Description: This article is going to be a review of the Capital One Quicksilver Cards, it shows the differences between the Visa card and MasterCard, and which one is better and is worth applying.
We’re going to be talking about the capital one quick silver cards, there are two cards, one uses visa as its financial hand, another uses MasterCard. We call them the Quicksilver rewards card and the Quicksilver one rewards card, they’re mostly the same but with some slight differences, so I’m going to talk about it.
They both are cash back cards, 1.5% on everything, that does cut slightly above what you get from discover ITA or Chase which is 1% on everything. Although those cards have 5% on specific categories, but 1.5% is not anything to scoff at. It can add up gradually especially if you use your credit card consistently and responsibly, cashback can be redeemed in terms of checking your account or statement balance or in terms of other rewards.
In addition, the Visa Card currently has a special thing which is if you spend $500 in the first three months, you get $100 back which is a nice intriguing deal and it is certainly worth consideration. In terms of the annual fee, the visa has non, the MasterCard does have one and I will be talking to you about this later.
The cashback you are going to be paying to get into the financials aren’t the say, so the introductory APR is 0% on both for the first nine months, then for the visa, it’s 13.24% to 23.23%, for the MasterCard, it’s immediately 23.24%. And the same rates apply for the transfer rate. The transfer balance fee for the visa is 3% for everything in the first nine months, for the MasterCard, you don’t have to pay for that.
The main reason why the MasterCard has higher rate is that it’s oriented towards people who have less credit history, the Quicksilver rewards for people with better credit and that’s how it affects the annual fee. I think they are more functional than the platinum MasterCard.
I recommend the visa because you get a small amount of cash back but no annual fee, although it is only for three months, it is still a good deal. Now the for the MasterCard, you can also get the cash back, but you don’t have the three months, it is a big disadvantage. While at the same time, you get the cash back.
If you spend $200 a month in your credit card, in a year you’d have $36 and cash back beer money or gas money, but you’re paying an annual fee of $39, so what you’re getting at the end of year is $-3, you’re paying an annual fee to be able to access cash back which if you don’t spend enough, you’re actually not surpassing the annual fee. I’m not hugely concerned about differences for APR rates because my cardinal rule is you always pay your balance every month in case of an emergency like medical emergency.
If you want to get a Capital One car, but you can’t get approved for the Quicksilver rewards instead of going for the MasterCard and being fleeced by this annual fee with lower cashback, go for the Platinum MasterCard offered by Capital One, you won’t get the cash back but at least you won’t be paying to get a car where then you have to spend more to get enough cash back to justify it, build up your credit and then apply for one with no annual fee that does have those benefits included.