Capital One adds new in-app bonus eligibility checker
Update-Some offers mentioned below are no longer available. View the current offers here.
The moment after you hit 'submit' on a new credit card application can be full of anticipation and fear, especially if you have a lower credit score and are worried you might be rejected. In the last few years we've seen issuers leaning on big data to try and reduce the guesswork and avoid disappointing customers by denying their applications.
New to The Points Guy? Want to learn more about credit card points and miles? Sign up for our daily newsletter.
American Express led this charge a while back by adding a pop-up welcome bonus eligibility checker that will inform customers whether or not they're eligible to receive the bonus on a new card before they submit the application, and now, per Doctor of Credit, Capital One has added a similar feature.
Now, when you apply for Capital One credit cards (both personal cards such as the Capital One Venture Rewards Credit Card and business cards including the Capital One Spark Miles for Business) you may receive a pop-up message after submitting your application telling you that you didn't qualify for the original offer you applied for and offering you an alternate option, which may include a different APR, a different credit limit, a different welcome offer or no bonus.
It's important to note that unlike Amex, this message is appearing after users submit their application, which means your credit has already been pulled. If you don't accept the offer then your application would be rejected, which thankfully doesn't hurt your credit score at all beyond the initial inquiry.
You will want to be careful though before accepting a modified offer that doesn't include a welcome bonus, as doing so might prevent you from earning one in the future. The terms and condition of the Capital One Venture Rewards card application say the following (emphasis mine):
"You will earn 60,000 bonus miles if you spend at least $3,000 within 3 months of your rewards membership enrollment date. Once you qualify for this bonus, we will apply it to your rewards balance within two billing cycles. Existing or previous Accountholders may not be eligible for this one-time bonus."
While this isn't a hard-and-fast rule like some other issuers use, it means that you may not be able to get the bonus on the Venture card if you've had it in the past, even if you didn't earn a bonus at that time.
Bottom line
Getting rejected from a credit card can be a major disappointment, especially if you were planning on using those points for an upcoming trip. Capital One's new pop-up offer may help take some of the sting out of that by allowing you to get the same credit card under different terms, just be careful you don't inadvertently make a decision that prevents you from earning a bonus in the future.