Key takeaways
- While the same issuer is behind the Capital One Quicksilver Cash Rewards Credit Card and Capital One Platinum Credit Card, the similarities between the two cards are few and far between.
- The Capital One Quicksilver is a cash back rewards card intended for consumers with excellent credit, while the Capital One Platinum is a credit-builder card designed for consumers with fair credit.
- The vast differences between these two cards make each one geared toward a different type of cardholder.
The Capital One Quicksilver Cash Rewards Credit Card and Capital One Platinum Credit Card may come from the same issuer, but these cards are geared toward two different types of cardholders.
For starters, the Capital One Quicksilver is an easy-to-use cash back rewards card intended for consumers with good to excellent credit. With this card, you’ll earn an unlimited 1.5 percent cash back on everyday purchases, along with additional rewards on select travel purchases.
By contrast, Capital One Platinum is a credit-builder card designed for consumers with fair to good credit. The Platinum card also gives cardholders the opportunity for a credit limit increase if the bill is paid on time for at least six months.
To decide which option works best for you, it can help to compare the features, benefits and fees of these two cards.
Main details
| Features | Capital One Quicksilver | Capital One Platinum |
|---|---|---|
| Annual fee | $0 | $0 |
| Welcome bonus | $200 cash bonus after spending $500 on purchases within the first three months | None |
| Rewards | Unlimited 1.5% cash back on everyday purchases; 5% back on hotels and rental cars booked through Capital One Travel | None |
| Intro APR | 0% intro APR on purchases and balance transfersfor 15 months | None |
| Variable APR | 19.99% to 29.99% | 29.99% |
Capital One Platinum vs. Capital One Quicksilver highlights
Deciding which of these two cards deserves a spot in your wallet will likely be determined by your credit score and the benefits you want in a credit card.
If your credit score is lower than you would like it to be and you want a card that helps you build a more robust credit profile with responsible use, the Platinum card may better serve your needs. However, if you already have solid credit and want cash back rewards or a 0 percent intro APR offer, the Capital One Quicksilver could fit the bill.
Here are some factors to consider as you compare the two cards:
Welcome bonus winner
-
The Capital One Platinum doesn’t offer a welcome bonus, which is not uncommon for credit cards geared toward consumers with lower credit scores.
New cardholders of the Capital One Quicksilver, on the other hand, can receive a $200 cash bonus after spending $500 on purchases within the first three months of account opening. While this bonus isn’t the best on the market, it’s in-line with bonus offers from many cards that don’t charge an annual fee. The $500 spending requirement should be easily attainable, as you only have to spend an average of $166.67 per month to earn the bonus.
Rewards rate winner
-
The Capital One Platinum’s primary purpose is to help cardholders build credit, not to earn cash back rewards. To that end, the card doesn’t have a rewards program.
By contrast, providing cardholders with cash back rewards is the main benefit of the Capital One Quicksilver, which is why it takes the cake in this category. The card is perfect for those who want to earn better-than-average rewards without a lot of hassle. You’ll receive 1.5 percent cash back on every purchase, which makes it easy to know exactly how much you’ve earned. Further, you’ll get 5 percent back on hotels and rental cars booked through Capital One Travel.
Unlike other cash back cards, there’s no limit to the number of points you can earn and no restrictive categories or activations to deal with.
-
Neither the Capital One Quicksilver nor the Capital One Platinum charges an annual fee. You also won’t be charged foreign transaction fees when you make purchases in a foreign currency with either card.
-
Since the Capital One Platinum doesn’t offer an introductory APR period, the card comes up short in this category.
The Capital One Quicksilver offers a 0 percent intro APR for 15 months on both purchases and balance transfers. After that, the APR updates to a variable rate between 19.99 percent to 29.99 percent, depending on your creditworthiness.
When deciding whether to transfer a balance, always factor the balance transfer fee into your decision. In this case, Capital One charges a fee of 3 percent for the first 15 months or at a promotional APR that Capital One may offer you at any other time (there’s no fee for amounts transferred at the transfer APR).
Which card earns the most?
The Capital One Platinum focuses on helping you build credit, so it doesn’t offer a cash back program. Meanwhile, Capital One Quicksilver delivers 1.5 percent cash back on every purchase, with no limits, making it easy to earn more.
Capital One Quicksilver vs. Capital One Platinum spending example
With the Capital One Quicksilver’s unlimited 1.5 percent cash back rate, you’ll earn $15 for every $1,000 you spend using this card. Here are some guidelines to illustrate your potential earnings with the Quicksilver:
| Spending amount | Capital One Quicksilver |
|---|---|
| $1,000 per month | $15/month or $180/year |
| $1,500 per month | $22.50/month or $270/year |
| $2,000 per month | $30/month or $360/year |
| $2,500 per month | $37.50/month or $450/year |
| $3,000 per month | $45/month or $540/year |
While it’s nice to earn cash back, it’s important to pay your outstanding balance in full each month, or interest charges will cut into any cash rewards you earn.
Why should you get the Capital One Quicksilver?
You should consider the Capital One Quicksilver if you already have good or excellent credit and are looking to get cash back for your purchases without jumping through hoops. Plus, if you have a large purchase coming up or want to pay down existing high-interest debt, the Quicksilver’s zero-interest offer on purchases and balance transfers may be a good fit for you (19.99 percent to 29.99 percent ongoing variable APR thereafter).
Additional benefits
The Capital One Quicksilver provides Mastercard benefits like $0 fraud liability and identity theft protection. Other benefits include travel accident insurance, travel assistance services, extended warranty protection and, through Nov. 14, 2024, up to six months of complimentary Uber One membership.
Like many credit cards, the Quicksilver allows you to freeze your account if you misplace your card. However, the Quicksilver is one of the few cards that enables you to use your mobile app to activate the freeze. Additionally, you can create a virtual credit card number connected to your account to keep your credit card information safe.
Redemption options
Firstly, you can redeem rewards in the form of a statement credit or check. The Quicksilver even allows you to set up automatic redemptions at a set time during the year or when your rewards reach a specified threshold.
You can also redeem your rewards as credits for previous purchases, gift cards and PayPal or Amazon purchases.
Furthermore — and potentially for the most value — you can convert your Quicksilver rewards into Capital One miles if you also hold a miles-earning card like the Capital One Venture Rewards Credit Card.
Recommended credit score
The Capital One Quicksilver is available to borrowers with good to excellent credit scores. As such, you should have a FICO score above 670 or a VantageScore above 661.
Why should you get the Capital One Platinum?
If your credit scores are below average and you want to build your credit, consider the Capital One Platinum. The Platinum is a great starter card for someone with a thin credit profile or those looking to rebuild their credit.
The Capital One Platinum doesn’t charge an annual fee or require a high credit score. As a new cardholder, your credit limit may be low, but Capital One will automatically consider you for a higher credit limit in as little as six months. Even if you don’t use the higher credit limit, you could lower your credit utilization ratio, which could positively impact your credit scores.
Additional benefits
Just like the Quicksilver card, the Capital One Platinum is a Mastercard. This means you’ll get valuable Mastercard benefits like zero liability protection, emergency card services, identity theft protection and more.
Other Platinum benefits include access to CreditWise (you get access to this with the Quicksilver, too), which offers a free look at your credit score.
Redemption options
The Capital One Platinum doesn’t offer a rewards program. The Platinum is best suited for consumers who want a hassle-free card that can help build credit.
Recommended credit score
Capital One suggests that a fair credit score is needed to qualify for the Platinum card. Generally, a fair credit score falls between 580 and 669 for FICO and 601 to 660 for VantageScore. While no credit score can guarantee you’ll be granted a credit card, your odds of approval increase with a higher score.
The bottom line
When comparing these two Capital One cards, your decision likely rests on the strength of your credit score and what features you want your card to offer. If you’re looking for a simple, no-frills card that’ll help you improve your credit (with responsible use), the Capital One Platinum is a good option.
But if you already have excellent credit and are looking for a card that rewards you with cash back for your spending — with no limits — the Capital One Quicksilver could be an excellent addition to your wallet. There are no rotating categories or promotion activations to worry about, and you can even automate your redemptions.
If you’re still unsure about either of these cards, explore the best cards for every type of cardholder to get a sense of your other options.
Read the full article here
