Quick Tips!

Capital One Checking Account

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More Rewards for Everyone!

In the past several days, I've seen subway ads for Capital One's free checking account, with Rewards. It's nothing new to reward you for banking with a specific bank. What seems different to me is what gets rewarded. It seems like they will reward you for just using the checking account to pay bills and just about anything else you do with your checking account.

Too Good To Be True

Sound too good to be true? I think so. According to their website, these checking accounts are only available through their bank branches in Connecticut, Louisiana, New Jersey, New York and Texas. So if I wanted to open an account, I would need to go to a local bank and open one up. There are many banks with online presences that allow you to open an account online, which saves time! If you are missing documentation during your "Bank Branch" visit, you might have to waste more time!

I'm not sure I would want to open up a checking account that is only available in only these states. Why would I not just stick with my neighborhood bank then? Sure I don't get rewards with my current bank, but I also do not get all kinds of hidden fees and charges. Money has to be made somewhere right? Otherwise how does a bank stay afloat?

Do you have one of these checking accounts? Is it as good as it sounds? How do you like your current checking account? Do you even use a checking account?

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Photo by Andres Rueda

6 comments:

Erica said...

I already had Capital One (joined when it was North Fork) and I recently forgot my PIN number (I have no idea how that happened). I went in to reset it, they noticed I didn't have the Rewards checking and upgrade me in a snap. Can't figure out the benefits quite yet, but doesn't seem like it can hurt.

FrugalNYC said...

Hi Erica,

Appreciate the additional information you provided. It's always good to hear some positive stories, especially in these days. If you find more info on the rewards, please share with us all :)

Henie said...

Hey Frugal!

I still have a checking account but I rarely use it anymore...but my bank card gets swiped everywhere and I get my rewards through it...I love my bank! They are always so nice to me and treat me like I own the world! :~)

FrugalNYC said...

Hi Henie,

Thanks for dropping by! :) Wondering where my checking rewards are now LOL. Thanks for the photo tips :)

John NYC said...

This website is great. I think your readers might also consider TD Bank (fka Commerce Bank). I have checking accounts at both Capital One and TD; but TD has lower fees.

Specifically, if you use another bank's ATM, which invariably happens to everyone, TD not only doesn't charge you a fee, but if you keep $2,500 in your account, TD will refund the non-TD ATM surcharge. For example, use a Chase or Citi ATM, just accept the $3 surcharge - TD deposits the $3 back into your account at the end of the month. There is no limit to the surcharge refund.

Capital One's checking account doesn't refund these surcharges, and they will also charge you a fee (I think it's $1.50) every time you use a non-CapOne ATM.

FrugalNYC said...

Hi John,

Thanks for your kind words about FrugalNYC!

Your added information about TD Bank is very helpful. I think my readers will definitely find this helpful, just as I have. I have personally always used my own bank's ATM and have never had an ATM charge, but it would definitely make it much easier given TD Bank's great offering.

I hope to see you on FrugalNYC often.

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