Capital One Quicksilver review: Earn 1.5% cash back on every purchase made
Capital One Quicksilver Cash Rewards Credit Card
CardRatings Editor's Analysis: Pros & Cons
- Intro perks are good: $200 bonus after you spend $500 on purchases within the first three months and a 0% intro APR on purchases and balance transfers for 15 months (then, 14.99% - 24.99% (Variable)).
- If you're a relatively light credit card user, this is a great card since you won't have to worry about rotating categories – and the 1.5% cash back on every purchase can really add up.
- Enjoy a full slate of member privileges, such as complimentary around the clock concierge assistance, extended warranty protection on your purchases and travel upgrades.
- This card is best for people who value simple rewards earning over maximum rewards earning. If you're willing to keep up with some categories or spending caps, you can earn much more with a card that offers bonus rewards for certain purchases.
TABLE OF CONTENTS
- Capital One Quicksilver Benefits
- What Our Editors Like About the Capital One Quicksilver
- Capital One Quicksilver Foreign Transaction Fee
- Capital One Quicksilver Potential Downsides
- Capital One Quicksilver Cardholder Scores
- How the Capital One Quicksilver Compares to Other Cards
- Is the Capital One Quicksilver a Good Card?
Rotating categories in some cash-back credit cards can seem like you're playing a game of roulette. One month you could be at the movies flicking kernels of popcorn into your mouth with a smile on your face knowing you’re getting 5% back on purchases at the theater, but next month it's only at home improvement stores you can earn those cash-back incentives. What are you going to do at a home improvement store? You can barely handle changing a light bulb.
With the Capital One Quicksilver Cash Rewards Credit Card it doesn't matter where your purchases take you. You automatically earn 1.5% cash back on all your purchases, anywhere. And that cash back won't expire for the life of the account. That means you're good for milking some cash back from the movie theaters and, if you’re feeling brave enough, the home improvement store as well.
The Capital One Quicksilver Cash Rewards Credit Card best features include:
- A consistent 1.5% cash back on all your purchases.
- A $200 bonus after spending $500 within your first three months.
- Intro 0% APR for 15 months – you won't pay interest on purchases and balance transfers for the first 15 months. Then, 14.99% - 24.99% (Variable) after that.
- No foreign transaction fees. (More on this below.)
- Complimentary concierge service, ready to help you around the clock.
- Earn a $300 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months.
- $0 intro annual fee for the first year, then $95.
- Buy Now, Pay Later: Enjoy $0 plan fees when you use Plan It® to split up large purchases into monthly installments. Pay $0 plan fees on plans created during the first 12 months after account opening. Plans created after that will have a plan fee up to 1.33% of each purchase amount moved into a plan based on the plan duration, the APR that would otherwise apply to the purchase, and other factors.
- Low intro APR: 0% for 12 months on purchases from the date of account opening, then a variable rate, 13.99% to 23.99%
- 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%).
- 6% Cash Back on select U.S. streaming subscriptions.
- 3% Cash Back at U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, trains, buses and more).
- 1% Cash Back on other purchases.
- Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit.
- Terms Apply.
The Capital One Quicksilver Cash Rewards Credit Card is good for earning consistent 1.5% cash back without registering for quarterly promotions, which means it’s also your best bet if your purchasing habits don't fall into predictable patterns.
Because Capital One has reserved this version of its credit card for those with excellent credit, the bank can afford to load this account up with special benefits that stack up nicely against cards with annual fees and higher APRs. The Capital One Quicksilver Cash Rewards Credit Card gives you a full slate of member privileges, such as complimentary around the clock concierge assistance, extended warranty protection on your purchases and travel upgrades.
We have a hunger for "free" and the Capital One Quicksilver Cash Rewards Credit Card has plenty to feed that hunger. Not only does the card feature a $0 annual fee, there is no fee on all foreign transactions. This benefit should not be overlooked, as it is rare for a cash rewards card not to charge a foreign transaction fee. Many cash back cards charge an average of 3% on each foreign transaction made. With a modest 1.5% cash back reward rate, the $0 annual fee and 0% fee for foreign transactions helps to boost the benefits of this card.
What does this perk mean in terms of real savings? Think of it this way: For a family on a two-week vacation abroad, spending $300 per day on food, entertainment, souvenirs, transportation, etc., no foreign transaction would mean a savings of $126 on just that one vacation alone.
While the Capital One Quicksilver Cash Rewards Credit Card is a no-gimmick card with a straight-and-to-the-point cash-back rewards structure, you could earn quite a bit more cash back with a card that offer rewards in rotating categories of up to 5%. You might be someone who does shop a lot at home improvement stores, does a lot of grocery shopping or fills up on gas frequently, so a card that rewards those purchases at a higher rate could certainly benefit you.
Savvy spenders might want to consider carrying the Capital One Quicksilver Cash Rewards Credit Card alongside a card with rotating categories to make the most of rewards. Take the Capital One SavorOne Cash Rewards Credit Card, for example. It earns users 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart and Target), and 1% on all other purchases. A strategic plan would be to use this no annual fee card for dining, entertainment, and grocery purchases, and then to use the Capital One Quicksilver Cash Rewards Credit Card for everything else to earn 1.5% cash back instead of just 1%.
If you'd prefer not to juggle multiple cards though, 1.5% back on all purchases is still a good offer, especially because this card doesn't have an annual fee.
CardRatings conducts a survey annually to learn what actual cardholders think of their cards. Here are the results:
|Current Scores||Past Scores|
|Rewards Program Satisfaction||8.9||8.4|
|Likelihood of Continuing to Use||9.3||9.1|
|Recommend to a Friend/Colleague||8.9||8.4|
Capital One Quicksilver Cash Rewards Credit Card vs. Citi® Double Cash Card - 18 month BT offer
The Capital One Quicksilver Cash Rewards Credit Card and the Citi® Double Cash Card - 18 month BT offer are both great options for those who want straightforward cash back earning and no annual fee. Citi is a CardRatings advertiser.
The big difference between the two cards is in the introductory bonus offers. The Citi® Double Cash Card - 18 month BT offer does not have an introductory cash back bonus offer, although it does have an 18 month 0% APR offer on balance transfers (then, 13.99% – 23.99% (Variable)). This may or may not be a lesser offer than the Quicksilver card’s $200 bonus after spending $500 on purchases during the first three months of card membership offer. For those looking for a bonus cash back boost, the Quicksilver card is a great option, but if a lengthy APR period is what you’re looking for on purchases AND balance transfers, the Citi® Double Cash Card - 18 month BT offer offer may be worth more to you.
The cash back earnings rate of the Citi® Double Cash Card - 18 month BT offer is a little higher with 1% cash back earned when you buy plus 1% cash back as you pay for those purchases for a possible total of 2% cash back on all your purchases (to earn cash back, pay at least the minimum due on time), while the Capital One Quicksilver Cash Rewards Credit Card earns a flat rate 1.5% cash back on all purchases.
Capital One Quicksilver Cash Rewards Credit Card vs. Chase Freedom Unlimited®
The Chase Freedom Unlimited® is somewhat of a sibling to the Capital One Quicksilver Cash Rewards Credit Card in terms of the rewards they both offer. Both allow cardholders to earn a flat rate of 1.5% cash back on all purchases. But Freedom Unlimited® also offers 5% on travel purchased through Chase, 3% on dining at restaurants and drugstores. You also can earn signup bonus of $200 cash back once spending $500 in the first three months and 5% cash back on up to $12,000 spent on grocery store purchases (excluding Target and Walmart) during the first year.. Neither card comes with an annual fee.
Chase Freedom Unlimited® rewards are combinable with other Chase Ultimate Rewards® points, so this could be the better card for you if you’re already collecting points with another Ultimate Rewards® product.
The Capital One card, however, beats out Chase Freedom Unlimited® for those who travel abroad often by not charging foreign transaction fees.
To learn more about how these cards line up, check out our in depth Capital One Quicksilver vs. Chase Freedom Unlimited® comparison.
Capital One Quicksilver Cash Rewards Credit Card vs. Discover it® Cash Back
For those who want to earn a possible effective cash back rate of 10% in the first year of card ownership, the Discover it® Cash Back deserves your attention. Like the Capital One Quicksilver Cash Rewards Credit Card, the Discover it® Cash Back has no annual fee, the ability to redeem cash back at any time with no minimum, and rewards that never expire as long as the account is open. The bonus for the Discover it® Cash Back is where it really sets itself apart. Cardholders can earn 5% cash back in rotating categories each quarter (up to $1,500 spent quarterly), and 1% on everything else. At the end of your first year, Discover matches all the cash that you’ve earned – effectively meaning you earn 10% cash back in those categories during your first year as a cardholder.
The quarterly bonus cash back earning does require activation though, and because the categories rotate, you have to pay attention to which category earns bonus cash back. For straightforward cash back earning without these extra steps, the uncapped 1.5% cash back earned by the Capital One Quicksilver Cash Rewards Credit Card is hard to beat.
It's hard to find a consistently stronger flat-rate cash-back credit card with no annual fee than the Capital One Quicksilver Cash Rewards Credit Card. This is a decent choice for the credit card user who wants an everyday card and doesn't want to have to keep up with rotating categories or even tiered reward levels. Plus, the Capital One Quicksilver Cash Rewards Credit Card travels well with its lack of foreign transaction fees, which again, is a rare perk for cash back credit cards.
Survey Methodology: CardRatings commissioned Op4G in September and October 2020 to conduct surveys among 1,746 cardholders nationwide. CardRatings website analytics from Jan. 1, 2020-Aug. 31, 2020 were used to determine a selection of the most popular cards and additional cards were added to add survey breadth. Responses to each of nine questions were given on a scale of 1-10 and respondents' scores were then averaged under broad topics. To determine the overall score, responses from questions 1-8 were summed and the answer to "How likely are you to recommend this card to a friend, coworker or family member?" was double weighted.