If you have excellent credit and want a no-fuss cash-back rewards program with a decent rate, the Capital One Quicksilver Cash Rewards Credit Card should make your short list. There are other cards that earn you more per dollar, but many of them lack a bonus for new cardholders or are more of a hassle to use.
Easy way to earn and redeem a solid rate of cash back
Decent welcome bonus
No promotional balance transfer APR offer
- Easy way to earn and redeem a solid rate of cash back: You’ll earn a competitive flat rate of cash back with no limits that you can redeem at any time—rewards never expire. You can even set up automatic redemptions.
- Decent welcome bonus: This is a competitive offer that’s in line with what similar cards with no annual fee are offering right now. And we like that the spending requirement is relatively low.
- No promotional balance transfer APR offer: While this card boasts a competitively long 0% APR offer on purchases, it lacks the comparable balance transfer deal other flat-rate cash-back cards are advertising right now. If you’re not trying to consolidate card balances and save on repayment costs, this won’t matter, but if you are, pass on this card.
Capital One Quicksilver's Bonus for New Cardholders
Spending at least $500 within three months after opening your account earns you a $200 cash-back bonus. Capital One will credit it to your rewards balance within two billing cycles.
This is not a large offer, but it’s a typical promotion among similar flat-rate cash back cards. Cards offering higher bonuses, often require spending more and may charge an annual fee.
If you’ve ever had a Capital One Quicksilver card before, you may not be eligible for this bonus.
Earning Points and Rewards
Capital One’s rewards system is straightforward and simple. You earn 1.5% cash back on all the purchases you make. In other words, for each dollar you spend, you’ll earn 1.5 cents in cash back rewards.
This is a competitive earning rate for a no annual fee card. There are a few that offer 2% cash back on all purchases—or even more—if you’re willing to pay an annual fee, invest the money, or take other extra steps.
Still other credit cards earn you rewards at a higher rate, but only for some types of purchases.
There’s no limit on how much you can earn, and rewards never expire. The only time you might actually lose your rewards balance is if you close the card without first redeeming your rewards.
You can redeem your rewards at any time and for any amount in three main ways:
- Statement credit
- Gift card
You can even set up your rewards account to automatically pay out at set times of year (for instance, every quarter) or when you reach a $25, $50, $100, $200, $500, or $1,500 threshold.
If your card is connected to your PayPal account, you can also apply your rewards to purchases made through PayPal.
How to Get the Most out of This Card
Keep this card in your wallet and use it as your go-to card for all of your purchases. Always remember to pay off your credit card in full each month, because any interest you have to pay will easily wipe out your cash-back earnings. Similarly, if you use this card to finance a large purchase, make sure the balance is paid off before the promotional period ends.
Capital One Quicksilver's Excellent Perks
This card offers a handful of benefits that make The Balance's cut for high-value perks worth noting:
- Travel accident insurance: If you or a covered travel companion experiences a severe, even fatal accident as a passenger on a plane, train, or other common carrier, you'll be covered for as much as $1 million as long as your trip was paid for with your card.
- Insurance coverage for lost or delayed luggage: You'll receive up to $100 per day for three days to cover daily must-haves if there's a delay in returning your bags while traveling on a trip paid for with your card.
- Insurance coverage for trip cancellation, interruption, or delay: If your travel plans are disrupted because of an unexpected injury or illness, you may be reimbursed up to $1,500 for nonrefundable expenses as long as you used your card to pay for the entire trip.
Capital One Quicksilver's Other Features
- Extended warranties
- Concierge for booking event tickets, travel, and other services
- Travel and emergency hotline
Capital One ranked “about average” among 11 credit card issuers in the J.D. Power 2020 Credit Card Satisfaction Study. However, its mobile app was rated second in another 2020 J.D. Power study.
One feature that Capital One provides that stands out is a tool called CreditWise. It provides you a free VantageScore 3.0 credit score, access to your TransUnion credit report, and a simulator that can show you how different activities such as paying off your credit card debt might affect your credit score.
You don’t necessarily need to have a Capital One card in order to sign up for the CreditWise service.
The CreditWise tool can also help you monitor your credit for fraud by notifying you when there are changes to your TransUnion or Experian credit reports. In addition, CreditWise will scan the “dark web” for information such as your Social Security number, and notify you if it’s detected somewhere it shouldn’t be.
Capital One also provides account and security alerts to notify you if anything fishy is detected on your Quicksilver account. If it is, or if you just need peace of mind if you misplace your card, you can lock your card via the mobile app to prevent it from being used. Plus, Capital One can provide you with a virtual credit card number that you can use for online shopping, so you don’t have to disclose your actual card number to merchants.
Capital One Quicksilver Fees
The card’s fees are in line with other credit cards, but travelers will appreciate that there are no foreign transaction fees.