topic Re: Which rewards ViSA or MasterCard? in Credit Cards

Which rewards ViSA or MasterCard?

Anonymous — Mon, 25 Jan 2016 21:29:55 GMT

I'm looking for one more card: a rewards VISA or a MasterCard. I'm willing to wait for awhile if I need to improve my credit report before I'd qualify for a better card.

The last FICO 8 that I saw (a little over a week ago) was 798 from TransUnion. My credit report is squeaky clean but thin. Most of my history is over the last six months.

I have an American Express Blue Cash Preferred (20k limit) that is great for groceries and I tend to use as my "daily driver" as well.

I have a Discover It (3k limit) that I intend to use primarily in the bonus category each quarter.

I have an Amazon Store Card that I use a lot on Amazon. It has just an $800 limit -- I'll wait until my first six months are up (next month) and pursue a credit limit increase.

The other two cards ($13,800 credit limit combined) I have could go away tomorrow for all I care. I don't need them, and I'll probably just let them sit until Comenity decides to close them.

I have enough cash on hand that I shouldn't ever need to carry a balance. So APR isn't a concern. I won't be transferring a balance. And credit utilization won't be an issue (I'll pay the cards down before statements close so my current credit limits are more than adequate).

I don't travel quite enough -- maybe two or three flights a year -- that travel rewards are all that appealing (unless someone could convince me that the travel rewards are more valuable than cash back rewards).

So that leaves cash back rewards as my primary concern, and, I suppose, any perks that might come with some cards as a secondary consideration.

I think one more card (in addition to the three that I use now) will round things out and be plenty. I think a VISA or Mastercard, because they're more likely to be accepted where the Amex and Discover might not be. And I think a cash back rewards card that will compliment the other two.

So what VISA or MasterCard would you suggest for me? As I said above, I'm willing to wait if I don't yet qualify for the card that would be the best fit.

Re: Which rewards ViSA or MasterCard?

UncleB — Mon, 25 Jan 2016 22:01:47 GMT

@Anonymous wrote:
I'm looking for one more card: a rewards VISA or a MasterCard. I'm willing to wait for awhile if I need to improve my credit report before I'd qualify for a better card.

The last FICO 8 that I saw (a little over a week ago) was 798 from TransUnion. My credit report is squeaky clean but thin. Most of my history is over the last six months.

I have an American Express Blue Cash Preferred (20k limit) that is great for groceries and I tend to use as my "daily driver" as well.

I have a Discover It (3k limit) that I intend to use primarily in the bonus category each quarter.

I have an Amazon Store Card that I use a lot on Amazon. It has just an $800 limit -- I'll wait until my first six months are up (next month) and pursue a credit limit increase.

The other two cards ($13,800 credit limit combined) I have could go away tomorrow for all I care. I don't need them, and I'll probably just let them sit until Comenity decides to close them.

I have enough cash on hand that I shouldn't ever need to carry a balance. So APR isn't a concern. I won't be transferring a balance. And credit utilization won't be an issue (I'll pay the cards down before statements close so my current credit limits are more than adequate).

I don't travel quite enough -- maybe two or three flights a year -- that travel rewards are all that appealing (unless someone could convince me that the travel rewards are more valuable than cash back rewards).

So that leaves cash back rewards as my primary concern, and, I suppose, any perks that might come with some cards as a secondary consideration.

I think one more card (in addition to the three that I use now) will round things out and be plenty. I think a VISA or Mastercard, because they're more likely to be accepted where the Amex and Discover might not be. And I think a cash back rewards card that will compliment the other two.

So what VISA or MasterCard would you suggest for me? As I said above, I'm willing to wait if I don't yet qualify for the card that would be the best fit.

If you're strictly wanting cash rewards, you have several options. The new Fidelity Visa is a flat 2% for all transactions, but it's Elan/US Bank, which can be conservative for some folks.

Honestly, if it were me I would get a Capital One Venture... there's the equivalent of $400 sign up bonus with 2% cash rewards for all purchases (you just need to redeem against travel related charges). There's no AF the first year, and when the AF comes around next year you can simply change it to a Quicksilver and still get 1.5% on all purchases (and that's straight-up cash, no need to redeem against travel charges).

There are other options as well - many just as good as my suggestion - but this would be my pick due to Capital One historically being generous with the initial credit lines on Venture and the ease at which many folks are approved. That being said, with your scores you would most likely be easily approved with any of the major lenders.

Good luck, and let us know what you decide!

Edited to add: Like most cards, Venture's sign up bonus does have a spend requirement, so be sure to take that into consideration when you're planning your application.

Re: Which rewards ViSA or MasterCard?

Anonymous — Mon, 25 Jan 2016 22:29:10 GMT

Thank you, UncleB. That's exactly the kind of advice I was hoping for.

I think I read recently that all Capital One Ventures are Signature VISAs. Is that the case? But a card like a Quicksilver is available both as a Signature and not.

If that's the case, would that mean that when convent it to a Quicksilver, it would likely be a Signature? Or not necessarily?

If you apply for a Quicksilver, can you apply specifically for a Signature (understanding the requirements are greater)? Or do you just apply and see what they offer? Or do you always start with a non-Signature and upgrade?

Thanks again for the reply. I really appreciate the advice.

Re: Which rewards ViSA or MasterCard?

SouthJamaica — Mon, 25 Jan 2016 22:51:09 GMT

@Anonymous wrote:
Thank you, UncleB. That's exactly the kind of advice I was hoping for.

I think I read recently that all Capital One Ventures are Signature VISAs. Is that the case? But a card like a Quicksilver is available both as a Signature and not.

If that's the case, would that mean that when convent it to a Quicksilver, it would likely be a Signature? Or not necessarily?

If you apply for a Quicksilver, can you apply specifically for a Signature (understanding the requirements are greater)? Or do you just apply and see what they offer? Or do you always start with a non-Signature and upgrade?

Thanks again for the reply. I really appreciate the advice.

I have both Quicksilver and Venture and like them both.

Venture gives you a higher starting credit limit, but Quicksilver gives you 1.5% cash back. Venture gives you 2 points per dollar on travel, but only 1 point per dollar if you redeem for cash.

Esthetically, the Venture is a beautiful card, and it does provide the Visa Signature benefits (not that I've ever used anything like that).

Re: Which rewards ViSA or MasterCard?

Anonymous — Mon, 25 Jan 2016 22:59:39 GMT

@SouthJamaica wrote:
Venture gives you a higher starting credit limit, but Quicksilver gives you 1.5% cash back. Venture gives you 2 points per dollar on travel, but only 1 point per dollar if you redeem for cash.

Thanks, Jamaica. Either option sounds good.

Do you know, if I started with a Venture and converted it to a Quicksilver in a year, as UncleB offered as one option, does the credit limit usually stay the same?

Re: Which rewards ViSA or MasterCard?

Anonymous — Mon, 25 Jan 2016 23:02:15 GMT

@Anonymous wrote:
@SouthJamaica wrote:
Venture gives you a higher starting credit limit, but Quicksilver gives you 1.5% cash back. Venture gives you 2 points per dollar on travel, but only 1 point per dollar if you redeem for cash.
Thanks, Jamaica. Either option sounds good.
Do you know, if I started with a Venture and converted it to a Quicksilver in a year, as UncleB offered as one option, does the credit limit usually stay the same?

It would stay the same

Re: Which rewards ViSA or MasterCard?

UncleB — Mon, 25 Jan 2016 23:13:24 GMT

@Anonymous wrote:
Thank you, UncleB. That's exactly the kind of advice I was hoping for.

I think I read recently that all Capital One Ventures are Signature VISAs. Is that the case? But a card like a Quicksilver is available both as a Signature and not.

If that's the case, would that mean that when convent it to a Quicksilver, it would likely be a Signature? Or not necessarily?

If you apply for a Quicksilver, can you apply specifically for a Signature (understanding the requirements are greater)? Or do you just apply and see what they offer? Or do you always start with a non-Signature and upgrade?

Thanks again for the reply. I really appreciate the advice.

As far as I know, all Ventures are (generally) 'Signature' cards with a minimum credit line of $5k. There might be some folks around who PC'd a card that had a CL lower than $5k over to Venture, but new approvals are said to be $5k minimum - with many much higher - making them 'Signature' cards.

With the Quicksilver, the minimum approval is (again, generally) $3k, which is for a 'Platinum' card. If your approval is for $5k or more the card will be issued as a Signature. Also, if you have a Venture Signature and PC to a Quicksilver (for example, before the AF is due), it will still remain a 'Signature' as well (in other words, one you have the designation you get to keep it).

What is difficult is going from Platinum to Signature with Capital One - it seems that if you start as Platinum, you tend to remain there even once your credit line passes $5k. There have been folks who got the upgrade via the EO, but it was cumbersome.

When you apply for the Quicksilver, you'll get either the Sig or the Platinum based on your scores and income, and will automatically get the Signature if you qualify. With your high scores, as long as you have even mediocre income to report I think you'll be OK. I would check the prequal page just for 'kicks' to see what APR they have for you (if the prequal gives a specific rate, it's usually solid. Also if it suggests for you to apply for Venture, that's generally solid as well).

I got my own Quicksilver Visa Signature back in March of last year before I was hanging around on here, or else I would have applied for the Venture instead. Some folks will apply for Venture and Quicksilver back-to-back, and I don't think I've ever read of a case where somebody got a higher CL on the QS - the Venture always came with a higher starting credit line, sometimes drastically so.

Hope this helps!

Re: Which rewards ViSA or MasterCard?

SouthJamaica — Mon, 25 Jan 2016 23:16:19 GMT

@Anonymous wrote:
@Anonymous wrote:
@SouthJamaica wrote:
Venture gives you a higher starting credit limit, but Quicksilver gives you 1.5% cash back. Venture gives you 2 points per dollar on travel, but only 1 point per dollar if you redeem for cash.
Thanks, Jamaica. Either option sounds good.
Do you know, if I started with a Venture and converted it to a Quicksilver in a year, as UncleB offered as one option, does the credit limit usually stay the same?
It would stay the same

Irish 80 knows more about these things than I, so I defer to that. Thing is, if I had a Venture and wanted a Quicksilver I wouldn't convert it; I would consider it a downgrade. I would just add a Quicksilver, which is much easier to get than a Venture. The Venture is considered the top of the line at Capital One, and I would have to agree.

Re: Which rewards ViSA or MasterCard?

UncleB — Mon, 25 Jan 2016 23:28:15 GMT

@SouthJamaica wrote:
@Anonymous wrote:
@Anonymous wrote:
@SouthJamaica wrote:
Venture gives you a higher starting credit limit, but Quicksilver gives you 1.5% cash back. Venture gives you 2 points per dollar on travel, but only 1 point per dollar if you redeem for cash.
Thanks, Jamaica. Either option sounds good.
Do you know, if I started with a Venture and converted it to a Quicksilver in a year, as UncleB offered as one option, does the credit limit usually stay the same?
It would stay the same
Irish 80 knows more about these things than I, so I defer to that. Thing is, if I had a Venture and wanted a Quicksilver I wouldn't convert it; I would consider it a downgrade. I would just add a Quicksilver, which is much easier to get than a Venture. The Venture is considered the top of the line at Capital One, and I would have to agree.

I can say with certainty that when you PC, your credit line will remain the same. Of course you can always ask for a CLI at the same time, but that would be a separate consideration from the PC and not dependent on it.

The Venture is certainly the 'crown jewel' with Capital One, but personally I don't consider the Quicksilver a 'downgrade' from the Venture, just different. To me, it's kind of like how Amex has a Platinum and the PRG... the Platinum has a higher AF, but it's not so much an upgrade from the PRG as it is simply a different product, with it's own perks and privileges that go along with the annual fee.

Put another way, to make the Venture worth the AF you would need to spend $12k a year just to make it 'equal' to the Quicksilver rewards-wise, not taking the sign up bonuses into consideration (which honestly, many folks do, and I would as well).

Your prequal will tell you pretty much if you're good for a Venture or Quicksilver (or not), so you don't have to do very much guessing. Again, it's not 'guaranteed', but for most people it's solid.

Re: Which rewards ViSA or MasterCard?

Ron1 — Mon, 25 Jan 2016 23:29:21 GMT

Citi Double Cash MC is also good cash back card.

Ron.

Re: Which rewards ViSA or MasterCard?

UncleB — Mon, 25 Jan 2016 23:32:50 GMT

@Ron1 wrote:
Citi Double Cash MC is also good cash back card.

Ron.

Another excellent suggestion!

For somebody with a lower score I would avoid the DC since Citi can be 'stingy' at times (especially with a borderline score) but I believe with the OP's score he would be fine.

Re: Which rewards ViSA or MasterCard?

Anonymous — Tue, 26 Jan 2016 00:16:05 GMT

Thanks! You guys are awesome!

I'm leaning toward the Venture, based on your collective advice. The $400 bonus would pay for the next 3+ years of AF after the first waived one. So those two things (bonus and AF) either offset or possibly even lean in the Venture's favor. And if the Venture is otherwise the better card (or at the very least, the equal), then I think the Venture makes sense.

I checked out my pre-qualifieds, it came up with the Quicksilver as a recommendation, and listed the Venture under "We also suggest:" I take that as the Venture is pre-qualified, too, I think.

Income is $77k/year. As I said above, my most recent FICO 8 was 798. I suspect it might have dipped a little for a couple of reasons (mainly, small balances closing on all five cards this month), but nothing serious or permanent. If I'm borderline on the Venture, though, I think I might wait a month (primarily so I can pay all the cards but one down to 0 before the statements close).

I have a question on the Citi Double Cash that Ron suggested, though. If the Venture is the "crown jewel" (as UncleB called it) of the Capital One lineup, how does the Double Cash rank for Citi? And if it generally comes with lower credit limits, I assume that means it's less likely to be a Signature (or is Signature even an option with it)?

Re: Which rewards ViSA or MasterCard?

UncleB — Tue, 26 Jan 2016 01:24:55 GMT

@Anonymous wrote:
Thanks! You guys are awesome!

I'm leaning toward the Venture, based on your collective advice. The $400 bonus would pay for the next 3+ years of AF after the first waived one. So those two things (bonus and AF) either offset or possibly even lean in the Venture's favor. And if the Venture is otherwise the better card (or at the very least, the equal), then I think the Venture makes sense.

I checked out my pre-qualifieds, it came up with the Quicksilver as a recommendation, and listed the Venture under "We also suggest:" I take that as the Venture is pre-qualified, too, I think.

Income is $77k/year. As I said above, my most recent FICO 8 was 798. I suspect it might have dipped a little for a couple of reasons (mainly, small balances closing on all five cards this month), but nothing serious or permanent. If I'm borderline on the Venture, though, I think I might wait a month (primarily so I can pay all the cards but one down to 0 before the statements close).

I have a question on the Citi Double Cash that Ron suggested, though. If the Venture is the "crown jewel" (as UncleB called it) of the Capital One lineup, how does the Double Cash rank for Citi? And if it generally comes with lower credit limits, I assume that means it's less likely to be a Signature (or is Signature even an option with it)?

The recommendations will 'flip' depending on what you select on the first screen... if you tell them you're interested in cash rewards, they'll highlight/first show the Quicksilver (if you're eligible). If you click the radio button for travel, they'll list the Venture first. If you want, you can do the prequal again and select 'travel', and I'm fairly sure you'll see Venture become the top recommendation.

If it showed you the Venture you should be good-to-go, especially if you were offered an APR of 18.24 or lower (I wouldn't be surprised if you were offered the 13.24% rate with your score). Since Venture has a 'mandatory' $5k credit line, it can be tougher to get if someone is marginal, but that isn't you - you should be fine for whichever card you want.

Double Cash is a great product, and some folks have reported getting nice credit lines with them, but they are more conservative than Capital One (again, for you not a huge consideration). I suspect you could easily get the DC, but there's usually no sign up bonus, and you'll most likely get a smaller credit line than Venture. Also, CLI requests with Citi are said to be HP many times, while with Capital One a CLI request is always a SP. Also, the rewards redemption for Citi isn't as flexible... I'll leave it for a DC person to detail, but if I'm not mistaken rewards can only be redeemed after you accumulate $25. With all Capital One products, you can redeem literally any amount, no matter how small.

I feel as if I'm risking coming across as a 'cheerleader' for the Venture, which isn't my intention, but it does have it's positive attributes.

Regarding your question on Citi's 'crown jewel', it's not quite so cut-and-dry. The DC gets attention for the flat 2% for everything, but they have other cards - some with significant AFs - that are designed to compete with the Amex Platinum and similar cards. Those cards tend to be better for folks who like to redeem for travel (not cash) but again, I'll defer to the folks with Citi experience under their belt to expand on that.

Re: Which rewards ViSA or MasterCard?

Anonymous — Tue, 26 Jan 2016 01:35:21 GMT

Hey, check out my signature, updated just a few minutes ago!

Thanks, UncleB!

Thanks, SouthJamacia, Irish, and Ron!

I really appreciate the help. I feel really good about this card. I think it's the right choice to round out my collection. $10k limit, by the way.

Re: Which rewards ViSA or MasterCard?

UncleB — Tue, 26 Jan 2016 01:44:02 GMT

@Anonymous wrote:
Hey, check out my signature, updated just a few minutes ago!

Thanks, UncleB!

Thanks, SouthJamacia, Irish, and Ron!

I really appreciate the help. I feel really good about this card. I think it's the right choice to round out my collection. $10k limit, by the way.

Huge congrats, and you're very welcome!

Here's one final 'hint'... when I got my QS Signature last year, I put $1k-$1.5k on it each month for the first three months, and PIF each time. After my third statement was sent, I gave the CLI button a try, and they gave me a $2k CLI. It's not guaranteed (YMMV), but many folks are able to get the first CLI at a similar point if they have relatively heavy usage.

After your first CLI, mark your calendar and try again in six months (and every six months after that)... the last year or so I've been getting $1k increases on each of my Capital One cards every six months, even with extremely light usage (again, YMMV). Each time you try it's only a SP (if you get a CLI or not), so there's no harm in trying!

(Sidenote: don't forget to make your spend requirement for the bonus!)

Again, Congrats!

Re: Which rewards ViSA or MasterCard?

Anonymous — Tue, 26 Jan 2016 01:53:17 GMT

Thanks again. The spend requirement is $3k in the first three months, so it will have to assume the front position in my wallet.

In your case, UncleB, was the CLI automatic after three months or did you request it?

Re: Which rewards ViSA or MasterCard?

UncleB — Tue, 26 Jan 2016 02:05:25 GMT

@Anonymous wrote:
Thanks again. The spend requirement is $3k in the first three months, so it will have to assume the front position in my wallet.

In your case, UncleB, was the CLI automatic after three months or did you request it?

I had to request it. In my own experience, the only time I've ever received an auto-CLI with Capital One was when I was 'bumping up' against the credit limit month after month (a few years back). Once I got "real" credit limits on my cards, the auto-CLIs stopped.

I also have to add that I'm no longer 'passive' - I now actively seek a CLI as soon as I'm eligible - so there's a chance if I simply waited a while they might (?) send one my way, but I'm not willing to chance it... LOL

In the process of meeting your spend requirement, you'll be putting quite a bit of usage on the card by default, so expecting a quick CLI (after third statement) isn't unreasonable. (Of course I have to add the disclaimer 'YMMV', but it's not uncommon...)