Capital One Logo
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4 User Reviews
LAST UPDATED: May 17th, 2021
The company is headquartered in Richmond, Virginia and has branches throughout the United States. Capital One is one of the largest holder of credit cards account in the country, with both personal and commercial account holders. Along with several other large banks, Capital One pioneered the digital wallet, backing the ISIS Mobile Wallet in 2012. Support was soon removed, when the application did not perform as was expected. As such, most major bank chains have created their own proprietary mobile wallet app. Capital One Wallet is the company's brand of mobile wallet and can be used on mobile phones, tablets, or iPod Touch devices. The app allows customers to monitor their spending and to use their Near-Field Communication (NFC) enabled mobile device to make contactless payments at equally-equipped terminals. Cell service is not required to complete a payment, although an internet connection is. For those who exclusively use their Capital One card, with the possible addition of gift cards, this is a good idea. However, many use multiple cards and this app is not designed for this functionality.

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The Good

  • Gift cards
  • Benefits for current customers
  • Many locations

Gift Cards

In addition to using the app to store purchase information, Capital One has added the ability for digital storage of up to 25 gift cards for use. Unlike other apps which store gift cards, there is not a list of compatible stores, so customers may find that they have gift cards that they can't use in the app. One assumes that most cards are compatible with the absence of a list.

Benefits for Current Customers

Capital One customers can easily use the app, which is promoted as being highly secure, with a swipe pattern to unlock, rather than a password. While certainly quicker, some users might be more comfortable with fingerprint unlocking, as is available with other mobile wallet apps.

Many Locations

The app can be used at any contactless point of sale terminal which is equipped with NFC. Many users report that they are able to use their mobile device to pay at many of the locations at which they shop regularly and that check-out is simple to complete. In February, 2015, Neiman Marcus entered a partnership to whitelabel a mobile wallet for their cardholders. Capital One is the provider for the NM Wallet app.

The Bad

  • No wearable options
  • Missing features
  • Lacking experience

No Wearable Options

Capital One Wallet does not work with wearables yet. It is important to note that the company states that they plan to implement this capability in the unspecified future. Android has confirmed this upcoming functionality, while Apple has yet to confirm or deny that Capital One will be . Additionally, there are not dates for its promised release.

Missing Features

Along with the absence of wearable usability, are several other features. While not fully necessary for a mobile wallet app, they are beneficial to the customer and offer added benefits. These include:
  • The app lacks a GPS feature which shows users nearby businesses with compatible terminals.
  • Capital One Wallet does not have in-app options for returns and refunds.
  • App will not work in the event of a dead phone battery.
  • Some mobile wallets apps include support for loyalty rewards programs, but Capital One Wallet does not.
  • Capital One Wallet does not include special offers, discounts or coupons in the app.
It is important to note that Capital One is not a fully digital wallet in the app only stores the user's Capital One cards, rather than cards from another bank or digital identification.

Lacking Experience

Capital One does not have as much experience as many of the competitors, having only been founded in 1994. As far as their mobile app, the company has comparable experience to their competitors.

The Bottom Line

Capital One Mobile Wallet is a solid option and one which fits well for those with few cards or who exclusively use their Capital One card for purchases. There are adequate options available inside of the app to deliver benefits to capital One cardholders. The ability to store and use gift cards is an added and attractive benefit to many, although the company is not fully transparent as to which cards are fully compatible with the app. For those who are looking for a more comprehensive mobile wallet, this one is not the best fit. The Review Team recommends Capital One wallet for those who will most benefit from its use - current and prospective Capital One account holders.
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4 Reviews

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