Insight on next credit card?

[Delta22]

Good Afternoon All-

I haven't used this forum much, but really like what I'm seeing so I'll give this a try.  Looking to open another credit card, I have checked offers with my current card companies including Citi, Capital One and Chase. 

Any advice on Citi Quicksilver vs Platinum Prestige?  Prestige seems to have a lower APR then Quicksilver.  

The APR that it shows, is that what they are telling you, you'll have or is this what they just put out till you actually apply? 

Looking at also what card might offer more of the higher credit limit?  I just upgraded last week to their Simplicity card.  This new card won't be used really anytime soon... 

Thank You All! 

[DantGwyrdd]

I'm assuming Citi is a slip there and you're talking about Capital One Quicksilver and Platinum Prestige: which one you pick depends on what you want to use the card for--if you want rewards, get Quicksilver (1.5% cash back) and if you need a card where you migh occasionally want to carry a balance and don't need the rewards, get the Platinum Prestige for the lower APR and, most likely, a longer 0% APR promo offer. It's also generally the case that rewards cards have higher APRs than non-rewards cards (e.g., like the QS and Plat Prestige).

If you got the APR info from a prequalified offer, I'm guessing that's the one you'll get, unless perhaps something drastically changed in your credit report between them compiling the offer for you and you apping.

[Delta22]

Thanks for the reply.  I've been with Capital One for about 4 years now, all on good terms. 

Does one offer a higher credit limit then the other?  Right now I'm sitting at $5,300 for a credit Limit on my Venture card with Capital One.

Thanks!

[onstar]

My main thoughts on credit cards:

(1) Never carry a balance on a credit card unless it has a 0% interest.

(2) Always get a reward when using a credit card, whether it's cash back, points, miles, whatever.

Keeping this in mind, go for the Quicksilver. You get 1.5% cash back on everything, and as long as you don't carry a balance, the APR does not matter.

[DantGwyrdd]

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@onstar wrote:

My main thoughts on credit cards:

(1) Never carry a balance on a credit card unless it has a 0% interest.

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While I agree with this in principle, you never know what curveballs life brings and when it might be handy to have even an 14-18% APR card since it will be better than nothing (and 0% cards can be hard to get when you really really need them).

@Delta22: From what I've seen recently, Venture apps got high CLs, but YMMV. I don't know of QS vs Prestige CL differences specifically.

[Anonymous]

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@DantGwyrdd wrote:

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@onstar wrote:

My main thoughts on credit cards:

(1) Never carry a balance on a credit card unless it has a 0% interest.

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While I agree with this in principle, you never know what curveballs life brings and when it might be handy to have even an 14-18% APR card since it will be better than nothing (and 0% cards can be hard to get when you really really need them).

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 This is sooooooo true and a big reason for establishing large open lines of credit.

[cjd]

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@DantGwyrdd wrote:

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@onstar wrote:

My main thoughts on credit cards:

(1) Never carry a balance on a credit card unless it has a 0% interest.

---

While I agree with this in principle, you never know what curveballs life brings and when it might be handy to have even an 14-18% APR card since it will be better than nothing (and 0% cards can be hard to get when you really really need them).

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This! I was out of work for almost a year and a half and maxxed out my 2 Cap 1's for about 7 months. Because they were essentially rebuilders the APR was high but it was needed until I started working again.

[kdm31091]

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@onstar wrote:

My main thoughts on credit cards:

(1) Never carry a balance on a credit card unless it has a 0% interest.

(2) Always get a reward when using a credit card, whether it's cash back, points, miles, whatever.

Keeping this in mind, go for the Quicksilver. You get 1.5% cash back on everything, and as long as you don't carry a balance, the APR does not matter.

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I agree with you as a principal, but it's way too general to say. It's like saying buy stocks when low and sell when high. Generalities do not help anything.

Emergencies happen, stuff comes up, you may end up carrying a balance. Ideally for emergencies you would have a savings account and avoid CC's altogether but that's not everyone's situation. Seeking a lower APR because of that is fine. I appreciate issuers who do APR reductions. In the spirit of the OP's question, Capital One will lower APRs through the EO so if they start you off higher than what you want, you can get it lowered (after any 0% period ends).

[onstar]

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@kdm31091 wrote:

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@onstar wrote:

My main thoughts on credit cards:

(1) Never carry a balance on a credit card unless it has a 0% interest.

(2) Always get a reward when using a credit card, whether it's cash back, points, miles, whatever.

Keeping this in mind, go for the Quicksilver. You get 1.5% cash back on everything, and as long as you don't carry a balance, the APR does not matter.

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I agree with you as a principal, but it's way too general to say. It's like saying buy stocks when low and sell when high. Generalities do not help anything.

Emergencies happen, stuff comes up, you may end up carrying a balance. Ideally for emergencies you would have a savings account and avoid CC's altogether but that's not everyone's situation. Seeking a lower APR because of that is fine. I appreciate issuers who do APR reductions. In the spirit of the OP's question, Capital One will lower APRs through the EO so if they start you off higher than what you want, you can get it lowered (after any 0% period ends).

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Well ... The biggest problem with credit cards is that the access is too easy. So people end up overspending. And too many people use credit cards as a financial safety net. Anyway, I don't want to turn this into a responsible spending thread.

IMHO, when applying for a new credit card, you should not already be thinking about carrying a balance. Not even the remote possibility of carrying a balance. If you are, then you are planning to fail. In this spirit, get the Quicksilver card. Like kdm31091 wrote above, you can negotiate for a lower rate later, so in the meantime you can get 1.5% cash back.

[kdm31091]

You shouldn't be planning to carry a balance generally -- that I can agree with. Particularly with a rewards card since (outside of any 0% period) your interest is going to eat up your rewards and then some.

However, I think it's fine to plan to carry a balance in some limited circumstances. Such as opening a card with an 18-month 0% period because you have a large purchase coming up that you want to pay over time. In a different world, where credit cards didn't even exist, you would save up your money and make your purchase. That's not really the world we live in, for better or for worse people's attitude is "I want it now". 0% periods allow you to do this. The kicker is that you cannot make it a habit, and have to simply utilize it as an 18 month grace period to carry a balance and then nothing more.

I think carrying a balance in those kinds of situations is okay, but far more people simply carry balances because they are living beyond their means, and that is a mistake.