Getting started on the path to earning credit card rewards can be challenging if you have limited credit or less-than-perfect credit. There is, however, a clear path for building or rebuilding your credit to qualify for rewards-earning cards.
That’s the direction our article is headed today. We’re going to talk about a pair of Capital One cards that are good examples of cards that can serve as vehicles to help get you to where you want to be.
If you have limited credit or credit with a few blemishes, you’ll want to learn more about how these cards work and more importantly, how you can leverage the cards to qualify for even better cards that have greater earnings and more benefits.
Today we’re comparing the Capital One Platinum Credit Card and the Capital One Quicksilver card. Each card is designed for a consumer with a specific credit history, and each card, when managed well, can take you to the next step of building better credit.
Let’s take a look at how these cards compare and which may be best suited for your situation.
Minimum Qualification Requirements
To qualify for the CapOne Platinum card, Capital One recommends a fair or better credit score. Fair credit is described by Capital One as “having defaulted on a loan in the past 5 years or having a limited credit history of less than 3 years.” FICO, the prominent credit score creator, states that a fair score is one that falls between 580 and 669.
To qualify for the Quicksilver card, you will need a “good” credit score, or better. Capital One describes qualification criteria as the applicant has “not declared bankruptcy or defaulted on a loan in the past 5 years” and that the applicant “has a credit card or loan that has not been more than 30 days late in the past 5 years.” FICO states that a good credit score is between 670 and 739.
Fortunately, you can determine if you have card offers already available to you with this risk-free tool. Using the CardMatch tool does not involve a credit application or any hard inquiry on your credit report. Just provide the minimal information required and receive a list of any card offers available.
Capital One also has a pre-qualification tool that requires additional information but also determines if you have offers available and does not conduct a hard inquiry on your credit report.
To learn more about how pre-qualification works and what tools are available, visit our article on this topic.
Bottom Line: You will need at least a fair credit score to qualify for the CapOne Platinum card and a good or better score to qualify for the Quicksilver card. There are risk-free tools available to find out if you qualify, such as the CardMatch tool and Capital One’s pre-qualification tool.
The CapOne Platinum card is designed primarily for building credit and does not earn rewards.
The Quicksilver card offers a simple rewards structure that allows you to earn 1.5% cash-back on every purchase you make.
You can redeem the rewards earned on the Quicksilver card for cash-back, statement credits towards previous purchases, shopping on Amazon, redeem via PayPal, and for gift cards.
Everything Else You Need To Know
Using the pre-qualification tools will tell you if you have card offers waiting but does not guarantee you will be approved for the card.
The minimum credit limit for the CapOne Platinum card is $300. After 6 months of positive history with the CapOne Platinum card, you will be considered for a higher credit limit. After that time, you could also receive an offer to upgrade your card.
The minimum credit limit for the Quicksilver card is $1,000. Your history with the Quicksilver card will be evaluated for a higher credit limit or upgrade after 6 months of positive history.
CapOne Platinum Card vs. Quicksilver Card — Summary
|Feature or Benefit||CapOne Platinum Card||Quicksilver Card|
|Security Deposit Required||No|
|Reports to All 3 Major Credit Bureaus||Yes|
|Upgrade Card or Increase in Credit Limit||Evaluated by Capital One after 6 months positive history|
|Earning Rewards||N/A||1.5% cash-back on every purchase|
|Redemption Options||N/A||Cash-back, a statement credit, shopping at Amazon or via PayPal, gift cards|
|0% APR on Purchases||N/A||15 months from card approval, after that the current APR applies|
If you’re not sure where you stand currently, the first step is to determine your credit score and review your credit report for accuracy. You can access your credit reports from all 3 major credit bureaus at AnnualCreditReport.com.
Once you’ve determined your starting point, you can check for prequalified offers using a risk-free tool such as the CardMatch tool.
If you have existing card offers available, determine the level of credit required to be approved (this should be stated by the issuer) and apply for the card for which you’re most likely to qualify.
Record the date you were approved to keep track of any bonus offers or special promotions, and for building consecutive months of positive history.
Learn how to set up and log in to your online card account to manage on-time payments and keep track of your progress.
Watch for credit limit increase offers and card upgrade offers in your online account and in your email.
While it does take time and a lot of effort, you’ll be on your way to better credit and securing your rewards card of choice before you know it.
Of our featured cards, the better card for you will be the one for which you will qualify. Once you’re approved for a card, managing it well will open the door to better card opportunities.
While we’ve covered just 2 of many cards for building or rebuilding credit, there are several additional cards available. If you have bad credit or no credit, for example, we’ve put together a special list of some of the best secured cards.
You may also want to check out this collection of cards that are well-suited for those with bad credit.
It’s important to know that you can always improve your credit and eventually qualify for a rewards-earning card that can save you money, provide benefits you can use, and earn rewards that can be used to enhance your life.
The information regarding the Capital One Quicksilver card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
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Kzenon via Shutterstock