Capital One Platinum vs. Capital One QuicksilverOne Credit Card (Platinum vs. Quicksilver One)

hey i'm adam jusko from proudmoney.com in this video we are going to look at the capital one platinum card versus the capital one quick silver one rewards card quicksilver one and not the regular quicksilver so these are cards for the sort of fair credit or lower credit market but before we look at those i'm going to ask you to please subscribe to this youtube channel if you have not already and if you have already i thank you for doing so so if you are someone that maybe has had some credit problems in the past and you're kind of inching your way back up to being able to get some cards from the likes of capital one maybe discover and you know moving up into the other card issuers as well you might use the capital one pre-qualification tool to see if you would qualify for one of their cards and in that pre-qualification tool you actually are only pre-qualifying for either the capital one platinum or the capital one quicksilver one card or the capital one secured card or all of them at one time so you are not pre-qualifying for all of capital ones cards just those cards for people that don't have quite as good of a credit history or maybe don't have much of a credit history so if you happen to qualify for all three of them it is quite possible that you are going to say i don't want that secured card i would rather have an unsecured card because i don't want to have to put a security deposit down and so that is where we get to the point of this video that would mean that the two cards you are looking at are the capital one platinum card versus the capital one quicksilver one card how do you choose let's take a look so let's look at that capital one platinum card first the capital one platinum card is an extremely bare bones credit card it is a card that has no rewards you've got an interest rate as i make this video of 22.99 which is actually lower than this card used to have so as i make this video they've made it 22.99 see if it goes back up at some point in the future but anyway nothing really going on here to get all that excited about except there's no annual fee and it is an unsecured credit card so if you've had some credit problems in the past and you can qualify for this card well then you have a credit card with no annual fee and you don't have to put a security deposit down capital one says that the starting credit line on this card would be at least three hundred dollars if you qualify and after six months they would consider you for a credit line increase all right now that potential alternative to the capital one platinum is the capital one quicksilver one card this is a car that does have an annual fee of 39 and it will stress here again we are talking about the quick silver one card not the quicksilver rewards card that has no annual fee so the cards are similar but this is the 39 annual fee card for people who have fair credit whose credit score would not qualify for them qualify them for the capital one quicksilver card so you've got capital one quicksilver one card 39 annual fee it has the same 22.99 interest rate as the capital one platinum card that we've already talked about at least as i'm making this video it does offer rewards it gives you 1.5 percent cashback on everything that you buy with the card so for every hundred bucks you spend you're gonna get a buck fifty back in rewards according to capital one this card also would start you with at least a three hundred dollar minimum credit line if you qualify for the card and after six months they would start considering you for a credit line increase so if you are given the choice between the capital one platinum card and the capital one quicksilver one card it really is a question of math because the cards are very much the same in every way other than the fact that one of them has no annual fee and no rewards and the other one has a 39 dollar annual fee but a 1.5 percent cash back reward and so if you're choosing between the two of them you'll want to think about how much you would potentially spend on the card and how the math works out let's say you get the card and you're only going to spend on average 150 you're only going to put 150 of charges on to the card each month over the course of a year average of 150 bucks per month is going to be eighteen hundred dollars in spending on that card if you put eighteen hundred dollars of spending on the capital one platinum card with its no annual fee and no rewards at the end of the year you will have a big zero because you didn't get any rewards you were just using the card in order to have a credit card and to help you build credit so that's all you were looking for with the capital one card you're not getting anything from it in terms of rewards now with the capital one quicksilver one card if you had spent that same eighteen hundred dollars on the card over the course of a year average of 150 bucks per month you would have received 27 in rewards that being 1.5 of the 1800 that you spent however you have a 39 annual fee so if you earn 27 in rewards but you pay 39 to get the card you are at negative 12. you have actually ended up spending 12 to have that card versus the capital one card that would have been essentially free as long as you don't pay any interest on the card you're paying off your bills every month that would be a zero for the capital one minus 12 for the capital one quicksilver one all right let's say average 200 a month or twenty four hundred dollars being charged to the card over the course of a year capital one platinum you spend twenty four hundred dollars at the end of that year again you are going to have a big zero you are not going to have earned any rewards but you will not have paid any annual fee so it will be a wash in terms of what you get out of the card it is essentially free again as long as you don't pay interest as long as you're paying off your bills in full every month capital one quicksilver one you spend 2 400 over the course of a year you are going to get 36 dollars in rewards that being 1.5 of the 2 400 however you have a 39 annual fee so 36 in rewards minus a 39 annual fee minus 3 so still if you had spent 200 bucks a month a month on average you would end up three dollars in the hole after a year but as you can see that puts you pretty close to the tipping point or the break even point in terms of where these cards would deliver essentially the same value and then beyond that tipping point it would make more sense to get the capital one quicksilver one card so specifically if you spent twenty six hundred dollars per year on each of these cards you would end up getting nothing out of either one so twenty six hundred dollars spent on the capital one platinum you're not getting any rewards there's no annual fee you get nothing you spend twenty six hundred dollars in the course of a year on the quick silver one card you get thirty nine dollars in rewards but you have a 39 annual fee and you get zero and then anywhere from that point on the capital one quicksilver one would be the wiser choice when we do the math say you spend 300 bucks per month 3 600 per year with the capital one platinum you're getting nothing no rewards no annual fee but the capital one quicksilver one card you spend 3 600 you are going to get 54 in rewards there's still that 39 annual fee but in that case you actually would earn 15 after the annual fee had been paid so you actually came out on the positive side and so the capital one quicksilver one card would make more sense for you there and then obviously anytime you went beyond that you would be even more so seeing the capital one quicksilver one card as the correct choice so really since the cards are so similar in every other way you just want to do the math and think about how much are you going to spend the more you spend the more the capital one quicksilver one card is going to uh make sense anything beyond that 2600 per year that i talked about anything below that the capital one platinum is going to make more sense now one of the nice things about capital one is that if you're someone who is trying to continue to build your credit and you hope to get other better capital one cards in the future either one of these choices is going to be a decent way to go in both cases you have the possibility of having your card upgraded in the future from the capital one platinum to perhaps the regular capital one quicksilver or another card the capital one offers obviously with the capital one quicksilver one card it is possible that over time they would simply take away that annual fee and then you would have the regular quicksilver rewards card that has that 1.5 percent cash back reward but you wouldn't have to pay an annual fee and we would forget all that math that i just talked about but capital one if you do all the right things with them they are pretty good about upgrading you over time so that's pretty much it for this video if you have questions or comments put them in that comment section below otherwise i thank you for watching and as always please go to productmoney.com where we do credit card reviews we talk personal finance we talk deals and all sorts of other fun stuff too thanks for watching bye

Channel: ProudMoney - Credit Cards & Personal Finance

Views: 66,439

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Id: p7-Mvt6S-r4

Length: 9min 10sec (550 seconds)

Published: Mon Dec 07 2020