Capital One – My ‘Round the World Credit Card

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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Last Updated on November 4th, 2013