Deciding which card is better for you depends on how high your credit score is and what you’re looking for in a credit card.
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The Capital One Quicksilver Cash Rewards Credit Card and the Capital One Platinum Credit Card share the same issuer. But aside from their affiliation with Capital One, these two cards are a world away in terms of the benefits they offer and the reasons why a cardholder might choose them.
The Capital One Quicksilver card is a high-yield cash back card designed for cardholders with good to excellent credit. It offers a flat 1.5% cash back rate that can add up to big savings for cardholders who use it regularly.
The Capital One Platinum card is a plain vanilla credit card designed for cardholders who want to build or rebuild credit with responsible use. It doesn’t offer a rewards program, nor does it offer a sign-up bonus.
Instead, its biggest selling point is its forgiving stance toward cardholders rebuilding their credit. If you pay your bill on time six months in a row, for example, your account is automatically reviewed for a credit limit increase.
Comparing Capital One Quicksilver vs. Capital One Platinum card features
Deciding which card is best for you depends on how high your credit score is and what you’re looking for in a credit card. Do you want a cash back card that rewards you for spending, or do you want to improve your credit with responsible use?
Capital One Quicksilver
Capital One Platinum
|Rewards rate||1.5% cash back on general purchases||None|
|Sign-up bonus||$200 cash back when you spend $500 in the first 3 months||None|
|Estimated yearly rewards value (for someone who spends $15,900)||$239||$0|
|Credit score needed||Good to excellent||Fair|
Earning cash back
The Capital One Platinum has no rewards whatsoever. If you like the idea of earning rewards alongside your spending, the Quicksilver Rewards card is the clear winner. This low-maintenance cash back card is ideal for cardholders who want to earn a significant amount back but don’t want to put too much effort into their earnings. Because the Quicksilver card gives you 1.5% cash back, no matter what you’re purchasing, there’s no need to keep track of any bonus categories with your spending.
No annual fee
Both the Capital One Quicksilver and the Capital One Platinum don’t charge an annual fee. The no annual fee is a nice advantage for the Quicksilver. You don’t have to feel obligated to specifically spend with the Quicksilver to make up for a hefty annual fee. As for the Platinum, it’s another nice perk to get you focused on making regular and full payments.
No penalty fee
Capital One credit cards do not charge a penalty APR rate. With other cards, if you miss a payment, your balance would be charged a penalty rate and a late fee. With the Quicksilver and the Platinum, however, you don’t have to worry. If you run into a stretch of bad luck and repeatedly miss payments, you won’t be surprised with a higher interest rate than you were expecting. That way, you can focus your efforts on catching up on missed payments rather than penalty fees. Just remember, when you miss a payment with these cards, you’ll still be charged with a late payment fee of up to $40.
Capital One Platinum: Best for building credit
Suited for someone building or rebuilding their credit, the Platinum card discourages you from overspending with its lack of a rewards program, intro APR and sign-up bonus. Its high regular APR of 26.99% variable also strongly deters you from carrying over a balance.
Its no-frills features only work to help you develop good credit habits so that once you’ve finished building up your credit, you’ll never find yourself in debt again.
In addition, your account is automatically reviewed for a credit limit increase after your first six months of on-time payments, which could benefit your credit score. Since larger credit limits are hard to obtain for consumers with damaged scores, that perk alone is worth a lot.
Like all Capital One credit cards, the Platinum card also waives foreign transaction fees – a rare perk for a card aimed at consumers with imperfect credit.
If you’re someone looking for a simple credit card but have excellent credit, you should consider a low rate credit card, such as the U.S. Bank Visa® Platinum Card or the PNC Core Visa credit card*.
Capital One Quicksilver Cash Rewards: Best for easy rewards
If you have good to excellent credit, choosing the Quicksilver card over the Platinum card is a no-brainer. Not only will the interest likely be lower, but its flat rate cash back, easy-to-earn sign-up bonus and no penalty rate make the Quicksilver a nice, reliable cash back card.
However, if your credit score isn’t high enough to qualify for a Quicksilver card, but you’d like to earn cash back, you may want to consider the Capital One QuicksilverOne Cash Rewards Credit Card. This card offers the same 1.5% cash back rate on all purchases but is designed for cardholders with average credit. The only caveat is that it charges a $39 annual fee, which can significantly cut into your overall earnings. For example, if you charge around $300 a month, you’ll earn roughly $54 over the course of the year. But if you factor in the annual fee, you’ll earn only around $15.
Cash back earned on $300 monthly spend
|Quicksilver card||QuicksilverOne card|
|$300 x 1.5% cash back x 12 months = $54||$300 x 1.5% cash back x 12 months – $39 annual fee = $15|
If your credit is good to excellent, the Quicksilver card is a great low-maintenance cash back card to use for everyday spending. For those who don’t use their credit card very often and don’t care about maximizing rewards too much, the Quicksilver is a good addition to your wallet.
The Platinum card’s finance charges are high, so it’s not a great choice for carrying a balance. But if you need help qualifying for a larger credit limit or just want a plain card to demonstrate that you regularly pay your bills on time, the Platinum card is a solid choice.
*All information about the PNC Bank’s Core Visa has been collected independently by CreditCards.com and has not been reviewed or approved by the issuer.
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