Ben Todd | Jun 2, 2017 | 1
Capital One QuickSilver Cash Rewards Credit Card Review (Updated 2016)
The Capital One Quicksilver Cash Rewards credit card is a cash back card that is offered by Capital One Bank. This cash back credit card doesn’t revolve around rotating categories, rather it provides a steady cash back rate for all purchases made with the card. This card features many benefits The following provides an in-depth review for this credit card.
Things We Like About The Capital One Quicksilver Cash Rewards Credit Card
- 0% Introductory Offer: You will pay 0% intro A.P.R. on all purchases and balances made with this card until November 2016. After that date, a variable A.P.R. ranging from 13% to 23% applies. This means you can make a large purchase, and slowly pay it off over time without being charged any interest. This is a great offer to take advantage of.
- Earn a steady 1.5% cash back: You will earn an unlimited 1.5% cash back on all purchases made with this card. There are no limits on the amount of cash back you earn, many other cards have do have a limit,but not this one.
- Cash back does not expire: You do not have to worry about your cash back that you have saved up expiring. This means you can accumulate as much cash back as you want without having to feel rushed to redeem your cash back. Many other cards will have an expiry which won’t allow you to accumulate as many points as you would like before redeeming them.
- No annual fee: This card does not charge an annual fee, allowing you to reap the rewards it offers without having to pay a yearly fee.
- No foreign transaction fees: You will not be charged a fee when you use this card in a different country to pay in a foreign currency. Many cash back cards charge a 3% fee, so this is a nice feature.
- $100 Bonus Offer: After you spend your first $100 with this card in the first 3 months, you will receive a one time bonus of $100. It’s free money in your pocket.
- Qualify with good credit: You do not need to have excellent credit in order to qualify for this card. If you have good credit you will most likely qualify for this card. Many high rate cash back cards require you to have excellent credit, which eliminates any chances for many people to qualify for the card.
- Shopping discounts: This card offers discounts and savings at various top retailers, when you use this card for the purchase.
- Capital One Credit Tracker: This card will allow you free access to your credit score, as well as a other tools that help you monitor your credit score.
- Visa Signature Benefits: If you have excellent credit you will get the Visa Signature version of this card, with offers many additional benefits as shown below:
- Vehicle Rental Insurance: If you use this card to pay for your vehicle rental, you will be covered for any possible accidents and theft.
- Extended Warranty: Any items you purchases with this card will automatically have extended warranty applied to them.
- Purchase Security: If an eligible item purchased with the card is either damaged or stolen you can be reimbursed up to $500 per claim. A unique feature most cards don’t have.
- Lost Luggage Coverage: If your luggage is lost, it will be covered up to $3000.
Things We Do Not Like About This Card
- High cash advance fee: This card charges a hefty cash advance fee of either $10 or 3%, whichever is greater. This means if you use this card to withdraw money out of an A.T.M machine you will pay the fee. Try to avoid using this card to withdraw cash from an A.T.M. If you are one who uses their card to withdraw cash then there are other cash back cards that charge a lower cash advance fee then this card.
Who The Capital One Quicksilver Card Best Suits
- Those who make a lot of general purchases with the card to earn the flat rate cash back.
- Those who will use this card while travelling as there is no foreign transaction fee
How This Card Compares To Similar Credit Cards
Citi Double Cash Credit Card
The Citi double cash card is similar to the Quicksilver card as it also offers a steady cash back rate rather then the revolving categories. You will earn a total of 2% cash back, 1% when you make a purchase, then another 1% when you make the payments on those purchases, whether in full or over time. Overall this card offers a higher cash back rate as it offers 2% compared to the 1.5% with the Quicksilver card. This card also features a 0% A.P.R. intro offer on all purchases and balance transfers for the first 15 months of card opening. This is a longer 0% period then the Quicksilver card. After the intro period a variable A.P.R. ranging from 13% to 23% applies.
The Citi card offers most of the same benefits you get with the Visa Signature benefits, such as price protection, extended warranty, trip cancellation insurance as well as trip interruption insurance. The main difference is with the Citi card once you qualify for the card you are immediately eligible for these benefits, while with the Quicksilver card you have to qualify specially for the Visa Signature benefits. This card charges a 3% foreign transaction fee while the Quicksilver card does not. Both cards do have an annual fee. It could be tough to qualify for this card as you need to have excellent credit to qualify. Overall, these cards compare closely, however the Citi Double Cash card is the better choice, mainly because it features a a higher cash back rate. If you have excellent credit you should definitely look into applying for this credit card.
Discover IT Chrome Cash Back Credit Card
This cash back credit card by Discover awards the user with 2% cash back for purchases restaurants and gas stations for a combined amount of $1000 every quarter, and 1% cash back on all other purchases. This card features a 0% A.P.R. introductory offer on all purchases and balances for the first 12 months. After the 0% period, a variable A.P.R. ranging from 11% to 23% applies. This intro period is very similar to the intro period on the Quicksilver card. This card features a better bonus as Discover will double the cash back you have earned at the end of the first year. If you have earned $250, it will be doubled to $500. Both cards do not have an annual fee nor a foreign transaction fee. Furthermore, both of these cards offer free access to your credit score. Overall both cards compare very closely, however if you will use the card frequently for purchases at gas stations or restaurants then you might be better off with this card, although you really cannot go wrong with either card.
Barclaycard Cash Forward World MasterCard
This cash back card offers 1.5% cash back on all purchases just like the Quicksilver card. This card also has a intro offer, as you will pay 0% A.P.R. on all purchases and balance transfers for the first 12 months of card opening, After the 0% offer a variable A.P.R ranging from 15% to 23% applies, which is slight higher then the interest rate on the Quicksilver card. Just like the quicksilver card, the cash back you have accumulated does not expire.
This card has a unique feature that will award you with a 5% cash rewards bonus when you redeem your points. The 5% redemption bonus can then be used for your next redemption. This card also offers travel protection that will reimburse that total cost of the trip if you need to cancel the trip. You will need excellent credit to qualify for this card. Unlike the Quicksilver card, this card does have a foreign transaction fee of 3%. If you travel outside the U.S. often you would definitely be better off if you go with the Quicksilver card as it has no foreign transaction fee.
Should You, Or Shouldn’t You , Our Final Verdict
This card is one of the best cash back credit cards available. It offers a steady cash back rate with no revolving categories to worry about. If you are someone who prefers to earn steady cash back on all purchases this is a good card for you. Furthermore, if you are someone who travels often then you will benefit from this card, as the card does not have a foreign transaction fee. If you qualify for the Visa Signature benefits, you will enjoy extra benefits that some other cash back cards do not have.
Cash back credit cards are very competitive with each other, so it is important to look at all options. There are other cash back cards that offer a higher rate such as the Citi Double Cash card, however it features a foreign transaction fee, and it requires you to have excellent credit. If you are someone who uses a credit card frequently when they travel, then you should get the Capital One Quicksilver card.