Capital One Platinum Credit Card vs. Capital One Quicksilver Credit CardOne Cash Rewards

Both Capital One Platinum Credit Card and the Capital One QuicksilverOne Cash Rewards credit card are good cards to start building a credit history.

There are many similarities between these cards, but a few glaring differences, namely the Platinum credit card’s lack of rewards and QuicksilverOne’s annual fee. Despite the annual fee, the QuicksilverOne will be the best choice for more people because the annual fee is relatively low and the rewards program has the potential to offset all costs. You’ll need to spend more than $2,600* on the card to offset its annual fee.

Which card does it better?

Card feature Winner

Annual subscription

Capital One Platinum Credit Card

Annual Percentage Rate (APR)

Tie

Awards

Capital One QuicksilverOne

Credit requirement

Tie

Building credit

Tie

Introductory offer: None

APR: 28.49% (Variable)

Introductory purchase APR: None

Recommended credit: Average, Fair, Limited

Reward rate:

  • Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you’ll get Capital One’s best prices on thousands of travel options. Conditions apply
  • Earn unlimited 1.5% cash back on every purchase, every day

Annual fees: $39

Introductory offer: None

APR: 28.49% (Variable)

Intro Purchase APR: None

Recommended credit: Average, Fair, Limited

Reward rate: None

Annual fees: $0

Annual subscription

Winner: Capital One Platinum Mastercard

The Platinum card is a clear winner on upfront costs as it has no annual fee. If you don’t plan to spend a lot on the card and prefer to keep it as emergency credit card in the event of unforeseen expenses, this card will be subject to overall less maintenance. Still, for many cardholders, QuicksilverOne’s rewards program may be able to top its annual fee.

APR, or interest rate

Winner: Tie

Both credit cards carry an APR variable of 28.49%, which is relatively high, so it will not depend on the APR for which card is the best choice. That said, we recommend that you pay your credit card balance in full each month to avoid incurring interest charges and to show credit card issuers that you have responsible habits.

Awards

Winner: Capital One QuicksilverOne

The big winner when it comes to rewards is the QuicksilverOne Card. It offers 1.5% cash back for every purchase, plus 5% cash back for hotels and rental cars booked through Capital One Travel. The Platinum card does not offer any rewards.

*However, you will need to ensure that your budget allows you to spend $2,600 per year with the QuicksilverOne. This would allow you to break even with the annual card fee, as 2,600 x 0.015 (1.5%) equals $39. To make a profit, you would need to spend more than that. If spending $2,600 a year doesn’t appeal to you, the Platinum card might be the best option.

Credit requirements

Winner: Tie

Both credit cards are designed to help people with limited or fair credit achieve stronger credit scores. As such, both cards have a recommended fair credit requirement. This generally means that you will need a credit score of 580 or higher.

Building credit

Winner: Tie

Both credit cards are intended to help you improve your credit score through responsible use. This means using the credit card regularly and then paying it off on time each month. These two cards can be used for this. Make sure you don’t miss any payments and your credit score could improve in just a few months.

Both cards offer automatic credit limit reviews. Capital One will periodically review both credit cards for automatic verification credit limit increase in as little as six months. A higher credit limit will reduce your credit usage because you will have more overall credit and therefore use a lower percentage of it. Again, lower credit utilization will contribute to better credit scores.

Whichever card you choose, you can also access Capital One’s CreditWise tool. You can use it to monitor your VantageScore 3.0 credit score from your TransUnion credit report to track your progress. Anyone can access CreditWise, not just Capital One cardholders.

The bottom line

While both credit cards can help improve your credit score with responsible use, the Capital One QuicksilverOne is the card to choose. Although it requires an annual fee of $39, it also offers 1.5% cash back on your purchases, which means that if you spend at least $217 on the card each month, you’ll essentially earn enough to cover the cost.

FAQs

Can I apply for both the Capital One QuicksilverOne card and the Capital One Platinum card?

You could, but it wouldn’t make sense to do so. Both cards are designed to do the same thing, which is to improve your credit by creating a positive history of on-time payments.

Should I close a credit card once my credit scores improve?

No. If you just got a good credit score, closing a credit card will negatively impact your credit because your credit usage will increase and you’ll lose the benefit of having an aging credit account on your account. credit report. In some cases, however, closing a credit card may be a good idea if it’s difficult to manage multiple accounts or if the credit card has annual fees and you no longer use it.

What are the different credit score ranges?

The FICO score ranges are:

  • 300 to 579: Poor
  • 580 to 669: Fair
  • 670 to 739: Good
  • 740 to 799: Very well
  • 800 to 850: Excellent

The credit score ranges for VantageScore are:

  • 300 to 499: Very poor
  • 500 to 600: Poor
  • 601 to 660: Fair
  • 661 to 780: Good
  • 781 to 850: Excellent

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