Card Review: Capital One® Quicksilver® Cash Rewards Credit Card
A Simple Yet Rewarding Card With A Recently Improved Offer
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.
Get 1.5% cash back rewards on all purchases with the Quicksilver® Cash Rewards Card. It’s that simple. There are no purchase categories to monitor and no cap on cash back earnings.
Cash back rewards 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).
There are no foreign transaction fees. Balance transfers are only assessed fees during the 15-month introductory period at 3% per transfer – after that, there are no transfer fees. Cash advances carry a fee of $10 or 3% of the amount, whichever is greater.
Sign-up Bonus and Introductory Features
The Quicksilver® Cash Rewards Card received a improved offer this year with a generous introductory 0% APR on both purchases and balance transfers for the first 15 months after card approval. Afterward, the variable APR is 14.74% to 24.74% based on creditworthiness. Cash advances have a 23.74% APR.
Additionally, Capital One is offering a one-time $150 cash bonus if you spend $500 or more using your card within the first 3 months, an easy threshold to meet for most consumers.
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 Quicksilver® Rewards Card is a great choice for “set it and forget it” consumers.
High Rewards in Its Category – In the realm of no-annual-fee cash back rewards cards, the 1.5% rewards without limits is one of the best, if not the best, offer available.
0% Introductory APR – Enjoy a 15-month period of 0% APR on both purchases and balance transfers. If you are planning to run a larger balance than usual and/or want to consolidate debt, the Quicksilver® Cash Rewards Card is a good choice – but beware of the balance transfer fee (see Cons below).
Sign-up Bonus and Perks – The sign-up bonus of $150 for $500 in spending in the first three months is relatively easy to attain. Quicksilver® cards also come with World Elite MasterCard® benefits, which include extended warranty on purchases, travel protection services, and price protection that refunds price differences if you find the same item for a lower price within 120 days after purchase.
Forgiving With Penalties – Late payments incur a $35 late payment fee with the Quicksilver® Cash Rewards 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 Quicksilver® Cash Rewards 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 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 Quicksilver® Cash Rewards Card.
Balance Transfer Fees – The 0% APR on balance transfers for the first 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 Venture® and VentureOne® cards from Capital One.
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. With a 1.5% rewards rate on all purchases, no limits on rewards, and no annual fee, this card is a great choice for those who want rewards but have better things to do than constantly manage them.