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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. 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
Clear, Simple, Attractive
Attractive Rewards Rate – 1.5% cash back on everything
Intro APR period on Purchases and Balance Transfers – first 15 months of 0% APR and no balance transfer fee
No Bonus Rewards Categories – simple card with a simple rewards system
Requires Good/Excellent Credit
- $150 cash bonus
- No annual fee or foreign transaction fee
- 0% APR in the first 15 months
Here’s a summary of the main pros & cons (click to see explanation or scroll down):
|Sign-Up Bonus||Short 0% Period|
|High Rewards Rate||No Bonus Rewards Categories|
|No Minimum Redemption||Requires Good/Excellent Credit|
|No Annual Fee or Foreign Transaction fee|
|Intro APR on Purchases & Balance Transfers|
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.
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.
High Rewards Rate
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
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.
Short 0% Period
While the 15 month 0% APR and foreign transaction fee is enticing, there are other cards that do offer longer 0% intro periods than that of the Capital One Quicksilver Card. Cards such as the Wells Fargo Platinum Visa Credit Card offer an intro APR at 0% for 18 months, with a variable APR that can be as low as 13.74%, which beats the 15.24% that the Capital One Quicksilver Card is able to offer once their intro period is done.
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.
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
The Citi Double Cash Rewards Credit Card is a solid alternative choice to the Capital One Quicksilver Card for anyone looking for higher reward rates with their next credit card. The Citi Double Cash Rewards Credit Card offers cardholders 2% cash back on their purchases, compared to the 1.5% of the Capital One Quicksilver Card, and also offers a longer intro APR at 0% for 18 months compared to the Capital One Quicksilver Cards 15 months intro APR period.
The variable APR after the intro period is done then jumps to 15.74%-25.74%, which is comparable to the Capital One Quicksilver Card. Where the Capital One Quicksilver Card does outshine the Citi Double Cash Rewards Credit Card, however, is in the bonus offer and the rewards redemption. The Citi Double Cash Rewards Credit Card doesn’t offer any type of account opening bonus like the Capital One Quicksilver Card does. Going along with this, the redemption process for rewards isn’t as simple and straightforward with the Citi Credit Card as it is with the Capital One Quicksilver Card.
This card’s perks mirror those of the Capital One Quicksilver Cash Rewards Credit Card. Both offer 1.5% rewards on all purchases, intro 0% APR periods on balance transfers and purchases, and a $150 sign-up bonus after $500 in the first three months. However, the Chase Freedom Unlimited has a higher variable APR range between 16.99% and 25.74% after the intro period, as well as a 5% transfer fee above the average range of 3% to 5% for most credit cards.
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. 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.