The Capital One Platinum Credit Card and Capital One Quicksilver Cash Rewards Credit Card are both no-annual-fee credit cards, but that's where the key similarities end. One is an excellent cash-back rewards credit card and the other is a solid credit card for building credit.
If you're unsure which credit card is a good fit, CNBC Select has all the information you need to make a good decision.
Capital One Platinum Credit Card
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Rewards
None
Welcome bonus
None
Annual fee
$0
Intro APR
None
Regular APR
29.99% variable
Balance transfer fee
4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you
Foreign transaction fee
None
Credit needed
Fair/Good
Terms apply.
Pros
- No annual fee
- Automatically considered for a higher credit line in as little as 6 months
Cons
- High variable APR
- No rewards program
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Capital One Quicksilver Cash Rewards Credit Card
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Rewards
Enjoy up to 6 months of complimentary Uber One membership statement credits through 11/14/2024, 1.5% cash back on every purchase
Welcome bonus
Earn a one-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening
Annual fee
$0
Intro APR
0% intro APR for 15 months on purchases and balance transfers
Regular APR
29.99% variable
Balance transfer fee
3% for the first 15 months; 4% at a promotional APR that Capital One may offer you at any other time
Foreign transaction fee
None
Credit needed
Excellent/Good
Terms apply.
Read our Capital One Quicksilver Cash Rewards Credit Card review.
Pros
- No annual fee
- Low spending requirement for the welcome bonus
- Redeem cash back for any amount at any time
- No foreign transaction fee
Cons
- 3% balance transfer fee during the first 15 months your account is open
- No bonus rewards categories
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Capital One Platinum Credit Card vs Capital One Quicksilver Cash Rewards Credit Card
- Annual fee
- Welcome bonus
- Rewards
- Redemption options
- Benefits
- Reasons to get both cards
- FAQs
Annual fee
The Capital One Platinum Credit Card and Capital One Quicksilver Cash Rewards Credit Card both have no annual fee.
Winner: Tie.
Welcome bonus
The Capital One Platinum Credit Card has no welcome offer or intro bonus for new card members.
With a new Capital One Quicksilver Cash Rewards Credit Card, you can earn a $200 cash bonus after spending $500 on the card in the first three months from account opening. That's a solid return for a low minimum spending requirement, over the first three months, you only need to spend an average of $167 per month to earn the intro bonus.
Winner: Capital One Quicksilver Card.
Rewards
The Capital One Platinum Card and Capital One Quicksilver Card are completely different styles of cards when it comes to rewards. The Capital One Platinum earns no rewards, while the Capital One Quicksilver earns at least 1.5% cash back on every purchase.
That puts the Quicksilver on par with many of the top credit cards for everyday purchases. It also earns 5% cash back on hotels and rental cars when you book through Capital One Travel.
Winner: Capital One Quicksilver Card.
Redemption options
The cashback you earn with the Capital One Quicksilver can be redeemed in a variety of ways. You can redeem it for cash and get a check mailed to you or receive a statement credit. You can use the rewards to cover purchases you make with the card or spend it on gift cards. Regardless of which redemption option you prefer, you can easily redeem rewards for the same value.
The Capital One Platinum Card offers no rewards to redeem.
Winner: Capital One Quicksilver Card.
Benefits
The Capital One Platinum and Capital One Quicksilver both have no foreign transaction fees and 50% discount on handcrafted beverages at Capital One Cafés, but that's where the similarities end. The Capital One Platinum's biggest benefit is that it can help you improve your credit. After as little as six months, Capital One will automatically review your account for a potential credit line increase or upgrade to a rewards card.
The Capital One Quicksilver is a rewarding no-annual-fee cash-back card. It grants you up to six months of Uber One statement credits that cover the monthly fee (through Nov. 14, 2024). You'll also get access to coverages such as extended warranty protection and travel accident insurance.
Winner: Capital One Quicksilver Card because it offers more tangible benefits. However, if you're looking to raise your credit score, the Capital One Platinum's credit-building features can be highly valuable.
Reasons to get both cards
There is no particular reason to get both the Capital One Platinum Card and Capital One Quicksilver as they serve different types of consumers.
The Capital One Platinum is available if you have weaker credit and want to improve your score, but offers no rewards. However, if you have good to excellent credit, you can earn generous rewards and still pay a $0 annual fee with the Capital One Quicksilver Card. You would get no additional benefits for also having the Platinum Card.
If you open the Capital One Platinum, you may be able to upgrade your card to the Capital One Quicksilver after you have rebuilt your credit.
Capital One Platinum Credit Card vs. Capital One Quicksilver Cash Rewards Credit Card overview
| Capital One Platinum Credit Card | Capital One Quicksilver Cash Rewards Credit Card | |
|---|---|---|
| Credit score requirement | Average, Fair, Limited | Good to excellent |
| Annual fee | $0 | $0 |
| Rewards | None | 5% cash back on hotels and car rentals book through Capital One Travel; 1.5% cash back on all purchases |
| Intro APR | None | Yes, on purchases and balance transfers for 15 months, then 19.99% to 29.99% variable APR applies (balance transfer fee applies) |
| Standout benefits | No foreign transaction fees | No foreign transaction fees, up to six months of free Uber One membership (through Nov. 14, 2024), extended warranty protection, travel accident insurance |
FAQs
How do credit cards impact credit?
A credit card can positively or negatively impact your credit, depending on how you use it. If you pay off your bill in full and on time each month, it helps to improve your credit score. However, if you maintain a high card balance or consistently make late payments, your credit score will eventually decrease.
What is the biggest difference between the Capital One Platinum and Capital One Quicksilver?
The biggest difference between the Capital One Platinum and Capital One Quicksilver cards is in who they each are designed for. The Capital One Platinum is available if you have fair credit and can help you improve your credit score. The Capital One Quicksilver is a rewarding cash-back card available to those with good to excellent credit scores.
Are Capital One credit cards hard to get?
How difficult it is to get approved for a Capital One credit card, varies by card. The most rewarding Capital One cards typically require good to excellent credit scores, while secured cards are available to those with low or no credit scores.
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At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit card products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
