Heads up: Discover just launched a new cashback/travel rewards credit card that gets you 3x on all spending the first year.
Many cards offer similar offerings across credit card brands, but generally these points are the consider the best. I know I’ve had difficulty at times choosing between several different card products. It’s a major issue for me, and I imagine readers like you have had similar conundrums. So, let’s check out one comparison of similar offerings: The Discover it® credit card and the Capital One Quicksilver Cash Rewards Credit Card.
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One very important category for everyone is the annual fee. If there’s no annual fee for a credit card, it’s possible that you may never pay a single dollar to the credit card companies. The good news for these two credit cards? Both have no annual fees! That’s right, the Discover It and Capital One Quicksilver Cash Back Rewards Credit Cards both have no costs associated with ownership. So, for this category, we have a tie!
The sign up bonus is another important attractor for potential credit card applicants. For me, I always look at the sign up bonus as a determining factor for card membership. For the Discover It credit card, you’ll not have a sign-up bonus, which is a major bummer. For the Capital One Quicksilver Cash Back credit card, you’ll earn $100 cash back when you spend $500. A fairly normal sign-up offer, but a nice 20% return on spend. The advantage for this category is obviously Capital One.
A great indicator for those planning on using the cards they apply for every day for regular spend are the miles or points or cash back you receive for spending money. For the Capital One Quicksilver Cash Back Rewards credit card, you’ll earn 1.5% back for every dollar you spend (or one and a half cents). This is pretty good for regular spend, as you’ll often see only one percent back for every dollar you spend.
For the Discover it® credit card, you’ll receive one percent back on regular spend. However, this card has a rotating calendar of bonus categories, four per year. Spending within the category (Home Improvement during the summer, Gas Stations July-September, and Holiday Shopping for the rest of the year) will net you 5% cash back, up to $1,500 in spending each quarter. For those seeking simplicity, I’d say Capital One card wins, since you’ll be rewarded for every dollar you spend. But you might enjoy taking advantage of the quarterly bonus categories with the Discover it. 5% earnings are nice! And you can up your earnings by using the ShopDiscover shopping portal. This blog will help you understand more details on cards.
The cards each have introductory APR offers. The Capital One card offers 0% APR until March 2014. Afterwards, it’ll be 12.9%-22.9%. It also has no foreign transaction fees, and is a Visa Signature card, with purchase protection and travel benefits. The Discover it credit card offers up 0% APR for 14 months, and then has an APR of 10.99-22.99%. The card also has a shopping mall where you can earn up to 20% cash back, free FICO score reporting, and no foreign transaction fees. The winner here is the Discover it credit card.
I believe that you’ll receive more cash back using the Discover it® card, and its the card I would go with. That said, both cards are solid offerings. After comparing the benefits, what do you think? Let us know in the comments! Check out this blog for more information
Full reviews of these cards:
Discover it Credit Card Review
Quicksilver Credit Card Review
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