Thinking of applying for Quicksilver

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lorkat89
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Thinking of applying for Quicksilver

Postby lorkat89 » Sun Sep 20, 2015 12:34 pm

Back in January I applied and got the Citi Double Cash card, which it's cool that I get 2% back on purchases. When I had just my secured card if I used it for let's say $40, I would start already paying it off and most of the time have my balance down to $0 before the statement came out. You can't do it with the Citi Double Cash. You have to wait for the statement to close so you get the other 1% (and you have to wait a month or two before it shows up). What I'm thinking of doing before I redeem my cash back, is not use the card for a month or two and let the other 1% catch up. So another cash back card to use during that time would be nice. So I'm thinking of between now and January (when that card becomes a year old) saving up $500. Because I might apply for the Capital One Quicksilver which is 1.5% on purchases (and they have that thing where if you spend $500 in the first 3 months you get $100 back) Use the Citi for bills and things that don't change every month (except the months before redeeming), and saving the Quicksilver for random purchases. And I like how the Quicksilver you don't have to get a minimum of cash back before you can redeem.

But I have some questions:

1. If my securd card is with Capital One, do I have to close it before I apply for the Quicksilver?

2. Can you pay the Quicksilver off before the statement closes and still get the cashback?

3. Is there a wait time between purchase and paying? Someone told me you have to wait 15 days between when you buy something and when you can pay it.

4. If I have that one inquiry from the Citi Double Cash, will that hinder my chances of getting the Quicksilver? I am waiting till that inquiry is a year old if that helps.

5. I took a peek at the application and they want to know how much I usually spend on credit cards. I spend a few hundred a month, but always pay it off and never carry a balance. How much is too much to spend to get the card?

6. They ask total balance of all bank accounts. How much do you have to have in your accounts to get the card?
Capital One Secured Card - $1,200 limit
Citi Double Cash - $2,000 limit


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CarefulBuilder14
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Re: Thinking of applying for Quicksilver

Postby CarefulBuilder14 » Sun Sep 20, 2015 1:32 pm

I've never had a Double Cash or a QS, and I've heard all kinds of conflicting things about DC rewards so I can't speak to that.

I can say that the cards are very similar and that you might consider a card with more lucrative and specialized rewards. Chase Freedom or Discover It might be worth your consideration. They tend to have better customer service, too.
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Whatamuji
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Re: Thinking of applying for Quicksilver

Postby Whatamuji » Sun Sep 20, 2015 1:57 pm

I think I can answer your questions:

1. You might want to try to PC the secured card into a Quicksilver. Before you app for a new card. I would see if they'd PC you into a non-secured card hence no-AF (if I recall correctly) and then PC that into Quicksilver (perhaps at a later date).

2. You can pay Quicksilver off as soon as the transaction posts.

3. The only wait time is the time it takes the transaction to post. So no there's no "15 days rule" or whatever that someone told you.

4. If you app for the card you probably won't have much of a problem even with the number of inquires you have.

5. No idea as to how much is too much spend. But I recall when I app'd for the Platinum card I didn't have much money in my bank account and was fine. I usually don't have much money in it to begin with.

6. See number 5. Probably $300 - $500 bucks wouldn't be too bad to have in your bank. You could always exaggerate that number a little bit.

In closing: Quicksilver would meet your needs but I wouldn't app for it. Paying a $35 AF on a card like that is ludicrous in and of itself. Much better to go with a different card like Discover IT or Chase Freedom.
Kohls: $300, Discover IT: $1.8k, Capital One Quicksilver: $2k, Amazon Store Card: $2.2k, BoA Cash Rewards: 1k, Chase Freedom: 3.2k, AMEX HHonors 3k

Vermonster
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Re: Thinking of applying for Quicksilver

Postby Vermonster » Sun Sep 20, 2015 4:52 pm

lorkat89 wrote:You have to wait for the statement to close so you get the other 1% (and you have to wait a month or two before it shows up).


Absolutely not true. There is so much misinformation about this card despite its simplicity. You gain:
1% on all purchases (note, Fees are not counted as purchases, so interest and BT fees do not earn 1%)
1% on all payments (note, Statement credits are not payments)

Yes sometimes there can be a delay in the rewards showing. But you will receive the 2% in time. The ONLY thing you need to be aware of is that you will not receive 1% on payments that would take you below a $0 balance. So wait for the purchase to process, then pay it off.


As a side note, I don't see why people get so upset over rewards taking a statement to post. You shouldn't be using them for anything other than a bit of extra cash in your checking. If your payments are based on your rewards, you need to talk to a financial adviser.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

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CarefulBuilder14
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Re: Thinking of applying for Quicksilver

Postby CarefulBuilder14 » Sun Sep 20, 2015 5:03 pm

Vermonster wrote:As a side note, I don't see why people get so upset over rewards taking a statement to post. You shouldn't be using them for anything other than a bit of extra cash in your checking. If your payments are based on your rewards, you need to talk to a financial adviser.

I totally agree. Some people complain that a card's rewards may take time to post, or that a card may require $25 or $100 to redeem cash back, but those same people still believe a card would make sense financially and be worth the extra hassle if not for those restrictions!

If you're redeeming rewards via a hotel or airline loyalty program, then timing is important.
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Vermonster
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Re: Thinking of applying for Quicksilver

Postby Vermonster » Mon Sep 21, 2015 10:26 am

CarefulBuilder14 wrote:I totally agree. Some people complain that a card's rewards may take time to post, or that a card may require $25 or $100 to redeem cash back, but those same people still believe a card would make sense financially and be worth the extra hassle if not for those restrictions.


MF tends to have more of those people. They also tend to be people that spread spending out across numerous cards, and apply for a ridiculous number of store cards. Makes sense that a $25 minimum redemption would be a problem. Gotta get that $1.50 cash back!
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

kdm31091
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Re: Thinking of applying for Quicksilver

Postby kdm31091 » Mon Sep 21, 2015 9:09 pm

Vermonster wrote:
CarefulBuilder14 wrote:I totally agree. Some people complain that a card's rewards may take time to post, or that a card may require $25 or $100 to redeem cash back, but those same people still believe a card would make sense financially and be worth the extra hassle if not for those restrictions.


MF tends to have more of those people. They also tend to be people that spread spending out across numerous cards, and apply for a ridiculous number of store cards. Makes sense that a $25 minimum redemption would be a problem. Gotta get that $1.50 cash back!


It annoys me....unless one is making/spending huge amounts every month, spreading their everyday spend across 15 cards is NOT going to net worthwhile rewards. What's the point?

I agree with not seeing the big deal in waiting for the statement cut for the rewards. I mean yes, it's NICE to see the Quicksilver rewards adding up right away but at the end of the day, doesn't really matter.

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CarefulBuilder14
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Re: Thinking of applying for Quicksilver

Postby CarefulBuilder14 » Mon Sep 21, 2015 11:24 pm

kdm31091 wrote:It annoys me....unless one is making/spending huge amounts every month, spreading their everyday spend across 15 cards is NOT going to net worthwhile rewards. What's the point?

I took one step further in the simplicity direction, taking $2k of $4.5k on Sallie and moving it to Arrival. I've "saved" some of the CL in case Sallie closes one way or another, or the currently relaxed Barclaycard CL reallocation policy is tightened.
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Kevin86475391
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Re: Thinking of applying for Quicksilver

Postby Kevin86475391 » Sat Sep 26, 2015 1:18 am

lorkat89 wrote:Back in January I applied and got the Citi Double Cash card, which it's cool that I get 2% back on purchases. When I had just my secured card if I used it for let's say $40, I would start already paying it off and most of the time have my balance down to $0 before the statement came out. You can't do it with the Citi Double Cash. You have to wait for the statement to close so you get the other 1% (and you have to wait a month or two before it shows up). What I'm thinking of doing before I redeem my cash back, is not use the card for a month or two and let the other 1% catch up.


I have the Citi Double Cash and I love it! It's not true that you have to wait for the statement to close before you pay though. I pay weekly and I've gotten every dime of cash back - charges-based and payment-based - that I've been entitled to. I'm sure you're right that it does take awhile to show up in Citi's "Payment Tracker" but it absolutely will eventually. I really don't think there's a reason to stop using the card for a couple of months before redeeming. I redeem every month and yeah - never missed out on any cash back.

The questions you've asked have already been answered, but I did want to weigh in on a couple:

lorkat89 wrote:5. I took a peek at the application and they want to know how much I usually spend on credit cards. I spend a few hundred a month, but always pay it off and never carry a balance. How much is too much to spend to get the card?

I think you're likely thinking about this the opposite way Capital One, and other lenders, would. They're going to WANT to see spending on the credit card. $1,000 a month is going to sound much more appealing to them than $100 a month because they'll earn more on merchant charges when you swipe the card, and also because potentially you might end up carrying a balance and racking up interest charges (don't do that of course!). They'll definitely want to see income commensurate with spending, but assuming that's there, they'll be happy to see spending.

lorkat89 wrote:6. They ask total balance of all bank accounts. How much do you have to have in your accounts to get the card?

Whoa! My mouth dropped when I read this. I've applied for quite a few credit cards in my life and I've never been asked that. There's no way I would give out that information on a credit card application...or to ANYONE except a romantic partner or financial expert I have a business relationship with (financial adviser, accountant, etc.). Income is completely different. Of course any lender needs to know about income, but I'd tear up any application that asked for account balances.

I'm not saying it's untoward. I mean I hate Capital One personally, but it's not like they're going to try to outright scam you. That's just way too intrusive a question IMO, and I haven't seen it on other applications. Of course if you're comfortable with it then that's your business.

Anyway, like others in this thread, I'd steer you toward Chase, Discover, or another lender - BofA has been good to me. I've severed all relationships with Capital One, but when I did do business with them I found it unpleasant. With Capital One as your frame of reference (or really even Citi - I love their card, but they're not that great for customer service either IMO), I think you'd be shocked at how much more pleasant it is to do business with Discover or Chase instead.

kdm31091
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Re: Thinking of applying for Quicksilver

Postby kdm31091 » Sat Sep 26, 2015 7:40 am

Every lenders has pros and cons, and it depends what is more important to you.

The Quicksilver rewards program - 1.5% cash back, upfront, no redemption minimum, no hassles - is basically IMO the best general spending cash back program on the market. I have a Double Cash, and I like it, but the rewards are a bit more delayed and you must have $25 to redeem. It's up to the individual whether they care about that or not.

However, the rewards program is only one aspect. QS has the best one, IMO, but Citi is better to work with in my experience. Citi will, over time, lower your APR and give SP CLIs. Capital One does give SP CLIs, but they are not typically generous increases, and they don't move on APRs very often except for temporary reductions. Again, it may not matter if you PIF all the time, but I like lenders that show me appreciation by lowering my APR. Chase will never, EVER lower your APR so for them, if you are going to apply, make sure your profile is top notch as whatever you get is what you'll be stuck with forever. They also are not big on CLIs most of the time.

The point is every lender has good and bad. I value lenders that "like me" over time and lower my APR, raise my limit, etc. Discover, Amex and Citi have shown the most flexibility to me in that regard. Amex's reward programs aren't the friendliest for the BCE/BCP, requiring $25 increments to redeem and two statements for rewards to show, but again, pros and cons everywhere.



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