The Capital One Quicksilver Cash Rewards credit card is one of several rewards card opportunities that are available from this lender. It offers a no-frills solution for those who want a cash back reward without worrying about anything else.
Quick Facts About the Capital One Quicksilver Credit Card
- New cardmembers qualify for a one-time bonus of $150 in rewards if $500 or more is spent on purchases within the first 90 days of opening the account.
- Every purchase with this credit card qualifies for 1.5% cash back and there is no limit or restrictions on how much can be earned.
- There is no annual fee with this credit card.
Benefits and Perks of the Capital One Quicksilver Credit Card
The benefits offered by the Capital One Quicksilver card are simple and straightforward. If you make a purchase with this credit card, then you will earn an unlimited 1.5% cash back once the transaction has completed. Even if you pay off your charges before interest is applied to the account, you still receive the cash back reward.
The cash back rewards with this credit card will not expire over the entire life of the account.
The APR for the Quicksilver card is competitively low as well. New cardholders with excellent credit may see a regular interest rate as low as 14.49% after their 9-month 0% APR introductory offer. The current APR range for cardholders is 14.49%-24.49%. The final APR assigned to the account varies based on the Prime Rate.
To receive the Capital One Quicksilver card, a good credit profile is required. Applicants who want a Quicksilver card, approved for a credit line of less than $5,000, will receive a Visa Platinum Card instead of this line of credit. The platinum account offers a higher variable APR and access to a higher line of credit after making 5 on-time payments. No rewards are currently associated with this alternative card.
The introductory period for new cardholders is also shorter than most other credit cards at just 9 months. You will receive balance transfers and purchases at a 0% APR during that time while still earning cash back rewards. After the introductory period, the regular rates then apply. For those with good credit, introductory periods of 12-18 months can be found on other credit cards.
Fees and Expenses of the Capital One Quicksilver Credit Card
One of the unique benefits of the Capital One Quicksilver Cash Rewards credit card is that it does not charge a foreign transaction fee. That makes it a suitable card for anyone who lives near the border, travels internationally frequently, or shops online at foreign sites.
It does not charge an annual fee either. That means cardholders benefit by having a high rewards rate without paying for account access. There is no minimum redemption amount on the rewards received either.
The rewards program with the Quicksilver card is good for those who want a simple solution for their finances. For those looking to maximize their rewards, however, there are no bonus reward categories that come with this credit card. You will only receive the 1.5% cash back on purchases.
Like any Visa card, you will receive the benefits which are associated with the line of credit assigned. The Quicksilver card is a Visa Signature® card, allowing for extended warranties, travel upgrades, and other benefits that are offered at no additional cost. If you receive a platinum card from Capital One instead, then the complimentary travel insurance perk disappears, and a higher APR automatically applies to your account.
Full Review of the Capital One Quicksilver Credit Card
The Capital One Quicksilver credit card is a simple solution for those who want the convenience of having a line of credit without much hassle. Once approved for the card, it takes about 7-10 business days to receive it. You will receive an introductory package which outlines the specific terms and conditions assigned to your account, based on the quality of your credit profile.
The credit card can be activated through an automated process. It does not always work, however, so you may need to confirm personal details with a customer service representative before being able to use your card.
The initial bonus offered with this card is quite easy to attain. If a cardholder uses the Quicksilver card for common expenses, then pays off the balance within 25 days, then the rewards are received without the interest charges.
Because the rewards program is across-the-board for purchases, there are no rotating categories or business codes you need to worry about. Just make the purchase and you will receive the reward.
You do need to maintain the health of your credit to maximize the benefits this credit card offers. If your credit score slides from the excellent category to a “good” category, you may find yourself paying the higher APR. There is the potential that new applicants could be paying a high APR. It should also be pointed out that the APR rates are higher on this card when compared to other rewards cards for those with a strong credit profile.
Part of the reason for the higher APR, however, is that there is no annual fee associated with this rewards card. If you manage your purchases and carry over a minimal amount of debt month-to-month, the Quicksilver card is quite easy to manage.
If you have a balance you are wanting to transfer, be sure to do it during the 0% introductory period when you first sign up. After the 9-month period ends, Capital One charges a 3% transaction fee and minimum charges apply. Transferring a $3,000 balance would initiate a one-time charge of $90, then the regular APR would be applied to the balance.
Tracking your spending activities, credit health, and managing your account is easy thanks to the Capital One online dashboard. You will receive an upfront summary of your account once you log-in, including the balance on your card and when your minimum payment is due. You can also receive your current credit score through CreditWise from your dashboard and take care of several customer service requests through your account profile.
You can then turn in your rewards whenever you wish through your account profile. The easiest solution is to have your rewards applied as a credit to your credit card balance. Using the rewards in that way usually takes 1-2 business days to complete. Receiving actual cash as a reward can take 5-7 business days for some cardholders.
The entire cardholder experience is designed to provide each person with a straightforward spending solution. Once your payment account is setup through your dashboard, you can pay off your balance each month with a couple clicks of the mouse. You can also access past statements and much more with a completely paperless solution.
The Capital One Quicksilver Cash Rewards credit card is an excellent solution for casual spenders who may make occasional foreign purchases. It is one of the few credit cards of its type that do not charge foreign transaction fees. Add in the 1.5% cash back rewards that apply automatically to each purchase and it is an easy way to maximize your personal spending power.
View for more information about the Capital One Quicksilver Credit Card.
Credit Cards Similar to the Capital One Quicksilver Card
The Citi® Double Cash Card is one of the closest competitive credit cards to the Quicksilver card today. It does not require an annual fee, features a 1% cash back reward, and offers a bonus 1% cash back if you pay off your balance. It does not eliminate the foreign transaction fees, however, and rarely offers signup promotions.
The Discover It® credit card offers a 1% cash back rewards program on all purchases. Unlike the Quicksilver card, however, this credit card will provide a 5% cash back offer at different businesses each quarter. Grocery stores, fuel stations, and shopping online with Amazon have been some of their previous categories. New cardholders may also qualify for a one-time match of all their rewards on their first anniversary.
The Wells Fargo Cash Wise Visa® allows new cardholders to earn a $200 cash reward after spending $1,000 in the first 3 months. Qualified mobile wallet purchases earn 1.8% cash back through Android Pay or Apple Pay® for the first 12 months. Then earn 1.5% unlimited cash rewards. The regular APR begins at the same point as the Quicksilver card, though the high end of the variable APR is 26.49%. You cannot redeem cashback rewards until you have earned at least $20.
Chase Freedom Unlimited® is the final competitor to consider. It offers the same unlimited cash back offer as Quicksilver, similar new cardholder benefits, and comes with no annual fee. The regular APR of this card is about three percentage points higher for those with excellent credit. All other terms are similar for new cardholders.