Summary
The Bank of America® Unlimited Cash Rewards credit card and the Capital One Quicksilver Cash Rewards Credit Card are two of the best 1.5% cash back credit cards on the market – but how do you decide which card is best for you?
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Want to earn 1.5% cash back on every purchase? The Bank of America® Unlimited Cash Rewards credit card and the Capital One Quicksilver Cash Rewards Credit Card are two of the best 1.5% cash back credit cards on the market – but how do you decide which card is best for you?
To evaluate the Capital One Quicksilver versus the Bank of America Unlimited Cash, you need to take a look at everything else the two cards have to offer – which means comparing welcome bonuses, intro APRs, annual fees and more.
Plus, you need to take a close look at each card’s reward redemption options. Would you rather deposit your rewards into a qualifying 529 investment account, for example, or use your rewards to save money the next time you shop at Amazon.com?
Want to know more? We’ve got a complete breakdown of how the Bank of America Unlimited Cash Rewards card and the Capital One Quicksilver Cash Rewards card compare – so in the battle of the 1.5% cash back credit cards, here’s how you can decide which card comes out on top.
Capital One Quicksilver vs. Bank of America Unlimited Cash
| Card | ||
| Rewards rate | 1.5% cash back on every purchase (Earn more cash back as a Bank of America Preferred Rewards member) | 1.5% cash back on every purchase |
| Sign-up bonus | $200 cash back after spending $1,000 in the first 90 days | $200 cash back after spending $500 in the first 3 months |
| Intro APR |
| 0% intro APR for 15 months on purchases and balance transfers |
| Regular APR | 18.24% to 28.24% (variable) | 19.24% to 29.24% (variable) |
| Annual fee | $0 | $0 |
Earning cash back
Both the Bank of America Unlimited Cash Rewards Card and the Capital One Quicksilver Cash Rewards Credit Card are 1.5% cash back credit cards, which means you’ll earn an unlimited 1.5% cash back on every purchase.
Flat-rate cash back credit cards are great for people who don’t want to have to keep track of which shopping categories earn the highest percentage of cash back – especially when some credit cards change their cash back categories every quarter. With a flat-rate cash back card like the Bank of America Unlimited Cash card or the Capital One Quicksilver card, you get the peace of mind that comes with knowing every single purchase earns the same cash back rewards.
Plus, Bank of America customers who are Preferred Rewards members can boost their cash back earnings depending on their Preferred rewards status. Gold members receive a 25% cash back bonus, Platinum members receive a 50% cash back bonus and Platinum Honors members receive a 75% cash back bonus. This means that once you reach the highest Preferred Rewards membership tier, your cash back earnings can increase from 1.5% to 2.62% on every purchase.
Sign-up bonuses
Although the Capital One Quicksilver and the Bank of America Unlimited Cash cards offer the same 1.5% cash back on every purchase, the cards offer different sign-up bonuses, and that could make the difference in which one you end up choosing.
The Bank of America Unlimited Cash card offers $200 bonus cash to cardholders who spend $1,000 in the first 90 days. The Capital One Quicksilver also offers $200 bonus cash, but you only have to spend $500 in the first three months to earn it.
If you’re more likely to put $500 on your credit card in a three-month period than $1,000, the Capital One Quicksilver might be the better choice for you.
Redeeming rewards
Having a 1.5% cash back credit card in your wallet is a great way to earn rewards, but you’ll want to make sure you’re happy with your reward redemption options before you choose your cash back credit card.
The Bank of America Unlimited Cash card lets you redeem your cash back rewards for statement credits toward your credit card bills. You can also deposit your rewards into a linked Bank of America checking or savings account, or turn them into a credit toward a qualifying Merrill investment account, including 529 accounts. You can even receive your rewards as a mailed check.
The Capital One Quicksilver card also lets you redeem your rewards for statement credits or mailed checks. But Capital One offers one major redemption perk that Bank of America does not: the option to redeem your rewards at checkout when you use your Capital One Quicksilver card to make PayPal or Amazon purchases. Imagine filling your Amazon cart with items, beginning the checkout process and realizing you have enough Capital One rewards to cover the entire cost. It’s almost like getting rewarded twice.
Annual fee
How do the Capital One Quicksilver and the Bank of America Unlimited Cash cards stack up in terms of annual fees?
Good news – both cards are no-annual-fee credit cards. This means that, in addition to earning 1.5% cash back on every purchase, you’ll pay zero annual fees. That’s a solid win.
Introductory APRs
Which credit card has the best introductory APR offer – the Capital One Quicksilver Cash Rewards card or the Bank of America Unlimited Cash Rewards card? It depends.
The Capital One Quicksilver offers 15 months of 0% intro APR on both new purchases and balance transfers, giving you more than a year to pay off your new purchases without paying interest as well as the opportunity to pay off old card debt before the ongoing variable APR of 19.24% to 29.24% kicks in. The Bank of America Unlimited Cash offers 18 billing cycles of 0% intro APR on purchases and balance transfers completed within the first 6o days then 18.24% to 28.24% variable APR thereafter.
But keep in mind that the Bank of America Unlimited Cash Rewards Credit Card requires you to make transfers within the first 60 days of card ownership. Still, the potential ongoing APR on the Bank of America card is slightly lower than on the Quicksilver, so if it will take you more than 15 months to pay off your debt or purchases, the Unlimited Cash might be the way to go.
Capital One Quicksilver Cash Rewards Credit Card: Best for saving money on PayPal and Amazon purchases
If you want a 1.5% cash back credit card that lets you redeem your rewards for online shopping, the Capital One Quicksilver Cash Rewards Credit Card is an excellent choice.
People who make a lot of PayPal and Amazon purchases can use their cash rewards to save money at checkout, and there’s no minimum on the amount of rewards you need to earn before you can start redeeming.
If you’ve earned 50 cents in cash back rewards, you can apply those 50 cents to your next Amazon or PayPal purchase and put the remaining balance on your Capital One credit card, earning 1.5% cash back that you can redeem the next time you shop with Amazon or PayPal.
Bank of America Unlimited Cash Rewards Credit Card: Best for paying off lots of old debt
If you want a 1.5% cash back credit card that also offers 0% intro APR on balance transfers, you’re going to want to consider the Bank of America Unlimited Cash Rewards Credit Card.
Not only will you earn industry-leading cash back on every purchase, but you can also use the card’s introductory zero-interest period to pay down old debt. With 18 billing cycles of 0% intro APR on new purchases and on balance transfers made in the first 60 days, you can earn rewards, pay off debt and save money on interest charges for more than a year.
Though the Quicksilver also comes with a balance transfer offer, those with extensive debts to pay off might do better with the Unlimited Cash since it has a lower potential ongoing APR after the introductory period ends.
Bottom line
The Capital One Quicksilver Cash Rewards credit card and the Bank of America Unlimited Cash Rewards credit card have a lot in common.
Both offer 1.5% cash back on every purchase and some kind of 0% intro APR offer on new purchases and balance transfers. Neither card charges an annual fee, and both offer a sign-up bonus worth $200 – although Capital One card awards the bonus to cardholders who charge $500 to the card in the first three months, and Bank of America reserves the bonus for cardholders who charge $1,000 to the card in the first 90 days.
That’s the first big difference between the two credit cards. What are the other major differences?
The Bank of America Unlimited Cash Rewards card requires you to make your balance transfer in the first 60 days to qualify for the introductory offer, but it also gives you a slightly longer time period and lower range of potential ongoing APRs if you need more than 15 months to pay down your balance.
On the other hand, the Capital One Quicksilver Cash Rewards card might come with a slightly higher APR, but it does offer a few reward redemption options that the Bank of America Cash Rewards card does not, including the ability to use your rewards at checkout when making PayPal or Amazon purchases.
Editorial Disclaimer
The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.
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