Yes, upgrading from the Capital One Platinum to the Quicksilver card may be a possibility. Capital One offers product changes, which allow you to switch from one card to another offered by Capital One without applying for a new card. This can be a soft inquiry on your credit report, which typically has a minimal impact on your credit score.
Here’s what to consider before upgrading:
- Rewards: The Capital One Quicksilver card offers cash back rewards on purchases, while the Capital One Platinum card typically does not. If you spend frequently on your credit card, you may earn more rewards with the Quicksilver card.
- Annual fees: The Capital One Quicksilver card has no annual fee, while the Capital One Platinum card may have an annual fee. Upgrading could save you money on annual fees if you don’t find the Platinum card’s benefits valuable.
- Creditworthiness: Capital One will review your account history to determine if you’re eligible for an upgrade. On-time payments and good credit utilization can increase your chances of getting approved for the upgrade.
Financial Advisor Tip:
Before upgrading, consider your spending habits and whether the Quicksilver card’s rewards program better suits your needs. You can check your eligibility for the upgrade online through Capital One’s website or by contacting their customer service department.
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