The Capital One Quicksilver credit card has no annual fee and offers a flat 1.5% cash back on every purchase you make, plus earn a $200 cash bonus once you spend $500 on purchases within 3 months of account opening. To add even more value, it offers an introductory promotion of 0% APR on purchases for 15 months. And the lack of foreign transaction fees makes this a rare cashback credit card well worth bringing along on a trip abroad.
Pros explained.
Simple rewards program with a decent return:
If you’re looking for a no-fuss cash-back credit card that pays respectably, this card is worth considering. It offers a flat 1.5% cash back rewards rate on every purchase you make, and there is no limit to how much you can earn. While many other rewards credit cards offer bonus rates on certain spending categories, some also offer just 1% cash back on all other spends. With its standard mid-level rate (there are cards that pay more), this card may not only be easier to use, but more profitable in the long run.
Decent Introductory Offers:
As a new cardholder, you will earn a $200 cash bonus once you spend $500 on purchases within 3 months of account opening. This is an effective 40% return on required spend and achievable even for someone with a relatively small budget. On top of that, you will also get access to an introductory 0% APR on purchases for 15 months, after which the variable APR is 19.24% to 29.24%.
No Annual Fee or Foreign Transactions:
The card doesn’t charge an annual fee—common among cash-back credit cards—but it doesn’t charge a foreign transaction fee, either. It’s not the only cash back card that waives this fee on purchases made abroad, but you’ll find more cards in this category that charge more than that. Foreign transaction fees are usually close to 3% on every international purchase, so this card can save you a nice amount on a long trip.
No Penalty APR:
Unlike most cards, the APR doesn’t increase to a penalty rate—usually the highest interest rate charged on a card—after you’re 60 days or more late with a payment.
Cons explained
No Chance for Extra Reward Rates:
The card’s fixed-rate rewards structure is attractive in its simplicity. But if you’re willing to complicate your life a bit with a card that offers more rewards in the areas where you spend the most, you won’t. Moreover, they do not even offer the highest fixed bonus rate.
For example, the Citi Double Cash Card, another card with no annual fee, offers 1% back on every purchase plus another 1% when you pay your bill. The Alliant Cashback Visa Signature Card gives you 2.5% cash back on all purchases.
The APR can be relatively high:
After the card’s introductory 0% APR promotion ends, the continuous variable APR can range from 19.24% to 29.24%, depending on your creditworthiness. Some other cards have a lower APR range. According to the Federal Reserve, the average credit card interest rate across all interest-earning credit card accounts is 16.44%. Of course, this APR won’t matter if you pay off your balance in full each month, which we recommend. But if you think you may have a balance left after the promotional period, or you carry a balance regularly, think twice about applying as there may be lower-rate card options available for your consideration.
This card is best for.
The Capital One Quicksilver Credit Card is a solid option for people who don’t spend much in any one budget category or who prefer one rewards rate rather than multiple rates, depending on purchase.
It’s also a good option if you’re looking for a long 0% introductory promotion on purchases.
The card’s no annual fee is also attractive to people who generally don’t charge and don’t want to worry about earning enough rewards to justify the annual cost. Just be sure to take the time to compare it to other cards with no annual fees to make sure you choose the right card for you.
Finally, since there are no foreign transaction fees, consider getting the card if you want to use a credit card for cashback abroad. The three percent fee charged by other cards may not sound like much, but it can reach a surprisingly high number over the course of an international trip.
One-time Capital One Quicksilver credit card offer.
You will earn a $200 cash bonus once you spend $500 on purchases within 3 months of account opening. In other words, you only need to spend an average of $167 per month during your first three months of owning the card in order to earn the incentive. This is an achievable buying pace even if you are not a big spender.
Rewards earning details.
Cardholders earn a flat 1.5% cash back on every purchase, with no limit on how that earns. On the other hand, it eliminates any need to emphasize certain spending habits in order to earn more rewards on certain purchases. But on the other hand, it also means that there is no chance of earning more than 1.5% bonuses on the categories you specialize in, and much more.
Reward redemption details.
You have three options when redeeming rewardsK: Paper check, credit statement (general or for a specific purchase), gift cards. Your rewards don’t expire as long as your account is open, so you don’t have to worry about letting them accumulate. However, there is no minimum refund amount, so you can really access your refund anytime you want.
How to maximize your rewards.
Since Capital One Quicksilver does not offer any additional reward rates, the best thing you can do to maximize your rewards is to use the card every chance you get.
However, since this card’s flat rate is lower than the cashback percentage of some other cards, be wary in case the merchant charges you extra for using the credit card, as some gas stations do for example.
If the credit card price exceeds the cash price by more than your 1.5% rewards amount, you may want to simply pay with cash or a debit — or if you have another credit card that rewards you at least as much as the price difference, Then use it. if you have one. This way, you will not lose money by choosing to pay with this card.
When it comes to redeeming rewards, you may also want to consider purchasing a gift card, and going online to check out the redemption rates for those. Partners include Amazon and Paypal. While gift card rewards are a great benefit, the Capital One website does not include detailed information about the companies with which it cooperates. You will need to speak to a customer representative for more information.
standard benefits.
- Travel accident insurance
- Travel assistance services
- Extended warranty protection
- Access to premium culinary experiences, as well as music and sporting events
Cardholder experience.
Capital One ranked third out of 11 national card issuers and scored above average in the JD Power 2021 US Study of Credit Card Satisfaction.
The card issuer provides free access to your VantageScore credit score through its CreditWise feature, but this platform is available whether or not you’re a cardholder. Many other card issuers provide free access to your FICO credit score, which is the score used by most major lenders.
If you have a question, you can reach out to Capital One Customer Service. However, unlike almost all other card issuers, access is only by phone or physical mail; Email or online chat options are not available. You can also manage your account through the Capital One mobile app, which was ranked third out of ten in the US JD Power 2021 study of credit card mobile app satisfaction.
Security features.
Capital One offers some non-standard security features for the industry. While nearly all issuers now allow you to temporarily freeze your card if it’s misplaced, Capital One is among a select number of issuers that allow you to do so in a mobile app. And if you’re worried about using your card number online, Capital One allows you to create a virtual number linked to the account that keeps your card information secure.
You can create a virtual card number for each website you use and lock and unlock numbers whenever you want.
Our verdict.
The Capital One Quicksilver Credit Card is best for those people who prioritize simplicity in their financial lives. The card’s fixed rewards rate makes it easy to remember what you earn each time you use it. And the lack of annual fees means that as long as you pay off your balance in full each month and therefore don’t incur interest charges, the rewards you earn are pure gains, with no compensation expense.
The card’s 0% APR promotion on purchases also makes it a good option if you’re also looking for some interest savings. However, if this feature is a priority for you, you might want to shop around. There are a few other cards available that offer a longer period of 0% APR on purchases than the 15 months that Capital One Quicksilver provides.
Some of these cards may also offer other features that you like more than those on this card as well. While the one-time offer of the Capital One Quicksilver credit card is easily obtainable, and represents an excellent return on the required spend, offers for some other cards offer a greater total reward, albeit with larger spending requirements as well.
Also, if you spend a lot in certain categories, a rewards credit card that increases cash back on that particular spend could be a good alternative — or worthy complement — to Capital One Quicksilver, which pays a flat but unnoticeable 1.5% on almost all purchases. For example, some cards offer a tiered rewards system, giving you a higher rate for things like groceries, gas, dining, travel, or other spending categories.
