Card Review: Capital One® Quicksilver® Cash Rewards Credit Card
The Capital One® Quicksilver® Cash Rewards Credit Card applies Capital One’s general theme of simplicity regarding cash back rewards. The result is a great combination of relatively high rewards and few fees, packaged in a card that requires little management beyond paying the bills.
Earn unlimited 1.5% cash back on every purchase, every day. It’s that simple. There are no purchase categories to monitor and no cap on cash back earnings.
The coveted card offers lots of flexibility when it comes to cash back rewards, which may be redeemed as statement credits or sent to you via check. You have three options for redemption: by request (the default choice), automatically at a set date each calendar year, or automatically when a specific threshold dollar value of rewards is reached ($25, $50, $100, or $200).
Sign-up Bonus and Introductory Features
- One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening
- Earn unlimited 1.5% cash back on every purchase, every day
- No rotating categories or sign-ups needed to earn cash rewards; plus, cash back won't expire for the life of the account and there's no limit to how much you can earn
- 0% intro APR on purchases for 15 months; 16.24%-26.24% variable APR after that
- 0% intro APR on balance transfers for 15 months; 16.24%-26.24% variable APR after that; 3% fee on the amounts transferred within the first 15 months
- Pay no annual fee or foreign transaction fees
- Sign up bonus
- 0% Intro APR on purchases and balance transfers
- Easy reward redemption
- No foreign transaction fees
- No Annual Fee
Simplicity – As noted above, the cash rewards can’t be simpler. You spend, and you get cash back. You also have options for redeeming points, including redemption at automated intervals. Other cards offer the means to maximize points by matching your purchases to specific categories at certain times, but the Capital One® Quicksilver® Cash Rewards Credit Card is a great choice for “set it and forget it” consumers.
High Rewards in Its Category – Earn unlimited 1.5% cash back on every purchase, every day.
0% Introductory APR – Enjoy a 0% intro on purchases for 15 months and a 0% intro on balance transfers for 15 months. If you are planning to run a larger balance than usual and/or want to consolidate debt, the Capital One® Quicksilver® Cash Rewards Credit Card is a good choice – but beware of the balance transfer fee (see Cons below).
Sign-up Bonus and Perks – This card offers a $150 cash bonus after spending $500 in the first 3 months, which is relatively easy to attain.
Forgiving With Penalties – Late payments incur a late payment fee of up to $39 with the Capital One® Quicksilver® Cash Rewards Credit Card, but late payments do not trigger a high penalty APR as they do with many competing cards.
No Annual Fee/Foreign Transaction Fees – The Capital One® Quicksilver® Cash Rewards Credit Card is an excellent choice for international travelers who want to maximize their cash rewards, given the combination of no annual fee and no foreign transaction fees.
- Higher cash back rewards cards are available
Higher Rewards Elsewhere – If you are more interested in maximizing your cash back and are willing to keep tabs on special rules and rewards categories to do it, you can beat the 1.5% cash back of the Capital One® Quicksilver® Cash Rewards Credit Card.
Balance Transfer Fees – The 0% intro on balance transfers for 15 months is somewhat negated by the 3% fee per transfer. To come out ahead, you would need to pay down the debt quickly enough to save more in potential interest charges than you pay out as a 3% fee. That isn’t hard to do, but it requires discipline to keep spending down enough to make sufficient debt payments. Other cards may be preferable if you are transferring a large total balance.
Not the Best for Travelers – Other cards offer enhanced redemption values for travel expenses. For greater travel rewards in the Capital One family of flexible rewards cards, consider the Capital One® Venture® Rewards Credit Card and Capital One® VentureOne® Rewards Credit Card.
The Bottom Line
If you have sufficiently good credit and are more interested in ease of use than getting the absolute most out of your rewards, the Capital One® Quicksilver® Cash Rewards Credit Card may be your best choice.