Capital One Platinum Question

[FreedomHammer]

Some people remarked that they were only eligible for the QuickSilver with the annual fee. I hope I can get the regular QS. I will try to upgrade at the four month mark. 

[quikj9]

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@FreedomHammer wrote:

Some people remarked that they were only eligible for the QuickSilver with the annual fee. I hope I can get the regular QS. I will try to upgrade at the four month mark. 

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Like you, I was approved for a Platinum albeit with a lower SL of $300. After 3 months I was able to product change using the same link that @AllZero posted. It seems very likely you'll be offered the QS without the annual fee around the 3 month mark. 

-I put ~$850 of spend on my QS every month because it's a useful card for me. 

-After my credit steps CLI of $200 at the 6 month mark, I got another $100 CLI  yesterday bringing it to $600 just as my card turns a year old. 

My card is "bucketed", meaning it likely won't grow and I'm okay with that. It doesn't cost me anything to keep it open and I've been able to use it to my advantage for its flat cash back rate. I'm not putting spend on the card in the hope that it will grow. I'm looking towards getting better cards with bigger limits in due time as my profile matures and wounds heal. My Savor One SL of 1k already doubled my QS's limit at the time.

Just wanted to give you my experience having embarked on a similar journey a year ago.

[FreedomHammer]

How does Capital One handle multiple payments, especially on a new account?

Is there any benefit to paying off the charge immediately on my Platinum card, or should I wait for the statement to cut and balance to post?

Sorry for all the questions. I just don't want to mess up my rebuild. 

[Remedios]

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@FreedomHammer wrote:

How does Capital One handle multiple payments, especially on a new account?

Is there any benefit to paying off the charge immediately on my Platinum card, or should I wait for the statement to cut and balance to post?

Sorry for all the questions. I just don't want to mess up my rebuild. 

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It makes no difference to them, as long as you pay it.

It's really up to you how you want to handle it.

If your limit is low, and you're using quite a bit, I'd pay it down to below 29% since you are rebuilding (maxed cards are no no while derogs are present).

In any case, Cap One wants the money and they do not mind multiple payments at all. 

[Anonymous]

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@FreedomHammer wrote:

How does Capital One handle multiple payments, especially on a new account?

Is there any benefit to paying off the charge immediately on my Platinum card, or should I wait for the statement to cut and balance to post?

Sorry for all the questions. I just don't want to mess up my rebuild. 

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Like another poster above, I got the $300 Cap One Plat. PC'd it at 3 months to a QS (no AF) for 1.5% CB. I got the Credit Steps increase to $500 at 6 months. I am certain I will get no more than $100 CLI in Feb when my 6 months comes up. That is just how Cap One is, so I would put little stock into growing this card.

I run thousands through it monthly (organic spend, this is my only bankcard). I charge it up and after everything posts to just under the CL, I pay it (since they only allow 50% over the posted balance in payment). Some people are lucky and payment posts to available credit immediately, but it takes about 24 hours for me for the credit to become available again. So to keep cycling the limit and keep earning CB, I make several payments a month and they have no problem with it so far.

When the due date comes, I have already made my "monthly payment" several payments ago, so I do not worry about that, but I at that point stop making transactions so I can control what utilization reports when the statement cuts. It gives me enough time to let any pending charges post and make an additional payment, need be, to post exactly what I want when the statement cuts. When the statement cuts, I go right back to charge/pay cycle again.

I would yield against paying as soon as a charge posts (unless only making 1 charge a month), as their computers have algorithms to track your spending/paying patterns, and if you suddenly change paying habits, it could raise flag for them that you may no longer be able to pay. Not to say this will happen, but something to keep in mind. I would charge/pay organically. Do not fret and pay every charge as it comes through. All that matters is what posts when your statement cuts and reports to the bureaus.

Good luck!

[Mr_Mojo_Risin]

I had the same CC. On day 100, others and myself for eligible for a PC to the Quicksilver with NO annual fee.

Check  the upgrade link at day 100 to see if you're eligible as well.

Good luck 

[FreedomHammer]

If I am eligible for a PC to QS from my Platinum Card, will it have World Elite benefits, or will the Platinum designator carry over from the Platinum card? 

[FinStar]

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@FreedomHammer wrote:

If I am eligible for a PC to QS from my Platinum Card, will it have World Elite benefits, or will the Platinum designator carry over from the Platinum card? 

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Unfortunately it's doubtful it'll upgrade to a WE.  Although stranger things sometimes happen with Capital One.  My understanding is that it'll be Platinum benefits, but just under a different product when the upgrade occurs.

[Slabenstein]

They only changes I saw on my spouse's account after the Plat-->QS upgrade were the addition of the rewards structure and the different product name.  It appears to be the same card in all other respects, though I don't see anywhere on the website that specifies what level of Mastercard it is (and didn't before).