Capital One® Quicksilver® Review

Grant Sabatier

Creator of Millennial Money and Author of Financial Freedom (Penguin Random House). Dubbed "The Millennial Millionaire" by CNBC, Grant went from $2.26 to over $1 million in 5 years, reaching financial independence at age 30. Grant has been featured in The New York Times, Wall Street Journal, BBC, NPR, Money Magazine and many others.

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With no fancy gimmicks or rotating reward enrollments, the Capital One® Quicksilver® Cash Rewards Credit Card is a straightforward way to earn – you guessed it – cash.

Whether you’re buying gas and groceries, or spending at restaurants and retailers, you’ll earn 1.5% on everything.

To top it all off, the rewards don’t expire either. There’s no limit to how much you can earn.

Quick Facts about Capital One® Quicksilver®:

  • Annual Fee: $0
  • Card Type: Cash-Back
  • Introductory Offer: 0% on Purchases and Balance Transfers for the first 15 months, plus a one-time $150 cash bonus after you spend $500 on purchases within the first 3 months
  • Rewards: Unlimited 1.5% cash back on every purchase, 365 days of the year
  • Balance Transfer Fee: 3% in the first 15 months
  • Foreign Transaction Fee: None

Capital One® Quicksilver® Cash Rewards Credit Card Benefits

Capital One Quicksilver Cash Rewards Credit Card

Along with all the other benefits we just mentioned, there’s an extra bonus for travelers, too.

With zero foreign transaction fees, this card gives you the freedom you need to travel. You can use your credit card in any country the same way you would here.

This perk, combined with no annual fees, could make this your go-to card for a no-muss, no-fuss way to earn consistent cash back no matter where you are in the world.

Another compelling reason to sign up for this cashback rewards card is the one-time $150 bonus after your first $500, plus  0% APR for the first 15 months.

If you are looking to pay off a credit card balance and need to spread payments out throughout just over a year, AND you’re planning international travel, then you might have found your winner.

The Pros

Okay, so we’ve given you lots to think about. Now you know who this Capital One card is for, and whether it would work for you.

You’re probably imaging yourself jet setting through Europe at this rate.

But before you say “oui,” let’s dive into the nitty-gritty details of the Capital One® Quicksilver® card:

No Redemption Minimum

Let’s start with how to redeem your cash rewards. A lot of cards have a minimum redemption, meaning you have to amass, say, $25 in cashback rewards before your money can be transferred to your bank account, but not the Capital One® Quicksilver® card.

With this card, you’ll be able to redeem whatever amount you like, whenever you like. Why is this important? Because despite what you know your tendencies to be, life’s circumstances change.

You might prefer to hoard your cashback in 2019, but in 2025 you might find that your circumstances have changed and you need your cashback on a more consistent basis. At any rate, you have the power to choose cash back transfers that work for you.

Perfect For the Fee-Averse

If fees turn you into the cringe emoji, this card will save you some wrinkles. No annual fee plus no foreign transaction fees. We need a new name for win-win!

A Card as Flexible as Your Spending Habits

Cards with no rewards categories are called “flat-rate” reward cards.

Flat-rate reward cards like this one are great for people with variable spending habits who don’t function well sticking to a schedule. In this case, it’s best to earn cashback everywhere and anywhere, and the Capital One® Quicksilver® card makes this possible.

Generous Spending Requirement for Welcome Bonus

Many credit cards offer a sign-up bonus, but the Capital One® Quicksilver® Rewards card doesn’t make you spend $3000 to earn it. Instead, you’ll earn your $150 bonus after only $500 of spending – a very generous offer.

Reward Points vs. Cash Back

Some types of credit cards, like the Chase Freedom Unlimited, give rewards as Chase Ultimate Rewards® points, not straight-up cash.

But the Capital One® Quicksilver® card gives back with direct transfers to your bank account. Do you prefer to shop with points in order to save on hotels, airfare, gift cards, and other goods and services? Or do you like your money in the form of good, old-fashioned dollars?

The Cons

The Capital One® Quicksilver® card might not be the best fit for you IF you are a person who loves their reward categories.

You Want Specific Rewards

If you know that every month you’re banking on those gasoline points, you might be able to get a card with higher cashback for this category.

Same for rotating credit card rewards categories; maybe you like the variety and prefer to plan your purchases around these incentives.

Introductory APR May Not Be For You

You also might pass on this card if you’re less interested in an introductory APR, and care more about higher, more consistent cashback rewards.

This would apply to you if you don’t have any other debt you’d like to pay off over 15 months and you feel totally ready to pay off your balance every month.

In this case, other cards can give you a higher cashback rate when you forgo the other perks.

How to Take Advantage of The Capital One® Quicksilver® Intro APR

capital one quicksilver credit card reviewLet’s imagine you have a balance you’d like to transfer to take advantage of the 0% intro APR. For starters, know your credit score to understand how much credit you will qualify for.

If the balance on your existing credit card is higher than what you’ll qualify for when you apply for the Capital One® Quicksilver®, then it will probably not be worth your time.

When you’re ready to transfer, calculate what 3% of your balance will be. This is a one-time fee you will pay Capital One® for the service of transferring your debt, PLUS the 0% interest you’ll soon take advantage of.

But, there’s a catch – If the 3% fee is higher than what you WOULD pay on interest for 15 months, then it’s not worth it. But usually, unless your balance is a really great personal loan with low interest, most debt has a higher APR than the fee costs you to transfer.

Now that you’ve calculated the difference and how much you will save over the next 15 months, read the fine print and apply for the wire transfer. You can do this by logging into your Capital One® account. Then, you wait until you are approved and let the savings begin.

A few things to remember – First, don’t celebrate without paying the remaining interest left on the first credit card. It would be silly to have a bill for $23 go to collections because you forgot.

And second, it’s worth considering if the balance transfer will eat up your credit limit because if so, that is motivation to pay it off and begin using the Capital One® Quicksilver® card as it was intended – to earn cash rewards even while spending abroad!

What Kind of Spending Habits Are Best For This Card

Credit cards are as individual to their users as pets are to their owners. It all depends on how you use your card.

A person who uses a zero-sum budget to cover all or most of their monthly expenses with a credit card can easily spend three to 10 thousand dollars per month on their credit cards.

With 1.5% cashback, a family with a budget of $5,000 per month would bring $75 in straight-up cash every month. This is almost an extra $1,000 a year just in rewards.

Before you apply for this card, think to yourself “what’s the best way to use my credit card?” and consider what kind of budget you want to have.

Is The Capital One® Quicksilver® Credit Card For You?

This card is as simple and pleasurable as a handcrafted martini. It’s straightforward, honest, and keeps the frills to a minimum.

If you’re a person who knows what you like and asks for what you need (and what you need is cash and mobility) – this is the credit card for you.

It’s not the fanciest card on the market, but the consistent 1.5% cash-back, low and no-fees, plus a straightforward $150 sign-up bonus is enough to earn your trust.

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