealers, and 3% back on common business spending categories such as gas stations, restaurants, and office supply stores.

    Prospective cardholders should view BuyPower Business as a discount card, not as a traditional cash back credit card. Basically, it’s a great way for GM-driving business owners to turn purchases they’d make anyway into discounts on future vehicle purchases. BuyPower Business cardholders can redeem their rewards for car purchases with any current GM brand: Buick, Cadillac, GMC, or Chevrolet.

    To be clear: BuyPower Business does not permit hard cash back or merchandise redemptions. There’s also no early spend bonus to juice rewards out of the gate. Unless you’re in the market for a new GM vehicle, or expect to be at some point in the future, there are better options out there.

    Key Features

    Earning Rewards

    This card earns 5% back on purchases of parts, service, and accessories made at authorized GM dealers. It earns 3% back on purchases made at gas stations, office supply stores, and restaurants. All other purchases earn 1% back. There are no spending or earning caps or restrictions on any spending categories, and earned cash back never expires.

    Redeeming Rewards

    You can redeem your accumulated cash back rewards in any amount, at any time, toward the purchase of a new GM (Buick, Cadillac, Chevy, or GMC) vehicle, excepting fleet vehicles purchased for business use and vehicles purchased at auction for business or personal use. Given the substantial cost of a new car, it makes financial sense to stockpile as much rewards currency as possible before redeeming.

    To redeem your rewards, simply head to a GM dealership, choose your car, and initiate the car-buying process as normal. You don’t need to reveal that you’re using BuyPower rewards to purchase your selected vehicle, and doing so could actually hurt you during price negotiations.

    Once negotiations are complete and you’ve worked out a price with the dealer, you can apply your rewards as a discount to the entire purchase price (which would lower your monthly payments, assuming you’re financing) or an offset to the required down payment.

    Though BuyPower rewards can be combined with most dealer discounts and incentives, they can’t be used in combination with GM employee incentive programs on vehicles purchased for business use (personal use is fine). They also can’t be used to buy pre-owned vehicles.

    Introductory APR

    This card has a 12-month 0% purchase APR promotion. There’s no balance transfer APR promotion.

    Important Fees

    There is tdb net annual fee, foreign transaction fee, or balance transfer fee. The cash advance fee is the greater of $10 or 3% of the advanced amount, while late and returned payments both cost $35. There are no fees for additional cards (employee cards) linked to the same account.

    Additional Benefits

    The BuyPower Business Card comes with a host of benefits and perks underwritten by MasterCard. These include:

    • Complimentary loss and damage insurance for car rentals charged in full to the card
    • 24/7 concierge service for travel and event booking
    • 24/7 travel assistance services
    • Purchase assurance, which reimburses loss or damage to covered items for 90 days from purchase

    Separately, you can track employee spending and set or adjust credit limits for employee cards from within your account.

    Credit Required

    This card requires good to excellent credit.

    Advantages

    1. No Annual Fee. This card has no annual fee, which is great news for cardholders who don’t spend heavily enough to justify a recurring fee, as well as for those who wish to maximize the value of this card’s rewards.
    2. Respectable Rewards Earning Rate. The BuyPower Business Card earns 5% cash back on GM parts, service, and accessory purchases at authorized GM dealers; 3% cash back at gas stations, restaurants, and office supply stores; and 1% cash back on everything else. The 5% category is great for business owners who drive GM vehicles, particularly fleet owners with lots of vehicles in their arsenal. The 3% categories are nice for business owners in general, and are really great for business owners who frequently drive and woo clients. Compared with other cards that offer discounts or cash back on purchases of specific items or with specific merchants (such as the Sony PlayStation Card from Capital One), unlimited 5% and 3% category earnings can be generous. The Sony PlayStation Card earns up to 10 points per $1 spent (on PlayStation Store purchases only), but most purchases earn at less than half that rate; furthermore, the card’s reward currency generally has a lower redemption value than that of the BuyPower Business Card, so its overall earning power isn’t as impressive.
    3. Rewards Can Be Combined With Other GM Offers. The BuyPower Business Card lets you combine your rewards with most dealer incentives and discounts, aside from fleet purchases and certain other deep discounts. This is great for cardholders who want to magnify the power of traditional automotive deals, such as holiday sales and model year-end clearances.
    4. 12-Month 0% Purchase APR Promotion. The BuyPower Business Card has a 12-month 0% intro purchase APR promotion. This is useful for new cardholders looking to finance large purchases – including, perhaps, new vehicles – without immediately incurring interest charges. Notably, this 12-month period is 3 months longer than most other Capital One cards’, whose purchase APR promotions last 9 months.
    5. No Balance Transfer Fee. This card has no balance transfer fee, which is great news if you’re planning to transfer high-interest balances from existing credit card accounts. Most competing cards charge 3% to 5% ($5 to $10 minimum) for balance transfers.
    6. No Foreign Transaction Fee. BuyPower Business also doesn’t charge foreign transaction fees. If business regularly takes you outside the U.S., this is a welcome benefit. Many fellow business cards charge 2% to 3% for transactions made outside the United States. In some cases, retailer-specific discount cards (such as Target REDcard) aren’t accepted outside the U.S. at all.

    Disadvantages

    1. Rewards Can Only Be Redeemed for GM Cars. The BuyPower Business Card’s biggest and most obvious drawback is its restrictive redemption rules. You can only redeem your rewards to offset the cost of a new GM vehicle. Cash and cash equivalents, such as gift cards, are off the table, as are travel and general merchandise redemptions. Many competing business cards allow you to redeem your rewards for straight cash, which is the most versatile redemption option of all. In fact, it’s not even fair to compare BuyPower Business directly to most traditional business credit cards, given its super-restrictive rewards program. To see any real benefit from this card, you need to be willing to spend tens of thousands of dollars on a new car.
    2. Can’t Redeem for Used or Fleet Vehicles. This card has another key restriction for frugal business owners who don’t want to feel pressured into buying new vehicles: cash back can’t be redeemed for pre-owned, used lot, or fleet vehicles, all of which are cheaper than new vehicles purchased on retail lots. This restriction further reduces BuyPower Business’s usefulness for anyone other than buyers of new GM vehicles.
    3. No Balance Transfer Promotion. BuyPower Business doesn’t have an introductory balance transfer promotion to complement its 0% APR purchase offer. That makes the lack of a balance transfer fee less attractive than it would be with such a promotion.
    4. Charges Penalty Interest. BuyPower Business charges penalty interest north of 25% APR – a substantial drawback for cardholders who occasionally miss payments due to liquidity problems or seasonal declines in business.
    5. No Early Spend Bonus. BuyPower Business lacks an early spend bonus, depriving new cardholders of a crucial incentive to start spending heavily (and earning rewards) right out of the gate. The discount card niche isn’t really known for super generous early spend bonuses – but general business rewards credit cards are. If an early spend bonus is more important to you than a potentially hefty discount on your next GM vehicle, opt for traditional business cards in the Chase Ink or Capital One Spark families. Both have members whose bonuses can exceed $500 in cash value.

    Final Word

    The BuyPower Business Card from Capital One isn’t for everyone. If you don’t own a business or prefer another vehicle brand over GM, plenty of other cards belong in your wallet.

    However, BuyPower Business is potentially attractive for a certain type of business owner. If you own a fleet of GM vehicles that collectively require thousands of dollars in annual parts and t mobile one vs magenta plus, and possibly tens of thousands of dollars in gas, this card’s 5% and 3% categories will reward you handsomely. And, if you dine out for business frequently and hit the office supply store often, you’ll make out even better.

    Though you can’t use BuyPower rewards on fleet vehicles, nothing is stopping you from using your annual earnings – which, if you meet the profile described here, can easily amount to four figures annually – to dramatically reduce the cost of your next personal Chevy, Buick, Cadillac, or GMC ride.

    Don’t forget to check out our other credit card reviews for more options, many of which boast flexible terms, low interest rates, and great rewards.

    Источник: https://www.moneycrashers.com/capital-one-buypower-business-card-review/
    Call Now & Skip the Wait

    https://gethuman.com/phone-number/GM-MasterCard

    · This phone number is GM MasterCard's Best Phone Number because 4,302 customers like you used this contact information over the last 18 months and gave us feedback. Common problems addressed by the customer care unit that answers calls to 800-947-1000 include Setup an accountQuestion, Complaint, Lower my rate and other customer service issues.

Источник: https://loginguides.net/gm-mastercard-capital-one-login

Capital 1 gm credit card -

Credit Card Travel Insurance for Chase, Amex and Capital One

Terms and Restrictions Apply to American Express benefits and offers. Visit americanexpress.com to learn more.

Life happens, and it can happen at the most inconvenient times — like when you have travel plans. That's when credit card travel insurance can help you save thousands of dollars and give you peace of mind before, during or even after your trip.

In this guide, we featured cards from Chase, American Express and Capital One — three issuers that offer excellent complimentary travel protections.

traveler calling credit card company

Here is an overview of what is provided by different card issuers and the different types of coverages. We picked a variety of cards that cater to all different consumer spending profiles, whether you're a frequent traveler or just take a vacation once per year. Not only did we handpick some of the best travel rewards cards, but we selected a ton of everyday cards with no annual fee that come with travel insurance benefits.

Before you finalize your bookings, be sure to familiarize yourself with the exact terms of these benefits, which we've linked to each card.

APR

16.99%-23.99% Variable

  • Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
  • $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year. Through December 31, 2021, gas station & grocery store purchases will also count towards earning your Travel Credit
  • Earn 5X total points on air travel and 10X total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards® immediately after the first $300 is spent on travel purchases annually. Earn 3X points on other travel and dining & 1 point per $1 spent on all other purchases
  • Get 50% more value when you redeem your points for travel through Chase Ultimate Rewards. For example, 50,000 points are worth $750 toward travel
  • With Pay Yourself Back℠, your points are worth 50% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories
  • 1:1 point transfer to leading airline and hotel loyalty programs
  • Access to 1,300+ airport lounges worldwide after an easy, one-time enrollment in Priority Pass™ Select and up to $100 application fee credit for Global Entry or TSA Pre✓®
  • Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more

+ see card details

Credit card travel insurance and the coronavirus

In late 2019, the novel coronavirus began making news as a global outbreak began to spread. Originating in China, the virus has sickened and killed hundreds of thousands, and also left travelers scrambling for options as airlines began canceling flights in January 2020. Although vaccinations are slowly becoming more widespread, airlines still face difficulty amid canceled flights and testing requirements.

In fact, many domestic carriers have permanently eliminated change or cancellation fees. While there are some exclusions — such as basic economy tickets — you'll want to check with your airline first to see if you can get your money back for your airfare.

Will credit card travel insurance cover the coronavirus?

With any travel hiccup, it is important to understand the terms of credit card coverages. In the case of the coronavirus, each policy will have unique language regarding outbreaks and illnesses.

For example, The Platinum Card® from American Express mentions the following covered losses in its terms and conditions:

  • Reimbursement of a nonrefundable amount paid to a travel supplier in case of "accidental bodily injury or loss of life or sickness" of the cardholder or any eligible traveling companions.
  • Quarantine imposed by a physician for health reasons.

In other words, if you or your qualifying travel companions become sick or quarantined because of the coronavirus, any additional expenses incurred may be covered under the card's policy. On the other hand, the terms don't explicitly mention anything regarding epidemics or pandemics, so you may be out of luck if you want to cancel your travels simply because you want to avoid the coronavirus. If you continue to travel during 2020 and your trips are interrupted or canceled, The Platinum Card® from American Express may reimburse you for nonrefundable prepaid land, air and sea transportation arrangements.

Coverage for emergency medical and evacuation coverage may also be useful in case you become sick while traveling. If you are traveling during the pandemic, it may be a good precautionary step to apply and use a credit card for your reservations that offers these policies, such as the Chase Sapphire Reserve® or The Platinum Card® from American Express. If you are unsure about the terms of your credit card travel insurance policy, it is best to call your credit card company to clarify.

What kind of credit card travel insurance do issuers offer?

Consumers can expect the terms of their credit card travel insurance to vary from issuer to issuer, as well from card to card. In our table summaries, we highlight credit cards that provide outstanding travel insurance benefits. If you don't see your card listed anywhere under its respective issuer, the card may have limited or no travel insurance coverage.


Chase travel insurance

There are several Chase credit cards that offer travel insurance protections. While most plans we've seen limit benefits and payouts to just your spouse and children, Chase has some of the most inclusive definitions of "immediate family member." This group includes:

  • Spouses and domestic partners
  • Children, including adopted children or stepchildren
  • Siblings and siblings-in-law
  • Parents and parents-in-law
  • Grandparents and grandchildren
  • Aunts and uncles
  • Nieces and nephews
  • Legal guardians or wards
Annual Fee$0
Rental car insuranceSecondary
Luggage protectionN/A
Trip interruption insuranceUp to $1,500 per person and $6,000 per trip
Read review
Annual Fee$95
Rental car insurancePrimary
Luggage protection$100 a day for 5 days for baggage delay
Trip interruption insuranceUp to $10,000 per person and $20,000 per trip
Read review
Annual Fee$550
Rental car insurancePrimary
Luggage protectionUp to $3,000 per passenger for lost luggage
Trip interruption insuranceUp to $10,000 per person and $20,000 per trip
Read review
Annual Fee$49
Rental car insuranceNone
Luggage protection$100 a day for 3 days for baggage delay
Trip interruption insuranceN/A
Read review
Annual Fee$99
Rental car insuranceSecondary
Luggage protection$100 a day for 3 days for baggage delay, up to $3,000 per passenger for lost luggage
Trip interruption insuranceN/A
Read review
Annual Fee$525
Rental car insurancePrimary
Luggage protectionUp to $3,000 per passenger for lost luggage
Trip interruption insuranceUp to $10,000 per person and $20,000 per trip
Read review
Annual Fee$0 Intro for the First Year, then $95
Rental car insurancePrimary
Luggage protection$100 a day for 3 days for baggage delay, up to $3,000 per passenger for lost luggage
Trip interruption insuranceUp to $1,500 per person and $6,000 per trip
Read review
Annual Fee$95
Rental car insuranceSecondary
Luggage protection$100 a day for 5 days for baggage delay, up to $3,000 per passenger for lost luggage
Trip interruption insuranceUp to $5,000 per trip
Read review
Chase Freedom Flex℠SecondaryN/aUp to $1,500 per person and $6,000 per trip$0
Chase Sapphire Preferred® CardPrimary$100 a day for 5 days for baggage delayUp to $10,000 per person and $20,000 per trip$95
Chase Sapphire Reserve®PrimaryUp to $3,000 per passenger for lost luggageUp to $10,000 per person and $20,000 per trip$550
Disney Premier Visa® Credit CardNone$100 a day for 3 days for baggage delayN/a$49
Southwest Rapid Rewards® Premier Credit CardSecondary$100 a day for 3 days for baggage delay, up to $3,000 per passenger for lost luggageN/a$99
United Club℠ Infinite CardPrimaryUp to $3,000 per passenger for lost luggageUp to $10,000 per person and $20,000 per trip$525
United℠ Explorer CardPrimary$100 a day for 3 days for baggage delay, up to $3,000 per passenger for lost luggageUp to $1,500 per person and $6,000 per trip$0 Intro for the First Year, then $95
World of Hyatt Credit CardSecondary$100 a day for 5 days for baggage delay, up to $3,000 per passenger for lost luggageUp to $5,000 per trip$95

Best Chase credit card for travel insurance: Chase Sapphire Reserve®

APR

16.99%-23.99% Variable

  • Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
  • $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year. Through December 31, 2021, gas station & grocery store purchases will also count towards earning your Travel Credit
  • Earn 5X total points on air travel and 10X total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards® immediately after the first $300 is spent on travel purchases annually. Earn 3X points on other travel and dining & 1 point per $1 spent on all other purchases
  • Get 50% more value when you redeem your points for travel through Chase Ultimate Rewards. For example, 50,000 points are worth $750 toward travel
  • With Pay Yourself Back℠, your points are worth 50% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories
  • 1:1 point transfer to leading airline and hotel loyalty programs
  • Access to 1,300+ airport lounges worldwide after an easy, one-time enrollment in Priority Pass™ Select and up to $100 application fee credit for Global Entry or TSA Pre✓®
  • Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more

+ see card details

The Chase Sapphire Reserve®, one of the best travel credit cards, comes with top-notch credit card travel insurance benefits. It's one of the handful of cards in the industry to cover all three major insurance groups — travel accident, trip interruption and luggage. It also includes emergency medical and dental insurance, along with emergency evacuation and transportation. These benefits can be immensely helpful in the case of an emergency or illness from a mass outbreak like the coronavirus.

Not only does Chase travel insurance provide users with expansive coverage, the maximum payouts in the respective categories are higher than most. For trip cancellation insurance, for example, users are covered up to $10,000 dollars per person and $20,000 per trip. This makes the Chase Sapphire Reserve® one of the best credit cards with trip cancellation insurance.


Amex travel insurance

Recently, American Express has felt the pressure from other issuers to build more trip cancellation protections into its benefits.

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These cards all have large annual fees, which may discourage some from applying. Still, given that Amex travel insurance could save you thousands of dollars on even one travel mishap, the cards' annual fees could be worth it.

Annual Fee$250 ( )
Rental car insuranceSecondary
Luggage protectionUp to $1,250 per covered person
Trip interruption insuranceNone
Read review
Annual Fee$150 ( )
Rental car insuranceSecondary
Luggage protectionUp to $1,250 per covered person
Trip interruption insuranceNone
Read review
Annual Fee$0
Rental car insuranceSecondary
Luggage protectionNone
Trip interruption insuranceNone
Read review
Annual Fee$95
Rental car insuranceSecondary
Luggage protectionUp to $1,250 per covered person
Trip interruption insuranceNone
Annual Fee$0
Rental car insuranceSecondary
Luggage protectionNone
Trip interruption insuranceNone
Read review
Annual Fee$2,500
Rental car insurancePrimary
Luggage protectionUp to $3,000 per covered person
Trip interruption insurance$10,000 per covered trip and up to $20,000 per 12 months
Annual Fee$0 introductory annual fee for the first year, then $99. ( )
Rental car insuranceSecondary
Luggage protectionUp to $1,250 per covered person
Trip interruption insuranceNone
Read review
Annual Fee$250 ( )
Rental car insuranceSecondary
Luggage protectionUp to $1,250 per covered person
Trip interruption insuranceNone
Read review
Annual Fee$550 ( )
Rental car insuranceSecondary
Luggage protectionUp to $1,250 per covered person
Trip interruption insurance$10,000 per covered trip and up to $20,000 per 12 months
Read review
Annual Fee$0 ( )
Rental car insuranceSecondary
Luggage protectionUp to $1,250 per covered person
Trip interruption insuranceNone
Read review
Annual Fee$95
Rental car insuranceSecondary
Luggage protectionUp to $1,250 per covered person
Trip interruption insuranceNone
Read review
Annual Fee$695 ( )
Rental car insuranceSecondary
Luggage protectionUp to $1,250 per covered person
Trip interruption insuranceNone
Read review
American Express® Gold CardSecondaryUp to $1,250 per covered personNone$250 ( )
American Express® Green CardSecondaryUp to $1,250 per covered personNone$150
The Amex EveryDay® Credit Card from American ExpressSecondaryNoneNone$0
The Amex EveryDay® Preferred Credit Card from American ExpressSecondaryUp to $1,250 per covered personNone$95
Blue Cash Everyday® Card from American ExpressSecondaryNoneNone$0 ( )
Blue from American Express®SecondaryNoneNone$0
Centurion® Card from American ExpressPrimaryUp to $3,000 per covered person$10,000 per covered trip and up to $20,000 per 12 months$2,500
Delta SkyMiles® Gold American Express CardSecondaryUp to $1,250 per covered personNone$0 introductory annual fee for the first year, then $99. ( )
Delta SkyMiles® Platinum American Express CardSecondaryUp to $1,250 per covered personNone$250 ( )
Delta SkyMiles® Reserve American Express CardSecondaryUp to $1,250 per covered person$10,000 per covered trip and up to $20,000 per 12 months$550 ( )
Hilton Honors American Express CardSecondaryUp to $1,250 per covered personNone$0 ( )
Hilton Honors American Express Surpass® CardSecondaryUp to $1,250 per covered personNone$95
The Platinum Card® from American ExpressSecondaryUp to $3,000 per covered person$10,000 per covered trip and up to $20,000 per 12 months$695 ( )

Best Amex credit card for travel insurance: The Platinum Card® from American Express

  • Earn 100,000 Membership Rewards® Points after you spend $6,000 on purchases on the Card in your first 6 months of Card Membership.
  • Plus, earn 10x points on eligible purchases on the Card at restaurants worldwide and when you Shop Small in the U.S., on up to $25,000 in combined purchases, during your first 6 months of Card Membership.
  • Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
  • $200 Hotel Credit: Get $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings with American Express Travel when you pay with your Platinum Card®.
  • $240 Digital Entertainment Credit: Get up to $20 in statement credits each month when you pay for eligible purchases with the Platinum Card® at your choice of one or more of the following providers: Peacock, Audible, SiriusXM, and The New York Times. Enrollment required.
  • $155 Walmart+ Credit: Cover the cost of a $12.95 monthly Walmart+ membership with a statement credit after you pay for Walmart+ each month with your Platinum Card. Cost includes $12.95 plus applicable local sales tax.
  • American Express has expanded The Centurion® Network to include 40+ Centurion Lounge and Studio locations worldwide. Now there are even more places your Platinum Card® can get you complimentary entry and exclusive perks.
  • $200 Airline Fee Credit: Get up to $200 in statement credits per calendar year in baggage fees and more at one select qualifying airline.
  • $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Uber Cash and Uber VIP status is available to Basic Card Member only.
  • $300 Equinox Credit: Get up to $25 back each month on select Equinox memberships when you pay with your Platinum Card®. Enrollment required.
  • $179 CLEAR® Credit: Use your Card and get up to $179 back per year on your CLEAR® membership.
  • $695 annual fee.
  • Terms Apply.

+ see card details

The Platinum Card® from American Express, a strong competitor to the Chase Sapphire Reserve®, provides great travel insurance coverage. It includes luggage protections, trip interruption/cancellation coverage and rental car insurance. The rental car insurance provides secondary insurance, which means that your personal car insurance will provide the upfront coverage, and then American Express will cover any additional costs not covered by your primary insurer.

The card also provides emergency resources during your travels, such as the Global Assist Hotline. If you are more than 100 miles from home, the hotline can provide 24/7 emergency assistance and coordination services, including:

  • Medical, legal, and passport referrals
  • Emergency cash wires
  • Missing luggage assistance
  • Terms apply

Cardholders are responsible for the costs charged by any third-party service provider.

Unlike typical credit cards, the The Platinum Card® from American Express allows you to carry a balance for certain charges, but not all.

For rates and fees of The Platinum Card® from American Express, please click here.

You may notice that some of the top travel cards tend to come with the best travel coverages. In the event of an emergency when traveling internationally, you can ultimately receive thousands of dollars in services. This alone makes a luxury travel card's annual fee worth it, as the issuer will have your back.

— Stella Shon, ValuePenguin's travel expert

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Capital One travel insurance

Capital One provides only basic travel accident insurance on all credit cards they issue. That doesn't offer coverage for trip interruptions, so if your flight is canceled or you have an emergency that causes you to miss a flight, Capital One will not reimburse you for your trouble. Before you pay for your next trip with a Capital One credit card, be sure to consider other travel insurance options.

Annual Fee$0
Rental car insuranceSecondary
Luggage protectionNone
Trip interruption insuranceNone
Read review
Annual Fee$95
Rental car insuranceSecondary
Luggage protectionUp to $3,000
Trip interruption insuranceNone
Read review
Annual Fee$0
Rental car insuranceSecondary
Luggage protectionNone
Trip interruption insuranceNone
Read review
Annual Fee$0
Rental car insuranceSecondary
Luggage protectionNone
Trip interruption insuranceNone
Read review
Annual Fee$0
Rental car insuranceSecondary
Luggage protectionNone
Trip interruption insuranceNone
Read review
Annual Fee$-00
Rental car insuranceSecondary
Luggage protectionNone
Trip interruption insuranceNone
Annual Fee$0
Rental car insuranceSecondary
Luggage protectionNone
Trip interruption insuranceNone
Read review

Best Capital One credit card for travel insurance: Capital One Venture Rewards Credit Card

Capital One's travel insurance benefits pale in comparison to those offered by Chase and American Express. Within the Capital One family of cards, the Capital One Venture Rewards Credit Card carries the best travel benefits.

Cardholders will have up to $250,000 in travel accident insurance coverage, lost luggage reimbursement and secondary rental car insurance.


Citi travel insurance

In September 2019, Citi removed nearly all of the travel protections from its entire lineup of credit card products.

This was a big disappointment for cardholders of the Citi® Double Cash Card – 18 month BT offer, as eliminating the travel insurance made the card much less valuable to have.


Different types of credit card travel insurance explained

As listed above, there are several different types of credit card travel insurance. While the types of protections and amount of coverage vary, there are some elements that remain constant throughout.

Remember that to be insured during your travels, you must use the respective card for your travel expenses, such as airfare, hotel reservations or cruise excursions.

{"backgroundColor":"ice","content":"\u003C\/p\u003E\n\n\u003Cp\u003ERemember that to be insured during your travels, you must use the respective card for your travel expenses, such as airfare, hotel reservations or cruise excursions.\n","padding":"normal"}

Here are some of the most common protections:

Travel accident insurance typically covers individuals in the event of death or dismemberment during the course of common carrier travel — that is, a vehicle that is licensed to transport any public passenger who pays a fare or buys a ticket with the card, and is available on a regular schedule (planes, trains, ferries and cruise ships, for example). Here's what you should know:

  • Typically, the coverage is only extended to the cardholder and their immediate family, though how immediate family is defined will vary from issuer to issuer.
  • The amount of money this benefit can pay out will typically vary between $100,000 and $500,000.
  • The list of exclusions on travel accident insurance is hefty — most credit cards will not provide any payout in the event of physical illness; disease; pregnancy, childbirth or miscarriage; bacterial or viral infection; bodily malfunctions or medical, surgical treatment or diagnosis.

If your credit card provides lost luggage insurance, you will be covered up to a certain amount of money for the loss or damage sustained to carry-on or checked baggage. Here's what you should know:

  • This benefit is typically limited to a few thousand dollars per person, per trip.
  • In certain cases, separate limits are placed on special items, such as jewelry.
  • In certain cases, your card may also cover damages that result from your bags being delayed — though only for items deemed vitally important. Items such as a toothbrush, laptop or even contact lenses are often not included.

For example, with the Chase Sapphire Preferred® Card, cardmembers may receive up to $500 per insured person per trip on jewelry, watches, cameras, video recorders and other electronic equipment. The payout for this benefit will be equal to the replacement value of the items lost or damaged, up to the maximum payout amount.

That means if the covered items you lost were valued at $300 and your maximum payout amount is $500, you will receive just $300. If you lost $700 worth of items in that same scenario, you would only be eligible to receive $500.

Trip cancellation and interruption insurance is the rarest type of travel insurance provided by credit cards protects individuals against damages resulting from cancelled or interrupted travel plans. . Here's what you should know:

  • This coverage includes flight insurance — for example, if your flight is canceled by the carrier as a result of inclement weather, or if you miss a nonrefundable flight due to a covered reason, you may be eligible to receive money back through your credit card travel insurance policy.
  • This coverage will commonly only pay for the cost of the flight you miss. Any extraneous expenses related to the interruption, such as losing a night at a hotel, will not be covered in most cases.
  • Some premium credit cards offer coverage for this type of loss, though limits are usually set pretty low.

If you or your family members become sick or injured during your trip and require an emergency evacuation, you can be covered for those services through emergency evacuation and transportation. Here's what you should know:

  • Coverage includes transportation, medical services and medical supplies.
  • Pandemics are not covered under this policy as this is for emergencies like accidents or falls. Each policy has specific terms to meet before a claim can be filed, so be sure to read the fine print.

With emergency medical and dental benefit, you can be reimbursed for up to a specified amount of medical expenses if you or your immediate family members become sick or injured while traveling. Here's what you should know:

  • Coverage includes ambulance services, drugs, medicine and therapeutic services.
  • You must use the respective card for your travel expenses, such as airfare, hotel, rental car and any other applicable costs.

Credit card travel insurance FAQs

We've answered the most often-asked questions about credit card travel insurance.

What credit cards give you free travel insurance?

While many travel rewards cards come with the added benefit of complimentary travel insurance, this isn't true for all issuers. For example, Barclays and Citi have eliminated all trip insurance benefits from their cards in recent years. We recommend checking out cards from American Express, Chase or Capital One if you're looking for complimentary travel coverage — although limits will vary between each card.

Is credit card travel insurance any good?

Yes. For most travelers with no irregular conditions, credit card travel insurance will serve you well in case of any interruptions or delays. However, those who have pre-existing conditions should be wary as credit card travel insurance will not offer you coverage. Or, if you're looking for coverage specifically related to the coronavirus, you'll need to purchase additional travel insurance — ideally one with cancel-for-any-reason coverage.

What type of travel insurance can you get from your credit card?

While the coverages offered will change per card, you may be offered benefits such as trip cancellation and interruption coverage, primary or secondary rental car insurance, emergency medical services, baggage insurance and more. You'll need to check the fine print to see exactly what's covered under each policy.

Is credit card travel insurance worth it?

Yes. Credit card travel insurance can offer quite a broad range of coverages that can come handy in unthinkable situations. When an emergency happens, you can contact your card company or the benefits administrator on your card to receive immediate assistance. However, if you have any chronic medical conditions or belong to a vulnerable group, we recommend purchasing additional travel insurance.

For rates and fees of American Express® Gold Card, please click here.

For rates and fees of Blue Cash Everyday® Card from American Express, please click here.

For rates and fees of Delta SkyMiles® Gold American Express Card, please click here.

For rates and fees of Delta SkyMiles® Platinum American Express Card, please click here.

For rates and fees of Delta SkyMiles® Reserve American Express Card, please click here.

For rates and fees of The Platinum Card® from American Express, please click here.

The information related to American Express® Green Card, Blue from American Express®, The Amex EveryDay® Preferred Credit Card from American Express, The Amex EveryDay® Credit Card from American Express, Centurion® Card from American Express, Disney Premier Visa® Credit Card, Journey Student Rewards from Capital One, Capital One Platinum Credit Card, PlayStation® Card from Capital One®, Capital One Platinum Secured Credit Card, Blue from American Express® and the Hilton Honors American Express Surpass® Card have been independently collected by ValuePenguin and have not been reviewed or provided by the issuer of this card prior to publication. Terms apply to American Express credit card offers. See americanexpress.com for more information.

Источник: https://www.valuepenguin.com/travel/credit-card-travel-insurance-who-and-whats-covered

Contact Us - Customer Care

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SBI FINDER

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Источник: https://sbi.co.in/web/customer-care/contact-us

BuyPower Business Card from Capital One (Review) – Discounts for GM Vehicles

The BuyPower Business Card from Capital One is a no-annual-fee business credit card with a powerful rewards program whose currency (expressed as cash back and always worth $0.01 per point) can be redeemed to offset the cost of new GM vehicle purchases (and only to offset the cost of new GM vehicle purchases). It has no earning limits in any category, and its rewards never expire. BuyPower Business’s earning power is impressive: 5% back on parts, service, and accessory purchases made with authorized GM dealers, and 3% back on common business spending categories such as gas stations, restaurants, and office supply stores.

Prospective cardholders should view BuyPower Business as a discount card, not as a traditional cash back credit card. Basically, it’s a great way for GM-driving business owners to turn purchases they’d make anyway into discounts on future vehicle purchases. BuyPower Business cardholders can redeem their rewards for car purchases with any current GM brand: Buick, Cadillac, GMC, or Chevrolet.

To be clear: BuyPower Business does not permit hard cash back or merchandise redemptions. There’s also no early spend bonus to juice rewards out of the gate. Unless you’re in the market for a new GM vehicle, or expect to be at some point in the future, there are better options out there.

Key Features

Earning Rewards

This card earns 5% back on purchases of parts, service, and accessories made at authorized GM dealers. It earns 3% back on purchases made at gas stations, office supply stores, and restaurants. All other purchases earn 1% back. There are no spending or earning caps or restrictions on any spending categories, and earned cash back never expires.

Redeeming Rewards

You can redeem your accumulated cash back rewards in any amount, at any time, toward the purchase of a new GM (Buick, Cadillac, Chevy, or GMC) vehicle, excepting fleet vehicles purchased for business use and vehicles purchased at auction for business or personal use. Given the substantial cost of a new car, it makes financial sense to stockpile as much rewards currency as possible before redeeming.

To redeem your rewards, simply head to a GM dealership, choose your car, and initiate the car-buying process as normal. You don’t need to reveal that you’re using BuyPower rewards to purchase your selected vehicle, and doing so could actually hurt you during price negotiations.

Once negotiations are complete and you’ve worked out a price with the dealer, you can apply your rewards as a discount to the entire purchase price (which would lower your monthly payments, assuming you’re financing) or an offset to the required down payment.

Though BuyPower rewards can be combined with most dealer discounts and incentives, they can’t be used in combination with GM employee incentive programs on vehicles purchased for business use (personal use is fine). They also can’t be used to buy pre-owned vehicles.

Introductory APR

This card has a 12-month 0% purchase APR promotion. There’s no balance transfer APR promotion.

Important Fees

There is no annual fee, foreign transaction fee, or balance transfer fee. The cash advance fee is the greater of $10 or 3% of the advanced amount, while late and returned payments both cost $35. There are no fees for additional cards (employee cards) linked to the same account.

Additional Benefits

The BuyPower Business Card comes with a host of benefits and perks underwritten by MasterCard. These include:

  • Complimentary loss and damage insurance for car rentals charged in full to the card
  • 24/7 concierge service for travel and event booking
  • 24/7 travel assistance services
  • Purchase assurance, which reimburses loss or damage to covered items for 90 days from purchase

Separately, you can track employee spending and set or adjust credit limits for employee cards from within your account.

Credit Required

This card requires good to excellent credit.

Advantages

  1. No Annual Fee. This card has no annual fee, which is great news for cardholders who don’t spend heavily enough to justify a recurring fee, as well as for those who wish to maximize the value of this card’s rewards.
  2. Respectable Rewards Earning Rate. The BuyPower Business Card earns 5% cash back on GM parts, service, and accessory purchases at authorized GM dealers; 3% cash back at gas stations, restaurants, and office supply stores; and 1% cash back on everything else. The 5% category is great for business owners who drive GM vehicles, particularly fleet owners with lots of vehicles in their arsenal. The 3% categories are nice for business owners in general, and are really great for business owners who frequently drive and woo clients. Compared with other cards that offer discounts or cash back on purchases of specific items or with specific merchants (such as the Sony PlayStation Card from Capital One), unlimited 5% and 3% category earnings can be generous. The Sony PlayStation Card earns up to 10 points per $1 spent (on PlayStation Store purchases only), but most purchases earn at less than half that rate; furthermore, the card’s reward currency generally has a lower redemption value than that of the BuyPower Business Card, so its overall earning power isn’t as impressive.
  3. Rewards Can Be Combined With Other GM Offers. The BuyPower Business Card lets you combine your rewards with most dealer incentives and discounts, aside from fleet purchases and certain other deep discounts. This is great for cardholders who want to magnify the power of traditional automotive deals, such as holiday sales and model year-end clearances.
  4. 12-Month 0% Purchase APR Promotion. The BuyPower Business Card has a 12-month 0% intro purchase APR promotion. This is useful for new cardholders looking to finance large purchases – including, perhaps, new vehicles – without immediately incurring interest charges. Notably, this 12-month period is 3 months longer than most other Capital One cards’, whose purchase APR promotions last 9 months.
  5. No Balance Transfer Fee. This card has no balance transfer fee, which is great news if you’re planning to transfer high-interest balances from existing credit card accounts. Most competing cards charge 3% to 5% ($5 to $10 minimum) for balance transfers.
  6. No Foreign Transaction Fee. BuyPower Business also doesn’t charge foreign transaction fees. If business regularly takes you outside the U.S., this is a welcome benefit. Many fellow business cards charge 2% to 3% for transactions made outside the United States. In some cases, retailer-specific discount cards (such as Target REDcard) aren’t accepted outside the U.S. at all.

Disadvantages

  1. Rewards Can Only Be Redeemed for GM Cars. The BuyPower Business Card’s biggest and most obvious drawback is its restrictive redemption rules. You can only redeem your rewards to offset the cost of a new GM vehicle. Cash and cash equivalents, such as gift cards, are off the table, as are travel and general merchandise redemptions. Many competing business cards allow you to redeem your rewards for straight cash, which is the most versatile redemption option of all. In fact, it’s not even fair to compare BuyPower Business directly to most traditional business credit cards, given its super-restrictive rewards program. To see any real benefit from this card, you need to be willing to spend tens of thousands of dollars on a new car.
  2. Can’t Redeem for Used or Fleet Vehicles. This card has another key restriction for frugal business owners who don’t want to feel pressured into buying new vehicles: cash back can’t be redeemed for pre-owned, used lot, or fleet vehicles, all of which are cheaper than new vehicles purchased on retail lots. This restriction further reduces BuyPower Business’s usefulness for anyone other than buyers of new GM vehicles.
  3. No Balance Transfer Promotion. BuyPower Business doesn’t have an introductory balance transfer promotion to complement its 0% APR purchase offer. That makes the lack of a balance transfer fee less attractive than it would be with such a promotion.
  4. Charges Penalty Interest. BuyPower Business charges penalty interest north of 25% APR – a substantial drawback for cardholders who occasionally miss payments due to liquidity problems or seasonal declines in business.
  5. No Early Spend Bonus. BuyPower Business lacks an early spend bonus, depriving new cardholders of a crucial incentive to start spending heavily (and earning rewards) right out of the gate. The discount card niche isn’t really known for super generous early spend bonuses – but general business rewards credit cards are. If an early spend bonus is more important to you than a potentially hefty discount on your next GM vehicle, opt for traditional business cards in the Chase Ink or Capital One Spark families. Both have members whose bonuses can exceed $500 in cash value.

Final Word

The BuyPower Business Card from Capital One isn’t for everyone. If you don’t own a business or prefer another vehicle brand over GM, plenty of other cards belong in your wallet.

However, BuyPower Business is potentially attractive for a certain type of business owner. If you own a fleet of GM vehicles that collectively require thousands of dollars in annual parts and service, and possibly tens of thousands of dollars in gas, this card’s 5% and 3% categories will reward you handsomely. And, if you dine out for business frequently and hit the office supply store often, you’ll make out even better.

Though you can’t use BuyPower rewards on fleet vehicles, nothing is stopping you from using your annual earnings – which, if you meet the profile described here, can easily amount to four figures annually – to dramatically reduce the cost of your next personal Chevy, Buick, Cadillac, or GMC ride.

Don’t forget to check out our other credit card reviews for more options, many of which boast flexible terms, low interest rates, and great rewards.

Источник: https://www.moneycrashers.com/capital-one-buypower-business-card-review/
FinCEN.gov". www.fincen.gov. Retrieved October 3, 2021.

External links[edit]

Источник: https://en.wikipedia.org/wiki/Capital_One

@James3 wrote:

I have  the original GM card. I'll never buy a car (I'm in an urban environment) and if I do it won't be a new car, so the rewards are meaningless. I keep the card because it's my oldest (2004) and for the credit limit (7500). Is there any advantage if I convert it to the Buypower card? I've never converted a credit card and don't want to affect my credit history by accidently closing my oldest card.


I did not realize that anybody still had the original GM Card anymore; I would have assumed that Capital One would have forced the BuyPower card on you by now.

 

The BuyPower card does seem more flexible, with the up-to $250 per year statement credits rather than having the credits go towards a new GM car or truck. 

 

It is my understanding that the entire GM Card/BuyPower card portfolio is being switched to Goldman Sachs in the near future. So you may want to contact Capital One to find out if a product change to BuyPower is available now. Make sure you let them know that you simply want your existing card and all of its history to transfer to the BuyPower card. 

 

And if they do not allow a PC, you could always wait and see what Goldman Sachs will do with the card, if anything. 

 

Please report back to let us know what Capital One tells you. 

Источник: https://ficoforums.myfico.com/t5/Credit-Cards/update-original-GM-card-to-buypower-card/td-p/6159610
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