Capital One upped the ante in the competitive cash back credit card market with the launch of its Quicksilver brand this summer. In a statement to reporters, Capital One spokesman Mike Wassmer cited research that indicated consumer frustration with opt-in bonus promotions and complex reward structures.
The new line of credit cards offers a consistent, 1.5 percent cash back rebate on all purchases, with no limits and no expiration. Like Capital One's other rewards credit cards, Quicksilver makes use of the bank's online services to track and redeem cash back rebates. With no minimum redemption level, cardholders can use Capital One's "Purchase Eraser" function or simply cash out their rewards balance as a statement credit at any time.
Capital One® Quicksilver® Cash Rewards Credit Card for applicants with excellent/good credit
Capital One Quicksilver Cash Rewards Credit Card combines cash-back rebates with complimentary concierge service, automatic travel upgrades at participating vendors, and special access to entertainment and sporting events. Along with no annual fee, the card includes a $100 signup bonus for new customers after spending $500 on purchases within the first 3 months.
This card is for applicants with excellent/good credit. According to published marketing material, Capital One classifies excellent credit as having never declared bankruptcy, or defaulted on a loan, having maintained a credit line above $5,000 for the past three years, and not been more then 60 days late on any credit card, loan or medical bill payment in the last year.
Capital One® QuicksilverOne℠ Cash Rewards Credit Card for applicants with average/fair/limited credit
Capital One also announced a companion cash-back credit card for consumers, the Capital One QuicksilverOne Cash Rewards Credit Card for applicants with average/fair/limited credit. The card carries a moderate annual fee and APR at the higher end of the typical range for rewards credit cards. According to Capital One's website, the bank, in part, classifies average credit as having a credit card from another lender for three years or less or having a limited credit history.
Both cards feature travel accident insurance, auto rental insurance and 24-hour travel assistance which gives you a replacement card and cash advance.