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.
The Capital One Platinum Credit Card is a credit-builder card that offers a path to upgrading to a more rewarding credit card in as little as six months.
- No annual fee
- No security deposit required
- No rewards on purchases
- No welcome offer
- High APR
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- No annual or hidden fees. See if you're approved in seconds
- Be automatically considered for a higher credit line in as little as 6 months
- Help build your credit through responsible use of a card like this
- Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
- Monitor your credit score with CreditWise from Capital One. It's free for everyone
- Get access to your account 24 hours a day, 7 days a week with online banking from your desktop or smartphone, with Capital One's mobile app
- Check out quickly and securely with a contactless card, without touching a terminal or handing your card to a cashier. Just hover your card over a contactless reader, wait for the confirmation, and you're all set
- Pay by check, online or at a local branch, all with no fee - and pick the monthly due date that works best for you
- Top rated mobile app
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
The Capital One Quicksilver Cash Rewards Credit Card has no annual fee, cash-back rewards and a generous intro-APR offer, which make it a great option for saving on interest while earning rewards.
- No annual fee
- Low spending requirement for the welcome bonus
- The 3% balance transfer fee is valid for the first 15 months your account is open
- No foreign transaction fee
- Few notable ongoing perks
- No bonus rewards categories
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn a one-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening
- Earn unlimited 1.5% cash back on every purchase, every day
- $0 annual fee and no foreign transaction fees
- Earn unlimited 5% cash back on hotels, vacation rentals and rental cars booked through Capital One Travel
- No rotating categories or sign-ups needed to earn cash rewards; plus, cash back won't expire for the life of the account and there's no limit to how much you can earn
- 0% intro APR on purchases and balance transfers for 15 months; 18.49% - 28.49% variable APR after that; balance transfer fee applies
- Top rated mobile app
Balance transfer fee
- 3% for the first 15 months; 4% at a promotional APR that Capital One may offer you at any other time
Capital One Platinum Credit Card vs Capital One Quicksilver Cash Rewards Credit Card
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 one-time $200 cash bonus after you spend $500 on purchases within 3 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 18.49% - 28.49% 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.
