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New Capital One Credit Card!

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RehabbingANDBlabbing
Established Contributor

Re: New Capital One Credit Card!


@Anonymous wrote:

It seems to be a bridge between QSOne/Platinum to QS. QuickSilver/Venture/Savor all require "Excellent" credit according to CapitalOne. QSOne and Platinum require "Average" credit. Platinum Preferred requires "Good" credit, a tier that doesn't even show up on any other card offered by CapitalOne. I guess if you have better credit than average but can't qualify for the QS, it has no AF so it may be worth it. It also has the Earn a higher line feature, so it probably does the same credit steps as the Plat/QSOne.


It is an interesting offering. The page says "good" credit is required, whereas their more prime types of cards all say they require "excellent/above average" credit. Another detail I saw is that they mention the Credit Steps program on this page as well. The APRs are tiered at 16.49%, 21.49%, and 25.49%, but it only offers 9 months of 0% APR. The "excellent" Quicksilver card offers 0% for 15 months and has a lower, best rate, ongoing APR. To me, all this says is that they want to offer something for people with credit better than "average" (i.e. Quicksilver One and unsecured, low bucket Platinum), but they want to let more people in than they do for their "excellent" level cards. To me, this would be comparable in terms of qualification to something like Chase Freedom, where they will aprove someone with new or rebuilding credit a low CL, but the card can also offer a much lower APR and a higher credit line if someone with excellent credit applies.

Message 11 of 25
zerofire
Valued Contributor

Re: New Capital One Credit Card!

Interesting card. Sucks that a straight 2% card can beat it but I think the idea is to cover the middle market that had a big gaping hole in the Capitol One portfolio. I noticed Capitol One is trying to pull more customers with fresh product because the other stuff was oldie but goodie. Explains a lot why Walmart told Synchrony Bank to take a hike for Capitol One.

TU:837 09/19/23 Bank of America--EX: 841 09/20/23 Experian--EQ:832 09/21/23 myFICO--Gardening since N/A
Active:
Bank of America (Unlimited Cash Rewards WMC, Customized Cash Rewards WMC, Customized Cash Rewards VSC), Capital One Walmart WMC, Chase(Amazon Prime VSC, Freedom Flex WEMC [x2], Freedom Unlimited VC), Citi Dividend MC, Citizens GreenSense MC, Curve WEMC, Discover It C, FNBO Ducks Unlimited VSC, PenFed (Platinum Rewards VSC, Pathfinder Rewards VSC), Synchrony Bank PayPal Cashback MC, UMB Bank Simply Rewards VC[Milford Federal], US Bank (Altitude Go VSC, Cash+ VSC [x2], Pick n Save/Metro Market WEMC)
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Message 12 of 25
CashBackQueen
Frequent Contributor

Re: New Capital One Credit Card!

Good to see Capital One bridging the gap between their "average" and "excellent" products. Wish they would bring back the old credit increase amounts like I remember back in 2015 as opposed to these $100 increases they're offering now lol.
BK7 DC 1/2/18 • Progress as of 5/10/22:


TCL: $89,350 • If it ain't got rewards, I don't want it Smiley Wink
Message 13 of 25
wasCB14
Super Contributor

Re: New Capital One Credit Card!

Does QS really require "excellent" credit? I'd think they'd have to relax their standards a bit to get people interested in 1.5% these days.

We're not all credit geeks, but Citi pushes DC pretty hard.
Personal spend: Amex Gold, Amex Schwab Plat., BofA PR+CCR(x2), Costco
Business use: Amex Bus. Plat., BBP, Lowes Amex AU, CFU AU
Perks: Delta Plat., United Explorer, IHG49, Hyatt, "Old SPG"
Mostly SD: Freedom Flex, Freedom, Arrival
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SUB chasing: AA Platinum Select
Message 14 of 25
Andypanda
Established Contributor

Re: New Capital One Credit Card!

Works for me. I am still going to wait to I get a pre quilify for the amex BCE so i can get 3% back on grociereis. 

Message 15 of 25
longtimelurker
Epic Contributor

Re: New Capital One Credit Card!


@wasCB14 wrote:
Does QS really require "excellent" credit? I'd think they'd have to relax their standards a bit to get people interested in 1.5% these days.

.

Yes and no!   I requires CapOne excellent credit, which means:

 

I've never declared bankruptcy or defaulted on a loan; I haven't been more than 60 days late on any credit card, medical bill, or loan in the last year; I've had a loan or credit card for 3 years or more with a credit limit above $5,000.

 

So you can have a 60 day late in the last year and still be excellent.   Other issuers may disagree with this definition!

Message 16 of 25
RehabbingANDBlabbing
Established Contributor

Re: New Capital One Credit Card!


@longtimelurker wrote:

@wasCB14 wrote:
Does QS really require "excellent" credit? I'd think they'd have to relax their standards a bit to get people interested in 1.5% these days.

.

Yes and no!   I requires CapOne excellent credit, which means:

 

I've never declared bankruptcy or defaulted on a loan; I haven't been more than 60 days late on any credit card, medical bill, or loan in the last year; I've had a loan or credit card for 3 years or more with a credit limit above $5,000.

 

So you can have a 60 day late in the last year and still be excellent.   Other issuers may disagree with this definition!


This is what Cap1 posts on their website, but I don't think it's necessarily accurate. I've seen my grandmother with a 40+ year history, good scores, low usage, and many established accounts denied for one of these cards. The ridiculous reason they cited was "lack of mortgage accounts." Not only was that silly, but it also wasn't true. She had a paid and closed mortgage on her reports!

 

I think Cap1 decisions are being made with some proprietary scoring model that they have developed, which may or may not be faulty. My grandmother isn't the only person I have heard of being denied for what seems to be no reason. They are one of the only creditors triple pulling for every card application, which isn't just unncessary, but also unusual.I'll be interested to see what the data points regarding approvals for this new card are.

Message 17 of 25
K-in-Boston
Credit Mentor

Re: New Capital One Credit Card!


@RehabbingANDBlabbing wrote:

@longtimelurker wrote:

@wasCB14 wrote:
Does QS really require "excellent" credit? I'd think they'd have to relax their standards a bit to get people interested in 1.5% these days.

.

Yes and no!   I requires CapOne excellent credit, which means:

 

I've never declared bankruptcy or defaulted on a loan; I haven't been more than 60 days late on any credit card, medical bill, or loan in the last year; I've had a loan or credit card for 3 years or more with a credit limit above $5,000.

 

So you can have a 60 day late in the last year and still be excellent.   Other issuers may disagree with this definition!


This is what Cap1 posts on their website, but I don't think it's necessarily accurate. I've seen my grandmother with a 40+ year history, good scores, low usage, and many established accounts denied for one of these cards. The ridiculous reason they cited was "lack of mortgage accounts." Not only was that silly, but it also wasn't true. She had a paid and closed mortgage on her reports!

 

I think Cap1 decisions are being made with some proprietary scoring model that they have developed, which may or may not be faulty. My grandmother isn't the only person I have heard of being denied for what seems to be no reason. They are one of the only creditors triple pulling for every card application, which isn't just unncessary, but also unusual.I'll be interested to see what the data points regarding approvals for this new card are.


+1. Capital One is the only lender to deny me for a new credit card (Venture) in at least a decade but people not long out of bankruptcy get approved for a $30k Venture all the time.

Message 18 of 25
Adkins
Legendary Contributor

Re: New Capital One Credit Card!

The 1% category excludes Walmart and Target. 


Last HP 08-07-2023



Message 19 of 25
Adkins
Legendary Contributor

Re: New Capital One Credit Card!


@HeavenOhio wrote:

Thanks for the heads up, @Anonymous. Smiley Happy

 

I'm seeing this card via the link above, and I'm also seeing it on Capital One's full list of cards.

 

It's definitely a subprime card. It has a $300 minimum credit limit, and applicants will be denied if they have two or more Capital One cards. Still, without an annual fee, it's good enough to keep around if desired. It can anchor one's AoOA (age of oldest account) or prop up one's history in general.

 

We saw some mentions of a "Platinum Preferred" card a few months ago. If I remember correctly, it was 1% on everything without category rewards. I'm not sure how people managed to obtain it, though, as it was never listed with Capital One's other cards.


It was an option to choose on a pre-approval. I had the card showing at one point myself. 


Last HP 08-07-2023



Message 20 of 25
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