Capital One Platinum and QuicksilverOne credit cards offer basic services designed to help build or rebuild your credit. Both require fair credit – usually defined as having at least 580 FICO score – before being approved.
Both cards feature low annual fees and no rewards; however, they both allow you to increase your credit limit with six timely payments made on time. Furthermore, both report to credit bureaus – essential when building or rebuilding credit.
1.5% cash back on all purchases
Capital One Travel offers an impressive 1.5% cash back on all purchases made through their travel portal, including an impressive 5% rate on hotels and rental car bookings made through them. This rewards rate outpaces most cards offering bonus categories while competing against many of the best flat-rate cards for all purchases; making this card an excellent option if you have fair credit and desire earning substantial rewards.
Redeem your cash back for gift cards, merchandise and more with this card’s no foreign transaction fees and zero liability fraud protection features compared to most other Capital One cards designed to build credit. In addition, there is no annual fee attached compared to similar credit cards aimed at building credit.
As this card’s credit limit is typically more limited than most others, managing debt levels may prove challenging. But you can increase your chances of qualifying for a larger limit by using it responsibly; paying bills on time and keeping debt utilization below 30% are two key components in increasing credit scores and improving chances for approval.
This credit card is an ideal solution for individuals who have fair credit but want to build it, as it can help them qualify for better loans, such as mortgages and auto loans. Furthermore, its many benefits include free credit monitoring services, user-friendly mobile apps and the possibility of earning increased limits through responsible use.
Capital One Platinum Card is an ideal card for those trying to rebuild their credit, helping them get approved for better loans and financial products. It features a user-friendly mobile app and cash back rewards on purchases; reports directly to major credit bureaus for your history building purposes; also comes with VantageScore access and credit alerts!
2. No annual fee
Capital One Platinum can help you build credit without incurring annual fees, making it an accessible way for those just beginning their credit journey or working to improve their score and qualify for better cards later. Unlike secured credit cards that require you to put down a security deposit, this unsecured card doesn’t charge an annual fee, making it more accessible for people just beginning or working to repair their score and qualify for better cards in the future.
Though this credit card does not offer rewards such as welcome bonuses, it does provide the potential to automatically be considered for an increased credit limit after an agreed upon amount of time has passed. That way, as long as payments are made timely and in full, you could likely find yourself with an increased limit without incurring additional costs or interest charges.
Capital One’s low entry requirements make the card easy to apply for and only require fair credit (at least 580), making it ideal for individuals with little or no history who wish to build up their credit. Plus, Capital One CreditWise gives free access to your score as well as having no fraud liability!
Capital One Platinum may not be right for everyone; if you want to build credit while reaping rewards like cash back or travel miles, there may be better cards out there that offer similar perks than Capital One Platinum. CardMatch can help identify which options exist that might fit best with your lifestyle needs.
Capital One Platinum offers many ways for individuals with average credit to get more information, apply and connect directly with representatives. You can also browse other cards in our guide of best credit cards for average credit. And when it’s time to begin improving your score and start building credit history, our risk-free tool can show what cards may be available; take a look and select which offers match your preferences before applying.
3. Chance to get a higher credit limit
Capital One Platinum was designed to help individuals build credit quickly, with an accessible entry barrier. It’s an unsecured card that doesn’t require a deposit and has no annual fees – perfect for young adults and students looking to start building credit quickly! Plus, this card can even be used internationally!
Capital One credit cards provide the option for you to increase your credit limit after six months of responsible use, either online via clicking the “Request a credit limit increase” link in “Manage Your Cards”, or over the phone using their customer service number located on the back of their cards. Once submitted, Capital One will review your history before either accepting or declining it.
Note that applying for an increase may negatively impact your credit score; however, if you manage your spending and utilization carefully enough, you should be able to keep the ratio below 30% and improve both your score and chances for getting one in the future.
Capital One offers an impressive variety of credit cards tailored to fit every need and credit level, from individuals with fair or recovering credit, and only needing an average score to qualify. Their Platinum card in particular is ideal for young adults, college students and new graduates looking to establish credit without an annual fee.
The QuicksilverOne rewards card can be used by anyone with good credit who meets certain eligibility requirements, offering sign-up bonuses and an introductory APR period on purchases and balance transfers. While its rewards can easily offset its $39 annual fee, keep in mind this card is designed primarily to build and rebuild credit; those already established should search out cards with higher limits that reward responsible spending more heavily.
4. No associated redemption options
If you are trying to build credit but do not yet have perfect credit, qualifying for rewards cards with perks may be challenging. Even with fair or average credit (FICO score of 580 or above), both Capital One Platinum and QuicksilverOne offer ways of improving both credit history and earnings simultaneously. Both cards do not feature sign-up bonuses or an intro APR period but the Platinum offers the possibility of expanding credit limits after six months of on-time payments.
Both the Platinum and QuicksilverOne credit cards provide opportunities to earn cash back on purchases, though one costs an annual fee of $39 each year if chosen as your card of choice. As this can eat away at your rewards earnings quickly, other cards may provide better solutions without an annual fee that offer greater rewards potential.
Though the QuicksilverOne may charge an annual fee, it remains an excellent credit card for building or rebuilding credit. Ideal for those without the best score or history but need credit cards nonetheless, its no-hassle rewards rate of 1.5% offers added peace of mind as you work to increase your score.
This card reports to all three major credit bureaus, so that you can track your progress with each major bureau. Furthermore, it features helpful alerts such as email or text reminders about your account as well as notifications of suspicious activity – plus you can track your score using its complimentary CreditWise feature!
Responsible cardholder behavior is crucial when building credit, and QuicksilverOne can serve as an excellent credit-building tool – its low interest rates and credit utilization can make getting approved for other cards much simpler in the future.