There are a lot of similarities between these cards, but a couple of glaring differences -- namely the Platinum Credit Card's lack of rewards and the QuicksilverOne's annual fee. Despite the annual fee, the QuicksilverOne will be the better choice for more people because the annual fee is relatively low and the rewards program has the potential to outweigh any costs. You'll have to spend over $2,600* with the card in order to offset its annual fee. Show
Which card does it better?Card featureWinnerAnnual feeCapital One Platinum Credit CardAnnual percentage rate (APR)TieRewardsCapital One QuicksilverOneCredit requirementTieBuilding creditTie  Capital One QuicksilverOne Cash Rewards Credit Card5/10 CNET Rating CNET rates credit cards by comparing their offers to those of their categorical competitors. Each card is individually evaluated through a formula which reflects the standards and expectations of the contemporary market. Credit card issuers have no say or influence in our ratings. How we rate credit cards Card Highlights Intro OfferN/A APR29.74% (Variable) Intro Purchase APRN/A Recommended Credit Average, Fair, Limited Reward Rates
Annual Fee$39 Additional Details Intro Balance Transfer APRN/A Balance Transfer APR29.74% (Variable) Balance Transfer Fee $0 at this Transfer APR Late Payment Fee Up to $40 Foreign Transaction Fees None Penalty APR None Rewards & Redemption Details
Learn More Capital One Platinum Credit Card5.5/10 CNET Rating CNET rates credit cards by comparing their offers to those of their categorical competitors. Each card is individually evaluated through a formula which reflects the standards and expectations of the contemporary market. Credit card issuers have no say or influence in our ratings. How we rate credit cards Card Highlights Intro OfferN/A APR29.74% (Variable) Intro Purchase APRN/A Recommended Credit Average, Fair, Limited Reward RatesN/A Annual Fee$0 Additional Details Intro Balance Transfer APRN/A Balance Transfer APR29.74% (Variable) Balance Transfer Fee $0 at this Transfer APR Late Payment Fee Up to $40 Foreign Transaction Fees None Penalty APR None Learn More Annual feeWinner: Capital One Platinum MastercardThe Platinum card is an obvious winner on upfront costs since it has no annual fee. If you don't plan to spend much on the card and prefer to keep it as an emergency credit card in case of unexpected expenses, this card will be lower maintenance overall. Still, for many cardholders, the QuicksilverOne's rewards program may be able to outshine its annual fee. APR, or interest rateWinner: TieBoth credit cards feature an APR of 29.74% variable, which is relatively high, so it won't come down to the APR for which card is the better choice. That said, we recommend paying your credit card balance in full each month in order to avoid paying interest charges, and to show credit card issuers you have responsible habits. RewardsWinner: Capital One QuicksilverOneThe clear winner when it comes to rewards is the QuicksilverOne card. It features 1.5% cash back for every purchase, plus 5% cash back for hotels and rental cars booked through Capital One Travel. The Platinum card offers no rewards. *However, you'll have to make sure that your budget allows you to spend $2,600 annually with the QuicksilverOne. That would have you breaking even with the card's annual fee, as 2,600 x .015 (1.5%) is $39. To turn a profit, you would need to spend more than that. If $2,600 in spending per year isn't something you're up for, then the Platinum card might be the better option. Credit requirementsWinner: TieBoth credit cards are designed to help people with limited or fair credit obtain stronger credit scores. As such, both cards have a recommended fair credit requirement. This typically means you'll need a credit score of 580 or higher. Building creditWinner: TieBoth credit cards are intended to help improve your credit score through responsible use. That means using the credit card regularly and then paying it off on time each month. Both of these cards can be used to do so. Make sure you don't miss a payment and your credit score can improve in as little as a few months. Both cards offer automatic credit limit reviews. Capital One will periodically review both credit cards for an automatic credit limit increase in as little as six months. A higher credit limit will lower your credit utilization as you'll have a larger amount of overall credit, and will therefore be using a smaller percentage of it. Again, a lower credit utilization will contribute to stronger credit scores. No matter which 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 only Capital One cardholders. The bottom lineWhile both credit cards can help you improve your credit score with responsible use, the Capital One QuicksilverOne is the card to pick. While it does require a $39 annual fee, it also offers 1.5% cash back for your purchases, which means if you spend at least $217 on the card each month, you'll essentially earn enough to cover the cost. FAQsCan I apply for both the Capital One QuicksilverOne 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 building a positive history of on time payments. Should I close a credit card once my credit scores have improved?No. If you've just gotten your credit score to a good spot, closing a credit card will have a negative impact on your credit because your credit utilization will go up and you'll lose the benefit of having an aging credit account on your credit report. In some cases, however, closing a credit card could be a good idea if it's difficult to manage multiple accounts or if the credit card has an annual fee and you're no longer using it. What are the different credit score ranges?The FICO score ranges are:
Credit score ranges for VantageScore are:
*All information about the Capital One Platinum Credit Card and the Capital One QuicksilverOne Cash Rewards Credit Card has been collected independently by CNET and has not been reviewed by the issuer. The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners. Does Capital One have 5% cash back?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 trip options. Earn 10% cash back on purchases made through Uber & Uber Eats, plus complimentary Uber One membership statement credits through 11/14/2024.
Can I get cash back on Capital One Platinum?You can get a Capital One Platinum cash advance at an ATM as long as you have a cash advance PIN. You can request a cash advance PIN for your Capital One Platinum through your online account or by calling customer service at (800) 227-4825.
What does 5% cash back rewards mean?Cash back rewards operate on a percentage basis. An example: If you have a card with a purchase rewards rate of 1.5% and you make $100 in purchases, you would earn $1.50 in cash back. These rewards may seem small, but they can add up quickly.
What are the benefits of a Capital One Platinum card?You Don't Need Excellent Credit or High Income to Be Approved.. You Can Find out If You're Pre-Qualified.. No Annual Fee.. No Security Deposit Needed.. Reports to All 3 Credit Bureaus. Easy Account Management.. Earn a Higher Credit Limit.. No Penalty APR for Late Payments.. Convenient and Simple Online Account Access.. |
Capital one platinum card 5 cash back
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