Credit Cards

Petal 1 Visa vs Capital One QuicksilverOne — Credit Builders Showdown

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When it comes to building credit, whether you have little to no credit history or are looking to improve a previous credit mistake, the Petal 1 “No Annual Fee” Visa Card and the Capital One QuicksilverOne Cash Rewards Card are among the best options. available today.

You can use either one to build credit, as both issuers report payments to all three credit bureaus and offer the possibility of a higher credit limit after six months of on-time monthly payments. Both cards are also unsecured, which means you don’t have to put down a cash deposit as collateral to get approved.

However, some of the main details of the card diverge from there. Here’s what you need to know before you decide:

side by side comparison

Petal Visa Card 1 Capital One QuicksilverOne
Annual quota $0 $39
Welcome Offer None None
Cash Back Rewards 2% to 10% cash back, only at select merchants 1.5% cash back on all purchases
Other benefits • Get prequalified with no impact on your credit score

• Alternative approval process using bank account information

• Opportunities for an increase in the available line of credit

• No fees for foreign transactions

• Check pre-approval with no impact on your credit score

• Opportunities for an increase in the available line of credit

• No fees for foreign transactions

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Comparison of rewards and benefits

One of the main credit-building benefits offered by both cards is an automatic account review to determine if you qualify for a credit line increase. Both issuers review your account after six months to determine if you are eligible for a credit line increase, through consistent on-time payments. This can help you build credit by lowering your credit utilization ratio, the second most important factor in your credit score.

If you’re hoping to build credit while earning rewards, Capital One’s QuicksilverOne Cash Rewards Card is the clear winner between these two card options. With QuicksilverOne, you’ll get a flat 1.5% cash back on everything you buy. Rewards can be redeemed for cash back, statement credits or gift cards.

On the other hand, the Petal 1 Visa card only offers 2% to 10% cash back on purchases with select merchants. These cash back offers are automatically loaded to your Petal Card account, and you’ll earn cash back when you make a qualifying purchase with a qualified merchant. You can redeem rewards for statement credits or transfer to a bank account.

Although it falls short of the rewards, there are other benefits that make the Petal 1 Visa card a good option for building credit. Unlike other credit-building credit cards, the Petal 1 Visa Card considers alternative data for approvals, which may make it easier to qualify for the card based on your credit history, or lack thereof. Petal uses the bank account information you provide with your application, such as your income, savings, and spending history, to create a cash score that is used in addition to any credit information you have. You can also check to see if you prequalify for the Petal 1 Visa card without a thorough look at your credit report.

Meanwhile, Capital One QuicksilverOne has a more traditional approval process, though it’s also available to consumers with poor credit histories and those with “fair” credit, or a FICO score of 580 to 669 or higher. You can also check to see if you’re pre-approved for Capital One cards (without a thorough credit score inquiry) through the issuer’s website.

APR

These two credit cards charge similar APRs and neither comes with an introductory rate.

The Capital One QuicksilverOne Cash Rewards Card charges a variable APR of 26.99% on purchases and balance transfers, while the Petal 1 Visa Card comes with a variable APR of 19.99% to 29.49%, depending on your solvency.

pro tip

While both of these cards help build credit, they charge high APRs that can make carrying a balance extremely expensive. If you want to get the most out of a credit building card, pay your balance in full and on time each month to avoid interest and fees.

Just remember, it’s especially important to avoid carrying a balance if you’re working to build credit. Not only can you avoid high-interest debt, but establishing good credit habits, like paying your balance in full and on time each month, can help you maintain a great score over the long haul.

Rate

The Petal 1 Visa card is the winner when it comes to fees as it does not charge an annual fee. The Capital One QuicksilverOne, on the other hand, requires an annual fee of $39.

Both cards can charge a late payment fee of up to $40, and the Petal 1 Visa charges a $29 fee for returned payments. Both cards are also good options for traveling abroad, as they have no foreign transaction fees.

More information external link icon

Visa® Petal® Credit Card 1 “No Annual Fee”

Editor’s Score: (3.3/5)

Editor’s Score: (3.3/5)

annual fee: 5.0

prequalification: 5.0

rewards and benefits: 2.5

credit building incentives: 3.0

automatic issuer verification: 3.5

annual percentage rate: 2.0

other fines for charges: 3.0

Last updated January 14, 2022

All reviews are prepared by NextAdvisor staff. The opinions expressed therein are solely those of the reviewer. Information, including card rates and fees, presented in the review is accurate as of the review date.

  • Introductory Offer:

    N/A

  • Annual quota:

    $0

  • ordinary APR:

    19.99% – 29.49% (variable)

  • Recommended Credit:

    (No Credit History)

  • Apply nowexternal link icon On WebBank’s secure site

More information external link icon Capital One QuicksilverOne Cash Rewards Credit Card

Capital One QuicksilverOne Cash Rewards Credit Card

Editor’s Score: (3.0/5)

Editor’s Score: (3.0/5)

bounty rate: 3.5

welcome bonus: 0.0

annual fee: 3.5

other costs fees: 5.0

introduction april: 0.0

other benefits: 3.0

simplicity: 5.0

annual percentage rate: 2.0

Last updated January 14, 2022

All reviews are prepared by NextAdvisor staff. The opinions expressed therein are solely those of the reviewer. Information, including card rates and fees, presented in the review is accurate as of the review date.

  • Introductory Offer:

    N/A

  • Annual quota:

    $39

  • ordinary APR:

    26.99% (changeable)

  • Recommended Credit:

    (No Credit History)

  • More informationexternal link icon On our partner’s secure site

More information external link icon Petal® 2

Petal® 2 “Cash Back, No Fees” Visa® Credit Card

Editor’s Score: (4.0/5)

Editor’s Score: (4.0/5)

annual fee: 5.0

prequalification: 5.0

rewards and benefits: 4.5

credit building tools: 4.0

automatic issuer verification: 3.0

April in progress: 3.0

other fines for charges: 4.0

Last updated January 14, 2022

All reviews are prepared by NextAdvisor staff. The opinions expressed therein are solely those of the reviewer. Information, including card rates and fees, presented in the review is accurate as of the review date.

  • Introductory Offer:

    N/A

  • Annual quota:

    $0

  • ordinary APR:

    12.99% – 26.99% (varies)

  • Recommended Credit:

    (No Credit History)

  • Apply nowexternal link icon On WebBank’s secure site

Deciding Between the Petal 1 Visa Card and the Capital One QuicksilverOne Card

Editorial Independence

As with all of our credit card reviews, our analysis is not influenced by any association or advertising relationship.

When looking to build credit, it can be helpful to narrow your search based on which card will be a better tool to improve your score and establish habits you can use if you decide to upgrade to a more lucrative rewards card in the future.

The Petal 1 Visa Card is a great starter card for true credit beginners as it charges no annual fee and uses bank details to complete your application if you have no credit history. If you want a card that you have a good chance of qualifying for and can use to build credit over time at no charge, this might be the card for you.

However, Capital One QuicksilverOne might be a better option if you don’t mind paying $39 per year for the privilege of earning rewards. Rewards are one of the most compelling reasons to open a new credit card, and QuicksilverOne could be a good starter card option if you want to practice using a credit card to earn and redeem rewards for everyday spending.

If you’re on the fence, consider whether your budget makes QuicksilverOne’s annual fee worth its price. For most people, the breakeven point between these two cards comes into play when you can spend $2,600 on purchases within a year, or just over $217 per month. If you spend more than that on your card within a year, you’ll earn more than $39 in rewards, or more than the cost of the annual fee on the Capital One QuicksilverOne Cash Rewards card. If you plan to spend less than that on your card each month, the Petal 1 is probably the best option.

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