Capital One Quicksilver Cash Rewards Credit Card Review
Capital One’s Quicksilver Cash Rewards credit card offers a straightforward cash rewards system that focuses on getting you more cash back. It’s perfect for those looking for a no-fuss rewards card, as there aren’t any rotating categories to contend with or expiring points to worry about. Users simply earn an unlimited 1.5% cash back on all purchases and can redeem their points at any time, for any amount.
There are also no annual fees to cut into your rewards value. The card has a 0% intro APR on purchases and balance transfers for the first 15 months. Afterward, a 15.49% to 25.49% variable APR applies. Capital One came in third place in a review of the top 11 credit card providers in the J.D. Power 2019 Credit Card Satisfaction Study, indicating that consumers are happy with their customer experience with the company.
Capital One Quicksilver Cash Rewards Credit Card Overview
| No foreign transaction fees|
Travel accident insurance
No annual fees
No expiration on rewards
| Requires excellent credit|
No bonus rewards categories
3% balance transfer fee in the first 15 months
- Card Type: Cash back
- Rewards Rate: 1.5% cash back on all purchases
- Sign-Up Bonus: $150 cash bonus after spending $500 in purchases in the first three months
- Annual Fee: $0
- APR:15.49% to 25.49% variable APR
- Intro APR: 0% intro APR on purchases and balance transfers within the first 15 months
- Recommended Credit Score: 800+
- Additional Rates and Fees:
- Balance Transfer Fee: 3% in the first 15 months. Afterward, none for transfers at the purchase APR
- Foreign Transaction Fee: N/A
- No annual fee
- Free extended warranty protection on eligible card purchases
- Paribus app for savings on prior purchases
- Enhanced security with instant push notifications on new purchases
- 24-hour travel assistant services
People who want a no-hassle, no-gimmick card with a straightforward reward system and easy redemption protocol
People with a below-excellent credit score
|Capital One Quicksilver Cash Rewards Credit Card||Chase Freedom Unlimited||Capital One SavorOne Cash Rewards Credit Card||Blue Cash Everyday Card from American Express|
|1.5% cash back on all purchases||1.5% cash back on all purchases||3% cash back on dining and entertainment 2% cash back on groceries 1% cash back on all other purchases||3% cash back at supermarkets 2% cash back at gas stations and select department stores 1% cash back on all other purchases|
|$150 cash bonus after spending $500 in purchases in the first three months||$150 cash back after spending $500 in purchases in the first three months||$150 cash bonus after spending $500 in purchases in the first three months||$150 statement credit after spending $1,000 in purchases in the first three months|
|Variable 15.49%-25.49%||Variable 16.49%-25.24%||Variable 15.49%-25.49%||Variable 14.49%-25.49%|
|No minimum cash back redemption values No foreign transaction fees||Transferable Chase Ultimate Rewards points||Use rewards directly on Amazon.com Get exclusive reservations with OpenTable||Payment flexibility Pay It Plan It payment plan options for small and large purchases|
|View details||View details||View details||View details|
All information accurate as of February 14, 2020.
No annual or foreign transaction fees
Some cards offer great cash back rewards but come with high annual fees. This cuts into your rewards value and means you’d have to spend more to come out on top. The Capital One Quicksilver Cash Rewards card doesn’t charge an annual fee and gives a respectable 1.5% cash back on all purchases. Also, if you travel frequently or make online purchases from other countries, foreign transaction fees won’t eat into your rewards, because Capital One doesn’t charge for currency exchanges.
Unlimited 1.5% cash back on all purchases
When you want to earn money on purchases but don’t want the hassle of tracking bonus categories or carrying multiple cards, the Capital One Quicksilver Cash Rewards card is your go-to choice. It’s a single card you can use all day, every day, to get a simple, yet lucrative, 1.5% cash back on everything you buy. Plus, there’s absolutely no cash back cap, so the more you spend, the more you earn back.
New cardmember offer with low spending requirement
While some credit cards require you to spend thousands within the first few months of opening your card to receive the welcome bonus, Capital One’s Quicksilver Cash Rewards credit card only asks for you to spend $500 on purchases within the first three months from account opening to earn a one-time $150 cash bonus. This means you only need to charge about $42 per week of your expenses to your card to receive your bonus.
No bonus spending categories
Capital One’s simple rewards system is great for keeping things uncomplicated. But it can start to feel boring if you love to strategize your spending to squeeze the most cash back from your rewards card. For example, unlike the Chase Freedom Unlimited card, Capital One doesn’t offer bonus cash back categories. Whether you’re grocery shopping, eating out at restaurants, or filling up your gas tank, your cash back rewards will always be 1.5% with your Quicksilver Cash Rewards credit card.
Excellent credit score recommended
Capital One credit level guidelines for its Quicksilver card recommends that users have excellent credit scores for the best chances at approval. According to Capital One, this means that you’ve never declared bankruptcy or defaulted on a loan, you weren’t more than 60 days late on credit card, medical bill, or loan payments within the last year, and you’ve had a loan or credit card for at least three years with a credit limit of $5,000 or more.
Capital One Quicksilver Cash Rewards Credit Card Compared to Chase Freedom Unlimited Credit Card
On the surface, Capital One’s Quicksilver Cash Rewards credit card and Chase’s Freedom Unlimited credit card seem almost identical. Both give you 1.5% cash back on all purchases with no annual fees. Both provide $150 welcome offers after you spend $500 on your card in the initial three months. And both provide a 0% intro APR on purchases and balance transfers for the first 15 months of account opening. Even the ongoing APRs are similar, with Capital One offering 15.49% to 25.49% variable APR and Chase offering 16.49% to 25.24% variable APR.
The difference is that Capital One’s Quicksilver card is strictly a cash back card and Chase’s Freedom Unlimited card actually earns you Chase Ultimate Rewards points. This gives Chase’s card significantly more point redemption flexibility, as you can redeem your card’s points for various rewards — including cash — or you can transfer them to other Chase cards earning Ultimate Rewards points. The esteemed Chase Sapphire Preferred card, for instance, gives points a 25% boost for travel booked through Chase or can be transferred at a 1-to-1 ratio to various airline and hotel loyalty programs.
How to Earn Cash Back
Earning cash back couldn’t be simpler with Capital One’s Quicksilver card. Simply use your card for any and all purchases to get 1.5% cash back on every transaction. There are no limits to how much you can earn within a period, and Capital One gives you cash back on all net purchases. Any credits added to the account or returns aren’t eligible. Because cash advances, balance transfers, and checks used to access the account aren’t considered purchases, they won’t earn you any rewards.
Capital One’s one-time welcome offer also gives new account holders a chance to earn a $150 cash bonus when they spend $500 on purchases within three months of opening their account.
How to Redeem Cash Back
Some of the ways Capital One Quicksilver account holders can redeem their cash back include:
- Paying for a recent purchase on the account
- Getting gift cards
- Receiving a statement credit
- Asking for a check
You’ll see your reward amount on your main dashboard after logging in. If you have more than one Capital One card, look at your “Quicksilver” account and click the reward value listed underneath it. That takes you to all of your cash back reward options on the “My Rewards” page, where you can redeem your rewards at any time and for any amount.
Capital One also lets you set up an option to automatically redeem your cash back based on your redemption preferences. You can choose to redeem your cash back right away or when it reaches a threshold, such as $50 or $100.
Your rewards can also be used to pay down your balance, which can prevent having to pay interest, or at least reduce interest. If you prefer
a gift card, Capital One has more than 80 gift cards to choose from, including restaurants, retailers, online stores, and more.
The Bottom Line
We recommend the Capital One Quicksilver Cash Rewards credit card as a solid choice if you love simplicity and are looking for a hassle-free card with high cash back rewards. With Capital One’s Quicksilver card, you can feel confident that you’re saving money with every purchase. While its redemption options may not be as plentiful as some other credit cards, there are still plenty of ways to rack up cash back.