Learn more about this card and find out how you can apply here.
The Capital One® Quicksilver® Cash Rewards Credit Card is a popular cash back credit card that pays a flat, unlimited 1.5% cash back rate on all purchases and doesn’t charge an annual fee. Like many fellow cash back cards, it boasts a nice sign-up bonus, a special introductory APR promotion for purchases and balance transfers, and some other user-friendly perks.
Quicksilver is comparable to a number of other cash back cards, most of which also lack annual fees. Popular alternatives include members of the Discover it family, Chase Freedom, Citi Double Cash, BankAmericard Cash Rewards, Barclaycard CashForward, and American Express Blue Cash Everyday. Quicksilver is very similar to its Capital One cash back stablemate, QuicksilverOne, which is easier to qualify for and offers similar cash back benefits, but comes with a $39 annual fee and higher interest rates.
- Sign-up Bonus: When you spend at least $500 within 3 months of opening your account, you get a $100 cash bonus.
- Cash Back Rewards and Redemption: The Capital One Quicksilver card earns an unlimited 1.5% cash back on all purchases, with no caps, restrictions, or tiered spending categories. You can manually redeem accumulated rewards in any amount for statement credits, gift cards, or paper checks. You can also schedule automatic redemptions that are triggered when you pass a specified cash back increment: $25, $50, $100, or $200.
- Introductory APR: The Capital One Quicksilver card has a 0% introductory APR for purchases and balance transfers for 9 months. Qualifying transfers can be made at any time during the introductory window. However, Capital One doesn’t allow balance transfers from any other Capital One accounts, including merchant-branded cards (such as Kohl’s and GM) issued by Capital One.
- Regular APR: After the introductory period ends, your purchase and balance transfer APR ranges from 13.24% to 23.24%, depending on prevailing rates and your personal creditworthiness. The cash advance APR is always 23.24%, and there is no penalty APR.
- Important Fees: There is no annual fee or foreign transaction fee associated with this card. Balance transfers cost a flat 3% of the transferred amount, while cash advances cost the greater of $10 or 3%. The late payment fee is $35.
- FICO Score and Capital One Credit Tracker: Your monthly credit card statement comes with a free FICO score, which is also accessible through your online account dashboard. In addition, you get free access to Capital One Credit Tracker, a useful collection of tools and content to help you build and stay on top of your personal credit.
- Additional Cardholder Benefits: As a Capital One Quicksilver cardholder, you’re entitled to a number of general fringe benefits: 24/7 concierge service and travel booking assistance, 24/7 emergency card replacement for lost or compromised cards, and VIP/priority access to events such as sporting contests and special golf outings.
- Credit Required: This card requires good to excellent credit. Minor credit blemishes aren’t likely to be disqualifying, but major issues can cause problems.
- No Annual Fee. The Quicksilver card doesn’t come with an annual fee, which is a great help for cardholders who wish to maximize their cash back earnings. Some popular cash back cards (or cards that earn rewards which can be redeemed for cash) do have annual fees: American Express Blue Cash Preferred carries a $75 annual fee, while American Express EveryDay Preferred‘s annual fee is $95.
- Attainable sign-up Bonus. When you spend at least $500 within 3 months of account opening, you get a $100 cash bonus. That’s a nice bonus relative to the Discover it family, which doesn’t offer a sign-up bonus at all.
- No Minimum Redemption Threshold. Although you need to have at least $25 in earned cash back to schedule automatic redemptions, you can manually redeem your cash back in any amount, at any time. That’s a big advantage over Citi Double Cash and Chase Freedom, which have respective cash back redemption thresholds of $25 and $20.
- No Spending Categories or Manual Activation Required. The Capital One Quicksilver Cash Rewards card earns a flat 1.5% cash back on all purchases. You never have to worry about keeping track of tiered spending categories or – even worse – manually activating quarterly rotating categories. Chase Freedom and Discover it both require you to manually activate cash back categories once per quarter.
- No Foreign Transaction Fees. This card doesn’t come with a foreign transaction fee. That’s great news for cardholders who want to maximize their cash back earnings while traveling abroad. Barclaycard CashForward, among other competitors, charges a 3% foreign transaction fee.
- No Penalty APR. Capital One Quicksilver card doesn’t have a penalty APR. That’s great news for cardholders who occasionally miss payments, and a big advantage over Citi Double Cash, BankAmericard Cash Rewards, and American Express EveryDay.
- Free FICO Score and Credit-Building Tools. This card comes with a free FICO score on-demand (and with your card statement every month), as well as a slate of useful credit-building and credit-tracking tools under the Capital One Credit Tracker aegis. This is a nice advantage over the BankAmericard Cash Rewards Card, which doesn’t offer regular credit scores or credit-building help.
- Rewards Accumulate at a Fixed Rate. The Capital One Quicksilver Cash Rewards Card always earns cash back at a fixed rate of 1.5%. With no tiered spending categories (such as BankAmericard Cash Rewards Card’s 3% gas and 2% grocery categories) or rotating 5% categories (such as Chase Freedom and Discover it‘s 5% quarterly categories), there’s no opportunity to earn more than the cash back baseline here. This could be a drawback if you concentrate your spending in specific categories that other cards reward more generously.
- Intro APR Period Shorter Than Many Competitors. This card’s introductory APR period lasts less than a year. That’s short by competing cards’ standards: Citi Double Cash and Chase Freedom both have much longer intro periods, while Discover it and BankAmericard Cash Rewards have 12-month intro periods.
- Can’t Redeem for Merchandise or Travel. Capital One Quicksilver doesn’t let you redeem your accumulated cash back rewards for merchandise, travel, or other non-cash-equivalents. Thanks to Chase’s Ultimate Rewards portal, Chase Freedom lets you redeem for nearly anything that can be sold in stores or online.
- Requires Excellent Credit. The Capital One Quicksilver Cash Rewards card requires excellent credit. If you have any significant blemishes on your credit history, you’re not likely to qualify for this card outright. For a more attainable cash back rewards card, consider Quicksilver’s stablemate: the QuicksilverOne Cash Rewards card. Just mind QuicksilverOne’s $39 annual fee. Chase Freedom is a nice no-annual-fee alternative.
The Capital One® Quicksilver® Cash Rewards Credit Card – along with Barclaycard CashForward and a few other popular names – belongs to a newer generation of cash back cards. This generation emphasizes simplicity, consistency, and accessibility. Think of it as a response or reaction to cards like Chase Freedom and Discover it – both great option that now seem a bit dated and quaint due to their continued reliance on rotating spending categories and other gimmicks. That’s not to say that the Chase and Discover cards have no place in your wallet – just that the cash back tide seems to be ebbing away from them and toward cards like Quicksilver.
Learn more about this card and find out how you can apply here.