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You are here: Home / Planning / Budgeting & Finances / Capital One – My ‘Round the World Credit Card

Capital One – My ‘Round the World Credit Card

July 30, 2007 By Dave

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After scouring the BootsnAll Around the World and Vagabonding Travel message board for the ideal credit card, and finding recent affirmation of Capital One on Leave America, I decided to bite the bullet and apply for my first new, personal credit card in about 7 years.

The key motivating factor in picking Capital One was the zero percent fee on foreign currency transactions. Most cards have at least a 1% fee which covers the cost of Visa money exchange fees, however Capital One supposedly absorbs it (perhaps as a competitive advantage, which appears to be working!).

I believe the last personal credit card I tried to get was at a Best Buy, so I could put a car mp3 player on it (which I so desired at the time). I remember being turned down instantaneously at the counter in the store. You know your credit is weak when a retailer turns you down.

Since then, and my decision to position myself to take 1-2 years off to backpack, I've greatly improved my credit score. When I applied online for my Capital One Visa, my application was approved in seconds, I qualified for the one I wanted (No Hassle Miles Rewards), and received my highest credit limit to date ($20,000). I had a moment of joy, which was soon replaced with the fear of going back into debt. I am going to request they reduce my limit by 50%.

Card Benefits:

  • $0 Fraud Liability for any unauthorized use if your card is lost or stolen

  • No fees on purchases made outside of the United States

  • 24-Hour Travel & Emergency Assistance

  • $100,000 Worldwide Automatic Travel Accident Insurance

  • Additional protection on your purchases with Visa®‘s extended warranty program

  • Emergency card replacement or cash advance if your card is lost or stolen

As I plan to open an E*Trade money market account (for my ATM access), the credit card will be strictly limited to the occasional airline ticket, and emergency back-up support. I will pay it off monthly to help mitigate the variable 13.95% APR.

What's in your wallet?

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Filed Under: Budgeting & Finances, Planning

About Dave

Dave is the Founder and Editor in Chief of Go Backpacking. Follow him on Instagram and Twitter @rtwdave for more.

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Comments

  1. credit says

    September 2, 2008 at 1:03 pm

    Thanks for the informative post.. and thanks for adding our comment to the blog

  2. credit says

    September 2, 2008 at 8:03 am

    Thanks for the informative post.. and thanks for adding our comment to the blog

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