Several prominent credit cards issued by Capital One are undergoing changes for new cardholders, including switching between the Visa and Mastercard processing networks, as well as getting revised card designs.
Overall, the changes are minor for potential new applicants. The differences probably won’t affect whether you apply for a card. A Capital One spokeswoman said the change in networks currently affects only new cardholders, not existing cardholders.
Cards changing from Visa to Mastercard are:
- Capital One® Quicksilver® Cash Rewards Credit Card.
- Capital One® Spark® Miles for Business.
- Capital One® Spark® Miles Select for Business.
This card is doing the opposite, changing from Mastercard to Visa:
|Capital One® Quicksilver® Cash Rewards Credit Card|
Annual fee: $0
|Capital One® Spark® Miles for Business
Annual fee: $0 intro for the first year, then $95
|Capital One® Spark® Miles Select for Business|
Annual fee: $0
|Journey® Student Rewards from Capital One®
Annual fee: $0
To reflect the changes, all are getting revised card designs, except the Capital One® Quicksilver® Cash Rewards Credit Card, which does not feature the network logo on the front. As before, a new card design will be shared between the Capital One® Spark® Miles for Business and the Capital One® Spark® Miles Select for Business.
Does the payment network matter?
Among the major payment networks, Visa and Mastercard are quite similar, with generally the same level of acceptance in the U.S. and abroad. In day-to-day use, you won’t notice a difference.
The issuing bank — in this case, Capital One — matters more because it decides primary features of the card, such as rewards, benefits, fees and interest rates. For existing cardholders, it’s a bigger deal when your credit card changes issuers, which isn’t happening here.
Still, it’s true that certain supplemental benefits provided by Visa and Mastercard differ, and you can read about them here:
Capital One didn’t give a specific reason for the changes, although issuers are known to continually assess partnerships and make changes for business reasons.
New sign-up bonuses
Two Capital One business cards will receive new sign-up bonuses because limited-time offers are expiring. The new bonuses:
- Capital One® Spark® Miles for Business: Earn a one-time bonus of 50,000 miles – equal to $500 in travel – once you spend $4,500 on purchases within the first 3 months from account opening.
The previous bonus: Earn 50,000 bonus miles when you spend $5,000 in the first 3 months and earn 150,000 bonus miles when you spend $50,000 in the first 6 months of your account opening.
- Capital One® Spark® Cash for Business: Earn a one-time $500 cash bonus once you spend $4,500 on purchases within 3 months from account opening.
The previous bonus: Earn a $500 cash bonus when you spend $5,000 in the first 3 months and earn $1,500 when you spend $50,000 in the first 6 months of your account opening.
Because of incorrect information supplied to NerdWallet, a previous version of this article erroneously said that credit card numbers for existing cardholders would be changing. The article has been corrected.