topic Re: Bone to pick with Quicksilver & Question? in Credit Cards

Bone to pick with Quicksilver & Question?

Anonymous — Mon, 05 Oct 2015 17:06:37 GMT

Hey FICOer's! You can see in my siggy that I am a big cash back lover when it comes to credit cards. I've been recently for some odd reason becoming obsessed with the Capital One Quicksilver card (probably mainly due to that $100 sign-up bonus after you spend $500 in 90 days). One thing that is bothering me, however, is the 0% intoductory APR that is only good for 9 months.

How come other cards (like the BoA Cash Rewards, Discover It, or Chase Freedom) have 12 or 15 months with 0% APR and most times have the same $100 sign-up bonus, but the Quicksilvers is only 9 months? Does Capital One ever have promotions going on where it's sometimes $200 cash back or 15 months no APR? I've been keeping my eye on the Quicksilver website for a few months now and it's just been the same promotion.

I'm going to be looking to app for either the Capital One Quicksilver or the Citi Double Cash Card coming up here in a few months. I like the 15 months 0% APR with 2% cash back with the Double Cash, but I also like Capital One's $100 sign-up bonus on the Quicksilver. I run about $300-400 a month on my credit cards. Which one would be the most beneficial when it comes to getting the most cash rewards for me personally?

Re: Bone to pick with Quicksilver & Question?

kdm31091 — Mon, 05 Oct 2015 17:15:11 GMT

@Anonymous wrote:
Hey FICOer's! You can see in my siggy that I am a big cash back lover when it comes to credit cards. I've been recently for some odd reason becoming obsessed with the Capital One Quicksilver card (probably mainly due to that $100 sign-up bonus after you spend $500 in 90 days). One thing that is bothering me, however, is the 0% intoductory APR that is only good for 9 months.

How come other cards (like the BoA Cash Rewards, Discover It, or Chase Freedom) have 12 or 15 months with 0% APR and most times have the same $100 sign-up bonus, but the Quicksilvers is only 9 months? Does Capital One ever have promotions going on where it's sometimes $200 cash back or 15 months no APR? I've been keeping my eye on the Quicksilver website for a few months now and it's just been the same promotion.

I'm going to be looking to app for either the Capital One Quicksilver or the Citi Double Cash Card coming up here in a few months. I like the 15 months 0% APR with 2% cash back with the Double Cash, but I also like Capital One's $100 sign-up bonus on the Quicksilver. I run about $300-400 a month on my credit cards. Which one would be the most beneficial when it comes to getting the most cash rewards for me personally?

It's generally only 9 months with QS. Capital One isn't known for changing up their offers very much.

Your second question is pretty easy. If you are spending $400 a month on a 1.5% Quicksilver, you'll get $6 a month out of it plus the $100 bonus. The same spend on a Double Cash gives you $8 a month. It would take over a year before the Double Cash would overtake the Quicksilver rewards in that case. So I'd go with the QS, personally, unless the longer 0% really matters to you.

With that low of spend though, is it really worth even opening another new account for not even $10 a month in benefits? Note that even if all $400 of that only got you 1% on your BOA card, you're still getting $4 which is not that much less when we're talking about such tiny amounts of money.

Re: Bone to pick with Quicksilver & Question?

OmarGB9 — Mon, 05 Oct 2015 17:34:13 GMT

I agree with kdm. $300-$400 a month isn't much when you're contemplating a 0.5% difference in cash back. It has been stated here before that $20k/year is the threshold for the DC to overtake the QS in terms of cash back (the first year). Not to mention the QS is hassle free to get your cash back whereas with Citi it's somewhat annoying that you get 1% at transaction post and the other 1% at the next statement (after paying, of course) AND there's a $25 minimum redemption limit.

Re: Bone to pick with Quicksilver & Question?

Anonymous — Mon, 05 Oct 2015 17:42:54 GMT

OP seems to be sitting pretty. Great car, even better rate, and no toy limit cards. Plus a NPSL for extra flexibility.

Would be silly to waste a triple pull for a capital one card at this point. I would encourage you to find a credit union that only does 1 hard inquiry, or maybe even 2 soft pulls (nasa). There are plenty of other cards out there that would better suit you for a general spend card!

How much money are you going to run through the card? What is your APR on the cash rewards? Do you get the bonus cash back with them for banking?

If anything, I would app for a BBR, as it has 0 for 12 months, and will for years to come offer you $30 every quarter. Throw netflix on it, set it to auto pay, and forget it.

And if you really wanted to tick off KDM, you could use that same hard inquiry and grab a Travel Rewards as it has $200 back and unlimited 1.65% if redeemed for travel, although I'd prefer you go for the Amtrak card as its bonus is worth 3-5 times as much.

I would not apply for anything if I were you. Just hang tight for now...

Re: Bone to pick with Quicksilver & Question?

OmarGB9 — Mon, 05 Oct 2015 17:47:37 GMT

For some reason I thought OP had QS already and wanted a DC in its place. Totally misunderstood the first post. Disregard my previous post then, op. My bad. But yes keep in mind if you go for a QS, it'll be a triple pull and shorter 0% intro APR than the DC.

Re: Bone to pick with Quicksilver & Question?

kdm31091 — Mon, 05 Oct 2015 17:59:02 GMT

My point was that at that spend theres little point in even opening a new card really.

Re: Bone to pick with Quicksilver & Question?

delaney1 — Mon, 05 Oct 2015 18:33:29 GMT

I got my QS in June and have 0% until May 2016

Re: Bone to pick with Quicksilver & Question?

Anonymous — Mon, 05 Oct 2015 19:20:47 GMT

You may be looking at a double pull (Ex and Eq ) for the Double Cash and definitely 3 pulls for Cap One.

Re: Bone to pick with Quicksilver & Question?

Anonymous — Mon, 05 Oct 2015 19:55:10 GMT

Haha far from "sitting pretty." I'm 19 making around $22k a year. I saved a long time for that vehicle of mine and about 65% of my monthly income goes to the payment. (I know it's crazy, but nothing makes me happier than that Mustang). Only responsibilities I pretty much have is my $315 monthly car payment and my share of $325 monthly rent with my partner.

But regarding the credit cards, you are saying they triple pull for the Quicksilver?! I only read on here that's for their Venture card?

Re: Bone to pick with Quicksilver & Question?

Anonymous — Mon, 05 Oct 2015 19:57:28 GMT

Triple pull is for all of their cards. Only exception I've read about is Buypower. Its just what they do.

Re: Bone to pick with Quicksilver & Question?

Anonymous — Mon, 05 Oct 2015 20:47:54 GMT

I agree that it's silly to app for a new card now when my Freedom is literally 3 months old. I mentioned in my post that it may come across my mind to app in the next few months, but I'm thinking I am just going to wait until next year when my 0% APR ends with my Freedom. I was just wondering which card would be the best cash reward-wise.

Re: Bone to pick with Quicksilver & Question?

Anonymous — Mon, 05 Oct 2015 20:59:16 GMT

So basically this is what I got:

Quicksilver - $100 bonus, but 0% APR for ONLY 9 months. Triple pull for applying. 1.5% cash back.

Double Cash - 0% APR for 15 months, tougher to get from what I heard, 2% cash back with no sign-up bonus. Would be cost effective in a year compared to Quicksilver.

So basically, the Quicksilver sounds like it wins the vote. However... Those three hard inquiries... Holy. That throws me down just thinking about it.

Re: Bone to pick with Quicksilver & Question?

OmarGB9 — Wed, 07 Oct 2015 07:18:15 GMT

On the plus side, once you're in with cap1, all CLI requests are always SP! Which kinda makes up for the triple pull I suppose.

Re: Bone to pick with Quicksilver & Question?

TiggerDat — Wed, 07 Oct 2015 14:54:49 GMT

Aren't there any other 1.5% cash back cards out there that also have a sign up bonus? Ones without a triple pull.

On a side note, but related to the triple pull, I got an email from CapOne to give feedback about a recent survey I took. My complaint was not about the triple pull, but their temporary APR reduction policy. They called me about the feedback I gave and while I had them on the phone I mentioned the triple pull for getting credit. The lady told me the reason they did that was to insure that they gave the customer the best rate and limit and also to avoid any legal issues. I had to chuckle at that last part, since if that were really the case then every other bank would be doing the same. I also imagine that if it were about giving the best rate and limit then there would be a builty in safety variance. While scores can be different with each bureau, I believe they usually are fairly similar, since they do share information. I think the biggest differences are usually during the times something new is reported.

Re: Bone to pick with Quicksilver & Question?

Anonymous — Wed, 07 Oct 2015 15:03:08 GMT

@Anonymous wrote:
So basically this is what I got:

Quicksilver - $100 bonus, but 0% APR for ONLY 9 months. Triple pull for applying. 1.5% cash back.

Double Cash - 0% APR for 15 months, tougher to get from what I heard, 2% cash back with no sign-up bonus. Would be cost effective in a year compared to Quicksilver.

So basically, the Quicksilver sounds like it wins the vote. However... Those three hard inquiries... Holy. That throws me down just thinking about it.

KDM said "over a year", actually much more in your case. As he said, on $400 a month, QS earns $6 a month, DC $8. A difference of $2 a month. So to make up $100 bonus, it will take 50 months, or over 4 years. The less you spend, the more time it takes for the higher earning of the DC to overcome the lack of signing bonus.

This doesn't take into account the longer 0% APR, if you actually needed to carry a balance for more than 9 months (as compared to doing so just to take advantage of a 0% APR) and you had no other lower cards, the interest saved on the DC would reduce the payback time.

Re: Bone to pick with Quicksilver & Question?

Open123 — Wed, 07 Oct 2015 15:09:52 GMT

@Anonymous wrote:
@Anonymous wrote:
So basically this is what I got:

Quicksilver - $100 bonus, but 0% APR for ONLY 9 months. Triple pull for applying. 1.5% cash back.

Double Cash - 0% APR for 15 months, tougher to get from what I heard, 2% cash back with no sign-up bonus. Would be cost effective in a year compared to Quicksilver.

So basically, the Quicksilver sounds like it wins the vote. However... Those three hard inquiries... Holy. That throws me down just thinking about it.
KDM said "over a year", actually much more in your case. As he said, on $400 a month, QS earns $6 a month, DC $8. A difference of $2 a month. So to make up $100 bonus, it will take 50 months, or over 4 years. The less you spend, the more time it takes for the higher earning of the DC to overcome the lack of signing bonus.

This doesn't take into account the longer 0% APR, if you actually needed to carry a balance for more than 9 months (as compared to doing so just to take advantage of a 0% APR) and you had no other lower cards, the interest saved on the DC would reduce the payback time.

Right, contrary to what most espouse, the lesser a person's annual spending, the more valuable and higher return the sign-up bonus. Conversely, the more a person spends, the less valuable the sign-up bonus, and the more valuable rewards on spend (MS, which I'd never advocate, even in spirit).