Capital One is reported to launch a nee type of rewards debit card that would change how banks and consumers approach debit cards last year. The unique feature of this debit card is: It can be linked to any bank account and used for purchases and ATM withdrawals, just like the debit card consumers get from their bank when they open a checking account. Another appealing feature of this card is better rewards. Plus this card also features zero-liability. This new type of debit card is being used by some Capital One credit card users.

Today, I received an email from Capital One indicating that if you apply for a new Capital One Debit MasterCard and make a first purchase, you would get 5,000 bonus No Hassle Points. The 5,000 No Hassle Points card be redeemed as a $50 gift card from Macy’s, Amazon.com, or Spa Finder. Furthermore, you can get 1 No Hassle Point for every dollar you spent on this card just like other Capital One credit cards do. However, this offer appears to require you to be a current Capital One credit cardholder.

During the application process, you have to link you current bank checking account to this debit card. You have to verify bank account access.

Basic features of this debit card:

• Earn No Hassle Points^SM on debit purchases. Earn 1 point per dollar spent when you sign for debit purchases.
• No need to open a new checking account. Your transactions are deducted from your existing checking account, wherever you bank.
• Shop with confidence, this card comes with MasterCard Zero Liability.
• There are 9 card designs to choose from.

Please note that, in order to get 1 No Hassle Point, you have to choose “credit” purchase at the check out. A credit purchase means a signature-based purchase. A signature-based purchase is one where you select “credit” (not “debit”) and typically sign a receipt instead of entering a PIN.

The application page can be found at: http://www.capitalone.com/debit/index2.php

The reference code is:K3E6L8K149

You can also call Capital One at 1-866-812-6923 to apply for this card.