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Quick take: Capital One Quicksilver Credit Card offers a flat 1,5% cashback for every dollar spent. There is no annual fee and cardholders can qualify for a 0% introductory APR on purchases and transfers.
Transfer partners of Capital One do not include domestic airlines when converting miles back to cash with another Capital One Card.
Current sign-up bonuses: Get a $200 bonus after you spend $500 in purchases within the first three month after opening your account.
Best for: Those who wish to accumulate cash rewards which can later be converted into travel rewards, or consolidate their debts and skip interest for a period of more than one year.
Capital One Quicksilver Credit Card
Capital One Quicksilver Credit Card is not new. It has been available since 2013. This cash-back credit card with no annual fee has been a hit among consumers because of its flat-rate rewards and no annual fees.
Capital One Quicksilver cardholders can receive $200 bonus cash after they spend $500 in the first three month after opening their account. Spending $167 on the card or more each month during the first three-month period will earn you $200 in bonus cash.
Capital One Quicksilver also offers 1.5% cashback on all purchases. For the first 15-month period, customers can enjoy a 0% APR for both purchases and transfers. However, you will want to pay any debts before the offer expires as the APR increases to a variable 19.74% - 29.74%.
Capital One Quicksilver also offers several purchase and travel protection features, such as an extended warranty for items covered by a manufacturer warranty, travel accident coverage, 24-hour assistance, and concierge services.
Capital One Quicksilver Credit Card: Benefits
If you are tired of having to track bonus categories and earning caps for other credit cards, earning a flat 1,5% cashback on all purchases is a good option. This card will not let you worry about how you use it to earn the most rewards. You'll get the same rate for everything you purchase.
Capital One Quicksilver offers flexible redemption options. Cardholders have the option to redeem their rewards in a variety of ways, including a check, statement credit, gift card, or for purchases made on Amazon.com and PayPal. If you have a Capital One card that gives you miles rather than cash back, such as the Capital One venture rewards credit card, you can transfer your miles to any one of Capital One’s 18 airline or hotel partners.
Capital One Quicksilver offers a low introductory APR that allows you to save on interest while paying off large purchases or consolidating debt. Although 15 months may not be the longest offer available, having enough time to pay off debt or split a large purchase up into smaller payments can make your life easier.
Capital One Quicksilver Credit Card: Disadvantages
Capital One Quicksilver has a potential opportunity cost. This is true if you are looking for a card with rewards, or if you are interested in an introductory APR for balance transfers or purchases.
Cash back credit cards with no annual fees offer a higher cash back rate of 2% on all purchases. It may not seem like much, but you will earn $150 for every $10,000 spent on Capital One Quicksilver compared to $200 for the same amount on a cash back card.
Many balance transfer credit card companies offer zero-interest on debt consolidation for a longer period of time. Citi Simplicity (r) Card, for example, offers a 21-month promotional 0% APR on balance transfers done within the first four months of opening the account. Citi Simplicity doesn't earn rewards for new purchases.
Capital One has the best transfer partners. Not all 2% cashback cards offer the option of converting their cashback into travel rewards. Capital One Quicksilver is a great credit card, but it may be worth considering if you plan to use the airline or hotel rewards in the future.
How the Capital One Quicksilver compares to our benchmark
CNN Underscored chose the Citi(r), Double Cash Card to be our "benchmark" credit card. This does not mean that it is the best credit card available. Instead, we use it to compare credit cards, and determine where they are better and worse.
Check out how Capital One Quicksilver compares to our benchmark. Each card's features are highlighted in either green, white or red in the chart below. The green color indicates that the card's feature is superior to our benchmark. Red indicates it is inferior. White indicates it is equivalent or can not be directly compared with our benchmark.
Introductory Balance Transfer Fee 3% or $5, whichever is greater, on transfers made within the first 15 month
APR after intro period ends/standard APR 18.99%-28.99% variable 19.74%-29.74% variable
You can see that the Citi Double Cash gives 2% cashback -- 1% after you make your purchase and another 1% once you pay off your bill -- rather than 1.5%. Rewards earned through the Citi Double Cash may also be redeemed in exchange for merchandise, gift cards or online shopping. Citi Premier(r), Card points can also be combined with rewards earned from the Citi Double cash to transfer to Citi's partners for transfer or to book travel on the Citi travel portal.
The Citi Double Cash, on the other hand offers an 18-month introductory rate for balance transfers. However, this offer does not apply to purchases. The Citi Double Cash is a potentially better option than Capital One Quicksilver for consolidating debt, but it's a bad option if you want to pay back a large purchase over time. Capital One Quicksilver does not charge fees for foreign transactions, so it is a better choice if you are traveling abroad.
Capital One Quicksilver Credit Card Alternatives
The Capital One Quicksilver has a clear competitor in the Chase Freedom Unlimited (r), which earns 1.5% cashback on every dollar spent. Freedom Unlimited cardholders can also convert their cash back into Chase Ultimate Reward points, which can then be transferred to Chase’s airline and hotel partners, if they hold a premium Chase credit card like the Chase Sapphire Card(r).
Capital One, however, has more transfer partners (18 airlines and 14 hotels as opposed to Chase's 14) and the Chase Freedom Unlimited will charge foreign transaction fees. Capital One VentureOne rewards credit card has no annual fee, so you can use the Capital One transfer partners. Chase's program requires an annual-fee-based card.
It may make sense, depending on your habits of spending, to choose a credit card that offers bonus categories that correspond with your purchases. If you spend a lot of money on groceries and dining each month, the Capital One SavorOne Credit Card may be a good option for you. It has no annual fees and offers 3% cash back in dining, entertainment, streaming services, and grocery purchases. The SavorOne, however, only offers 1% cashback on all other categories.
Should you get Capital One Quicksilver cash rewards credit card?
It pays to compare the top credit cards in terms of their earning rates, benefits and features. Capital One Quicksilver Credit Card offers a flat rewards rate with a signup bonus that is easy to earn.
Some other reward credit cards may offer higher cashback or longer introductory APRs, but the combination of no foreign transaction fee, no annual charge, and the ability to transfer funds with Capital One partners by simply having another Capital One Travel Credit Card that can also have no annual fees could be the perfect mix for consumers who are looking for rewards at an affordable cost.
Discover the best cash-back credit cards available today, as chosen by CNN Underscored.