If you’re looking for a card with a straightforward cash back structure, super low (or no) annual fees and no foreign transaction fees, the Capital One Quicksilver cards could be worth considering.
Capital One® Quicksilver® Cash Rewards Credit Card is a popular credit card for those who want a straightforward rewards card with a nice set of bonuses for new cardholders.
Capital One has been very competitive with credit cards in several segments of the market. Let’s see if this cash-back offering is worth including in your wallet.
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Pros and Cons of Capital One Quicksilver Cards
- Simple rewards program with a decent return
- Decent introductory offers
- No annual or foreign transaction fees
- No penalty APR
- No opportunities for bonus rewards rates
- The one-time offer is relatively small
- The APR can be comparatively high
Features of Capital One Quicksilver Cards
No annual fee – No annual fee means you don’t have to worry about keeping this card for several years as you’re not charged to use it.
Early spend bonus – Earn a one-time cash bonus of $150 once you spend $500 on purchases within the first 3 months.
Unlimited rewards – All purchases receive 1.5% cashback with no limit on how much you earn.
0% intro APR – The APR for purchases and balance transfers will be 0% for the first 15 months of having the card. Afterward, an APR of 15.49% – 25.49% Variable will apply based on your credit rating.
Redemption options – You can use the points you earn to pay for the cashback, Amazon.com purchases, and a variety of other options.
No foreign transaction fee – You won’t have to switch cards to avoid fees when you travel with the Quicksilver Rewards card.
World Elite Mastercard Benefits – This card comes with Capital One’s World Elite Mastercard Benefits which includes travel upgrades and savings, travel protection, price protection, and complimentary concierge service.
The Costs & Fees
|Purchase APR||Balance Transfer APR||Cash Advance APR|
|26.99% Variable||Variable 26.99%||26.99% Variable|
|Annual Fee||Foreign Transaction Fee||Balance Transfer Fee||Cash Advance Fee|
|$39||None||$0||3% of the amount of the cash advance, but not less than $10|
|Penalty APR||Late Fee||Returned Payment Fee|
|None||Up to $39||See Terms|
You’ll need to pay a $39 annual fee to use this card, but when it comes to improving credit this is a pretty small price to pay. You can offset this by spending $2,600 per year, as we discussed above.
The other terms are pretty straightforward. Any purchases will accrue interest at the rate shown above, unless you pay off your entire balance in full each billing period.
This is our recommended strategy, and it’s even more important if you’re working to build or rebuild your credit.
Paying your balance in full each month will have several positive effects on your credit and your finances in general:
- Interest won’t accrue on purchases, making it easier to stay out of credit card debt
- It will keep your credit utilization lower, which is better for your credit scores
- The credit line will be freed up so you can use the card again
- Establishing a history of timely payments will show the card issuer and the credit reporting agencies that you’re a responsible card user
To make things more convenient you can set up autopay for the full statement balance each month. This will also ensure that you never forget and get a late payment fee.
1. Access a Higher Credit Line
Make your first 5 monthly payments on time and Capital One will grant you access to a higher credit limit, or credit line.
Credit cards for average credit typically come with credit limits on the small side, like $1,000 or less at first, so this is a nice feature to have.
You can usually request a credit line increase periodically, as long as your credit history warrants it, but most cards don’t have an automatic increase feature like this.
However, some card issuers, including Capital One, may increase your credit limit automatically as you show responsible card behavior.
2. Capital One CreditWise
The CreditWise service provides free access to one of your VantageScore 3.0 credit scores, based on your TransUnion credit report. You can monitor your score over time and get alerts about any changes.
Also, users can see data from their actual TransUnion credit reports for free, which is an interesting feature that most credit card issuers don’t offer.
There’s also a credit simulator that will show how certain decisions would impact your credit, for better or worse.
3. Travel Assistance Services
If you have an emergency while traveling, call the number on the back of the card or 1-800-992-6029 for help getting connected to local emergency services.
You will be responsible for any third-party charges. You can also call for non-emergency help of some kinds.
This benefit is available when traveling 50 miles or more from home. Also, if you live in New York there is no distance requirement.
Included Assistance Services
- Medical Assistance to help you find local doctors, dentists, hospitals, etc., and for relaying emergency messages.
- MasterLegal® Referral Service to help you find English-speaking attorneys or U.S. embassies in your area, and for transfers of bail money.
- Master Trip® Travel Assistance to inform you about weather conditions, health precautions, the passport visas needed, ATM locations, and for help finding lost luggage.
Who this Credit Card is Right for
A great strength of Capital One® Quicksilver® Cash Rewards Credit Card is that it appeals to several different types of credit card users. If you’re one, or a combination of any, of the following, it’ll be quite a practical card to own:
- Cardholders who like a stripped-down cash-back rewards program that requires little monitoring or maintenance. This card’s cash-back program is as simple as it can get, with all buys earning the same 1.5% cash back.
- People looking to consolidate their credit card debt. The 0% intro APR for balance transfers APR provides plenty of time to whittle down a transferred balance.
- Those planning a big-ticket buy. If opting for the first of the two bonus offerings mentioned above, cardholders can take serious advantage of the 0% APR for 15 months. Large purchases can be made with the card, then gradually paid off over that year-plus period without accruing interest, plus the purchase can help reach the spending threshold to earn the sign-up bonus.
Alternatives to Consider
This card is certainly a top contender in the cash-back credit cards market, but there are other types of cash-back structures that might earn you greater rewards, depending on your spending habits.
The Wells Fargo Propel American Express® card is another great cashback option that earns 3X points on a lot of common purchases. It also comes with a generous sign-up bonus and no annual fee.
This card also comes with a sign-up bonus of $200, but you have to spend $1,000 in the first 90 days to get it.
The Capital One® Quicksilver® Cash Rewards Credit Card can be considered a solid option if you want a card without frills or fees. It gets some points because of the fact that cardholders don’t have to worry about registering or opting in to be eligible for rewards and perks.
However, this is refreshing when you consider that chasing down rotating rewards from some other popular cards can feel like a full-time hobby.
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