The Capital One Quicksilver Cash Rewards Credit Card is a solid if unspectacular card that comes with no annual fee and unlimited 1.5% cash back on all purchases.
A reliable, easy-to-use rewards card, the Capital One Quicksilver Cash Rewards Credit Card earns cash back rather than Venture miles, like some of Capital One’s other credit cards. If you prefer earning cash back rather than miles, this alone makes it intriguing. While you may not be able to earn travel rewards that let you fly first class or stay in 5-star hotels, there’s something satisfying about earning cold, hard cash. In this article, we’ll take a look at the Capital One Quicksilver Cash Rewards card and see if it might be the best option for you.
Straightforward card with solid rewards
The Capital One Quicksilver Cash Rewards card is a straightforward credit card that comes with no annual fee and simple yet solid rewards. Unlike other credit cards that earn a different amount of cash back depending on where you use it, the Quicksilver Cash Rewards card has a flat earning structure. You’ll earn 1.5% cash back on all purchases, no matter where you use it. This simple earning structure can be useful for cardholders who don’t like having to remember which card to use where.
With the Quicksilver Cash Rewards card, you’re not limited on the amount of cash back you can earn. You can redeem your cash via a statement credit or ask Capital One to send you a check. You can also use your rewards to buy gift cards, use via PayPal or apply as a “purchase eraser” to cover the cost of recent purchases.
In addition to the cash back you can earn with your everyday spending, the Quicksilver card offers a sign-up bonus of $200 after spending $500 in your first three months of opening an account. While there are premium credit cards that offer higher initial welcome offers, $200 is quite competitive for a card that comes with no annual fee. Even better, you can achieve this $200 bonus with only $500 in spending – well within reach of most consumers.
Few perks but long-term value
Keeping with the theme of a solid yet unspectacular card, the Quicksilver Cash Rewards card does not come with many additional perks. One perk the Quicksilver card does have that might be of interest to some people is an introductory 0% APR offer. You’ll get a 0% APR introductory rate for 15 months on qualifying purchases made with the card. You’ll also get a 0% introductory APR on balance transfers for the first 15 months of having the card, though a 3% fee (or $5, whichever is higher) on balances transferred does apply. The regular variable APR of 15.24% to 25.24% applies at the end of those 15 months.
The real value from the Capital One Quicksilver Cash Rewards card comes from the fact that it has no annual fee and you’ll earn the same 1.5% cash back on all purchases. The cash back you earn from the Quicksilver card does not expire as long as you keep your account open and in good standing. There are also no foreign transaction fees with this card, which makes it a good option to use when traveling abroad. You can pay for your purchases in the local currency without having to worry about being charged any extra fees.
The Quicksilver Cash Rewards credit card also comes with the ancillary benefits of any Mastercard. In addition to being able to use the card anywhere Mastercard is accepted, you’ll get an extended manufacturer’s warranty on qualifying purchases with your Quicksilver card. You’ll also have access to travel accident insurance for fares purchased with the card, though you’ll want to make sure to check the benefits guide to fully understand the coverage. And, of course, you have $0 fraud liability with the Quicksilver card, so you aren’t liable for any charges made if your card is lost or stolen.
Is the Quicksilver Cash Rewards worth it for me?
Deciding if the Quicksilver Cash Rewards credit card is worth it for you depends on your specific spending habits. Many other credit cards come with no annual fee, so you might take a look at those and see how they compare. Make sure to compare the value of the initial welcome offer in your calculations.
Consider a card like the Citi® Double Cash Card, for example, which earns 2% cash back on all purchases (1% when making a purchase and the second 1% when the bill is paid on time). On the surface, the Double Cash seems definitively better than the Quicksilver Cash Rewards card, since it earns that extra 0.5% more cash back everywhere you use it. However, that ignores the value of the $200 initial bonus that you’ll earn with the Quicksilver Cash Rewards card. You’ll need to spend at least $40,000 on your Citi Double Cash to have the extra 0.5% cash back make up for the $200 bonus.
If you spend $40,000 on the Citi Double Cash, you’ll get $800 in cash back (2% of $40,000). With $40,000 spent with the Capital One Quicksilver Cash Rewards credit card, you’ll get $600 from your everyday spending (1.5% of $40,000), along with the $200 initial welcome bonus. If you spend less than $40,000, the Quicksilver comes out ahead, even with the lower rewards rate on everyday spending.
The Capital One Quicksilver Cash Rewards Credit Card is a solid, cash back credit card that comes with no annual fee. You’ll earn 1.5% cash back on all purchases no matter where you use the card. There is no limit to the amount of cash back that you can earn with the card, and your rewards don’t expire as long as your account remains active. You’ll also get a $200 bonus when you spend $500 in the first three months of having the card, an outstanding welcome offer for a card with no annual fee. Although the Capital One Quicksilver card doesn’t come with a ton of bells and whistles, it’s a straightforward rewards card that can make sense for a lot of people. Look at your spending patterns to decide whether the Capital One Quicksilver Cash Rewards credit card is right for you.