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Capital One® Quicksilver® Cash Rewards Credit Card Review

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by Nina Semczuk Updated
Capital One® Quicksilver® Cash Rewards Credit Card

Unlimited Cash Back for All Purchase Categories 

In the competitive field of cash back credit cards, the Capital One® Quicksilver® Cash Rewards Credit Card is a steadfast contender. It boasts no annual fee and has a number of pluses. The card comes with 1.5% unlimited cash back on all purchases. Capital One offers a one-time cash bonus of $150 once you spend $500 on purchases in the first three months of opening the card. Your rewards don’t expire, and you can redeem your cash back at any time. While it doesn’t offer all the bells and whistles of cards with rotating bonus point categories, the beauty of this card is its simplicity. You’ll always know how many points you’re earning, and you’ll never be limited by quarterly purchase limits.

The intro APR is 0% for 15 months and then 14.74%-24.74% Variable based on your creditworthiness and varying with the Prime Rate. This APR applies to purchases as well as balance transfers. Balance transfers will incur a 3% transaction fee. 

The card has no foreign transaction fee, so you can use it for hassle-free travel. Additionally, the Capital One® Quicksilver® Cash Rewards Credit Card comes with World Elite Mastercard® benefits. Travelers will enjoy complimentary room upgrades when available, and early check-in and check-out. You can be reimbursed up to $1,500 for non-refundable travel expenses, if your trip is canceled or cut short by illness or injury. And if you need help booking travel, there’s a complimentary concierge service to help with reservations 24 hours a day. Other benefits include price and extended warranty protection on eligible items.

Smart Features

No annual fee - No annual fee means you don’t have to worry about keeping this card for several years as you’re not charged to use it. 

Sign-up cash bonus - Earn a one-time cash bonus of $150 once you spend $500 on purchases within the first three months.

Unlimited rewards - All purchases receive 1.5% cash back with no limit on how much you earn.

0% intro APR - The APR for purchases and balance transfers will be 0% for the first 15 months of having the card.

Redemption options - You can use the points you earn to pay for cash back, Amazon.com purchases and a variety of other options.

No foreign transaction fee - You won’t have to switch cards to avoid fees when you travel with the Quicksilver® Rewards card.

World Elite Mastercard® Benefits - This card comes with Capital One’s World Elite Mastercard® Benefits which includes travel upgrades and savings, travel protection, price protection and complimentary concierge service. 

Who It Benefits

The Capital One® Quicksilver® Cash Rewards Credit Card is for those who prefer simplicity and easy perks. There’s no annual fee associated with the card. And, you earn points with every purchase. There’s no strategy or opting-in to benefit from the unlimited cash back with this card. As long as you’re not seeking to get the highest amount of points possible for every purchase, this card will fit your needs. It’s ideal for those who use credit to purchase a variety of things, rather than those who travel or dine out frequently. If you’re in the latter category, you’d likely earn more points with a different card.  

The Capital One® Quicksilver® Cash Rewards Credit Card also offers decent travel benefits for the occasional traveler. With no foreign transaction fees, you can bring the card on any trip. And the extra perk of World Elite Mastercard® benefits means you’ll have access to travel upgrades and savings, travel protection, price protection and complimentary concierge service. 

How It Works

The Capital One® Quicksilver® Cash Rewards Credit Card is a basic cash back card that offers unlimited cash back at 1.5% for all purchases. You can earn a one-time cash bonus of $150 cash if you spent $500 or more within the first three months. To redeem your rewards, you can get a statement credit or check. You also can set up automatic redemption preferences. This means you could set an annual date, or a specific amount threshold ($25, $50, $100 or $200) to reach. Your options for rewards include gift cards, previous purchases and a few other options. As long as you keep your account open, your rewards will never expire.

This card features no annual fees and no penalty APR for late payments. Your purchase intro APR starts at 0% for the first 15 months that your account is open. After that, the APR will be 14.74%-24.74% Variable, based on your creditworthiness. The APR is the same for transfers. For cash advances, the APR is 24.74% Variable and is variable based on the Prime Rate.

The fee for transferring a balance is 3% of the amount of each transfer that posts within the first 15 months. The cash advance fee is either $10 or 3% of the amount of each cash advance, whichever is greater. Foreign transactions carry no fees.

There isn’t a penalty APR for late payments, but there are fees up to $35. 

The card also comes with a number of travel protections and benefits. You can be reimbursed for up to $1,500 per trip for things such as sickness or injury. If you need help booking travel or making restaurant reservations, there’s a complimentary concierge service. Benefits also include complimentary room upgrades and access to a portfolio of luxury hotels. 

Capital One offers several services to keep consumer credit safe. These safety features include fraud coverage, security alerts and identity theft resolution services.  

What’s the Catch

There isn’t an obvious catch to the Capital One® Quicksilver® Cash Rewards Credit Card. It’s simple, boasts no annual fee and has an easy-to-use cash back benefit. However, if you’re looking to max out rewards, this is not the optimal card for you.

While 1.5% is a fair percentage for unlimited cash back, it’s not for all consumers. If you frequently dine out or travel, you stand to earn more cash back with other cards. Those two categories are the most common for higher cash back percentages. With the Quicksilver® Cash Rewards card, you’re not rewarded for particular purchases.

Another factor that may be a catch for you is the balance transfer fee. While 3% isn’t the highest percentage out there, it does add up. If you’re trying to transfer balances and pay down credit card debt, you may want to consider a card offering 0% balance transfer fees. 

Just the Math Please

Rewards

Capital One® offers 1.5% cash back for its Capital One® Quicksilver® Cash Rewards Credit Card. You can earn an unlimited amount of cash back with this card. The percentage stays the same across all categories of purchases: 1.5%. 

There’s a sign-up bonus of $150 if you spend $500 on the card within the first three months. 

Balance Transfers

Balance transfers come with a 3% fee, for transfers that post in the first 15 months. 

Balance transfers come with 0% intro APR for the first 15 months. After that, the variable APR is 14.74%-24.74% Variable based on your creditworthiness.

Rates and Fees

Annual Percentage Rate (APR) for Purchases

0% intro APR for the first 15 months that your account is open.  After 15 months, your APR will be 14.74%-24.74% Variable, based on your creditworthiness. The APR will vary with the market based on the Prime Rate.

APR for Balance Transfers

0% intro APR for the first 15 months that your account is open.  After 15 months, your APR will be 14.74%-24.74% Variable, based on your creditworthiness. The APR will vary with the market based on the Prime Rate.

APR for Cash Advances

24.74% Variable and will vary with the market based on the Prime Rate.

Penalty APR and When It Applies

N/A

How to Avoid Paying Interest on Purchases

Your due date is at least 25 days after the close of each billing cycle.

Capital One will not charge you interest on purchases if you pay your entire balance by the due date each month. You will be charged interest on balance transfers and cash advances on the transaction date.

Annual Fee

$0

Transaction Fees

  • Balance Transfer 3% of the amount of each transfer that posts to your account within the first 15 months.

  • Cash Advance $10 or 3% of the amount of each cash advance, whichever is greater

  • Foreign Purchase Transaction None

Penalty Fees

  • Late Payment Up to $35

  • Returned Payment N/A

How It Stacks Up

Although this card features plenty of consumer benefits, the Capital One® Quicksilver® Cash Rewards Credit Card may not be the right card for everyone. 

If you want more opportunities to earn cash back, the Bank of America® Cash Rewards Credit Card is a good choice. This card especially benefits those who own a car and buy groceries frequently. The cash back offers are 3% on gas and 2% at grocery stores and wholesale clubs. However, your limit for earning rewards is $2,500 in combined grocery/wholesale club/gas purchases each quarter. Earn 1% cash back on all other purchases. This card has no annual fee and comes with the ability to earn a $150 cash rewards bonus if you spend $500 in the first 90 days. Where it differs from the Capital One® Quicksilver® Cash Rewards Credit Card is an introductory 0% APR for 12 billing cycles on purchases and balance transfers rather than 15 months. 

If you’re looking for a card very similar to the Capital One® Quicksilver® Cash Rewards Credit Card, try the Chase Freedom Unlimited® card. It also has a flat rate of 1.5% in cash back earnings. There is no limit to how much you can earn, and there’s a bonus of $150 for spending $500 on purchases within the first three months. It also doesn’t come with an annual fee. One difference is that you can earn an additional $25 for adding an authorized user to your card.  Additionally, both cards offer the same 0% for 15 months intro on purchases and balance transfers.

Citi® Double Cash Card is another card that doesn’t have reward bonus categories. You earn 1% on all purchases and an additional 1% as you pay for those purchases. There’s no annual fee but there is a 3% foreign transaction fee. The 0% introductory APR for balance transfers lasts for 18 months with this card. There is a penalty APR of up to 29.99% variable for late payments.  

If you don’t mind rotating rewards, there are plenty of options. The Discover it® Cash Back card offers 5% cash back in rotating categories on up to $1,500 each quarter and 1% back on everything else. The categories include the standard grocery stores and gas stations, and also includes Amazon.com and home improvement stores. The only drawback is that you have to activate for the bonus 5% each quarter. If you’d rather not log on every quarter to pick categories, flat rate cash back cards may be a better bet. This card also features no annual fee or foreign transaction fees. 

U.S. Bank also offers a rotating categories card, the U.S. Cash+ Visa® Signature Card. Unlike the Discover it® card, you select your preferred cash back categories. You can earn 5% cash back on your first $2,000 in eligible net purchases each quarter on the combined two categories you choose. You choose from a list that includes categories like fast food restaurants or sporting goods stores. You also can earn 2% cash back on your choice of one everyday category (i.e. gas or groceries). Everything else will earn 1% cash back. There’s no annual fee but there is a 2% - 3% foreign transaction fee, depending on the type of transaction. 

Bottom Line

The Capital One® Quicksilver® Cash Rewards Credit Card fits the bill if you’re in the market for an all-around decent cash back card. The 1.5% cash back rate might seem low in comparison to cards that offer 2% - 5% in rotating categories. However, you don’t have to activate categories or check which rotating categories have higher rates for the month or quarter. You also earn unlimited rewards which means you’ll never have to worry about maxing out your cash back.

Perks also include a $150 one-time cash bonus that you can earn, 0% introductory APR for 15 months and no foreign transaction fees. Overall, it’s a great package for a card with no annual fee. With that said, the card’s not for everyone. If you travel often, you may wish to take advantage of a card that maximizes travel cash back rewards. The same goes for frequent restaurant goers. You’ll likely earn more with a card that gives higher cash back percentages for dining out. Additionally, it’s not the best option for balance transfers. You’ll still pay 3% on a balance transfer if you plan to take advantage of the 15-month 0% introductory APR period. As with any financial decision, be sure to consider the options and make a decision based on your situation.