Capital One Quicksilver Credit Card Review 2020

Rating:
4/5
4 stars out of 5

The Smart Investor has collected card information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.

The Capital One Quicksilver Card is a great card for anyone who is looking to add a no-nonsense credit card to their wallet, while still being able to rack of some type of reward for using it over time.

The Quicklsilver cash rewards card’s earns 1.5% rewards on every dollar spent everywhere. While that’s generally lower compared to other cards, the Capital One Quicksilver Cash Rewards Credit Card makes up for it with exciting perks. 

In addition to the aforementioned intro 0% APR periods on both balance transfers and purchases for 15 months, this card offers a sign-up bonus of $150 once you spend $500 in the first three months, as well as a lower variable APR range between 15.49% and 25.49% after the intro period. The Quicksilver cash rewards card does not come with an annual fee.

However, there is 3% fee on the amounts transferred within the first 15 months.

 While it isn’t the best card available in any one category, it does offer a great all-around package that still makes it a contender for anyone who is looking to add another credit card to their wallet.

Capital One Quicksilver Card

On Capital one’s Secure Website

Our Bottom Line

  • Clear, Simple, Attractive

Credit Rating Requirements

  • Average Credit

PROS

  • Attractive Rewards Rate
  • Intro APR period on Purchases and Balance Transfers

CONS

  • No Bonus Rewards Categories
  • Requires Good/Excellent Credit

Highlights

  • $150 cash bonus
  • No annual fee or foreign transaction fee
  • 0% APR in the first 15 months
  • 15.49%-25.49% APR

Here’s a summary of the main pros & cons (click to see explanation or scroll down):

Pros

Cons

Capital One Quicksilver Card – Benefits

Let’s take a look at the benefits of the Capital One Quicksilver card and see if it’s the right one for your wallet or not.

  • Sign-Up Bonus

When you open the account, Capital One gives the card holder a one time $150 cash bonus when they spend $500 or more within the first three months of activating the card. 

While this isn’t a massive bonus, it does have two major perks to it. The first is that it is cash. Not points that are redeemable, but actual cash for you. 

The second is that the spending minimum needed to get this bonus is much lower than that of its competitors, standing at only $500 over three months. Most rewards credit cards have minimums in the thousands of dollars range, but Capital One offers a much better and more affordable option.

  • 1.5% Cash Back on All Purchases

Similar to the Capital One Quicksilver Cash Rewards – The Capital One Quicksilver Card is also a straight-forward, easy to understand cash back rewards credit card that offers 1.5% cash back on all purchases.

  • No Minimum Redemption

Another great highlight of the Capital One Quicksilver Card is the fact that it has no minimum redemption needed to redeem points for your cash back rewards. So whenever a card holder would want to use their points, they can. 

And since there is no minimum require to redeem, Capital One Quicksilver Card holders can use it on a soda at the gas station, plane tickets for their vacation, and anything in between.

  • No Annual Fee or Foreign Transaction fee

A nice benefit to the Capital One Quicksilver Card is the fact that this card doesn’t have any type of annual fee to keep the card activated. For a cash back rewards card, this is a massive bonus. 

Most cards don’t give this benefit as well as so many rewards and cash back benefits as well, so have this with the Capital One Quicksilver Card is really quite impressive when compared to other cards in its area. 

On top of this, it also doesn’t have a foreign transaction fee, so card holders who use the Capital One Quicksilver Card abroad won’t have to worry about extra charges to come home to.

  • Intro APR Period on Purchases and Balance Transfers (15 Months)

Another benefit to the Capital One Quicksilver Card is that for the first 15 months that the card is activated, card holders will benefit from 0% APR and balance transfers. This is phenomenal, as very few cards offer one of these two perks for this amount of time, let alone both of them together. 

This is also a great reason for potential card holders to switch to the Capital One Quicksilver Card, as any balance transfers applied to this card won’t accrue interest, making an enticing offer for anyone looking to add a new credit card to their wallet. After this time frame is over, the variable APR is 15.24-25.24%, and the foreign transaction fee is 3%.

Capital One Quicksilver Card – Drawbacks

Let’s take a look at the drawbacks of the Capital One Quicksilver card and see if it’s the right one for your wallet or not.

  • No Bonus Rewards Categories

As stated earlier, the Capital One Quicksilver Card is a rather simple card with a simple rewards system. There are no bonus reward categories, meaning that new reward offers won’t fluctuate through over time such like many other rewards credit card do. 

While the simplicity of the Capital One Quicksilver Card is something that is appealing to many potential card holders, people who want more flexibility in their rewards options might want to consider other options depending on what they are trying to achieve when they would go to redeem their rewards points.

  • High APR

The APR for Capital One Savor Reward is a 15.49%-25.49% variable rate, which is quite high for a card that requires borrowers with good credit histories. 

  • Requires Good/Excellent Credit

The credit that is required for the Capital One Quicksilver Card is good to excellent, so a credit score of 690 and above. This is certainly a deal breaker for anyone who would be looking to use this card to build their credit score or just doesn’t have great credit in general. 

If you’re looking for a cash back rewards credit card that doesn’t need this type of credit score, then the Capital One Quicksilver Card isn’t right for you, and you should continue to look into other options.

Alternatives to Capital One Quicksilver Card

There are several other great options out there for cash back rewards credit cards that offer lucrative sign up bonuses, competitive cash back rates, and attractive intro APR periods. 

Let’s review a few of our top choices as alternative options to the Capital One Quicksilver:

  • Capital One Quicksilver Cash Rewards Credit Card

The Quicklsilver cash rewards card’s earns 1.5% rewards on every dollar spent everywhere. While that’s generally lower than the SavorOne, the Capital One Quicksilver Cash Rewards Credit Card makes up for it with exciting perks. 

In addition to the aforementioned intro 0% APR periods on both balance transfers and purchases, this card offers a sign-up bonus of $150 once you spend $500 in the first three months, as well as a lower variable APR range between 15.49% and 25.49% after the intro period. The Quicksilver cash rewards card does not come with an annual fee.

However, there is 3% fee on the amounts transferred within the first 15 months.

Wells Fargo Cash Wise Visa Card is a straightforward cashback card. This card offers a simple 1.5% back on all purchases with no limit or special categories. If you are looking to save money on interest, the Wells Fargo Cash Wise Visa Card offers a 0% introductory rate for 15 months on balance transfers. 

This card offers many benefits to those wanting a simple straightforward card. It does not come with an annual fee and has a decent sign-up bonus  of $150 cash rewards bonus when you spend $500 in purchases in the first 3 months. 

The APR for the Wells Fargo Cash Wise Visa Card is a 13.99% to 25.99% variable rate, which is high for a card that requires borrowers with good to excellent credit histories. Also, There is  %3-5 balance transfer fee required if you want to take advantage of the introductory 0% APR rate.

The Discover It Cashback card is also an alternative credit card to the American Express Blue Cash Preferred.

The Discover It Cash Back credit card is a great option for someone who wants access to 5% cash back rewards on rotating spending categories each quarter and unlimited 1% cash back on all other purchases.

It also offers 14 months 0% APR intro period on purchases and balance transfers for  giving you time to pay off your balance without interest. Then 11.99% to 22.99% Standard Variable Purchase APR and 5% balance transfer fee.

The discover cash back card  does not come with an annual fee.

Is the Capital One Quicksilver Card Right for You?

The Capital One Quicksilver Card is a straight-forward, easy to understand cash back rewards credit card that offers 1.5% cash back on all purchases. If you don’t have time for calculations, you spend more than $1,500 monthly and you don’t have specific places where you spend you money, the Chase Freedom Unlimited can be a great option for you

While other cards to offer more, the Capital One Quicksilver Card is the card that started this trend, and is still offering and doing more than most of its competitors.

This card is not for consumers with are focused on paying down a credit card balance. There are other card options with longer 0% intro APR periods than the 15 months and that doesn’t have a balance transfer fee.