Capital One Smart Rewards™ Mastercard® review
Jan 29, 2026
While we adhere to strict editorial guidelines, partners on this page may provide us earnings.
Overall rating
First year value
$0
Get this card if you:
- want to earn rewards for paying down your balance†
- value Everyday and Travel benefits
- have a fair credit score
Scores by category
No Annual Fee 2.3
At a glance
The Smart Rewards Mastercard is a no annual fee credit card that rewards cardholders with points for making payments toward their balance†, rather than for spending. This unique structure encourages responsible financial habits, though the rewards program may offer lower value compared to other cards.
Highlights
$0
First year value
$0
Annual fee
$0 for any additional cards
Interest Rates
21.9% - 29.9%
Purchase APR
21.9% - 29.9%
Balance transfer APR
21.9% - 29.9%
Cash advance APR
Eligibility
Fair
Recommended credit score
Quick overview
The Capital One Smart Rewards™ Mastercard® is a distinctive credit card. The unorthodox approach to earning points promotes healthy credit habits, especially for those tempted to spend. Rather than earning rewards when spending, you earn points when paying your balance†.
Ultimately, this card has a unique offering. While lacking on the rewards frontier, insurance coverage is surprisingly strong for a no-fee card. Its unorthodox approach to earning points promotes consistent payments.
Who's this card for?
- People who need reminders to make payments: The Smart Rewards Mastercard is right if you need an added push to make payments. This no-fee card promotes healthy financial habits, rewarding you for payments rather than spending. The mindset of keeping a low balance can also help you build a great credit score.
- Further insurance coverage sweetens the deal for credit-conscious travellers.
- Canadians new to credit card rewards: While this card isn’t for rewards maximalists, it does cater to a niche audience. It’s a solid entry-level option for those who value travel insurance coverage more than rewards. It’s especially useful for young adults learning responsible financial behaviour.
Pros and cons
Pros
- No annual fee
- Earns five points per dollar paid towards your balance†
- Points don’t expire
- Pre-approval without impacting credit score†
- Travel assistance and Mastercard Global Service™
- Strong insurance coverage (Common Carrier, Baggage Delay, Rental Car, Purchase Assurance, and Extended Warranty)
- Price Protection service
- Zero Liability for unauthorized purchases†
Cons
- Slightly higher interest rate (21.9%-29.9%)
- Price Protection is capped at $500 per year
- Limited to Capital One's redemption options
Smart Rewards Mastercard welcome bonus
The Capital One Smart Rewards™ Mastercard® doesn't provide a welcome bonus.
How to earn points on the Smart Rewards Mastercard
Though including the word in its name, rewards aren’t the strong suit of the Capital One Smart Rewards™ Mastercard®. Instead, it caters to no-frills spenders who want to keep a low balance:
- Earn 5 points per $1 paid towards your balance†
For example, you'll earn 1,250 points for a $250 payment. While Capital One gate keeps the value of the points, it's estimated to cost around 0.133 cents per point. This translates to an actual earn rate of 0.67%, far from market-leading but not terrible for a no-fee card when considering the enhanced insurance coverage.
Points are earned on net payments, meaning any reversed or refunded payments are deducted.
Program limitations
Further research reveals some loopholes in the card – namely, a sub-par rewards program. While the card lets you earn 5 points per $1 paid towards your balance†, the actual value of these points is menial. The Capital One Smart Rewards™ Mastercard® will earn you 0.67% on balance payments. Redemption options are primarily gift cards and account credits. To compensate, the card offers a strong insurance suite, protecting travellers.
How to redeem points on the Smart Rewards Mastercard
Redemption option
Value
Statement credit
0.133 cents per point
Gift card
0.125 cents per point.
Smart Rewards Mastercard key benefits
- Reward points for payments†: Earns 5 points per $1 paid towards your balance†, promoting timely payments and financial responsibility.
- No annual fee: Ideal for those seeking a cost-effective credit card option without additional yearly charges.
- Strong insurance coverage: Offers Purchase Assurance, Extended Warranty, and Car Rental Collision/Loss Damage Waiver, providing added security on purchases and rentals.
Capital One Smart Rewards™ Mastercard® coverage
Protection
Coverage
Extended Warranty
Doubles the manufacturer's warranty, adding up to an additional two years.
Purchase Assurance
Protects new items purchased with the card against loss, theft, or damage for 120 days from the purchase date.
Baggage Delay
Offers compensation for purchasing essential items if the carrier delays your checked baggage for more than four hours. Coverage is up to $300 per insured person for each insured trip. You’ll need to charge the full cost of your tickets to the Capital One card.
Common Carrier Travel Accident Insurance
Provides coverage against accidental loss of life or dismemberment while travelling on a common carrier (like buses, trains, planes). The coverage is up to $250,000 for you, your spouse and dependent children.
Car Rental Collision/Loss Damage Waiver Insurance
Covers eligible rental vehicles for collision or theft up to the vehicle's actual cash value, up to $65,000. The coverage is valid for rentals up to 31 days.
Extra benefits
- Price Protection: If an item bought with the card goes on sale within 60 days, you can request reimbursement of the price difference up to $100 per item, capped at $500 per year.
- Travel Assistance: Offers 24/7 support for emergencies during travel, including medical referrals and lost luggage assistance.
- Mastercard Global Service™: Provides emergency card replacement and cash advance, along with 24/7 telephone access and ATM referrals in case of lost or stolen cards.
- Zero Liability†: Protection against unauthorized card charges.
The RedFlagDeals community's reaction to the Capital One Smart Rewards™ Mastercard® is mixed. Mostly, there is skepticism about the actual value of the points earned, with speculation about their low worth. The following statement sums it up:
Mentioning the 5x points as a highlight is meaningless unless we know what a point is worth.
coolintheshade
Capital One Smart Rewards™ Mastercard® vs. RBC ION Visa
$75 in groceries
Welcome Bonus
$348
First Year Value
$273
Annual Value
Welcome Bonus: Get up to $75 in groceries, including 7,000 Avion points and 3,125 Moi points. Expires Mar 31, 2026
Get this card if you...
- want to earn rewards without an annual fee
- need basic insurance benefits
- have a fair credit score
Annual Fee & Annual Interest Rates
$0
Annual Fee
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Our Take
The RBC ION Visa Card is a no-annual-fee credit card that allows cardholders to earn Avion points on everyday purchases, with elevated rates for spending on groceries, transportation (including gas, rideshare, transit, and EV charging), and streaming services and subscriptions. Cardholders benefit from additional perks such as savings on fuel at Petro-Canada and earning Be Well points at Rexall.
Eligibility
Fair (300 - 619)
Recommended Credit Score
Pros
- No annual fee
- Minimum redemption is only $10
- DoorDash subscription
Cons
- Miserly welcome bonus, valued at less than many cash back bonuses
- Pretty “meh” on points collection through daily spending
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
3.00%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
2.50%
Foreign Transaction
3.00%
Balance Transfer
$5
Cash Advance
$45
Return Penalty
Rewards Avion Premium
1.5x
Avion points for every $1 spent on groceries, transportation (gas, rideshare, transit, EV charging), and streaming services and subscriptions
1
Avion point for every $1 spent on all other qualifying purchases
1
year extension on manufacturer's warranty
90 days
of purchase security protection
3¢/L
savings at Petro-Canada
50
Be Well points at Rexall for every $1 spent
3
month DashPass subscription to enjoy unlimited deliveries with $0 delivery fees from DoorDash.
Get up to $75 in groceries (offer ends March 31, 2026). Here's how:
Get 7,000 Avion points on approval ($50 gift card value)
Get 3,125 Moi points upon linking to Moi Rewards card within 30 days of approval ($25 value)
See RBC site for full terms and conditions.
Our Take
The RBC ION Visa Card is a no-annual-fee credit card that allows cardholders to earn Avion points on everyday purchases, with elevated rates for spending on groceries, transportation (including gas, rideshare, transit, and EV charging), and streaming services and subscriptions. Cardholders benefit from additional perks such as savings on fuel at Petro-Canada and earning Be Well points at Rexall.
Eligibility
Fair (300 - 619)
Recommended Credit Score
Pros
- No annual fee
- Minimum redemption is only $10
- DoorDash subscription
Cons
- Miserly welcome bonus, valued at less than many cash back bonuses
- Pretty “meh” on points collection through daily spending
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
3.00%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
2.50%
Foreign Transaction
3.00%
Balance Transfer
$5
Cash Advance
$45
Return Penalty
Rewards Avion Premium
1.5x
Avion points for every $1 spent on groceries, transportation (gas, rideshare, transit, EV charging), and streaming services and subscriptions
1
Avion point for every $1 spent on all other qualifying purchases
1
year extension on manufacturer's warranty
90 days
of purchase security protection
3¢/L
savings at Petro-Canada
50
Be Well points at Rexall for every $1 spent
3
month DashPass subscription to enjoy unlimited deliveries with $0 delivery fees from DoorDash.
Get up to $75 in groceries (offer ends March 31, 2026). Here's how:
Get 7,000 Avion points on approval ($50 gift card value)
Get 3,125 Moi points upon linking to Moi Rewards card within 30 days of approval ($25 value)
See RBC site for full terms and conditions.
The RBC Ion Visa Card earns more rewards in exchange for reduced insurance coverage. While both cards are free, ION Visa cardholders earn up to 1.5x Avion points. The Ion Visa Card also offers a welcome bonus upon approval, while the Capital One Smart Rewards™ Mastercard® doesn't.
However, the Capital One Smart Rewards™ Mastercard® shines with its insurance coverage. Both cards offer standard purchase security and extended warranty, but the Capital One card offers more travel coverage. This includes rental cars, baggage delays and common carrier accidents. Neither card offers travel health insurance, generally reserved for premium travel credit cards.
| Capital One Smart Rewards™ Mastercard® | RBC ION Visa |
|---|---|
|
Annual fee:
$0 |
Annual fee:
$0 |
|
Credit needed:
Fair |
Credit needed:
Fair |
|
Rewards:
Earn 5 points per $1 paid towards your balance† |
Rewards:
Earn 1.5 Avion points for every $1 spent on groceries, transportation (gas, rideshare, transit, EV charging), and streaming services and subscriptions Earn 1 Avion point for every $1 spent on all other qualifying purchases |
|
Insurance:
Extended warranty, purchase protection, travel accident insurance, baggage delay, rental car coverage |
Insurance:
Extended warranty, purchase protection |
Disclosures:
-
Refer to RBC page for up to date offer terms and conditions.
This post contains affiliate links. Please read disclaimer for more info.Disclaimer: Money.ca may engage in affiliate marketing, which is done by embedding tracking links into Money.ca. If you click on a link for an affiliate partnership, a cookie will be placed on your browser to track any sales for purposes of commissions.
$150 in groceries†
Welcome Bonus
$606
First Year Value
$456
Annual Value
Welcome Bonus: Get up to $150 in groceries, including 14,000 Avion points and 6,250 Moi points†. Expires Mar 31, 2026
Get this card if you...
- want to earn rewards on everyday purchases
- want a low annual fee
- want mobile device protection and extended warranty
Annual Fee & Annual Interest Rates
$48
Annual Fee
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Our Take
The RBC ION+ Visa is a rewards credit card offering elevated Avion points on categories such as groceries, dining, gas, rideshare, public transit, EV charging, streaming services, digital gaming, and online subscriptions, with a standard earn rate on all other purchases. Cardholders benefit from a welcome bonus, mobile device insurance, and savings on fuel at Petro-Canada; however, the card carries a modest annual fee, which is waived for students with an RBC Advantage Banking account.
Eligibility
Good (620 - 670)
Recommended Credit Score
Pros
- Decent rewards rate in everyday spending categories.
- Low annual fee, (rebated for those with the RBC Advantage Banking Account for Students).
- Perks like mobile device insurance, fuel savings at Petro-Canada, and more points at Rexall, DoorDash and Metro.
Cons
- Complex rewards structure with less valuable Avion points in the ION tier.
- Limited insurance benefits (but you can pay to add-on travel insurance).
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Fees
$48
Annual Fee
2.50%
Foreign Transaction
3.00%
Balance Transfer
$5
Cash Advance
Rewards Avion Premium
3
Avion points† per $1 on qualifying grocery, dining, food delivery, gas, rideshare, public transit, EV charging, streaming, digital gaming and online subscriptions
1
Avion point per $1 on all other purchases
Insurance Benefits
$1,000
Mobile device insurance amount
Get up to $150 in groceries† (offer ends March 31, 2026). Here's how:
Get 14,000 Avion points on approval, $100 gift card value
Get 6,250 Moi points upon linking to Moi Rewards card within 30 days of approval ($50 value)
See RBC site for full terms and conditions.
Our Take
The RBC ION+ Visa is a rewards credit card offering elevated Avion points on categories such as groceries, dining, gas, rideshare, public transit, EV charging, streaming services, digital gaming, and online subscriptions, with a standard earn rate on all other purchases. Cardholders benefit from a welcome bonus, mobile device insurance, and savings on fuel at Petro-Canada; however, the card carries a modest annual fee, which is waived for students with an RBC Advantage Banking account.
Eligibility
Good (620 - 670)
Recommended Credit Score
Pros
- Decent rewards rate in everyday spending categories.
- Low annual fee, (rebated for those with the RBC Advantage Banking Account for Students).
- Perks like mobile device insurance, fuel savings at Petro-Canada, and more points at Rexall, DoorDash and Metro.
Cons
- Complex rewards structure with less valuable Avion points in the ION tier.
- Limited insurance benefits (but you can pay to add-on travel insurance).
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Fees
$48
Annual Fee
2.50%
Foreign Transaction
3.00%
Balance Transfer
$5
Cash Advance
Rewards Avion Premium
3
Avion points† per $1 on qualifying grocery, dining, food delivery, gas, rideshare, public transit, EV charging, streaming, digital gaming and online subscriptions
1
Avion point per $1 on all other purchases
Insurance Benefits
$1,000
Mobile device insurance amount
Get up to $150 in groceries† (offer ends March 31, 2026). Here's how:
Get 14,000 Avion points on approval, $100 gift card value
Get 6,250 Moi points upon linking to Moi Rewards card within 30 days of approval ($50 value)
See RBC site for full terms and conditions.
Those willing to pony up some cash can upgrade to the RBC ION+ Visa. You can earn over triple the points compared to the Capital One Smart Rewards™ Mastercard®. RBC ION+ cardholders earn up to 3 x Avion points per dollar spent, translating to a 2.14% earn rate.
However, the insurance coverage pales compared to the Capital One Smart Rewards™ Mastercard®. The ION+ only offers moderately better insurance than its free ION counterpart, including mobile device, purchase security and extended warranty. It caters to homebodies, while the Smart Rewards card coverage aligns better with travel junkies.
| Capital One Smart Rewards™ Mastercard® | RBC ION+ Visa |
|---|---|
|
Annual fee:
$0 |
Annual fee:
$48 |
|
Credit needed:
Fair |
Credit needed:
Good |
|
Rewards:
Earn 5 points per $1 paid towards your balance† |
Rewards:
Earn 3 Avion points† per $1 on qualifying grocery, dining, food delivery, gas, rideshare, public transit, EV charging, streaming, digital gaming and online subscriptions Earn 1 Avion point per $1 on all other purchases |
|
Insurance:
Extended warranty, purchase protection, travel accident insurance, baggage delay, rental car coverage |
Insurance:
Extended warranty, purchase protection, mobile device protection |
Disclosures::
-
Refer to RBC page for up to date offer terms and conditions.
This post contains affiliate links. Please read disclaimer for more info.Disclaimer: Money.ca may engage in affiliate marketing, which is done by embedding tracking links into Money.ca. If you click on a link for an affiliate partnership, a cookie will be placed on your browser to track any sales for purposes of commissions.
$216
First Year Value
$0
Annual Value
Get this card if you...
- want to earn rewards on everyday purchases†
- have a fair credit score
- want perks like baggage delay and rental car collision insurance
Annual Fee & Annual Interest Rates
$0
Annual Fee
21.9% - 29.9%
Purchase
21.9% - 29.9%
Cash Advance
21.9% - 29.9%
Balance Transfer
Our Take
The Capital One Aspire Travel® Platinum Mastercard® is a no-annual-fee credit card that allows cardholders to earn reward miles for purchases†, with flexible redemption options for travel expenses, gift cards, and cash back. It includes benefits such as price protection, purchase assurance, extended warranty, and basic travel insurance coverage.
Eligibility
Fair (300 - 619)
Recommended Credit Score
Pros
- Earn 1 mile per $1 with no purchase ambiguity†
- Flexible miles for retroactive travel purchases
- $0 annual fee
- Price protection for marked-down items
- Basic travel insurance coverage
- Redeem miles for gift cards and cash back
Cons
- Basic travel insurance compared to some competitors
- $100/item limit on price protection
- Limited features for high-end travel benefits
- No specific travel perks or elite status
- May not suit high-spenders seeking premium rewards
Annual Interest Rates
21.9% - 29.9%
Purchase
21.9% - 29.9%
Cash Advance
21.9% - 29.9%
Balance Transfer
Fees
$0
Annual Fee
2.50%
Foreign Transaction
Rewards Capital One
1x
Earn 1 Reward Mile for every $1 spent†.
Insurance Benefits
$250,000
Travel accident insurance amount
$65,000
Rental car insurance amount
Our Take
The Capital One Aspire Travel® Platinum Mastercard® is a no-annual-fee credit card that allows cardholders to earn reward miles for purchases†, with flexible redemption options for travel expenses, gift cards, and cash back. It includes benefits such as price protection, purchase assurance, extended warranty, and basic travel insurance coverage.
Eligibility
Fair (300 - 619)
Recommended Credit Score
Pros
- Earn 1 mile per $1 with no purchase ambiguity†
- Flexible miles for retroactive travel purchases
- $0 annual fee
- Price protection for marked-down items
- Basic travel insurance coverage
- Redeem miles for gift cards and cash back
Cons
- Basic travel insurance compared to some competitors
- $100/item limit on price protection
- Limited features for high-end travel benefits
- No specific travel perks or elite status
- May not suit high-spenders seeking premium rewards
Annual Interest Rates
21.9% - 29.9%
Purchase
21.9% - 29.9%
Cash Advance
21.9% - 29.9%
Balance Transfer
Fees
$0
Annual Fee
2.50%
Foreign Transaction
Rewards Capital One
1x
Earn 1 Reward Mile for every $1 spent†.
Insurance Benefits
$250,000
Travel accident insurance amount
$65,000
Rental car insurance amount
Frequent travellers will find more value in the Capital One Aspire Travel Platinum Mastercard. Not only will you earn more points with this free card, but you can also redeem points on travel-related expenses. In contrast, the Smart Rewards card focuses on gift cards and statement credits.
As for points, the Aspire Travel Platinum Mastercard touts a 1% earn rate, outshining the 0.67% offered by the Smart Rewards Mastercard. Both cards provide identical insurance coverage, cementing the Aspire Travel Platinum Mastercard as the better option.
Is the Capital One Smart Rewards™ Mastercard® worth it?
The Capital One Smart Rewards™ Mastercard® is worth it for those looking for a no-fee card with solid insurance perks. While the rewards potential is lacklustre, the extensive coverage can offset costly travel incidents. The unorthodox method of earning points with balance payments also helps promote healthy financial habits.
Read: Best Capital One credit cards in Canada
Eligibility requirements
- Must be of the age of majority in the province or territory in which you reside
- Credit history not required / Fair credit
- Must be a Canadian resident
Disclaimer:
*You’re guaranteed to be approved for a Capital One Mastercard as long as:
- You are at least the age of majority in your province or territory of residence
- You don’t have a frozen credit profile and your eligibility for credit is not prohibited for legal or regulatory reasons
- You don’t have an existing Capital One account or a pending application for one; and
- You haven’t applied for a Capital One account more than once in the last 30 days, haven’t had a Capital One account that was not in good standing in the last year, and aren’t in legal recoveries with Capital One.
Capital One is not responsible for the content on this site including any editorials or reviews. Please click on the Apply now link for the most up to date product information.
FAQs
Daniel Schoester
Contributor
Daniel is an expert on travel, finance, and SEO. He received an Honours BBA (Finance) from Wilfrid Laurier University, then started his career with WOWA. Here, he learned various SEO tactics that were instrumental in quadrupling monthly traffic to one million views. Now the founder of Croton Content, Daniel helps financial companies scale through evergreen content. Aside from Money Wise, notable clients include Forbes Advisor, WealthRocket, and Hardbacon. Daniel loves to travel when not working. Although based out of Lisbon, Portugal, some of his most adventurous destinations include Rio, Cairo, and Istanbul.
Explore the latest articles
Famous money gurus’ advice could destroy you
From skipping coffee to avoiding homeownership, some famous money gurus push advice that may not hold up in real life
Disclaimer
The content provided on Money.ca is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities enter into any loan, mortgage or insurance agreements or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.
†Terms and Conditions apply.