The Capital One Quicksilver Platinum credit card offers an introductory rate of 0.55% over the lifetime of the card, a standard introductory rate of 1.4% on balance transfers and purchases and a variable interest rate for balance transfers of 2.3%. The introductory rate is very low and may not be affordable for many individuals; however, the annual percentage rate and the standard annual percentage rate are both very reasonable.
The APR is quite high The rate of interest on the credit card is considerably higher than the average APR charged by most other credit cards. The standard introductory rate can be rather high, so it is not the ideal choice for someone who is trying to establish credit. The one-year term of the introductory rate means that you pay a higher cost each year until the end of the introductory period, so this is not a good choice for someone who is already paying too much. The card also has an extremely low credit limit and no minimum payment is required.
The rewards offered by the Capital One Quicksilver Credit Card are very limited The rewards provided by this credit card are rather minimal. The card does provide a small travel reward (a dollar in airline ticket rewards) but this is a very limited benefit, especially considering that the card is for people who have never traveled before. If you do decide to travel frequently then it would be more advantageous to use a card with a larger rewards program, such as the Chase Freedom Unlimited card.
A Capital One Quicksilver Platinum credit card will not help you build your credit score One of the reasons for having a Capital One card is that you receive a cash back credit card. The money back credit card earns rewards when you use your card to make purchases at any participating retailers. These rewards are very small and will not help you build your credit score as most credit cards reward you for using your card to make purchases, rather than for making purchases.
The card does not allow you to keep your balance paid off One of the problems with credit cards is that they do not allow you to keep your balance paid off if you do not use your card. If you do not make your monthly payments, you will have an outstanding balance, which will show up on your statement each month and could hurt your credit score. A Capital One card allows you to choose a grace period before you need to make your payments.
The interest rate and the rewards on the credit cards will vary according to the issuer of the card Some issuers will charge you a higher interest rate and some lower interest rate. Make sure you read all of the fine print when you are choosing your card so that you are certain that you know the exact APR that you will be charged.