topic Re: Cap 1 quicksilver vs Amex cash magnet in Credit Cards

Cap 1 quicksilver vs Amex cash magnet

rgd51 — Sat, 29 Jan 2022 10:44:40 GMT

I got pre approval SUB offers for $250 on both cards. I have had a QS before in the past so I know how that card works. Can anyone tell me in what ways the CM is better and worse than the QS? I will list below what I know of each card so let me know if I am missing something.

QS:

Don't have to wait until statement post to redeem rewards.

No redemption minimum.

No foreign transaction fee.

Often has low CL and very difficult to get a CLI

Triple pull when applying for the card

Customer service not as highly thought of as Amex

CM:

$25 redemption minimum

Foreign transaction fees

Can only redeem for statement credit

Likely a higher SL than the QS and potentially easier to get a CLI?

Access to Amex offers

Customer service that is more highly regarded than cap one

Some places don't accept Amex

Can get other Amex cards with soft inquires

Are these all correct? Are there other things I haven't listed that make the CM either better or worse than the QS?

Re: Cap 1 quicksilver vs Amex cash magnet

Trini88 — Sat, 29 Jan 2022 11:18:15 GMT

All the pros and cons you listed is what I would say myself. I like my quicksilver, however, if I could go back in time and do it again I would have rather gotten the cash magnet. Only thing I see missing from your list is that the Quicksilver gives you the option to use a different credit card number for purchases online on websites you don't really trust. I think the Cash Magnet is a lot better than the quicksilver in every way except for that $25 redemption.

Re: Cap 1 quicksilver vs Amex cash magnet

rgd51 — Sat, 29 Jan 2022 11:23:31 GMT

@Trini88 wrote:
All the pros and cons you listed is what I would say myself. I like my quicksilver, however, if I could go back in time and do it again I would have rather gotten the cash magnet. Only thing I see missing from your list is that the Quicksilver gives you the option to use a different credit card number for purchases online on websites you don't really trust. I think the Cash Magnet is a lot better than the quicksilver in every way except for that $25 redemption.

I already have the chase freedom unlimited which is better than both the QS and CM so there probably isn't much point in me getting either card. A $25 minimum redemption isn't a big deal if the card is one's main card they'd hit that amount usually monthly maybe 2 months at most?

Re: Cap 1 quicksilver vs Amex cash magnet

wingennis — Sat, 29 Jan 2022 15:45:11 GMT

I think you covered the pros and cons. If I had to choose, it would be he QS. Redemption in any amount however I choose. Statement credits aren't really cash back just a rebate.

Re: Cap 1 quicksilver vs Amex cash magnet

Lou-natic — Sat, 29 Jan 2022 16:19:25 GMT

If you are looking for a versatile cashback card with no foreign transaction fee the QS isn't a bad deal honestly.

Re: Cap 1 quicksilver vs Amex cash magnet

BearsCubsOtters — Sat, 29 Jan 2022 16:32:13 GMT

@rgd51 wrote:
I got pre approval SUB offers for $250 on both cards. I have had a QS before in the past so I know how that card works. Can anyone tell me in what ways the CM is better and worse than the QS? I will list below what I know of each card so let me know if I am missing something.

QS:
Don't have to wait until statement post to redeem rewards.
No redemption minimum.
No foreign transaction fee.
Often has low CL and very difficult to get a CLI
Triple pull when applying for the card
Customer service not as highly thought of as Amex

CM:
$25 redemption minimum
Foreign transaction fees
Can only redeem for statement credit
Likely a higher SL than the QS and potentially easier to get a CLI?
Access to Amex offers
Customer service that is more highly regarded than cap one
Some places don't accept Amex
Can get other Amex cards with soft inquires

Are these all correct? Are there other things I haven't listed that make the CM either better or worse than the QS?

The Quicksilver is superior in terms of rewards (easy redemption amounts AND you are not limited to statement credits; and as a Visa it has slightly greater acceptance).

If you care about good service and decent credit lines, Amex is superior.

If you are only looking for a sign up bonus and will dump the card later, I'd recommend Quicksilver. If this is a long term card, I'd recommend Amex.

However, I would recommend FNBO Evergreen, Wells Fargo Active Cash or Citi Double Cash over either of these two.

Re: Cap 1 quicksilver vs Amex cash magnet

4sallypat — Sat, 29 Jan 2022 16:45:25 GMT

@BearsCubsOtters wrote:
@rgd51 wrote:
I got pre approval SUB offers for $250 on both cards. I have had a QS before in the past so I know how that card works. Can anyone tell me in what ways the CM is better and worse than the QS? I will list below what I know of each card so let me know if I am missing something.

QS:
Don't have to wait until statement post to redeem rewards.
No redemption minimum.
No foreign transaction fee.
Often has low CL and very difficult to get a CLI
Triple pull when applying for the card
Customer service not as highly thought of as Amex

CM:
$25 redemption minimum
Foreign transaction fees
Can only redeem for statement credit
Likely a higher SL than the QS and potentially easier to get a CLI?
Access to Amex offers
Customer service that is more highly regarded than cap one
Some places don't accept Amex
Can get other Amex cards with soft inquires

Are these all correct? Are there other things I haven't listed that make the CM either better or worse than the QS?
The Quicksilver is superior in terms of rewards (easy redemption amounts AND you are not limited to statement credits; and as a Visa it has slightly greater acceptance).

If you care about good service and decent credit lines, Amex is superior.

If you are only looking for a sign up bonus and will dump the card later, I'd recommend Quicksilver. If this is a long term card, I'd recommend Amex.

However, I would recommend FNBO Evergreen, Wells Fargo Active Cash or Citi Double Cash over either of these two.

^^^ 100% agree.

Cap 1 has been so negligent on 11 years of CLI requests while my Amex cards have been very good to me (29 years).

I love my most recent cards: FNBO, Aspiration, WF Reflect and X1 which I use the most....

Re: Cap 1 quicksilver vs Amex cash magnet

Aim_High — Sat, 29 Jan 2022 20:25:38 GMT

@rgd51 wrote:
QS: Often has low CL and very difficult to get a CLI

CM: Likely a higher SL than the QS and potentially easier to get a CLI?

This is far too much of a generalization I think, @rgd51. Yes, an AMEX CM will probably grow a lot more than a Capital One QS. But many of the stories about the low-limit hell of Quicksilver (and other Capital One cards) has to do with their lending model (Asset Backed Securities as discussed on other My Fico threads) and the fact that they issue BOTH "bucketed" and "non-bucketed" cards. A bucketed card will start low and stay low. Non-bucketed cards grow. Like some other lenders including Goldman Sachs/Apple and Chase, they respond much better to CLI requests with at least moderate to heavy spend. If you're using their cards regularly, they do grow slowly with a simple soft-pull CLI every six months. After product-changing a $1K SL Capital One Platinum card into a Quicksilver, I grew it to $25K over several years. If high credit limit is a primary goal, however, I agree that AMEX would probably be more generous relative to overall profile.

I like Capital One and I thought their customer service was great. For one example, they caught fraud on my account and notified me quickly before I could even noticed it. Once I verified the charges were not mine, they sent out a new card immediately with no hassle.

Even though I PIF, I appreciate how my permanent APR is a low 11.90% on Quicksilver, the no FTF, and their frequent special 0% BT offers. Plus, it's a Visa as mentioned earlier, so more widely accepted than AMEX. Mobile app and website work seamlessly.

AMEX offers isn't a reason to pick a Cash Magnet, IMO. Capital One has offers also. The offers I get on my AMEX cards are often not what I would consider organic spend and many are with merchants I've never even heard of before. Capital One, meanwhile, also has offers at more mainstream merchants. Right now, I've got offers for 11% at H&R Block, 10% at GrubHub, 8% at Groupon, 8% at CVS, 3% at Walgreens, 5% at Macys, 4% at GAP, 6% at Advance Auto Parts, 12% at Levi's, 5% at Expedia, and many others. These are all merchants and brands that I'm familiar, so they are potentially more useful to me.

The ease of redeeming any amount of cash back (for either cash or statement credit) immediately after the charges post is exceptional. It's just "easy" in ways that most other "cash back" cards are not, including the Cash Magnet.

Even though I have much "better" cards in terms of rewards, I'm somewhat reluctant to give up my only Capital One card. Unlike some of the posts I've seen on My Fico which trash Capital One (which seem to be more from our members who started out with the bucketed cards and view them inaccurately as only a 'sub-prime' lender), I've enjoyed working with Capital One and think they have a lot to offer. That 1.5% Quicksilver, by the way, was an industry segment leader when introduced in 2013. So I wonder if they might remake the card or introduce other competitive new products.

I agree with comments upthread that a bigger question might be that if you're looking for a flat-rate uncapped and uncategorized card, why not go for something that has rewards of 2% or higher unless you're just after the SUB? I think you're looking for more than that, though, since you asked about other aspects of each card. The SUB does take a bite out of the difference in rewards since it takes $50K spend to make up the difference in a 1.5% versus a 2% card, but over the years that 2% card (even without a SUB) would start to pull ahead.

Re: Cap 1 quicksilver vs Amex cash magnet

BearsCubsOtters — Sat, 29 Jan 2022 20:46:32 GMT

@Aim_High wrote:
@rgd51 wrote:
QS: Often has low CL and very difficult to get a CLI

CM: Likely a higher SL than the QS and potentially easier to get a CLI?
This is far too much of a generalization I think, @rgd51. Yes, an AMEX CM will probably grow a lot more than a Capital One QS. But many of the stories about the low-limit hell of Quicksilver (and other Capital One cards) has to do with their lending model (Asset Backed Securities as discussed on other My Fico threads) and the fact that they issue BOTH "bucketed" and "non-bucketed" cards. A bucketed card will start low and stay low. Non-bucketed cards grow.

I like Capital One and I thought their customer service was great. For one example, they caught fraud on my account and notified me quickly before I could even noticed it. Once I verified the charges were not mine, they sent out a new card immediately with no hassle.

Even though I PIF, I appreciate how my permanent APR is a low 11.90% on Quicksilver, the no FTF, and their frequent special 0% BT offers. Plus, it's a Visa as mentioned earlier, so more widely accepted than AMEX. Mobile app and website work seamlessly.

AMEX offers isn't a reason to pick a Cash Magnet, IMO. Capital One has offers also. The offers I get on my AMEX cards are often not what I would consider organic spend and many are with merchants I've never even heard of before. Capital One, meanwhile, also has offers at more mainstream merchants. Right now, I've got offers for 11% at H&R Block, 10% at GrubHub, 8% at Groupon, 8% at CVS, 3% at Walgreens, 5% at Macys, 4% at GAP, 6% at Advance Auto Parts, 12% at Levi's, 5% at Expedia, and many others. These are all merchants and brands that I'm familiar, so they are potentially more useful to me.

The ease of redeeming any amount of cash back (for either cash or statement credit) immediately after the charges post is exceptional. It's just "easy" in ways that most other "cash back" cards are not, including the Cash Magnet.

Even though I have much "better" cards in terms of rewards, I'm somewhat reluctant to give up my only Capital One card. Unlike some of the posts I've seen on My Fico which trash Capital One (which seem to be more from our members who started out with the bucketed cards and view them inaccurately as only a 'sub-prime' lender), I've enjoyed working with Capital One and think they have a lot to offer. That 1.5% Quicksilver, by the way, was an industry segment leader when introduced in 2013. So I wonder if they might remake the card or introduce other competitive new products.

I agree with comments upthread that a bigger question might be that if you're looking for a flat-rate uncapped and uncategorized card, why not go for something that has rewards of 2% or higher unless you're just after the SUB? I think you're looking for more than that, though, since you asked about other aspects of each card. The SUB does take a bite out of the difference in rewards since it takes $50K spend to make up the difference in a 1.5% versus a 2% card, but over the years that 2% card (even without a SUB) would start to pull ahead.

This is true. But I want to point out that even those of us with non-bucketed, "prime" cards have also suffered not one but up to two recent (2017 and 2020) CLD from Capital One. Sure, other banks do this as well; but I have found it is nearly impossible to gain back what Capital One takes away.

Re: Cap 1 quicksilver vs Amex cash magnet

rgd51 — Sat, 29 Jan 2022 22:03:35 GMT

The fact I have the chase freedom unlimited makes me think getting either of these 2 cards is pointless?

Re: Cap 1 quicksilver vs Amex cash magnet

BearsCubsOtters — Sat, 29 Jan 2022 22:06:57 GMT

@rgd51 wrote:
The fact I have the chase freedom unlimited makes me think getting either of these 2 cards is pointless?

Yes. Unless you are going solely for sign up bonus and/or 0% purchase/balance transfer, I cannot see why you would want another 1.5% cash back card.

Re: Cap 1 quicksilver vs Amex cash magnet

rgd51 — Sat, 29 Jan 2022 22:21:58 GMT

@BearsCubsOtters wrote:
@rgd51 wrote:
The fact I have the chase freedom unlimited makes me think getting either of these 2 cards is pointless?
Yes. Unless you are going solely for sign up bonus and/or 0% purchase/balance transfer, I cannot see why you would want another 1.5% cash back card.

That is a good point! I don't see anything wrong with a statement credit since it reduces your bill be 1.5% it's the same effect as if you were given 1.5% as a deposit to a bank account unless I'm missing something?

Re: Cap 1 quicksilver vs Amex cash magnet

Aim_High — Sat, 29 Jan 2022 22:29:40 GMT

@BearsCubsOtters wrote:
@rgd51 wrote:
The fact I have the chase freedom unlimited makes me think getting either of these 2 cards is pointless?
Yes. Unless you are going solely for sign up bonus and/or 0% purchase/balance transfer, I cannot see why you would want another 1.5% cash back card.

The Chase Freedom Unlimited is superior in that you can earn more than 1.5% in certain categories (dining; drug stores; travel booked through Chase) and also that the "cash back" earned can be converted to Ultimate Rewards points with a Sapphire Reserve/Preferred to further enhance value for travel redemptions.

Another reason to apply to AMEX or Capital One would be for lender diversity with another of the largest eight card issuers in the US, as both are on that list. I am a big believer in lender diversity.

Absent the allure of any of that, a flat rate 2% or higher card might be more useful for the long-haul.

Re: Cap 1 quicksilver vs Amex cash magnet

Aim_High — Sat, 29 Jan 2022 22:35:01 GMT

@rgd51 wrote:
I don't see anything wrong with a statement credit since it reduces your bill be 1.5% it's the same effect as if you were given 1.5% as a deposit to a bank account unless I'm missing something?

That's correct, @rgd51. Some of our members are very particular in how they get their rewards. Some want the ability to deposit rewards, perhaps into a separate "savings" account for a goal such as a vacation. They really dislike any cards that only pay in statement credit or that auto-credit your account, such as how the AOD FCU Visa credits all rewards earned every month. But yes, it is essentially the same thing to get the 1.5% as a statement credit. For someone who likes to keep it all separate, it would mean having to move an equivalent amount from regular banking to that savings account to reflect the rewards, and they see that as a hassle.

Re: Cap 1 quicksilver vs Amex cash magnet

Anonymous — Sat, 29 Jan 2022 22:38:20 GMT

@Aim_High wrote:
@BearsCubsOtters wrote:
@rgd51 wrote:
The fact I have the chase freedom unlimited makes me think getting either of these 2 cards is pointless?
Yes. Unless you are going solely for sign up bonus and/or 0% purchase/balance transfer, I cannot see why you would want another 1.5% cash back card.
The Chase Freedom Unlimited is superior in that you can earn more than 1.5% in certain categories (dining; drug stores; travel booked through Chase) and also that the "cash back" earned can be converted to Ultimate Rewards points with a Sapphire Reserve/Preferred to further enhance value for travel redemptions.

Another reason to apply to AMEX or Capital One would be for lender diversity with another of the largest eight card issuers in the US, as both are on that list. I am a big believer in lender diversity.

Absent the allure of any of that, a flat rate 2% or higher card might be more useful for the long-haul.

If you have foreign transactions, the Chase Freedom Unlimited isn't a good choice, Quicksilver would be.

Top of my mind at present since I was just charged my first FTF. I accidently used USAlliance, 3% with 1% FTF rather than the card I meant to use, Citizens, 1.8% with no FTF. So I am actually ahead, I just hate "rewarding" banks with a FTF, in this case a jawdropping 59 cents.

Re: Cap 1 quicksilver vs Amex cash magnet

Aim_High — Sat, 29 Jan 2022 23:01:50 GMT

@Anonymous wrote:
If you have foreign transactions, the Chase Freedom Unlimited isn't a good choice, Quicksilver would be.

That's true. But for those who regularly process foreign transactions, there are some great options that beat the Quicksilver with no FTF. Here are just a few off the top of my head with NO FTF and higher rewards.

AOD FCU Visa Signature (3%)
Navy FCU Flagship Rewards (2%/3%)
Bank of America Premium Rewards (2.625% with Preferred Rewards Platinum Honors)
Alliant CU Visa Signature (2.5% with account stipulations)
PenFed Power Cash Rewards (2%)
State Department FCU Premium Cash Back + (2%)
Navy FCU Cash Rewards (1.75% with direct deposit)

That's not to mention that a premium Visa Infinite card like the US Bank Altitude Reserve or Chase Sapphire Reserve could be used with no FTF while still accruing valuable points. The Sapphire Reserve's 1x UR point per dollar would be worth only 1% in cash back but 1.5% to 2% when used for travel, which compares to the value of the Quicksilver if not beating it as long as you're not committed to pure cash back. I thought you said that you have the Altitude Reserve, @Anonymous? Would have saved you that 59 cents! Lol

Re: Cap 1 quicksilver vs Amex cash magnet

Anonymous — Sun, 30 Jan 2022 00:19:09 GMT

@Aim_High wrote:
@Anonymous wrote:
If you have foreign transactions, the Chase Freedom Unlimited isn't a good choice, Quicksilver would be.

That's true. But for those who regularly process foreign transactions, there are some great options that beat the Quicksilver with no FTF. Here are just a few off the top of my head with NO FTF and higher rewards.

AOD FCU Visa Signature (3%)
Navy FCU Flagship Rewards (2%/3%)
Bank of America Premium Rewards (2.625% with Preferred Rewards Platinum Honors)
Alliant CU Visa Signature (2.5% with account stipulations)
PenFed Power Cash Rewards (2%)
State Department FCU Premium Cash Back + (2%)
Navy FCU Cash Rewards (1.75% with direct deposit)
That's not to mention that a premium Visa Infinite card like the US Bank Altitude Reserve or Chase Sapphire Reserve could be used with no FTF while still accruing valuable points. The Sapphire Reserve's 1x UR point per dollar would be worth only 1% in cash back but 1.5% to 2% when used for travel, which compares to the value of the Quicksilver if not beating it as long as you're not committed to pure cash back. I thought you said that you have the Altitude Reserve, @Anonymous? Would have saved you that 59 cents! Lol

Right, I was just pointing out one way in which the CFU IS inferior to the Quicksilver. Re the Altitude Reserve, that would have got me 1.5% for travel, less than the planned 1.8% from Citizens, or the actual 2% from USAlliance. Never got around to getting the AOD, which would have been the best choice, but we all know that it will stop really soon now, as has always been the case since 2020!

Re: Cap 1 quicksilver vs Amex cash magnet

MrDisco99 — Sun, 30 Jan 2022 00:27:50 GMT

@Aim_High wrote:

For someone who likes to keep it all separate, it would mean having to move an equivalent amount from regular banking to that savings account to reflect the rewards, and they see that as a hassle.

This is exactly what I do with all my cash back cards. I'm able to put labels on transactions between accounts to so I can use those to keep track of cash back rewards by card or offer.

As for QS vs CM, while im a pretty big fan of the Amex MR points ecosystem, I think the cash magnet is a pretty meh product. I like the QS for no foreign fees and no minimum redemptions, so it's handy for one off foreign internet purchases or miscellaneous cash back while traveling, without having to worry about topping it off to redeem rewards. Otherwise I get better earn rates on domestic purchases with other cards.

Re: Cap 1 quicksilver vs Amex cash magnet

SouthJamaica — Sun, 30 Jan 2022 13:51:25 GMT

@rgd51 wrote:
I got pre approval SUB offers for $250 on both cards. I have had a QS before in the past so I know how that card works. Can anyone tell me in what ways the CM is better and worse than the QS? I will list below what I know of each card so let me know if I am missing something.

QS:
Don't have to wait until statement post to redeem rewards.
No redemption minimum.
No foreign transaction fee.
Often has low CL and very difficult to get a CLI
Triple pull when applying for the card
Customer service not as highly thought of as Amex

CM:
$25 redemption minimum
Foreign transaction fees
Can only redeem for statement credit
Likely a higher SL than the QS and potentially easier to get a CLI?
Access to Amex offers
Customer service that is more highly regarded than cap one
Some places don't accept Amex
Can get other Amex cards with soft inquires

Are these all correct? Are there other things I haven't listed that make the CM either better or worse than the QS?

They're all correct.