Should I get Capital One SavorOne or Quicksilver?

The biggest differences between the Capital One® Savor® Cash Rewards Credit Card and the Capital One SavorOne Cash Rewards Credit Card are that the first comes with more generous rewards while the latter features a $0 annual fee. Both cards require good credit or better (700+), and both feature a $0 foreign transaction fee. Which you get really depends on how much you plan to charge to the card, especially in its bonus categories.… read full answer

Here are the differences between the Capital One Savor and Capital One SavorOne:

• Initial bonus: Capital One Savor offers $300 for spending $3,000 in the first 3 months. Capital One SavorOne offers $200 for spending $500 in the first 3 months.
• Ongoing rewards: Capital One Savor earns 4% cash back on dining, entertainment and popular streaming services, 3% back at grocery stores and 1% back on all other purchases, as well as 8% back on tickets at Vivid Seats through January 2023. Capital One SavorOne earns 3% cash back on dining, entertainment, popular streaming services and grocery store purchases, along with 1% back on all other purchases (except for 8% back on tickets from Vivid Seats through January 2023).
• Interest rates: Capital One SavorOne benefits from introductory APRs of 0% for 15 months on purchases and balance transfers - 14.99% - 24.99% (V), based on the specifics of your credit, thereafter. Capital One Savor has a regular APR of 15.99% - 23.99% (V), determined according to the specifics of your credit.
• Cash advances: Capital One Savor cash advances accrue interest immediately at an APR of 23.99% (V) - each cash advance is subject to a 3% (min $10). Capital One SavorOne cash advances accrue interest immediately at an APR of 24.99% (V) - each cash advance is subject to a 3% (min $10).
• Annual fees: Capital One SavorOne features a $0 annual fee. Capital One Savor charges a $95 annual fee.

Overall, the Capital One® Savor® Cash Rewards Credit Card is a better option if you don’t mind paying the annual fee. The initial bonus alone offsets the annual fee, so if you think you meet its spending requirements and spend enough to benefit from its ongoing spending rewards, Capital One Savor will serve you well. If you don’t plan on spending as much, or want to finance a purchase, the Capital One SavorOne is the better choice.

The difference between cash back and points is that the former is the most versatile type of credit card rewards, as it can be redeemed for anything, and there’s never any doubt about how much it’s worth. Points, on the other hand, have a value set by the credit card company and tend to be worth the most when redeemed for travel. Credit card companies won’t always clearly disclose points values, and those values can change over time. It’s possible that points could be worth 1 cent apiece one day and 0.8 cents each the next.… read full answer

You can spend points for many different things. Usually, you can trade them for travel, gift cards, unique experiences, charitable donations or even cash. There are no restrictions on what you can use cash for. You can typically redeem cash back for a statement credit, paper check, or direct deposit to a bank account. One thing credit card shoppers should watch out for are cards advertised as offering cash back that really provide points. For example, the Chase Freedom Flex℠ offers “5% cash back” in certain bonus categories. But what it actually gives is 5 Chase Ultimate Rewards points per $1, which cardholders can then trade for cash back at a rate of 1 cent each.

Cash Back vs Points:

• Good cards overall: Citi® Double Cash Card – 18 month BT offer for cash back. Chase Sapphire Preferred® Card for points.
• Initial bonus: Bank of America® Customized Cash Rewards credit card - $200 for spending $1,000 in the first 90 days. IHG® Rewards Club Premier Credit Card for points - 150,000 points for spending $3,000 in the first 3 months.
• Earning rate: Usually at least 1% cash back or 1 point per $1 spent.
• Devaluation: Points can be devalued by the issuer, while cash back can’t.
• Redemption options: Statement credit, check or deposit for cash. Travel, merchandise, gift cards, cash and more for points.
• When it’s the best choice: Points for frequent travelers. Cash back for everyone else.

Let’s take a look at two high-profile cards in a battle of cash back vs. points.

Citi Double Cash Card tops the cash back offerings with 2% cash back on all purchases and an introductory APR of 0% for 18 months on balance transfers, with a 3% (min $5) balance transfer fee. It also chases a $0 annual fee and requires good credit to get.

But if you’re a frequent traveler, Chase Sapphire Preferred is a more attractive option. It gives 5 points per $1 spent on travel purchased through Chase, 2 points per $1 on all other travel purchases, 3 points per $1 on dining and online grocery purchases, 3 points per $1 on select streaming services, and 1 point per $1 on all other purchases. It has an initial bonus of 60,000 points for spending $4,000 in the first 3 months. This card’s points are worth 1 cent each toward cash back or gift cards or 1.25 cents each toward travel. There’s a $95 annual fee and the card requires good credit.

For both cash back and points cards, you can expect to lose your rewards if your account closes for any reason. Most cards don’t let your rewards expire over time. But Citi Double Cash Card’s cash back expires if you don’t use your card for 12 months. And on points cards alone, your points can be devalued if the issuer decides to charge more points for its rewards. So, frequent redemption is essential.

So, the bottom line is that frequent travelers should check out points cards. Otherwise, cash is king.

The main difference between a charge card vs. a credit card is that charge cards don’t allow you to carry a balance between months, while credit cards do. Both types of cards allow you to buy now and pay later, but charge cards require that payment to be for the full amount you owe at the end of the billing cycle. Traditional credit cards require you to pay just a portion of your balance by the due date each month to keep your account in good standing.… read full answer

It’s important to note that a charge card actually is a type of credit card – just a unique one. Charge cards and other credit cards are different in more ways, too.

Here are the main differences between charge cards vs. credit cards:

• Amount Due: Charge cards require you to pay your bill in full each billing cycle, while credit cards only require a minimum payment (a portion of your entire balance) and revolve the rest of your balance to the next billing cycle. Unless the credit card offers an introductory 0% APR though, you’ll have to pay interest on the unpaid portion of the balance.
• Credit/Spending Limit: Charge cards generally don’t have preset spending limits, while credit cards will assign a credit limit based on your creditworthiness.
• Debt, Interest and Fees: Charge cards will not allow you to accrue debt as you’re required to pay off your balance every month. Not paying your balance in full by the due date will attract considerable late fees though. Credit cards will only attract late fees if the minimum payment is not made by the due date. However, credit cards will accrue interest on any unpaid balance, unless they offer an introductory 0% APR for a certain period of time.
• Credit Score Impact: Credit utilization isn’t part of the scoring criteria for charge cards, as they have no preset spending limit. Credit utilization for credit cards, on the other hand, is recommended to be kept no higher than 30-40%.
• Annual Fees: Charge cards tend to charge high annual fees, while credit cards make for a more diverse offering, covering the whole spectrum of credit, from bad and limited, to excellent credit.

Charge Card vs. Credit Card:

Some hybrid cards do have some sort of short-term financing. For example, American Express has a feature called "Pay Over Time" on some of their cards. That lets you carry a balance between months on certain eligible charges of $100 or more, with interest, up to a limit. Not all cardholders are eligible and all charges that are not included in the Pay Over Time balance must be paid in full by the due date.

Now that you’re familiar with the fundamental differences between charge cards and credit cards, you can take a look at some of the best that both types have to offer.

2021’s Best Charge Cards vs. Best Credit Cards

Overall, credit cards tend to be better than their charge card counterparts for most people. Credit cards provide financing capabilities, for one thing, and some of them are much easier to obtain. Charge cards can be very attractive to a certain segment of the market, though – people with good or better credit who always pay in full and want premium rewards.