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.
The main difference between the cards is that only the QuicksilverOne has a rewards program, and a minimal one at that. So how do these two compare?
Capital One Platinum vs. Capital One 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.|
How they’re similar
Both require fair credit for approval. Since both the Platinum and the QuicksilverOne are designed to build credit, you don’t have to worry about having a high credit score to be approved for either one. Both require a fair credit score (typically a score above 580) to qualify.
Both are unsecured credit cards. 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.
Both 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 to start off with a fairly low limit with both the Platinum and QuicksilverOne, but Capital One will automatically review your account for a credit line increase after you make six on-time monthly payments.
How they’re different
Rewards. The QuicksilverOne is a flat-rate cash back credit card, so you not only have the opportunity to build credit, but 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. In fact, if you spend a sufficient amount on the QuicksilverOne card, you can earn enough cash back to outmatch the annual fee. For example, a cardholder who spends $300 on the card each month would earn $54 in cash back – $15 more than the card’s $39 annual fee. The Capital One Platinum card, on the other hand, doesn’t offer a rewards package for making purchases.
Annual fee. 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.
Best for building credit with no annual fee: Capital One Platinum
The Capital One Platinum card doesn’t come with a rewards package, but it does have plenty of features in place to help you build credit. One in particular is the CreditWise feature, which allows you to check your credit score and monitor your credit over time.
The card also comes with a number of protections such as fraud coverage, 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 good enough standing to be approved for another card, the Capital One Platinum will leave you in good shape.
Best for building credit while earning cash back: Capital One QuicksilverOne
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, compatible with Apple Pay, no foreign transaction fees, and fraud coverage.
It doesn’t come free, however. You’ll be paying a $39 annual fee, and the card doesn’t offer a sign-up bonus. But it could end up being a small price to pay for the added cash back benefit.
Both of these options will help you build credit with responsible card use. Choosing between the two comes down to the additional benefits that each one offers, and how you feel they can set you up for success down the line.