There are so many credit card companies on the market today and many of them also offer multiple products, which can make choosing the right credit card an even more difficult decision for you.
For example, Capital One is a company that currently offers 12 different credit cards from which consumers can choose. Two of the most popular options offered by Capital One are the Capital One Platinum card and the Quicksilver card. But which one is right for you? Here are some facts to help you decide.
Capital One Platinum
According to the Capital One website, the Capital One Platinum card is specifically tailored toward those who have an “average” credit score. Capital One defines average as someone who has defaulted on a loan in the past five years, or someone with limited credit history, meaning they’ve only had credit accounts open for less than 3 years.
The Capital One Platinum card has no annual fee, a $0 fraud liability (which is pretty standard), and all of the traditional Platinum MasterCard benefits, such as:
- Extended warranty on purchases made on your credit card.
- Auto rental insurance if you rent a car with your credit card.
- Travel accident insurance for loss of life or limb when you use your credit card to purchase your travel fare.
- 24-hours travel assistance. If your credit card is lost or stolen while traveling, you can get an emergency card replacement and a cash advance.
- 24-hour roadside assistance if your car breaks down or you are locked out.
- Price protection to reimburse you the difference in price on eligible items if you find a lower price for the same item within 60 days of your purchase when you use your credit card.
The Capital One Platinum card is also eligible to be used with Apple Pay.
Because this card is for those with average credit, it’s not surprising that this is not a rewards credit card. However, it does offer access to a higher credit line after you make your first 5 monthly payments on time. Plus, as a cardholder you also have access to CreditWise to help your monitor your credit score. (Although the fine print reveals that CreditWise is a free program that is available to everyone, even if you are not a Capital One cardholder.)
As expected, this credit card does have a high variable interest rate at 24.99% APR on purchases and balance transfers. However, there is no fee for balance transfers and provides the option to select your own monthly payment due date.
- Has never declared bankruptcy or defaulted on loan
- Has not been more than 60 days late on any credit card, medical bill, or loan in the last year, and
- Has had a loan or credit card for over three years with a credit limit over $5,000.
The Quicksilver card is a rewards credit card that offers 1.5% cash back on all purchases with no limits and no rotating “bonus” categories to keep track of. Quicksilver also offers a $100 cash bonus if you spend $500 on new purchases within 3 months of opening a new credit card account. The rewards earned with Quicksilver don’t expire and are eligible to be redeemed at any amount with no minimum threshold for a statement credit or a check.
Quicksilver is a Visa Signature card and thus offers all of the standard benefits that come with that designation, such as:
- Travel upgrades and savings
- Shopping discounts
- Complimentary concierge service
- Extended warranty
- Special access to events
- 24-hour travel assistance services
There is no annual fee on the Quicksilver card.
Pros and Cons
Capital One Platinum Card
Pro: Allows cardholders to re-build credit. The Credit Steps program allows cardholders access to a higher credit line after they make their first 5 monthly payments on time.
Con: No rewards. This card offers cardholders no chance to earn rewards for their spending.
Pro: No annual fee. There’s no annual fee to contend with as you use this card to build your credit.
Con: High APR. As people with an “average” credit score are more of a risk to credit card companies, the APR on the Capital One Platinum card is high.
Pro: Ability to select your own monthly payment due date. This option will allow you to pick what day of the month your payment is due so you can make sure you have the cash flow available to pay your bill.
Pro: 1.5% cash back. Cardholders can earn 1.5% cash back on all purchases made with their Quicksilver card with no limit on rewards.
Con: Requires “excellent” credit to qualify. In order to open a Quicksilver credit card account, you have to meet Capital One’s definition of someone with excellent credit.
Pro: No annual fee. Earning cash back is free, with no annual fee.
Pro: 0% Introductory APR. At the time of publication, new cardholders were eligible for a 0% introductory APR on purchases and balance transfers until January 2017.
Con: 3% balance transfer fee. There is a fee to transfer a balance from another credit card, so this is not the best balance transfer card available to help you pay off debt.
Pro: No rewards cap and rewards never expire. Many rewards credit cards require a minimum threshold be met before you can redeem your cash back rewards, but the Quicksilver card doesn’t. Plus, rewards never expire as long as you remain a cardholder in good standing.
Another rewards credit card to consider if you have excellent credit is the Citi Double Cash card. It offers double rewards all purchases. 1% is earned up front when you make purchases and another 1% is earned when you pay off your bill.
Fidelity Rewards Visa Signature card is similar to the Citi Double Cash card and gives you unlimited 2% cash back on all purchases when you deposit cash back into an eligible Fidelity account. Eligible Fidelity accounts include:
- Brokerage accounts
- Fidelity Cash Management Accounts
- Fidelity-managed 529 College Savings plans
- Retirement accounts like the Traditional IRA, Roth IRA, Rollover IRA and SEP IRA
In order to redeem points for a cash deposit, your point balance has to reach 5,000 or $50. You can redeem points for travel, merchandise, gift cards or statement credit starting at 2,500 points. The Fidelity Rewards Visa Signature does not have an annual fee.
Which Card is Best For You?
Deciding between the Capital One Platinum credit card and the Quicksilver card really comes down to a couple of factors.
One thing to consider is your current credit score. If you fall into the range of “average” as defined by Capital One, you would be better off applying for the Capital One Platinum card to help you improve your credit score instead of applying for the Quicksilver card and being denied.
However, if you already have “excellent” credit, the Quicksilver card is the way to go. It offers cash back rewards on all purchases, a $100 cash back bonus, a 0% introductory interest rate, and a lower APR afterwards. Consider your credit history and all of the options available carefully before you make your credit card selection.