Capital One Platinum vs. Capital One Quicksilver: Which credit card offers more benefits without an annual fee?
While both the Capital One Platinum Credit Card and Capital One Quicksilver Cash Rewards Credit Card are no-annual-fee credit cards, they differ significantly in their rewards and benefits. The Capital One Platinum Credit Card is an excellent cash-back rewards credit card, while the Capital One Quicksilver Cash Rewards Credit Card is a solid credit card for building credit.
If you're unsure which credit card is the best fit, CNBC Select provides all the necessary information to make an informed decision.
Annual fee
Both Capital One Platinum Credit Card and Capital One Quicksilver Cash Rewards Credit Card do not charge an annual fee.
Welcome bonus
New cardholders of the Capital One Platinum Credit Card do not receive a welcome offer or intro bonus.
Earning a $200 cash bonus after spending $500 on the Capital One Quicksilver Cash Rewards Credit Card in the first three months from account opening is a great return for a low minimum spending requirement. To earn the intro bonus, you only need to spend an average of $167 per month over the first three months.
Rewards
While the Capital One Platinum Card does not offer any rewards, the Capital One Quicksilver Card provides at least 1.5% cash back on every purchase.
Capital One Quicksilver credit card competes with top cards for everyday purchases and offers 5% cash back on hotels and rental cars through Capital One Travel.
Redemption options
The Capital One Quicksilver cashback can be redeemed in multiple ways, including cash or a check, statement credit, purchases with the card, or gift cards. Regardless of the option chosen, the rewards can be redeemed for the same value.
The Capital One Platinum Card offers no rewards to redeem.
Benefits
Capital One Platinum and Capital One Quicksilver share no foreign transaction fees and a 50% discount on handcrafted beverages at Capital One Cafés, but their benefits differ. The Capital One Platinum's main advantage is its ability to improve credit. After just six months, Capital One will review your account for a potential credit line increase or upgrade to a rewards card.
The Capital One Quicksilver is a cash-back card that offers six months of Uber One statement credits, covering the monthly fee, and provides extended warranty protection and travel accident insurance, all without an annual fee.
Reasons to get both cards
It is not necessary to obtain both the Capital One Platinum Card and Capital One Quicksilver since they cater to different groups of consumers.
If you have weaker credit and want to improve your score, the Capital One Platinum is available. However, if you have good to excellent credit, the Capital One Quicksilver Card offers generous rewards and a $0 annual fee. The Platinum Card does not provide any additional benefits.
Rebuilding your credit may allow you to upgrade from the Capital One Platinum to the Capital One Quicksilver.
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