Overall rating
First year value
$216
Scores by category
Cash Back 3.0
No Annual Fee 2.7
Rewards 2.3
Highlights
$216
First year value
Interest Rates
21.9%
Purchase APR
21.9%
Balance transfer APR
21.9%
Cash advance APR
Eligibility
Very Good
Recommended credit score
Quick overview of the Capital One Aspire Cash Platinum Mastercard
No-fee cards that offer cash back are a dime a dozen, and the Capital One Aspire Cash Platinum Mastercard is no exception. It offers a run of the mill 1% back for every $1 spent on all purchases, which can be redeemed as either statement credits or as a gift card.
One defining feature is the insurance – this card has six different types. Hardly a given for a no-fee card. But is it enough to warrant your consideration?
Who’s the Capital One Aspire Cash Platinum Mastercard for?
The Capital One Aspire Cash Platinum Mastercard is best for existing Capital One customers who prefer to keep their financial products within a single institution.
The 1% back for every $1 spent feature and limited perks are probably not appealing enough to attract new customers. Several other comparable cards are better contenders for your go-to no-fee credit card (we’ll talk about these below).
In fact, I’ve personally held a credit card from nearly all of Canada’s financial institutions – except Capital One. The reason is simple: They haven’t created a product that’s interesting enough to tempt me yet.
Pros
-
Cash Back Rewards: Earn cash back on every purchase.
-
No Annual Fee: Enjoy the benefits without an annual fee.
-
Purchase Protection: Includes coverage for eligible purchases.
-
Extended Warranty: Extends the manufacturer's warranty on eligible items.
-
No Rewards Cap: No limits on the amount of cash rewards you earn.
-
Flexible reward redemption: Redeem rewards as often as you would like with no expiration.
-
Travel Perks: Enjoy 24/7 travel assistance, travel accident insurance, and baggage delay benefits.
Cons
-
Standard Interest Rates: The interest rates for purchases, balance transfers, and cash advances may be higher than some other cards.
-
Foreign Transaction Fee: A fee is charged for transactions in foreign currencies.
Capital One Aspire Cash Platinum Mastercard welcome bonus
The Capital One Aspire Cash Platinum Mastercard does not currently offer a welcome bonus for new accounts.
How to earn cash back with the Capital One Aspire Cash Platinum Mastercard
The Capital One Aspire Cash Platinum Mastercard earns basic rewards on purchases:
- Earn 1% back for every $1 spent
How to redeem cash back
Redeeming cash back with the Capital One Aspire Card is fairly straightforward: $1 in rewards for every $100 on all purchases.
This is one of the areas the Capital One Aspire Cash Back Platinum Mastercard gets a bit funky. You can redeem your cash back online or through the app, any time without restrictions, and with no expiration date for your cash back. You have the option of redeeming your cash back as either a statement credit, or as one of twenty different gift cards. Not bad (certainly better than an annual statement credit), but I prefer the flexibility of actual cash paid out directly into my account.
Reward don’t expire with Capital One.
Key benefits of the Capital One Aspire Cash Platinum Mastercard
The main benefit is the no-fee 1% cash back on absolutely every purchase. It’s also accessible whenever you want it (although limited to a statement credit or gift card). In a world with complicated reward programs, I appreciated this straightforward benefit.
The Capital One Aspire Cash Platinum Mastercard also comes with pretty great insurance for a no-fee card, which I’ll lay out in the chart below.
Capital One Aspire Cash Platinum Mastercard insurance coverage
The Aspire Cash Platinum Card is unique for a Capital One credit card in that it provides 6 different types of insurance coverage:
Extra benefits of the Capital One Aspire Cash Platinum Mastercard
There’s not much in the way of extra perks, but you can add an additional user to your card for free to maximize your cash back, which is nice.
What people have to say about the Capital One Aspire Cash Platinum Mastercard
There are many discussions online about which no-fee, 1% cash card is the best. Let’s take a look at what reddit users are saying about this Capital One card.
“Based on a cursory glance at the features, it doesn't look like a bad card. I personally use the Tangerine Mastercard.”
/u/Dividend__Investor
I couldn't agree more with the sensibly named /u/Dividend__Investor. There’s nothing bad about the Capital One Aspire Cash Platinum Mastercard, but there are better cards out there, including the aforementioned Tangerine, which is the cash back card you can find in my wallet.
How the Capital One Aspire Cash Platinum Mastercard compares
Capital One Aspire Cash Platinum Mastercard vs Tangerine Money-Back Credit Card
$484
First Year Value
$384
Annual Value
Welcome Bonus: Get a bonus 10% cash back for the first 2 months – up to $100. Plus, a 1.95% promotional balance transfer interest rate for the first 6 months.
Get this card if you...
-
want flexible cash back categories
-
want unlimited cash back
-
want to avoid paying an annual fee
Annual Fee & Annual Interest Rates
$0
Annual Fee
19.95% - 24.95%
Purchase
19.95%
Cash Advance
1.95% - 19.95%
Balance Transfer
Our Take
The Tangerine Money-Back Credit Card is a no-annual-fee cash back card that allows cardholders to earn a higher cash back rate in two spending categories of their choice, such as groceries, gas, or restaurants, and a lower rate on all other purchases. By opening a Tangerine Savings Account and directing cash back earnings there, a third higher rate cash back category can be added. Additional benefits include purchase assurance and extended warranty protection, with cash back rewards automatically applied monthly.
Eligibility
Good (620 - 670)
Recommended Credit Score
$12,000
Required Annual Personal Income
Pros
-
No annual fee
-
Choose the spending categories where you want to earn the most cash back
-
Unlimited cash back—no maximum spending limit for any purchase category
-
Cash back is paid out monthly rather than annually
-
Periodically includes a special welcome offer where you can get extra cash back
-
1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*
Cons
-
Regular cash back rates are still lower than what you can get from a card with an annual fee
-
Limited extra perks or benefits beyond the cash back and balance transfer promotion
-
Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart
-
Tangerine does not have any physical bank branches
Annual Interest Rates
19.95% - 24.95%
Purchase
19.95%
Cash Advance
1.95% - 19.95%
Balance Transfer
1.95%
Balance Transfer (Introductory)
24.95%
Penalty
Fees
$0
Annual Fee
$2.5
Foreign Transaction
3.00%
Balance Transfer
$3.5
Cash Advance
$25
Over The Limit Penalty
$25
Return Penalty
Rewards cash back
2%
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
3
Get a Tangerine Savings account and add a 3rd 2% cash back category.
0.5%
Earn 0.50% on all your other everyday purchases.
Get a bonus 10% cash back – up to $100. Applies to purchases in your first 2 months. Plus, a 1.95% promotional balance transfer interest rate for the first 6 months.
The Tangerine 10% Limited-time Promotional Offer (the “Offer”) is only available to new Tangerine Credit Card Account holders who (i) apply for a Tangerine World Credit Card (the “Account”) by January 31, 2025, (ii) activate their Account within 45 days of approval, and (iii) have up to a maximum of $1,000 in total Net Purchases posted to their Account within the 60-day period beginning on the date the Tangerine World Credit Card is activated. Limit of one Offer per eligible Client. This Offer is non-transferable. Offer may be changed, cancelled or extended at any time. All other Account terms, including the Tangerine Money-Back Rewards program terms, remain unchanged and continue to apply. See the Tangerine Credit Card Cardholder Agreement for more details, including definitions of any capitalized terms.
Our Take
The Tangerine Money-Back Credit Card is a no-annual-fee cash back card that allows cardholders to earn a higher cash back rate in two spending categories of their choice, such as groceries, gas, or restaurants, and a lower rate on all other purchases. By opening a Tangerine Savings Account and directing cash back earnings there, a third higher rate cash back category can be added. Additional benefits include purchase assurance and extended warranty protection, with cash back rewards automatically applied monthly.
Eligibility
Good (620 - 670)
Recommended Credit Score
$12,000
Required Annual Personal Income
Pros
-
No annual fee
-
Choose the spending categories where you want to earn the most cash back
-
Unlimited cash back—no maximum spending limit for any purchase category
-
Cash back is paid out monthly rather than annually
-
Periodically includes a special welcome offer where you can get extra cash back
-
1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*
Cons
-
Regular cash back rates are still lower than what you can get from a card with an annual fee
-
Limited extra perks or benefits beyond the cash back and balance transfer promotion
-
Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart
-
Tangerine does not have any physical bank branches
Annual Interest Rates
19.95% - 24.95%
Purchase
19.95%
Cash Advance
1.95% - 19.95%
Balance Transfer
1.95%
Balance Transfer (Introductory)
24.95%
Penalty
Fees
$0
Annual Fee
$2.5
Foreign Transaction
3.00%
Balance Transfer
$3.5
Cash Advance
$25
Over The Limit Penalty
$25
Return Penalty
Rewards cash back
2%
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
3
Get a Tangerine Savings account and add a 3rd 2% cash back category.
0.5%
Earn 0.50% on all your other everyday purchases.
Get a bonus 10% cash back – up to $100. Applies to purchases in your first 2 months. Plus, a 1.95% promotional balance transfer interest rate for the first 6 months.
The Tangerine 10% Limited-time Promotional Offer (the “Offer”) is only available to new Tangerine Credit Card Account holders who (i) apply for a Tangerine World Credit Card (the “Account”) by January 31, 2025, (ii) activate their Account within 45 days of approval, and (iii) have up to a maximum of $1,000 in total Net Purchases posted to their Account within the 60-day period beginning on the date the Tangerine World Credit Card is activated. Limit of one Offer per eligible Client. This Offer is non-transferable. Offer may be changed, cancelled or extended at any time. All other Account terms, including the Tangerine Money-Back Rewards program terms, remain unchanged and continue to apply. See the Tangerine Credit Card Cardholder Agreement for more details, including definitions of any capitalized terms.
For me, the Tangerine Money-Back Credit card is hard to beat in any no-fee cash back comparison. You earn 2% cash back on two categories of your choice (hello groceries and dining!) and 0.5% on everything else.
With a little tinkering, you could earn more than a stock 1% on everything. Add on the fact that your cash back is paid out monthly, the Capital One Aspire Cash Platinum Mastercard poses little competition.
Capital One Aspire Cash Platinum Mastercard vs BMO CashBack® MasterCard®*
BMO Cashback Mastercard - 🏆 winner, best no fee card in the Money.ca Credit Card Awards
This BMO card is for the grocery heads out there. It offers a whopping 3% (up to a monthly max of $500) cash back on groceries, 1% on recurring bill payments and 0.50% cash back on all other purchases.. It also has flexible redemption (like the Capital One Aspire Cash Platinum Mastercard) but instead of a statement credit or gift card, you can get it right in your account as cash. I think the BMO takes the lead, easily.
Disclosures:
- *Terms and conditions apply.
- BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
Capital One Aspire Cash Platinum Mastercard vs Neo World Elite Mastercard
These cards are very, very different. The Neo World Elite Mastercard costs a not-insubstantial $125 a year – meaning you’d have to drop a cool $12,500 on it at 1% cash back just to break even. But fortunately, it earns a lot more than 1% – 5% on groceries, 4% on recurring expenses, 3% on gas and 1% on everything else to be precise.
I think if you don’t mind coughing up an annual fee, the earning potential on the Neo is higher than on the Capital One Aspire Cash Platinum Mastercard.
Disclosures:
Terms and Conditions Apply
Minimum balance in a Neo Everyday account required to earn the highest rate. Cashback earn subject to monthly maximum spend limits. Cashback may be limited and varies by perks, offer, and partner. There may be monthly limits for boosted cashback offers.
Certain terms, conditions and exclusions apply. For more information, please refer to your benefits guide or contact Neo Financial™.
Is the Capital One Aspire Cash Platinum Mastercard worth it?
A zero dollar annual fee means it’s definitely not something you’ll financially regret per se. But there are way better cards out there to consider. The insurance offerings are pretty good though, so if that’s your only deciding factor, it may be worth a moment of your consideration.
Eligibility requirements
- Credit needed: Good
- Income requirements: N/A
After years as a product manager at TD Bank and Ratehub.ca, Christine now expresses herself with words, especially in credit cards and personal finance.
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†Terms and Conditions apply.