- Annual percentage rate (APR): 15.49% to 25.49%.
- Purchase intro APR: 0% for 15 months.
- Rewards: 1.5% cash back.
- Annual fee: $0.
- Late fee: $39.
- Sign-on bonus: $150.
- Credit score: Excellent (800-850).
- Foreign transaction fee: None.
- Cash advance fee: 3% ($10 minimum).
- Credit Limit: $1,000 to $10,000.
- Compare cards here.
Table of Contents
Benefits
- Sign-on bonus: The Capital One Quicksilver Rewards Card offers a $150 sign-on bonus for new cardholders. It should be noted that you are required to spend $500 (minimum) within the first three months of opening the card account in order to receive the bonus. Spending $500 to receive $150 as a bonus comes out to 30% cash back. If you spend $500 on bills or other necessities, this is essentially free money for taking care of things that you would have needed to pay for anyway;
- Cash back bonuses: The Capital One Quicksilver card offers 1.5% cash back on any purchase. There is also no limitation surrounding how much money you can earn (neither annually, or monthly). You are able to redeem your benefits for cash, to cover your purchases, or you can spend your rewards on gift cards;
- No annual fee: There is no annual fee for the Capital One Quicksilver card, meaning that whatever you gain in cash rewards is entirely profit. There are many cash-back cards that have lofty annual fees to make up for or offset the potential rewards you can earn, but this is not the case for the Capital One Quicksilver card;
- No foreign transaction fee: You don’t need to worry about pesky 1 to 5% foreign transaction fees as there are none with the Capital One Quicksilver card;
- 0% intro APR: If you carry a balance with the Capital One Quicksilver card, you’ll benefit from the 0% purchase intro APR. Note that this only applies to your first 15 months as a Quicksilver cardholder;
- Flexible credit limit: The initial credit limit of the card is determined by your creditworthiness. If you are approved for the card, the bare minimum you are approved for is $1,000. If you have good credit repayment history, you can be approved for upwards of $10,000;
- Low late fee: The Capital One Quicksilver Rewards Card has a low late fee in comparison to many other cash-back rewards cards. There are cards available with benefits comparable to the Capital One Quicksilver card with late fees that are more than double what this card has;
- Long grace period: The Capital One Quicksilver card has a grace period of 25 days — meaning the grace period runs from the end of the billing cycle to the due date. As long as you pay your balance, you can always avoid accruing interest.
Drawbacks
- No cash-back bonuses: The 1.5% cashback on any purchase is great, but there are no special spending or bonus spending categories with the Capital One Quicksilver Rewards Card. Some cash-back cards offer additional cash back on certain purchases (e.g. 5% on travel-related purchases);
- High APR after intro: The 0% intro APR is a good benefit, after it ends, the APR might be high (24.99%) if your payment history and credit aren’t excellent.
- Credit requirements: You need stellar credit to get approved for the Capital One Quicksilver Rewards Card. To Capital One, “excellent credit” means you have never defaulted on a loan, you haven’t been more than 60 days late on any bill in the past year, and you have had a loan or credit card for three or more years with a credit limit above $5,000;
What Can You Expect From the Capital One Quicksilver Card?
- Accessibility: With the Capital One mobile app, you can access your bank from your phone wherever you go. You’re able to pay your bill, deposit money, transfer money, send money, redeem rewards, and instantly freeze your card if it is lost or stolen. You also can access your TransUnion and Experian credit reports. They even offer a personal digital assistant called “Eno;”
- Customization: You can customize your account from the Capital One mobile app. This includes customized alerts or notifications for things such as account activity, payment reminders, and credit report changes, as well as autopay capabilities;
- Security: With the Capital One Quicksilver Card, you get zero fraud liability, you’re able to set security alerts for suspicious transactions, you can lock your card from the app, and you can even get virtual card numbers through Eno to keep your actual card numbers entirely to yourself.
Who Should Get the Capital One Quicksilver Card?
The Capital One Quicksilver Card is a great card for someone with established credit who strategically plans their spending around cash-back rewards. The flat rate of 1.5% cash back is ideal for the minimalist spender who prefers simple, easy-to-understand credit card rewards parameters. Since there are no annual fees, the Capital One Quicksilver Rewards Card is perfect for individuals who prefer not to track whether the rewards they have earned make up for the annual cost.
Compare other rewards credit cards here!
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