Capital One Platinum vs. Capital One QuicksilverOne

The Capital One Platinum Credit Card and Capital One QuicksilverOne Cash Rewards Credit Card are both great starter credit cards since they’re geared to people with a fair credit score. While the perks you get with either one are far from generous — and each charges a high APR if you carry a balance — the point of these cards is using them to build credit until you can qualify for a credit card with better benefits and features.

The main factors you should consider when comparing the Capital One Platinum vs. the Capital One QuicksilverOne are annual fees and rewards rates. The Platinum has no annual fee, whereas the QuicksilverOne will cost you $39 per year. The QuicksilverOne offers rewards, though, which may help offset the cost of the annual fee, whereas the Platinum doesn’t have a rewards program. Neither card offers a welcome bonus or a 0 percent introductory APR, either.

Capital One Platinum vs. Capital One QuicksilverOne: At a glance

Capital One Platinum vs. Capital One QuicksilverOne highlights

Though the differences between the Capital One Platinum and Capital One QuicksilverOne may seem small at first glance, digging deeper into their fine print may help you uncover benefits that could work better for you. Here’s a comparison of each card’s key features to help you decide which one is right for you.

Welcome bonus winner: Tie

Neither card offers a welcome bonus, so they tie on this factor.

Rewards rate winner: Capital One QuicksilverOne

The Capital One Platinum doesn’t offer any rewards for spending, so the QuicksilverOne wins in this category. The QuicksilverOne lets you earn an unlimited 1.5 percent cash back on all of your purchases, which is a solid rewards rate for a credit card for fair credit. You’ll also earn 5 percent back on hotels and rental cars booked through Capital One Travel, which can be helpful if you have upcoming travel plans.

Annual fee winner: Capital One Platinum

The Capital One Platinum doesn’t come with an annual fee, which makes it the clear winner for individuals who don’t want to pay a fee to carry a credit card. Meanwhile, the QuicksilverOne comes with a $39 annual fee that can potentially eat into your rewards earnings. Think of it this way: You would need to make at least $2,600 in purchases with the card to earn your $39 back in rewards each year at a rate of 1.5 percent cash back.

Foreign transaction fee winner: Tie

Neither card charges a foreign transaction fee on purchases made outside of the U.S., so these cards tie in this category.

Which card earns the most?

Since the Capital One Platinum doesn’t offer any rewards for spending, the QuicksilverOne is the clear winner here with its rewards rate of 1.5 percent cash back on every purchase.

However, it’s important to keep the card’s $39 annual fee in mind when calculating how much rewards could benefit you. To help you decide if the QuicksilverOne is right for you, here’s a quick spending example.

Capital One Platinum vs. QuicksilverOne spending example

You’ll need to spend about $217 per month, or $2,600 per year, to make up for the $39 annual fee on the Capital One QuicksilverOne. If you can’t see yourself charging about $217 a month to your card, you may be better off with the Platinum.

Then again, most people could probably make at least $200 in credit card charges per month — and potentially a lot more than that if they used their card to pay for groceries, gas, miscellaneous purchases and bills. The amount of rewards you can earn with the QuicksilverOne is also unlimited, so you’ll earn more cash back the more you spend.

For example, say you spend $1,000 a month ($12,000 per year) with the QuicksilverOne. In that scenario, you would earn $180 in cash back each year, or a profit of $141 after paying the annual fee. If you bump up your spending to $2,000 per month ($24,000 per year), you’ll earn $360 in cash back rewards each year, or a profit of $321 after paying the annual fee.

Why should you get the Capital One Platinum?

If you want the chance to build your credit with a credit card through responsible use, the Platinum card is likely a better option thanks to its lack of an annual fee.

Additional benefits

This card gives you the chance to be automatically considered for a higher credit limit in as little as six months, which is good news for people with limited credit who might start out with a really low limit. Other benefits include free access to your credit score through CreditWise from Capital One, $0 fraud liability and security alerts whenever Capital One detects suspicious activity on your account. Our Capital One Platinum benefits guide goes over these and other benefits one by one, so make sure to read it over for more details.

Redemption options

The Capital One Platinum doesn’t offer rewards, so there are no redemption options to consider or compare.

Recommended credit score

The recommended credit score for the Platinum is fair or better. According to Capital One, fair credit is defined as having a limited credit history or having defaulted on a loan within the last five years.

Why should you get the Capital One QuicksilverOne?

If you want to build credit with a credit card — and you plan to put more than $217 per month on your card — the Capital One QuicksilverOne can be a good choice.

Additional benefits

Similar to the Capital One Platinum, the QuicksilverOne will automatically consider you for a higher credit line in as little as six months. The card also comes with free access to your credit score through CreditWise, $0 fraud liability and access to Capital One Travel.

Cardholders also get six months of Uber One membership through November 14, 2024, although enrollment is required.

Redemption options

The Capital One QuicksilverOne lets you redeem your cash back rewards for statement credits, checks, recent purchases or gift cards. Since you can redeem rewards for several flexible options, this means you’re incredibly unlikely to get “stuck” with rewards you cannot use.

Recommended credit score

Capital One recommends that applicants have at least a fair credit score to qualify for the QuicksilverOne.

The bottom line

If you have a fair credit score or your credit history is limited in general, signing up for the Capital One Platinum or the Capital One QuicksilverOne can help you change that. That said, you do need to decide whether you want to earn rewards or skip paying an annual fee, since that’s the main factor that differentiates these two offers from one another.

No matter what you decide, note that these cards are not ones you’ll want to use to carry a balance due to their high APRs. In fact, both charge a 30.49 percent variate rate that can make carrying debt on them an incredibly costly experience.