Yes, you can upgrade your Capital One Quicksilver Cash Rewards Credit Card to a better offer as long as you've had the card for at least several months, and you will have the best odds if your credit score and income have gone up since you applied. To see if your Capital One Quicksilver card qualifies for an upgrade, call customer service at the phone number on the back of your card. Capital One also periodically sends targeted upgrade offers to existing cardholders on their online account.
Capital One Quicksilver Card Upgrade: What You Should Know
Capital One does not state a specific amount of time the card account must be open before it's eligible for an upgrade, but it's a good idea to wait at least 6 months before requesting an upgrade. A history of on-time payments and low credit utilization increases your chances of getting an upgrade.
Capital One only allows upgrades to cards within the same card family. For example, you cannot upgrade from Capital One Quicksilver to a business card or co-branded card.
If you upgrade to a Capital One card with an annual fee, the charge will appear on the new card's first monthly statement.
You will not be eligible for any initial bonuses or introductory 0% APR offers associated with the new card, unless they're included as part of the upgrade offer.
Capital One Quicksilver card upgrades do not require a hard inquiry on your credit report, so there's no effect on your credit score.
A Capital One Quicksilver card upgrade typically takes just a few minutes. If you are approved, you should receive your card within 7-10 business days from the approval date. Your card number won't change, but you will receive a new card with an updated expiration date and security code.
You can use your old card until the new one arrives, and it will have all the benefits of the new card as soon as the upgrade is complete. Your current credit limit and APR will carry over to the new card, as will any unredeemed rewards, unless stated differently in the upgrade terms.
The Capital One Quicksilver credit limit depends on your income, creditworthiness and payment history. Capital One does not list a minimum or maximum credit limit in Quicksilver’s terms and conditions.
If you want to aim for a higher credit limit, there are a number of areas you should focus on improving.… read full answer
Biggest Factors Affecting Capital One Quicksilver Credit Limits
Your payment history. If you’ve consistently paid your bills on time, creditors will view you as more trustworthy and will be more likely to extend you higher credit lines.
Income and assets vs. existing debt. The more money you have available for bill payments, the more comfortable a lender will feel.
Rent or mortgage payments. If these payments take up too much of your monthly income, you’ll have less to spend on credit card bills.
You need at least good credit to get approved. And the better your credit is, the higher you can expect your spending limit to be.
The Capital One Quicksilver cash advance limit will be a portion of your entire credit limit, which is based on your credit standing, income and debt. So those limits are individualized according to the specifics each applicant’s credit. You can find your exact limit on your latest monthly statement, under "Available Credit for Cash Advances."… read full answer
Just keep in mind that Capital One Quicksilver cash advances are extremely expensive transactions. Capital One Quicksilver charges a cash advance fee of 3% (min $10). On top of that, your cash advance balances will start accruing interest immediately, with no grace period, at a cash advance APR of 25.24% (V). So it’s advisable to reserve cash advances for emergencies. You will also need a PIN to get a cash advance from an ATM. If you haven’t received one, you can always request it online.
There are plenty of other credit cards that do offer bonus rewards in specific categories, though. If you’re looking for a rewards credit card with bonus categories, a good place to start your search is WalletHub’s list of the … read full answerbest rewards credit cards.
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