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Capital One Quicksilver Review
Our Capital One Quicksilver review goes into detail about the pros and cons of the credit card, as well as who should and shouldn’t apply for it.
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Onto our Capital One Quicksilver review!
- Introductory APR: 0% on purchases for 15 months
- Variable APR (beyond introductory period): 15.49% – 25.49%
- APR on Cash Advances: 25.49% (Variable)
- Annual Fee: $0
- Balance Transfer Fee: N/A
- Cash Advance Fee: 3% of the transaction amount; minimum $10
- Foreign Transaction Fee: N/A
- Late Payment Fee: Up to $40
Pros vs. Cons of Capital One Quicksilver Cash Rewards
Capital One Quicksilver review pros and cons.
- No cap on cash back rewards
- Rewards do not expire
- No fee on foreign transactions
- $200 welcome bonus
- 15-month 0% introductory APR on purchases
- No offers on balance transfers
- No bonus categories for boosting rewards rate
- Above-average regular APR
Who Should Get The Capital One Quicksilver Cash Rewards Credit Card?
People who prefer the simplicity of a flat cashback rate over chasing category-specific rewards will find the Capital One Quicksilver Cash Rewards credit card worth their while. If you don’t spend heavily on any particular category that another credit card offers a generous rewards rate for, this Capital One card’s 1.5% cashback rate across all categories is an excellent deal.
The Capital One Quicksilver is also a great option for individuals hoping to finance a big-ticket purchase since the card offers a generously long 0% APR period. The card comes at no annual cost, which means users don’t have to worry about earning enough rewards to justify the cost of holding the card.
The card does not charge any foreign transaction fee. This bodes well for people hoping to earn a flat 1.5% cashback on purchases made during an international trip. Other cards that charge 3 to 5% foreign transaction fees may seem harmless, but those fees can really pile up as you keep spending and you will probably come back home to a surprisingly big credit card bill.
Capital One Quicksilver Benefits and Features
We look at the Capital One Quicksilver review benefits and features.
Capital One Quicksilver Credit Card Benefits:
- Flat cash back rate and no minimum redemption amount
The Capital One Quicksilver Cash Rewards is all about simplicity. It has a straightforward rewards structure that gives 1.5% back on all purchases.
While many other cards require that a cardholder accumulate a minimum of $25 worth of rewards, the Capital One Quicksilver Cash Rewards imposes no such restriction and allows cashing out any time.
However, the Citi Double Cash Card is another no-fuss credit card that offers an even higher flat cash back rate of 2%—1% at the time of purchase and 1% when you make the payment.
- Simple redemption process
Ease of redemption is where Capital One Quicksilver edges out its competitors. Not only can you redeem any amount without a minimum amount being imposed, the cash back on your card never expires, and you have various redemption options to choose from including a check, statement credits, and more.
Cardholders can even “erase” their purchases by applying their cash back upon logging into their Capital One account using the Capital One Purchase Eraser. The cash back can be applied as credits to your statement for erasing purchases you made using the card during the preceding 90 days.
Log into your Capital One account, navigate to the Rewards center, locate the “Cover Your Purchases” icon somewhere atop the page and pick the purchases you would like to apply the statement credit to.
- Welcome bonus
The card offers a solid $200 back to the cardholder upon spending $500 within 3 months of opening the account. This is a great offer for a card that charges no annual fee. The bonus matches the welcome bonus offered by competing cards like Chase Freedom Unlimited.
Sure, $200 is not massive, but it’s fairly easy to claim given the low $500 spending requirement.
- No annual or foreign transaction fee
The fee-averse will adore this card for its lack of annual fee. To top off the $0 annual fee, the card is also a great companion for international travelers given the lack of foreign transaction fees. Spend all you can on your international trip without worrying about hefty transaction fees, all the while earning a decent 1.5% back on all your purchases.
- Long introductory 0% APR period
If you are expecting a large purchase that will take several months to pay off, the Capital One Quicksilver Cash Rewards card’s 15-month long introductory 0% APR period could be helpful.
Plan your payments accordingly and ensure you completely pay down the purchase amount before the introductory period ends, though. Beyond 15 months, the outstanding balances on the card will attract a variable APR of 15.49% – 25.49%.
- Travel benefits and purchase protection
The card offers purchase protection and several travel benefits, such as:
- Auto rental collision damage waiver: Eligible car rentals are covered by Capital One for theft or damage due to collision. Note that the coverage is secondary and kicks in only if no other policy covers this damage.
- Emergency assistance: If you happen to lose your card, Capital One will issue an emergency cash advance and a replacement card.
- Accidental insurance: Capital One Quicksilver cardholders receive up to $250,000 as reimbursement in case of dismemberment of accidental death, provided the trip has been paid for with the card.
- Extended Warranty: An additional one-year warranty is provided on the purchase of eligible items, provided they have a warranty of less than or equal to 3 years.
- CreditWise: CreditWise is a unique service offered by Capital One that helps the cardholder monitor their credit score.
What Makes Other Cards Better Than The Capital One Quicksilver Cash Rewards?
- No scope for strategic spending
If you are someone who likes to log in to your account each quarter and lookup rewards categories, some options can earn you far better rewards than the Capital One Quicksilver Cash Rewards. For example, the Discover it Cash Back credit card earns 5% on several categories that rotate each quarter.
The 5% cashback rate applies for purchases of up to $1,500 each quarter, beyond which the cashback rate falls to 1%.
- Above-average regular APR and late payment penalty
If you tend to miss payments, be forewarned—the card charges an above-average regular APR, though fortunately, you will not need to worry about a penalty APR. You will also be charged up to $40 as a late payment fee.
This means a delayed payment will cost you a late payment fee, plus interest on your outstanding balance.
- No introductory 0% APR offer on balance transfers
While the credit card has a decent introductory 0% APR offer on purchases, this offer does not apply to balance transfers. If you have some debt to offload, this card will not do much for you.
Instead, consider getting the Citi Double Dash card that offers a similar rewards program, plus an introductory 0% APR period of 18 months on balance transfers. Beyond the 18 months, a 13.99% – 23.99% variable APR becomes applicable.
Capital One Quicksilver Cash Rewards vs. Other Capital One cards
- Capital One Quicksilver Cash Rewards vs. Capital One VentureOne Rewards
Both cards offer a flat cash back rate, though the rates differ. Capital One VentureOne Rewards offers a lower rate among the two cards at 1.25%. While at first look the Capital One Quicksilver Cash Rewards appears the better card, there is more to consider.
If you plan on holding the card for long and use it as your primary card, the Capital One Quicksilver Cash Rewards comes out as a clear winner. However, the Capital One VentureOne Rewards offers a 20,000-mile bonus upon spending $500 within 3 months of account opening, which is equivalent to $200 of travel money.
This initial bump may make the Capital One VentureOne more attractive for someone looking at a shorter time frame. For the long term, though, the Capital One Quicksilver Cash Rewards comes out as the better option.
- Capital One Quicksilver Cash Rewards vs. Capital One Savor
Capital One Savor is a card made for people who tend to spend more on dining and entertainment. These categories earn an attractive 4% back with the Capital One Savor. It also offers a decent 2% cash back rate on amounts spent at grocery stores. However, there is a $95 annual fee so cardholders will want to ensure that they earn enough rewards to at least set off the $95.
On the contrary, the Capital One Quicksilver Cash Rewards offers the simplicity of a flat 1.5% back and no annual fees that need to be set off.
Both cards offer great utility, but for different people. If you tend to spend across various merchants, the Capital One Quicksilver Cash Rewards may be a better choice. If you are one of the “fun” people who like to eat out often and spend on entertainment, even with the $95 annual fee the Capital One Savor may offer more benefits.
Capital One Quicksilver Cash Rewards vs. Competitors’ Cards
- Capital One Quicksilver Cash Rewards vs. Citi Double Cash
The Citi Double Cash offers a higher flat cash back rate than the Capital One Quicksilver at 2%—1% back at the time of purchase and 1% back at the time of payment. However, Citi Double Cash cardholders do not receive a welcome bonus like on the Capital Quicksilver Cash Rewards.
If you don’t have a tough time making bill payments on time, the Citi Double Cash comes out as a clear winner, provided you plan on using it as your primary card for the long term.
- Capital One Quicksilver Cash Rewards vs. Discover it Cash Back
If you are someone who likes strategically aligning your spending based on categories that earn you a better rate (5%) of cash back on rotating bonus categories, the Discover it Cash Back may look more appealing. Cardholders will need to opt for these categories each quarter. The 5% cash back rate applies for the first $1,500 spent in a quarter, after which the rate falls to 1%.
Even with the $1,500 cap, the Discover it Cash Back’s weighted average cash back rate could easily beat the Capital One Quicksilver Cash Reward’s 1.5%. What’s more, Discover will match your total cash back earned for the first year, which will effectively double your earnings.
A good strategy here would be to hold both cards. Use Discover it Cash Back for bonus categories until you utilize the $1,500 cap, and switch to Capital One Quicksilver Cash Rewards for general purchases.
Frequently Asked Questions (FAQs)
We answer some of the most common questions in our Capital One Quicksilver review:
What is the usual Capital One Quicksilver credit limit?
Upon approval, Capital One Quicksilver cardholders will have a minimum credit limit of $1,000. While Capital One does not reveal a maximum credit limit, it seems to be about $10,000 based on what cardholders have reported online. The credit limit approved on your card will depend on a range of factors, including your creditworthiness.
What is the required Capital One Quicksilver credit score?
Capital One does not prescribe any minimum credit score for Capital One Quicksilver. The credit score is one of the several factors that Capital One looks at before approving an application. However, having a credit score of 700 and above will drastically increase your chances of being approved. Naturally, a lower credit score does not ensure that your application will be declined.
Is Capital One Quicksilver a Visa or Mastercard?
Over the years, Capital One has switched between both networks frequently. You may see your friend has a Capital One card that is Visa, while yours may be Mastercard.
Is Capital One Quicksilver a good credit card?
Is Quicksilver Capital One a good card? Yes, it’s a great card for people who like to keep things simple and don’t want to bother with opting in bonus categories each quarter. It’s also an excellent choice for people who like to travel internationally often, without having to pay a foreign transaction fee on overseas transactions, and still earn a flat Capital One Quicksilver cash back at 1.5% on all transactions.
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