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It would be unfair to compare the Capital One Quicksilver Cash Rewards Credit Card and the Capital One Platinum Credit Card side by side. For a $0 annual fee, the Quicksilver offers rewards, a sign-up bonus, and an introductory annual percentage rate (APR) period on purchases and balance transfers. The Platinum doesn’t have any of those perks.
Of course, the Quicksilver’s rich benefits come at a price: your credit score. Only customers with credit scores of 690 or higher—that is, those with good to excellent credit—are eligible for the Quicksilver The Platinum has a lower barrier to entry, requiring only average credit.
Capital One states that in order to be eligible for the Capital One Quicksilver Cash Rewards Credit Card, you must have excellent credit. Typically, excellent credit means a credit score of at least 720. But keep in mind that applicants with less-than-perfect credit might be accepted for an alternative version of this card, which has the same rewards over time but no sign-up bonus or introductory APR period.
Applying for a new credit card can be exciting but it’s also important to understand the potential impact on your credit score. One of the key factors to consider is whether the card issuer will perform a hard pull on your credit report. This inquiry can temporarily lower your score so it’s important to weigh the benefits of the card against the potential credit score impact.
The specifics of Capital One QuicksilverOne’s hard pull policy, including the credit bureaus they pull from and how it could impact your score, are covered in detail in this article. Additionally, we’ll look into other ways to check your credit score without obtaining a hard pull.
Does Capital One QuicksilverOne Do a Hard Pull?
Yes, when you apply for the card, Capital One QuicksilverOne will pull your credit report. Since most credit card issuers must determine your creditworthiness before approving your application, this is standard procedure for them.
The hard pull will typically be reflected on your credit reports from all three major credit bureaus: Equifax, Experian, and TransUnion. This means that your credit score may drop slightly after you apply for the QuicksilverOne card.
Which Credit Bureaus Does Capital One QuicksilverOne Pull From?
Equifax, Experian, and TransUnion are the three main credit bureaus from which Capital One QuicksilverOne normally obtains your credit report information. This enables them to have a thorough understanding of your credit history and decide on your application with knowledge.
How Much Does a Hard Pull Affect Your Credit Score?
A hard pull typically lowers your credit score by a few points, usually between 5 and 10 points. However, the exact impact will vary depending on your individual credit history and the specific scoring model used.
The good news is that the impact of a hard pull is usually temporary. Your credit score should bounce back within a few months, as long as you continue to manage your credit responsibly.
How to Minimize the Impact of a Hard Pull
If you’re concerned about the impact of a hard pull on your credit score, there are a few things you can do to minimize the damage:
- Apply for multiple cards at once. When you apply for multiple cards within a short period (usually 14-45 days), the credit bureaus may group these inquiries together and only count them as one hard pull. This is known as “rate shopping” and is a common strategy for minimizing the impact of hard pulls.
- Check your pre-qualification options. Many credit card issuers, including Capital One, offer pre-qualification tools that allow you to see if you’re likely to be approved for a card without triggering a hard pull. This is a great way to gauge your chances of approval before you submit a formal application.
- Wait to apply for new credit. If you’re planning to apply for a mortgage or other major loan in the near future, it’s best to avoid applying for new credit cards in the meantime. Hard pulls can stay on your credit report for up to two years, so it’s important to time your applications strategically.
Alternative Ways to Check Your Credit Score
There are several ways to check your credit score without triggering a hard pull:
- Free credit score websites: Many websites offer free credit scores, often updated monthly. These scores may not be the exact same as the scores used by lenders, but they can give you a good general idea of your credit health.
- Credit card statements: Some credit card issuers provide free access to your credit score through your online account or monthly statement.
- Credit monitoring services: Credit monitoring services typically offer free credit scores as part of their paid plans. These services can also alert you to any changes in your credit report, which can help you detect and prevent identity theft.
Although Capital One QuicksilverOne pulls your credit report, the effect on your score is typically momentary. Understanding the hard pull policy and taking action to lessen its effects will help you decide if the QuicksilverOne card is the best option for you.
Why the Quicksilver is better for most people
Earning rewards with the Capital One Quicksilver Cash Rewards Credit Card is as straightforward as it gets. Cardholders earn an unlimited 1. A flat 5% rebate on all purchases and an increased 5% rebate on hotels and rental cars reserved via the Capital One Travel portal
Rewards dont expire, and there is no minimum redemption amount.
Redemption options include cash back, statement credit and gift cards. Rewards may also be used to pay for purchases through PayPal and Amazon.
The Capital One Platinum Credit Card doesn’t earn any rewards.
Through Nov. Credits to Uber One membership statements are available for up to six months for Capital One Quicksilver Cash Rewards Credit Card holders as of April 14, 2024.
Intro APR and balance transfer period
In contrast to the Capital One Platinum Credit Card, the Quicksilver card offers a new cardholder introduction APR period of 200 percent on purchases and balance transfers for the first 15 months of 2015. 99% – 29. 99% variable APR after that; balance transfer fee applies. The intro APR period, when combined with the card’s rewards and sign-up bonus, makes the Quicksilver a great option for people who need to finance big purchases.
Say your AC unit needs to be replaced at a cost of $5,000. In addition to instantly benefiting from the sign-up bonus, using your new Quicksilver card to pay for the installation will also earn you an extra $75 in rewards. Additionally, the card’s intro APR period means that you won’t have to worry about paying interest on that substantial balance for the next year or so.
The same APR grace period applies to balance transfers to the Capital One Quicksilver Cash Rewards Credit Card as it does to new purchases, but there is a balance transfer fee. Capital One allows cardholders to move balances from other credit cards, personal loans, student loans and auto loans.
Capital One Quicksilver Has 3 Huge Benefits For Beginners
What is the Capital One Quicksilver cash rewards credit card?
The Capital One QuicksilverOne Cash Rewards Credit Card gives you 1.5% cash back on nearly every purchase. This is the same rewards rate you’ll get with the regular version of this card, the Capital One Quicksilver Cash Rewards Credit Card — which is available to those with excellent credit ( see rates and fees ).
Does Capital One Quicksilver offer a sign up bonus?
Holders of the Capital One Quicksilver Cash Rewards Credit Card are eligible for the following sign up bonus: Earn a one-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening. The Capital One QuicksilverOne Cash Rewards Credit Card, on the other hand, offers no sign-up bonus.
How can I maximize my benefits as a Capital One Quicksilver credit card holder?
Here are a few ways you can maximize your benefits as a cardholder. The Capital One Quicksilver credit card’s introductory bonus is easy to earn, so take advantage of it. Earn a $200 cash bonus after spending $500 on purchases within 3 months from account opening. You can make one major or several smaller purchases over 90 days to earn the reward.
Do commissions affect the Capital One Quicksilver cash rewards credit card?
Commissions do not affect our editors’ opinions or evaluations. The Capital One Quicksilver Cash Rewards Credit Card ( rates & fees) earns 1.5% cash back on every purchase and 5% cash back on hotels and rental cars booked through Capital One Travel. Not only that, your rewards don’t expire.