Quicksilver From Capital One Credit Card Review

Man putting cash from wallet
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The Capital One Quicksilver Cash Rewards Credit Card (for excellent credit according to Cap One's website) lets you earn an automatic 1.5% cash rewards on all your purchases. That means you earn $1.50 for every $100 in purchases you make. Your rewards are automatic. You don't have to sign up or enroll in anything to earn your cash rewards.

Rewards can be redeemed in any increment; you don't have to wait until you've accumulated, say $25 to redeem your rewards.

You can redeem your rewards for an account credit, or for a check or gift card. Account credits are the fastest way to receive your rewards as they're made within 5-7 days. Checks and gifts cards are mailed within 30 days of the redemption.

Capital One lets you choose a rewards threshold ($25, $50, $100 or $200) for redemption and your rewards are sent automatically whenever that threshold is reached. Otherwise, you'll have to request to redeem your rewards.

Rewards never expire - as long as you keep your card open and in good standing. Closing your account can forfeit the rewards you've accumulated.

Many credit card issuers have moved away from the initial cash bonus, but the Quicksilver Cash Rewards card still has it. Just spend $500 in the first three months using your card and you'll earn a $100 bonus, which will be added to your rewards balance within two billing cycles, according to Capital One's website.

APR and Pricing for the Quicksilver from Capital One

The 0% introductory rate applies to both purchases and balance transfers for 9 months. Once the promotional rate expires, the regular APR will apply to purchases and balance transfers.

  • Promotional APR: 0% on purchases and balance transfers for 9 months
  • Purchases and Balance Transfer APR: 13.24% to 23.24%, variable
  • Cash Advance APR: 23.24%
  • Annual Fee: None
  • Balance Transfer Fee: 3% of the amount of each transfer that posts to your account within the first 9 months
  • Cash Advance Fee: either $10 or 3%, whichever is greater.
  • Foreign Transaction Fee: none
  • Late Payment Fee: Up to $35

How the Quicksilver Fares Against Similar Credit Cards

Comparable cards include the Discover it, which pays 5% cash back on purchases in rotating categories that rotate every quarter and 1% on everything else and the Citi Double Cash which pays 1% on all purchases and 1% on repayments..

Discover it has a few other perks, like no late fee on the first late payment and no penalty rate. You can redeem rewards instantly at Amazon checkout. There's no spending bonus.

The Quicksilver Cash Rewards Card is the way to go if you want a cash rewards card from Capital One, but if you spend heavily in other categories, like gas and groceries, a card like the American Express Blue Cash Everyday Card or American Express Blue Cash Preferred.

If you don't have excellent credit, don't sweat. Capital One has a similar QuicksilverOne rewards card with the same 1.5% cash rewards benefit, but offers the 0% promotional period on purchases (through your March 2016* billing period), an annual fee of $39, and 22.9% variable APR after the promotional period.

QuicksilverOne doesn't offer the $100 bonus.

*Last updated June 12, 2016. Credit card terms and sign-up bonuses are subject to change from the time of this review. Refer to the application for current terms and conditions.