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Capital One The Key Rewards Visa: High Reward Rate, but Limited Redemptions

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The Key Rewards Visa
Learn More externa link icon
The Key Rewards Visa
Editor’s Score: (N/A)
Learn more externa link icon At our partner’s secure site.
The Key Rewards Visa
Editor’s Score: (N/A)
  • Intro offer:
    N/A
  • Annual fee:
    $0
  • Regular APR:
    See Terms
  • Recommended credit score:
    (No Credit History)
Rewards rate:

Earn 5% back in rewards online or in-store at our collection of seven brands or opt for 12-month promotional financing on purchases of $750 or more. Plus, Visa Cardmembers can also earn 4% back in rewards at restaurants and grocery stores. 1% back on everything else.

NextAdvisor’s Take

Pros
  • 5% rewards rate on purchases across seven brands of stores
  • Earn 4% back at grocery stores and restaurants
  • Special financing offers for purchases of $750 or more
  • No annual fee
Cons
  • Co-branded retail card not as flexible as some other cash back cards
  • “Fast food” is excluded from restaurant bonus category
  • High ongoing APR
  • Rewards are only good for merchandise once your rewards balance reaches $20 or more
The Bottom Line
The Key Rewards Visa from Capital One offers 5% back at participating stores — including Pottery Barn, West Elm, and Williams Sonoma — plus special financing offers on eligible purchases and a $25 birthday reward. You’ll get additional rewards on everyday spending, too, with 4% back at grocery stores and restaurants.

Additional Card Details

  • Eligible 5% back stores include Pottery Barn, Pottery Barn Teen, Pottery Barn Kids, West Elm, Williams Sonoma, Williams Sonoma Home, and Mark & Graham
  • Earn 10% back across seven brands for your first 30 days from account opening
  • Cardholders get free shipping at Williams Sonoma
  • 12-month promotional financing on qualifying purchases of $750 or more
  • Qualify for a $25 birthday reward

Capital One Key Rewards Visa Credit Card Full Review

Card Type

The Capital One Key Rewards Visa Credit Card is a store card that is affiliated with retail brands, including Pottery Barn and Williams Sonoma. However, it also offers rewards in select everyday spending categories. It’s a Visa credit card, so you can use it anywhere Visa cards are accepted in-person or online. 

If you can’t get approved for the Visa version of this card, your application will automatically be considered for the more traditional retail card version, the Key Rewards Card. You’ll still get 5% back with the eligible brands, but you can only use the card at those retail locations or online sites.

Annual Fee

The Capital One Key Rewards Visa Credit Card does not charge an annual fee, which is standard for this type of retail credit card.

Welcome Offer

This card’s welcome offer is most useful if you’re already planning to spend money at one of the seven associated brands. After approval, you’ll get a boosted 10% back across seven brands for your first 30 days from account opening.

This is different from a traditional cash welcome bonus. Many cash back credit cards offer bonuses of $200 or more after you meet a spending threshold within a given time period.

Rewards

This card offers a solid 5% back at the following seven retailers: 

  • Pottery Barn
  • Pottery Barn Teen
  • Pottery Barn Kids
  • West Elm
  • Williams Sonoma
  • Williams Sonoma Home
  • Mark & Graham

Unlike many retail cards, you can also earn rewards outside of those select retailers. You’ll get 4% back at grocery stores (not including warehouse stores like Costco or superstores like Walmart and Target), and at restaurants (not including fast food, but you will get rewards on food delivery services). All other purchases earn 1% back.

Fees

There’s no annual fee, and the Key Rewards Visa from Capital One charges a 24.99% variable APR on purchases, which is high even among other credit cards.

Other fees to watch out for include a 3% balance transfer fee and a 4% cash advance fee (minimum $10). A late payment fee up to $40 can also apply if you pay your credit card bill after its due date. This card does not charge foreign transaction fees.

Other Benefits

The Capital One Key Rewards Visa Credit Card promises special promotional financing offers that last 12 months, but only for eligible purchases of $750 or more. You won’t earn any rewards on purchases you select for promotional financing. In addition to special financing offers, you’ll get free shipping on eligible in-store or online purchases at Williams Sonoma and a $25 birthday reward, sent to your email.

Benefits of Capital One Key Rewards Visa

If you shop at the seven store brands this card is affiliated with, signing up to earn 5% back can make a lot of sense. Spending an average $500 per month at participating stores could net $300 in rewards in this category alone each year. If you frequently buy home decor, bedding, furniture and gifts from Pottery Barn, West Elm, and Williams Sonoma, it’s reasonable to think you could earn that much and potentially a lot more.

Another benefit of this card is its solid savings on everyday spending. The 4% rate on groceries and at restaurants is higher than most cash back card options, and covers some of the most frequent spending in many people’s budgets.

Pro Tip

While the Key Rewards Visa from Capital One offers 4% back at grocery stores and restaurants, this card specifically excludes fast food from earning bonus rewards. If you want to earn more rewards for on-the-go meals, look for rewards cards that offer bonus points on all dining purchases.

Other benefits like the $25 birthday reward and free shipping at Williams Sonoma also add to this card’s value, if you’re already loyal to the eligible brands.

Drawbacks of Capital One Key Rewards Visa

If you use this card to rack up debt you can’t easily pay off, the high 24.99% APR this card charges will quickly wipe out any rewards you earn. Like any credit card, make sure you can pay off purchases you make in full each month to avoid interest and any negative effect on your credit.   

Because it’s a retail card, the rewards you’ll earn with the Key Rewards Visa are limited. You can only redeem rewards toward purchases at the participating stores. What’s more, you’ll only be sent a reward certificate once your rewards balance reaches at least $20. By contrast, other rewards and cash back credit cards may let you use your rewards for gift cards, statement credits, travel and more — without meeting a minimum redemption requirement.

How to Use Capital One Key Rewards Visa

To maximize your value, use the Capital One Key Rewards Visa for all your purchases within the seven brands of participating stores. 

You may also want to wait to apply for this card when you have a large upcoming purchase to make at Pottery Barn, Williams Sonoma, or another participating store — and you’ve saved enough to pay off the purchase when your statement is due. That way, you can take advantage of the boosted 10% rewards at these stores within the first 30 days of account opening. If you spend $1,000 on furniture, for example, that’s a $100 return.

Otherwise, if you make a purchase of $750 or more, you may choose to enroll in special financing, but remember that opting to use a promotional financing offer means you won’t earn any rewards on that purchase.

If you don’t already have a card earning more rewards on groceries and dining, you can also use this card when you go to the supermarket or eat at a restaurant. Just keep in mind the limited redemption options you’ll have once you earn your rewards. Other cash back cards offer more flexible redemption options that may have more long-term value than store credits.

Over time, also make sure you pay your credit card bill in full each month. If you carry a balance, interest can add up very quickly and dilute the value of the rewards you earn.

Capital One Key Rewards Visa Compared to Other Cards

Learn More externa link icon
The Key Rewards Visa

The Key Rewards Visa

Editor’s Score: (N/A)
  • Intro offer:
    N/A
  • Annual fee:
    $0
  • Regular APR:
    See Terms
  • Recommended credit:
    (No Credit History)
  • Learn more externa link icon At our partner’s secure site
Learn More externa link icon
Amazon Prime Rewards Visa Signature Card

Amazon Prime Rewards Visa Signature Card

Editor’s Score: (3.8/5)
  • Intro offer:
    $150 Amazon Gift Card
  • Annual fee:
    $0
  • Regular APR:
    14.24% to 22.24% Variable
  • Recommended credit:
    670-850 (Good to Excellent)
  • Learn more externa link icon At our partner’s secure site See Rates & Fees, Terms Apply.
Learn More externa link icon
Wells Fargo Active Cash® Card

Wells Fargo Active Cash® Card

Editor’s Score: (4.6/5)
  • Intro offer:
    $200 cash rewards
  • Annual fee:
    $0
  • Regular APR:
    16.49%, 21.49%, or 26.49% Variable APR
  • Recommended credit:
    670-850 (Good to Excellent)
  • Apply Now externa link icon At Wells Fargo’s secure site See Rates & Fees.

Is the Capital One Key Rewards Visa Right for You?

Editorial Independence

As with all of our credit card reviews, our analysis is not influenced by any partnerships or advertising relationships.

If you spend a ton of money at Pottery Barn, Pottery Barn Teen, Pottery Barn Kids, West Elm, Williams Sonoma, Williams Sonoma Home and Mark & Graham, this card could make sense for your wallet and your goals. Like any retail card, it’s best fit for consumers who regularly shop with the associated brands already. Otherwise, your rewards and redemptions won’t add much value to your wallet long-term.

With 4% back on groceries and at restaurants, this is also a solid choice for everyday spending. However, the lack of redemption options once you earn your rewards can also be a limiting factor in maximizing your value on everyday spending.

Before you apply, make sure you compare other rewards and cash back credit cards that offer more flexible redemption options and savings in everyday spending categories you may find even more valuable. 

Frequently Asked Questions (FAQ)

What is the Key Rewards program?

The Key Rewards program is a loyalty program affiliated with Pottery Barn, West Elm, Williams Sonoma and Mark & Graham stores, which are collectively known as Williams Sonoma Stores.

Does the Capital One Key Rewards Visa charge foreign transaction fees?

This card does not charge foreign transaction fees if you use it for purchases outside the United States.

How do you redeem rewards with the Capital One Key Rewards Visa?

Within 30 days of reaching at least $20 in rewards, you’ll receive your rewards via email. Rewards are sent out as a reward code that can be applied to your next purchase in-store or online.

Does the Capital One Key Rewards Visa offer free shipping?

The Capital One Key Rewards Visa offers free shipping on Williams Sonoma purchases.