Capital One Quicksilver Cash Rewards Credit Card Benefits & Review 2022
The Capital One Quicksilver Cash Rewards Credit Card lets you earn 1.5% back on every purchase and there’s no redemption minimum. You also won’t pay an annual fee or a foreign transaction fee.
Can this cash back credit card be a good fit for your spending strategy?
Who Is The Capital One Quicksilver For?
You should consider the Capital One Quicksilver if you want a no annual fee rewards card. Your purchases earn 1.5% back which is a competitive rate for cash back credit cards.
This card can also be a better fit for infrequent travelers as this card can earn more than some $0 annual fee travel credit cards. If you don’t travel often, you can redeem your rewards for cash and gift cards.
Another benefit of the Quicksilver is that it’s a flat-rate rewards card.
While you won’t earn bonus points on certain purchases like travel or dining like most travel cards, you will accrue more rewards on non-bonus spending. Most tiered rewards cards only make 1x.
|Benefits at a Glance|
|Annual Fee: $0|
Current Bonus: $200 cash bonus when you spend $500 in the first 3 months
0% Intro APR on purchases and balance transfers for the first 15 months
Unlimited 1.5% back on all purchases
No Redemption Minimum for cash rewards
Flexible redemption options
No Foreign Transaction Fee
Purchase and Travel Benefits
Cash Rewards don’t expire
APR: 14.99% to 24.99% variable on purchases and transfers
Good to Excellent Credit Score Required (700+)
Featured Capital One Quicksilver Benefits
Here are the most valuable perks of the Capital One Quicksilver.
No Annual Fee or Foreign Transaction Fee
You won’t pay an annual fee or a foreign transaction fee. Most cash back credit cards don’t have an annual fee but charge a foreign transaction fee. The Quicksilver is a rare exception.
$200 Cash Bonus
New cardholders can earn a one-time $200 cash signup bonus after spending $500 in the first 3 months.
This welcome offer is competitive with competing cards. Cash back signup bonuses have significantly lower spending requirements than travel credit cards.
0% Introductory APR
Purchases and balance transfers can qualify for a 0% introductory APR for the first 15 months.
Any balance you transfer during the first 15 months qualifies for the promotional rate. A 3% balance transfer fee still applies.
Earn Unlimited 1.5% Back
Each purchase earns 1.5% back in the United States and in foreign countries.
This cash back rate is one of the highest although some flat-rate cards award 2% on purchases. However, these alternatives may have a higher minimum redemption or charge a foreign transaction fee.
No Redemption Minimum
There is no minimum balance requirement to redeem your purchase rewards for cash back.
Similar cards may have you wait until your balance is at least $25. If you only make small purchases, it can take several months to redeem your balance.
Other Capital One Quicksilver Benefits
These secondary perks can also be worth it.
Travel Insurance Benefits
Your travel purchases can also be eligible for different trip protection benefits:
- Rental Car Coverage: Secondary coverage for most U.S. and foreign rentals
- Trip Cancellation or Interruption Coverage: Up to $1,500 for individuals
- Travel Accident Insurance: Up to $1 million for accidental death or dismemberment
- Baggage Delay: Up to $100 per person for 3 days
- Travel Assistance Hotline: It’s free to call but third-party service charges can apply
Qualifying purchases can provide up to two years of extended warranty protection.
If you receive a Mastercard World Elite product, you can get up to $250 in price protection on eligible purchases. When the retailer reduces the price of an item within 120 days of your purchase date, you can submit a claim and receive a refund for the difference.
Capital One Offers
You can earn extra cash back at participating online stores through the Capital One Offers shopping portal.
Many of the offers are from 4% to 12% back. If you shop directly through the merchant website, your purchase earns 1.5% back instead.
Unfortunately, these offers are currently not for in-store purchases like the Chase and American Express credit cards.
Capital One Shopping
You can install the Capital One Shopping extension to apply coupon codes when paying for online purchases automatically.
You can generate a virtual card number for different online stores to prevent credit card theft.
First, install the Eno Capital One Assistant browser extension and use a supported browser like Google Chrome. Then, Eno creates a unique card number on the payment page for online retailers.
If one of these temporary numbers is stolen, you can continue using your physical Quicksilver Card as you don’t need to order a replacement card.
Redeeming Capital One Quicksilver Rewards
You can’t redeem your rewards for award travel or transfer to a Venture credit card, the cash redemptions can be just as effective.
The easiest way to redeem your rewards is for cash back to erase recent purchases or request a cash deposit.
There are several cash-out options without a redemption minimum. Each point is also worth 1 cent.
Your different payout methods include:
- Cash statement credits
- Paper check
- Reimburse recent purchases
It’s possible to schedule recurring redemptions if you don’t want to redeem your rewards each month manually.
There are many retail and restaurant gift cards available as well. The redemption value is the same as cash redemptions.
Unfortunately, the redemption minimum starts at $25 for most brands.
You can redeem your rewards for PayPal and Amazon purchases at checkout. However, while you reduce your out-of-pocket costs, each point is only worth 0.8 cents each.
Instead, consider charging the entire purchase to your Quicksilver Card to earn 1.5% back. Then, after the purchase posts, you can redeem your shopping rewards as a cash statement credit or purchase eraser.
The Capital One Quicksilver Cash Rewards Credit Card fees include:
- Annual Fee: $0
- Foreign Transaction Fee: 0%
- Intro Purchase and Transfer APR: 0% for the first 15 months
- Ongoing Purchase APR: 14.99% to 24.99% variable APR
- Balance Transfer Fee: 3%
- Late Payment: Up to $40
If your credit score or credit history isn’t sufficient for this card, you may qualify for another card version. In this event, you may not be eligible for the 0% intro APR offer and may also pay an annual fee.
Capital One Quicksilver Compared to Similar Cards
These cash and travel credit cards can be a better fit if you want more benefits or additional bonus categories.
Chase Freedom Unlimited:
The Chase Freedom Unlimited earns 1.5% back on purchases.
You can also earn extra cashback on these purchases:
- 5% on travel purchases through Chase Ultimate Rewards
- 3% for dining and drugstore purchases
There isn’t a redemption minimum for cash rewards and you can also book upcoming travel through the Chase Ultimate Rewards portal.
This card has no annual fee but charges a 3% foreign transaction fee.
You might also consider getting this card to earn extra rewards on non-bonus purchases if you have the Chase Sapphire Preferred Card. For example, it’s possible to transfer your Freedom points to your Sapphire account to get a 25% redemption bonus and 1:1 point transfers.
Capital One Venture:
The Capital One Venture earns 2x miles on every purchase. You can redeem them for travel statement credits, book upcoming trips through Capital One Travel, or also transfer them at a 1:1 ratio to 12+ airlines and hotels.
While you get more benefits, the annual fee is $95.
Wells Fargo Active Cash Card:
The Wells Fargo Active Cash Card earns 2% back on purchases. In addition, cash statement credit redemptions only require a $1 rewards balance.
One additional benefit of note is up to $600 in annual cell phone protection.
The annual fee is $0 and the foreign transaction fee is 3%.
Amex Blue Cash Everyday:
The Blue Cash Everyday Card from American Express makes it easy to earn bonus cash back on some of your biggest daily purchases:
- 3% back at U.S. grocery stores (on the first $6,000 per year then 1%)
- 2% on gas
- 2% at select U.S. department stores
- 1% on other purchases
The redemption minimum is $25 for cash statement credits.
This card’s annual fee is $0 along with a 2.7% foreign transaction fee.
Bank of America Travel Rewards:
If you’re a Bank of America or Merrill customer, the Bank of America Travel Rewards Credit Card can offer more rewards.
Each purchase earns 1.5x and you can earn 25% to 75% more as a Preferred Rewards member. Points are worth 1 cent for travel and dining statement credits.
There isn’t an annual fee or foreign transaction fee.
Capital One SavorOne Rewards:
The Capital One SavorOne Rewards is a tiered rewards card without an annual or foreign transaction fee.
The 3% rewards categories include:
- Popular streaming services
- Grocery stores
All remaining purchases earn 1% back.
Your redemption options are similar to the Quicksilver Card with cash redemptions being your best choice.
The annual fee is $0.
The foreign transaction fee is 0%.
Each purchase earns unlimited 1.5% back.
Your redemption options include cash statement credits, purchase reimbursements, paper checks, gift cards, PayPal credits, and Amazon credits.
Cash and gift card rewards have the highest redemption values.
The redemption minimum is $0.01 for cash rewards and $25 for gift cards.
There isn’t a minimum credit limit for the Quicksilver card. Instead, your initial limit depends on your creditworthiness and the combined spending limit for your existing Capital One cards.
You will most likely qualify for the World Elite Mastercard product if you have good or excellent credit. This is the standard card product for the Capital One Quicksilver Cash Rewards Credit Card.
If your credit history needs improvement, you may only qualify for the World Mastercard which offers fewer additional benefits.
You will most likely need a credit score of at least 700 as this card requires good or excellent credit.
Capital One also mentions your approval odds can be high if you have never defaulted on a loan, are no more than 60 days late on a credit line, and have had a minimum $5,000 credit card limit or loan for at least 3 years.
You can receive $200 bonus cash after spending $500 in the first 3 months.
Purchases and balance transfers can qualify for a 0% APR for the first 15 months your account is open. Balance transfers incur a 3% transfer fee during the promo period.
The Vacationer’s Final Thoughts
The Capital One Quicksilver Credit Card is one of the best options for earning cash back. Infrequent travelers may like this card as they can easily earn one of the highest rewards rates on daily purchases, have flexible redemption options, and won’t pay an annual fee.
Not having a foreign transaction fee can also make this a good option if you sometimes travel outside the United States.
When you regularly travel, upgrading to a travel credit card with an annual fee can be worth the additional benefits and more extensive rewards categories.
If you’re looking for an easy signup bonus, only having to spend $500 in 3 months instead of a few thousand can also be worth it to earn free money.
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