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Getting cash back on your purchases can help you maximize your spending power. Maybe you are looking for a cash rewards credit card that earns on every purchase and is easy to use. Or perhaps you received a prequalified Capital One Quicksilver Cash Rewards Credit Card offer in the mail. This Capital One Quicksilver Cash Rewards Credit Card review will help you decide if this card is worth adding to your wallet.
Capital One Quicksilver Cash Rewards Credit Card Review
There is a lot to like about the Capital One Quicksilver Cash Rewards. It earns an unlimited 1.5% back on every purchase. However, earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel.
It also doesn’t have a foreign transaction fee or annual fee.
Because of this, it can be a good primary or secondary credit card, especially if you want to complement it with one of the best travel credit cards that earn rewards for specific purchases like travel or dining.
Plus, it can be a free and easy way to build credit by making on-time payments. Let’s dive in to see what else the Capital One Quicksilver Cash Rewards Credit Card has to offer.
Capital One Quicksilver Signup Bonus
Let’s start with something fun: new Capital One Quicksilver Cash Rewards Credit Card cardholders can earn a $200 bonus cash after spending $500 in the first 3 months of account opening. This is an easy signup bonus to earn.
Plus, it’s competitive with some of the other best cash back credit cards.
Earning Cash Rewards
The Capital One Quicksilver Cash Rewards Credit Card is a flat-rate cash rewards credit card. You earn an unlimited 1.5% back on every purchase. There isn’t a foreign transaction fee so you can also take this card abroad and earn 1.5% back. However, earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel.
This cashback rate is as competitive as most flat-rate rewards cards. A couple of flat-rate cards offer up to 2% back, including the Citi Double Cash, one of the best first credit cards you can get. With all of the options available, you shouldn’t settle for a cashback credit card offering less than 1.5% back, so long as your credit score is above 600.
Although tiered rewards cards earn up to 5% back on select categories, you may earn more with a flat-rate card if you can’t maximize the bonus categories.
Redeeming Cash Rewards
Capital One offers four redemption options:
- Cash statement credit
- Mail you a paper check
- Apply cash back directly to a recent purchase
- Dining or shopping gift cards
Your cash rewards never expire and can be redeemed in any amount. No minimum redemption amount is another key benefit. Although most cash rewards credit cards let you redeem rewards in any amount, some may still require a $25 minimum balance per redemption.
Additional Benefits of the Capital One Quicksilver Cash Rewards Credit Card
This card has a few additional benefits. Unlike travel rewards credit cards, cash rewards credit cards are notorious for offering minimal add-on benefits. On a positive note, the Capital One Quicksilver Cash Rewards Credit Card doesn’t have an annual fee. Its competitive 1.5% cashback rate makes it easy to overlook the lack of many extra benefits. However, earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel.
These are some of the complimentary benefits your Capital One Quicksilver Cash Rewards Credit Card can offer:
- Extended warranty on select purchases
- Paribus price protection monitoring
- Wikibuy online price comparison tool
- Instant purchase notifications
- Exclusive Capital One culinary, sports, and entertainment experiences
- Virtual card numbers from Eno
- No foreign transaction fee
These benefits are standard on all of the best Capital One credit cards for travel.
Capital One Quicksilver Cash Rewards Credit Card Annual Fee
The Capital One Quicksilver Cash Rewards Credit Card doesn’t have an annual fee or foreign transaction fee. Not having either fee makes this an attractive card. No foreign transaction fee is a definite advantage of owning this card as other cashback credit cards usually charge the full 3% fee on foreign purchases.
Tip: If you’re serious about using your card for travel, compare the Capital One Quicksilver Cash Rewards Credit Card to some of the other best travel credit cards with no annual fees options.
Credit Score Needed for Capital One Quicksilver Cash Rewards Credit Card
You will have the best approval odds with a minimum 670 credit score. This is the entry-level score to have “good credit.” Of course, having an excellent 750 credit score not only boosts your approval odds but can also lead to a higher credit limit.
Even if your score isn’t in the upper 600s or higher, you can still get approved with a score as low as 600. Here are several testimonies from Quicksilver cardmembers with lower-than-usual credit scores.
SlimBoss19 on July 19, 2019, states, “Great card so far, just stay on top of paying it and stay below 20%. Was approved with a 600 credit score but not sure if that also had to do with the fact that I also have the secured card.”
Eeezyville shares their experience with credit limit increases.
“So I got this card around January 2019 with a measly credit score of about 620. Wasn’t sure I’d get it but I tried and they said, “Sure we’ll give you a shot!” Had a limit of $500, I used it all the time and paid it off every month. 6 months of on-time payments and they said they’d up my limit to $750. So after the sixth payment, I’m like, “Yay! I get $750 as a limit!” Checked my account today to track my spending and was surprised to find my limit is now $3500!?!?! “
If your credit score is in the low 600s, your credit limit may not be as high as you wish. However, it’s possible to get credit limit increases with on-time payments. Only using up to 20% of your Quicksilver credit limit also helps.
If your credit score is in the 500s, consider the Capital One Platinum Credit Card. This card doesn’t have an annual fee or foreign transaction payment.
Pros
- Earn unlimited 1.5% cash back on every purchase
- However, earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel
- No annual fee
- No foreign transaction fee
- One-time $200 bonus by spending $500 in the first 3 months of account opening
Cons
- Might earn more with a tiered rewards credit card
- Cannot redeem points for travel rewards
Capital One Quicksilver Cash Rewards Credit Card Alternatives
The Capital One Quicksilver Cash Rewards Credit Card is one of the best cash rewards credit cards. However, these cards might be a better fit.
Capital One Venture Rewards Credit Card
If you prefer earning travel rewards, consider the Capital One Venture Rewards Credit Card instead. You earn 2x miles on every purchase. However, earn 5x miles on hotels and rental cars booked through Capital One Travel.
Each mile is worth 1 cent each and redeemable for travel statement credits or booking upcoming travel. You essentially get 2% back on every purchase with these two redemption options. A third redemption option is transferring your Capital One miles to airline partners like JetBlue, Emirates, and Qantas where you might find more value.
This card also offers a Global Entry or TSA PreCheck fee credit for savings up to $100 every 4 years. You can get further details in our Capital One Venture Card Review.
There is a $95 annual fee, but you don’t have to worry about foreign transaction fees.
Citi Double Cash Card
The information for the Citi® Double Cash Card has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.
The Citi® Double Cash Card earns 2% back on every purchase. Cardholders earn an unlimited 1% cash back when they make a purchase, plus an additional 1% when they pay for those purchases, totaling 2% back. To earn cash back, pay at least the minimum due on time.
There isn’t an annual fee although there is a 3% foreign transaction fee.
Chase Freedom Unlimited
The Chase Freedom Unlimited® earns unlimited:
- 5% cash back on travel purchased through Chase Travel℠
- 3% cash back on dining at restaurants, including takeout and eligible delivery services
- 3% cash back on drugstore purchases
- 1.5% cash back on all other purchases
There is no limit to how much cash back can be earned and no annual fee to worry about.
New Chase Freedom Unlimited® cardholders can enjoy an additional 1.5% cash back on everything they buy (on up to $20,000 spent in the first year) – worth up to $300 cash back! That means they can enjoy 6.5% cash back on travel purchased through Chase Travel, Chase’s premier rewards program that lets you redeem rewards for cash back, travel, gift cards, and more; 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 3% on all other purchases (on up to $20,000 spent in the first year).
Another reason to consider a Chase Freedom card is that you can pool your rewards points with a Chase Sapphire card. This Chase credit card combo can make your points be worth 50% more for award travel. You can also then transfer them to airlines and hotels.
Summary
The Capital One Quicksilver Cash Rewards Credit Card offers some of the highest cash back rates. As this card doesn’t have an annual fee or foreign transaction fee, it’s a good fit for almost any wallet. If you like the flexibility of cash rewards, the Quicksilver is worth considering.
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