Capital One Quicksilver Cash Rewards Credit Card review

Capital One Quicksilver Cash Rewards Credit Card review

Updated: March 28, 2023

Partner Offer: carefully review product terms on Capital One's site before applying

Clicking “See your approval odds” will authorize us to run a soft credit pull, which we’ll need to estimate your approval odds. Approval Odds serve as a guide to help you find the right credit card and will never affect your credit score.
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Updated: March 28, 2023

Partner Offer: carefully review product terms on Capital One's site before applying

Clicking “See your approval odds” will authorize us to run a soft credit pull, which we’ll need to estimate your approval odds. Approval Odds serve as a guide to help you find the right credit card and will never affect your credit score.
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Capital One Quicksilver review: More details

Before you apply for the Capital One Quicksilver Cash Rewards Credit Card, you should ask yourself: What kind of cardholder am I? Are you someone with good to excellent credit, who pays bills on time, but has little time or patience for credit card upkeep or for juggling more than one card at once? Or, are you willing to pour time into your cards to earn extra cash back?

For cardholders who want to keep things simple, the Quicksilver card is a good choice. But cardholders ready to go the extra mile with their credit cards may be majorly missing out with this all-too-simple cash back card. Read on to see why.

See related: Capital One Quicksilver video review

A just-decent everyday cash back card

The Quicksilver card’s earning scheme is designed for users who prefer simplicity rather than for maximizing value. You earn unlimited 1.5 percent cash back on every purchase, as well as 5% cash back on hotels and rental cars booked through Capital One Travel. This is a great option for a cardholder who wants a low-maintenance rewards card it, but it gives you few options for strategizing and boosting your cash back earnings.

While the card’s boosted rate on hotels and rental cards through Capital One Travel sets it apart from the slew of cards that reward 1.5 percent back on every purchase, these purchases don’t make up a huge portion of the average person’s spending. Most people will likely earn more with a flat-rate card that earns higher rate of cash back, including the Citi® Double Cash Card, which offers up to 2 percent cash back – 1 percent when you make a purchase and 1 percent when you pay for your purchase.

Average sign-up bonus

The Quicksilver card offers $200 to new cardholders who sign up and spend $500 on the card in their first three months of card membership. This is a solid offer for a no annual fee card, matching the offer currently available on the Capital One SavorOne Cash Rewards Credit Card, and the Chase Freedom Flex among others. This is also $50 higher than the card’s previous offer, while still requiring just $500 in spending.

See related: Earn $200 bonus cash back with Capital One Quicksilver Cash Rewards credit card

Easy cash back redemption

If you are looking for ultimate ease, redemption is where the Quicksilver card has the edge. Your cash back never expires, you can redeem any amount of cash back at any time and Capital One gives you multiple redemption options, including statement credits, checks, gift cards and more.

You can also log into your account and apply your cash back as credits to your statement to cover purchases as far back as 90 days. Thanks to Capital One’s user-friendly interface, it’s a seamless process: You simply log into your account, visit the Rewards center, click the icon to “Cover Your Purchases” at the top of the page and choose from the list of purchases to apply your statement credit:

Using the Purchase Eraser

You can also issue your cash back as a check – a nice option to have in case you want to close your card and cash out your rewards.

Note, Capital One also advertises an automatic redemption option for cash back on its site. However, Capital One recently removed the feature that allows you to set your rewards to redeem automatically in your online account. You’ll have to call a representative to set up an automatic redemption, as well as to make updates to your redemption amounts – not very convenient!

Tip:The Quicksilver card is a true cash back card and does not earn Capital One miles. If you’re hoping to earn flexible, transferable miles, you should check out Capital One’s list of miles cards.

See related: How four different issuers grant cash back

Financing purchases with the Quicksilver card

For cardholders who need to transfer a pay off purchases over time, the Quicksilver card could be an attractive option. The card offers a 0% introductory APR on new purchases and balance transfers for the first 15 months of card membership (19.24% to 29.24% percent variable APR thereafter). There’s also a balance transfer fee of 3% fee on the amounts transferred within the first 15 months. This gives you the ability to finance large purchases or strategically carry a balance without sacrificing rewards.

On the downside, the Quicksilver card does not offer an intro APR on balance transfers. If you need to pay off existing debt, the Citi Double Cash Card may be a better option, as it comes with both a comparable cash back rewards program and a 0% intro APR on balance transfers for the first 18 months (18.74% to 28.74% variable APR after that).

Tip: If you’re considering making a cash advance with the Quicksilver card to pay off a debt, be forewarned that the costs are high. You will be charged a 3 percent fee (or $3, whichever is greater), and you’ll immediately start accruing interest with a variable APR of 29.24 percent. 

Beware of late fees and high interest

You’ll want to be sure to pay off your statement in time each month with the Quicksilver card. While the card, fortunately, does not include a penalty APR, it does come a higher-than-average regular APR and up to a $40 penalty for late payments. If you send in a payment past your due date, you will owe interest on your balance plus a late fee.

Other Quicksilver benefits

One of the biggest perks of the Quicksilver card is its lack of a foreign transaction fee – a benefit usually reserved for cards with annual fees. You can use your Quicksilver card outside the U.S. (and for purchases on foreign websites) without having to pay a 2-3 percent fee for the privilege. On top of that, the card provides a pretty standard set of travel and purchase protections for a card in its class, including:

  • 24-hour travel assistance – If your card is lost or stolen on a trip, you can get an emergency replacement, plus a cash advance.
  • Extended warranty – You get an extra year of warranty on eligible items purchased with your card, for warranties of three years of less.
  • Premier access – Card membership entitles you to VIP access to a limited selection of dining, sporting and music events.
  • CreditWise – Capital One’s CreditWise service monitors your credit for free, including credit report and SSN alerts.

The CreditWise service is a fairly unique feature. While most issuers offer free credit scores, Capital One’s free email alerts could come in handy for cardholders keeping close tabs on their credit scores.

Approval odds

Capital One recommends the Quicksilver card for customers with good to excellent credit (a score of 670 or higher). The lower you fall along this spectrum, the lower your chances of approval. You must also be a U.S. resident with adequate income (at least $425 more than your rent or monthly mortgage payment) with no overdue amounts with Capital One. Capital one may decline you if you have applied for a Capital One card at least twice in the past 30 days, or if you have five or more cards open with Capital One.

If your credit score doesn’t meet the threshold for the Quicksilver card, Capital One offers two excellent cards that can help you build credit with responsible card use: the Capital One QuicksilverOne Cash Rewards Credit Card and the Capital One Platinum Credit Card.

Better than average customer service

The Quicksilver card is issued by Capital One, which has a decent reputation with its customers. Capital One as an issuer scored an 808 on the 2020 J.D. Power Credit Card Satisfaction Study, putting it in fifth place out of 11 major issuers. The bank offers round-the-clock live customer service for credit card customers and includes an online chat service on its website (you may have to do some searching to locate it), making it easier to get ahold of an agent when you have a problem. Furthermore, the Capital One mobile app rates very well with users, scoring a 4.8 out of 5 on the Google Play Store and 4.7 out of 5 on the Apple Store.

How does the Quicksilver compare to other cards?

If you’re searching for the simplest option for cash back rewards, the Quicksilver card may be the best way to go. However, there are plenty of more rewarding cards than the Quicksilver card, including several cash back cards:

Chase Freedom Unlimited
Chase Freedom Unlimited®*
Citi Double Cash card
Citi® Double Cash Card
Discover it Cash card
Discover it® Cash Back
Rewards rate

  • 5% cash back on Lyft purchases (through March 2025)
  • 5% cash back on travel through Chase Ultimate Rewards
  • 3% cash back at restaurants and on drugstore purchases
  • 1.5% cash back on all other purchases
Rewards rate

  • Up to 2% cash back on every purchase – 1% when you purchase and 1% when you pay for those purchases
Rewards rate

  • 5% cash back on rotating categories that you must enroll in each quarter, up to $1,500 in purchases per quarter
  • 1% back on other purchases
Sign-up bonus

  • Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) – worth up to $300 cash back
Sign-up bonus

  • N/A
Sign-up bonus

  • Matches cash back at end of first year of membership
Annual fee

  • $0
Annual fee

  • $0
Annual fee

  • $0
Other things to know

  • Redeem any amount of cash back at any time
  • You can transfer rewards as points to premium Chase cards and get a 25-50% bonus for travel redemptions
Other things to know

  • Awards expire if card is not used for more than 12 months
Other things to know

  • Redeem any amount of cash at any time
  • Redemption options include direct deposit into any account and payment on the spot at select retailers
  • No foreign transaction fee

Chase Freedom Unlimited

The Chase Freedom Unlimited card is another simple cash back card. It offers similar flexibility as the Quicksilver card – you can redeem any amount of cash back at any time for a variety of rewards, including merchandise and statement credits.

However, the card has an additional feature that gives it an edge: You can transfer your rewards as points to certain premium Chase cards. The Chase Sapphire Preferred Card gives you a 25 percent bonus on points when you redeem them for travel through the Chase portal, and the Chase Sapphire Reserve card gives you a 50 percent travel redemption bonus when redeemed through the Chase portal. These bonuses can potentially boost the value of your rewards by 25 to 50 percent.

Citi Double Cash Card

The Citi Double Cash Card is not currently offering a sign-up bonus, but its high ongoing flat cash back can more than make up the difference. While the Quicksilver card has a slight edge in first-year value thanks to its sign-up bonus, the Citi Double Cash card’s extra 0.5% cash back on every purchase allows it to overtake the Quicksilver in total value after the first couple years. We estimate that a cardholder who spend $15,900 per year will earn $38 more cash back over three years with the Double Cash card than the Quicksilver card:

Cash back earned on $15,900 yearly spend

Capital One Quicksilver cardCiti Double Cash Card
3 years x $15,900 x 1.5% + $200 sign up bonus = $9163 years x $15,900 x 2% = $954

Discover it Cash Back

For cardholders who don’t mind a bit of card maintenance, the Discover it Cash back lets you earn a little more on your spending thank to its 5 percent rotating bonus categories. You have to activate the categories each quarter to earn the bonus, which is capped at $1,500 in purchases per quarter (you earn 1 percent on all purchases thereafter).

Despite the spending cap, you can earn more rewards with the Discover it Cash Back card just by putting all your purchases on one card. Also, Discover matches your cash back in the first year of card membership, basically doubling all your earnings for that year.

If you want to boost your cash back earnings even more, you can pair the Discover Cash Back card with a flat-rate card that earns a higher rate on general purchases (including the Quicksilver card) and dedicate your Discover card to rotating bonus category purchases.

See related: Capital One Quicksilver vs. Discover it Cash Back

Capital One Quicksilver vs. QuicksilverOne

Since both the Quicksilver and QuicksilverOne carry are issued by Capital One and carry a base cash back rate of 1.5% on general purchases, it’s easy to get them confused. Other than their cash back rate, however, the cards are designed for very different consumers.

While the Quicksilver is geared toward applicants with good or better credit, you can qualify for the QuicksilverOne with a limited credit history or an average credit score. The cards also carry much different costs of ownership: The Quicksilver charges no annual fee, while the QuicksilverOne charges a $39 annual fee. The QuicksilverOne also carries no sign-up bonus, charges a higher APR and offers an initial credit limit of just $300, which means you may have a harder time keeping your credit utilization ratio low.

CardSign-up bonusRewards earned (based on average consumer spending)Annual feeTotal earned in first year, minus annual fee
Capital One Quicksilver card$200 after spending $500 in the first 3 months$15,900 * 1.5% back = $239$0$439
CapitalOne Quicksilver OneNone$15,900 * 1.5% back = $239$39$200

If you have a good credit score, the QuicksilverOne is the clear winner thanks to its sign-up bonus and $0 annual fee, but the QuicksilverOne could still be a great starting point if you have a thin credit file or middling credit score. You may be eligible to increase your credit limit on the QuicksilverOne after six months of timely payments and if your credit score improves and you use your card responsibly, you may be able to switch to a different Capital One card, like the Quicksilver.

See related: Quicksilver vs. QuicksilverOne

Why get the Capital One Quicksilver card?

  • You prefer earning cash back over earning credit card points.
  • You want one of the simplest cash back rewards programs available.
  • You want to earn a high rate of cash back on all your purchases without having to rotate cards.
  • You want a card that earns more than 1% back on general purchases to pair with a bonus category card.
  • You’re searching for a no-annual-fee card without a foreign transaction fee.

How to use the Capital One Quicksilver card

  • Use it as your go-to card to pay for all your purchases or rotate it with a card with bonus categories, using the Quicksilver card to pay for purchases that don’t fall in a bonus category.
  • Set your account to autopay for the most hands-off approach. (However, keep a close eye on your account to make sure you don’t accrue any interest or late fees.)
  • Make sure you spend $500 in the first three months to earn the sign-up bonus.
  • Use the card to finance a large purchase for 15 months of no interest (19.24% – 29.24% variable APR thereafter).
  • Pay off your balance in full each month to avoid the card’s high interest rate.
  • Use the card while traveling abroad or for purchases from foreign sites – you won’t be charged a foreign transaction fee.
  • Use CreditWise to monitor and improve your credit score.
  • Pair the Quicksilver card with the Capital One SavorOne Cash Rewards Credit Card to earn extra cash back on dining and entertainment purchases.

Is the Quicksilver card worth it?

For a cardholder who prefers the utmost simplicity and wants to earn a steady rate of cash back without much thought, the Quicksilver card is one of the best options. However, if you want to maximize your rewards earnings, there are many other cards out there with much higher earning rates. Before you apply for the Quicksilver card, you should take a look out the full array of cash back cards to make sure you aren’t missing out on a better value.

*All information about the Chase Freedom Unlimited® has been collected independently by and has not been reviewed by the issuer.

For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.

Our reviews and best card recommendations are based on an objective rating process and are not driven by advertising dollars. However, we do receive compensation when you click on links to products from our partners. Learn more about our advertising policy

All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the bank’s website for the most current information.

Responses to comments in the discussion section below are not provided, reviewed, approved, endorsed or commissioned by our financial partners. It is not our partner’s responsibility to ensure all posts or questions are answered.

Partner Offer: carefully review product terms on Capital One's site before applying

Clicking “See your approval odds” will authorize us to run a soft credit pull, which we’ll need to estimate your approval odds. Approval Odds serve as a guide to help you find the right credit card and will never affect your credit score.
Apply now