The Capital One Platinum and QuicksilverOne cards are two great cards for cardholders trying to build credit – we’ll help you decide which one works best for you.
The Capital One Platinum Credit Card and Capital One QuicksilverOne Cash Rewards Credit Card are two bare-bones, yet serviceable cards that provide a welcome mat for cards beginners and security for credit-builders. With responsible use, either card could be a great credit-building tool for those with fair credit (usually 580 or higher).
Unlike secured credit cards, unsecured cards allow you to make purchases and establish credit history without putting down a security deposit. This is a big plus if you’d rather not tie up money up front, though the tradeoff is usually a lower credit limit range. Secured cards are generally easier to qualify for as well.
The main difference between the cards is that only the QuicksilverOne has a rewards program, but it’s a minimal one at that. How do these two compare?
Capital One Platinum vs. QuicksilverOne
Capital One Platinum
Capital One QuicksilverOne
|Rewards||None||1.5% cash back on every purchase|
|Initial credit limit||See terms. Account reviewed for a higher credit limit after you make 6 on-time monthly payments.||See terms. Account reviewed for a higher credit limit after you make 6 on-time monthly payments.|
|Regular APR||26.99% variable||26.99% variable|
The Capital One Platinum has no rewards program, which is good since this discourages you from overspending to obtain any points, miles or cash back. The QuicksilverOne is a flat-rate cash back credit card, so you not only have the opportunity to build credit, you also earn 1.5% cash back on every purchase you make. You can find higher rates with other cards, but it’s an added incentive, nonetheless. Of course, don’t let the cash back tempt you into spending more than you usually would – these cards work best for credit building, not rewards.
Both the Capital One Platinum and the Capital One QuicksilverOne offer a chance at a higher credit limit. Your credit limit can play a big part in successfully managing your credit utilization – the amount of credit you’re using relative to your total available credit. Depending on your credit history, you may start off with a fairly low limit, around $300, for both cards.
However, the good thing: Capital One will automatically review your account for a credit line increase after you make six on-time monthly payments. If you practice good credit habits and your credit limit is raised, your credit utilization and payment history are sure to improve, raising your credit score.
Plus Capital One’s CreditWise feature is a great tool for you to see your credit score and how it’s calculated. CreditWise is available to all Capital One cardholders, but it’s especially helpful for those building credit so you become familiar with what credit habits increase or decrease your score.
The Capital One Platinum comes with no annual fee, which means you can spend without having to budget for an annual bill. The lack of an annual fee may be especially appealing if you’re trying to build your credit on a tight budget.
The Capital One QuicksilverOne does have an annual fee of $39. Compared to many travel credit cards, $39 seems small, but when you’re recovering from major debt, that extra $39 could be difficult to allocate for. Of course, the QuicksilverOne compensates for its annual fee with its flat-rate cash back rate, but you must spend $2,600 to earn $39 in cash back.
Capital One Platinum: Best for clear-cut rebuilding
The Capital One Platinum card doesn’t come with a rewards package, but that will only help you create healthy credit habits by not overspending. Other than the useful CreditWise feature, the card also comes with protections such as $0 fraud liability, emergency card services and identity theft protection.
Having all of this with no annual fee is a much more inviting option than going the secured credit card route. You want a card that will help you build credit over time while allowing you to practice responsible cardholder habits. Once you’re able to bring your credit to a good standing to be approved for another card, the Capital One Platinum will leave you in healthy credit shape.
Capital One QuicksilverOne: Best for small rewards
What the QuicksilverOne offers over the Platinum is the added incentive of earning cash back while building your credit. It also comes with protections such as security and account alerts, personalized due date, Apple Pay compatibility, no foreign transaction fee and $0 fraud liability.
Those perks don’t come free though. You’ll be paying a $39 annual fee, and the card doesn’t offer a sign-up bonus. This card is only for cardholders who feel secure they can control their spending, factoring in the cash back and annual fee, while they work on building their credit.
Both these options will help you build credit with responsible card use. However, if you’re truly still recovering from some debt and would rather create new credit habits, the Capital One Platinum is a safer bet. Only cardholders who know they won’t be swayed by the Capital One QuicksilverOne’s small rewards should get it. Make sure you choose the card that will set you up for success – not invite you back into carrying balances.