Capital One QuickSilver Cash Rewards Credit Card Review (2019 Update)
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. The following provides an in-depth review for the Capital One QuickSilver cash rewards credit card.
Things We Like About The Capital One Quicksilver Cash Rewards Credit Card
Before getting into the things we like about this card, let us mention the fact that you need an excellent credit score in order to get this credit card. Capital One is a live saver to anybody with a low credit score because they offer cards for people with bad credit, and yet they do not tack on any nasty terms or predatory features. That is the reason why we like Capital One so much, and why we wish they would sponsor our posts so that we could get paid for saying we like them. However, to expand their line and their reach, they created this cash-back card that is only accessible if you have an excellent credit rating.
0% Introductory Offer – You will pay 0% intro APR on all purchases and balance transfers made with this card for the first 15 months of having your card. After that, your APR will be 15.24%, 21.24% or 25.24% depending upon your creditworthiness.
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 on how much you can earn, but this one does not.
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 $500 with this card in the first 3 months, you will receive a one time bonus of $150. It’s money that they credit to your credit card statement.
Capital One Credit Tracker – This card will allow you free access to your credit score. Quite a few credit card companies are offering a similar function to this one. Just make sure you do not end up with a free trial that runs into a paid subscription.
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.
Lost Luggage Coverage – If your luggage is lost on a flight that you paid for with your credit card, then your luggage will be covered up to $3000.
Things We Do Not Like About The Capital One QuickSilver Cash Rewards Credit 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.
High APR for cash advances – It is likely that you will have to pay the 25.24% APR on your purchases. However, if you are lucky enough to enjoy the 15.24% or 21.24% APR on your purchases, you will still have to pay the 25.24% APR amount on your cash advances.
Late penalty fee – It goes up to $38, which is too high. It is a shame that a company such as Capital One would stoop to having a high penalty fee, especially when you consider that they are not typically known for their high fees.
They run a credit check with more than one credit bureau – This will not be a problem for most people, but if you are applying for several types of credit at once by exploiting the fact there are three credit bureaus and numerous cards that use them exclusively, then you will not be able to pull that caper if you want a Capital One Quicksilver one cash rewards credit card.
Not afraid to spam you – There are some states in the US where Capital One may badger you by email with messages that you have been pre-approved for one of their cards. There are reports of this behavior from different states, though an independent marketing company may be behind the spam emails; otherwise why are not people complaining about it nationwide, why are complaints only limited to a small number of people In certain states?
Customer service needs to improve – The customer service department has a strict time limit on how long they are allowed to be on the phone before being penalized. The quicker they get you off the phone, then the better their score is, which means they are less likely to be penalized. As a result, the staff want you to get off the phone as soon as possible, which means they may be abrupt, and means they may talk to you using highly-esoteric financial terms with the hopes you will give up and hang up.
Does The Capital One Quicksilver Card Suit You?
[O] The Capital One QuickSilver cash rewards credit card is suitable for people who make a lot of purchases with the card rather that with their bank card.
[O] This car may also suit people who wish to do a little traveling because there is no foreign transaction fee
How This Card Compares To Similar Credit Cards
This cash back credit card by Discover awards the user with 5% cash back for purchases of certain things depending upon the chosen category for the month You have to check in with the website to opt in to whatever category pays the 5% cash back this month or this quarter. You get 1% cash back on all other purchases. This card features a 0% APR introductory offer on all purchases and balances for the first 14 months.
After the 0% period, a variable APR ranging from 14.24% APR to 25.24% APR applies. This intro period is very similar to the intro period on the Quicksilver card. This card features a better bonus because Discover will double the cash back you have earned at the end of the first year. If you have earned $25 in cash back, you will receive a further $25 after you have had the card for 12 months. The Discover card and the Capital One card do not have an annual fee, and they do not have a foreign transaction fee. Furthermore, both of these cards offer free access to your credit score.
(Defunct Card 2019)
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 an intro offer, as you will pay 0% APR 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.
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% APR intro offer on all purchases and balance transfers for the first 18 months of card opening. This is a longer 0% period then the Quicksilver card. After the intro period a variable APR ranging from 15.74% to 25.74% 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 have no 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 higher cash back rate. If you have excellent credit you should definitely look into applying for this credit card.
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 also 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.