Capital One Quicksilver Cash Rewards review: Simple way to earn cash back
Capital One Quicksilver Cash Rewards Credit Card Overview
The Capital One Quicksilver Cash Rewards Credit Card is a good card for those who prefer to keep their rewards simple.
This card earns a flat rate of 1.5% cash back on all purchases, which is easily redeemable and requires no minimum. However, the Quicksilver's rewards aren't quite as flexible as those of some of its competitors, so if you plan to expand your card portfolio at some point, then you may want to consider a different card. Card Rating*: ⭐⭐⭐½
*Card Rating is based on the opinion of TPG's editors and is not influenced by the card issuer.
The Capital One Quicksilver Cash Rewards Credit Card may slightly outpace the perks of other cash-back cards with its respectable sign-up bonus and no annual fee (see rates and fees), but it also requires an excellent credit rating from its applicants and has a few drawbacks worth pointing out.
Quicksilver's simple earning structure may be appealing — along with its distinction as one of the best 0% interest cards on the market — but what makes it even more so is the ability to convert the cash back you earn on it into miles with the Capital One Venture Rewards Credit Card (if you have that card as well), which can then be redeemed with 15-plus airline and three hotel transfer partners.
Let's dive into the details.
Who is this card for?
The Capital One Quicksilver is best for people who use one card for everything because it has a simple, flat 1.5% cash-back earning rate.
If you don't use bonus spending categories such dining, entertainment and groceries, or you prefer not to juggle cards when you're out and about, then you should at least be earning more than 1% cash back on all spending. However, you can likely improve on the Quicksilver's earning rate, as we'll see shortly.
Sign-up bonus
Capital One currently offers Quicksilver Cash Rewards cardholders a $200 cash bonus after spending $500 on purchases within the first three months of account opening.
That's typical for cash-back cards with no annual fee, and it has the advantage of a low spending requirement that most people should be able to meet without too much effort. But compared to the best travel credit cards, which can offer sign-up bonuses worth thousands of dollars, this $200 is just some extra cash in your pocket.
With this card, you'll also enjoy a 0% intro annual percentage rate (APR) on purchases and balance transfers for 15 months, 19.99%-29.99% variable APR after that (see rates and fees), and 3% balance transfer fee on the amounts transferred within the first 15 months (or 4% at a promotional APR that Capital One may offer you at any other time. No fee for amounts transferred at the Transfer APR) — making this a formidable 0% interest card, if that's a factor for you.
Related: 13 cards currently offering sign-up bonuses of 100,000 points or more
Main benefits and perks
The Capital One Quicksilver isn't the card to get if you want perks such as lounge access or travel credits, which are more often included with premium credit cards. However, the Quicksilver does include some benefits, such as charging no foreign transaction fees (see rates and fees). That's a perk that, while now nearly universal on credit cards with annual fees, is a little rarer on no-annual-fee cards. Other benefits include:
- Up to 6 months of complimentary Uber One membership statement credits through Nov. 14, 2024.
- 24-hour travel assistance services if your credit card is lost or stolen.
- Travel accident insurance.
- Extended warranty.
- Concierge service.
- Exclusive culinary experiences, sports and music events through Capital One Entertainment.
How to earn cash back
There's nothing special regarding earning cash back on the Capital One Quicksilver, merely a flat 1.5% on all purchases with no bonus categories.
If you don't have one high-spending category, then it's fine to earn the same amount on all purchases. However, if you make a great number of purchases each month in one particular category — such as dining or groceries — you'll likely want to consider a card that earns a bonus in that category.
Related: The best credit cards for dining rewards
How to redeem cash back
You can redeem cash back earned on the Capital One Quicksilver as a statement credit, check or gift card, or you can apply it directly to a specific charge you on your statement and cover it that way. There's also no minimum redemption amount — all you have to do is sign in to your account via the app or your computer and simply select your preference.
This is similar to many cash-back cards, but it's nowhere near as flexible as the Chase Freedom Unlimited, which also earns 1.5% cash back, but can be turned into Ultimate Rewards points that can be transferred to premium Chase cards — the Chase Sapphire Preferred Card, Chase Sapphire Reserve and Ink Business Preferred Credit Card — and turned into valuable travel rewards.
Related: The power of the Chase Trifecta: Sapphire Reserve, Ink Preferred and Freedom Unlimited
What cards compete with the Quicksilver?
The Capital One Quicksilver is similar to its sister card, the Capital One QuicksilverOne Cash Rewards Credit Card, which also earns 1.5% cash back on all purchases. The main differences are that the QuicksilverOne is for those with limited or average credit, and it comes with a $39 annual fee (see rates and fees) and no sign-up bonus. Beyond that, the perks and cash back are essentially identical. So if you have a high credit rating to qualify for the Quicksilver card, that's the better choice.
However, when it comes to earning cash back, even if you're looking for a card with a flat earning rate on all purchases, you'll definitely do better with the Citi Double Cash® Card (see rates and fees), which earns 2% on all purchases (1% when you buy and 1% as you pay) and also has no annual fee.
On the other hand, if you're willing to try out bonus categories, the Capital One SavorOne Cash Rewards Credit Card earns 3% cash back on dining, entertainment, popular streaming services, and grocery stores (excluding superstores like Walmart® and Target®), 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply), 8% Cash Back on Capital One Entertainment purchases, and 1% on all other purchases, which might make sense depending on your spending habits.
If you're going to go with a 1.5% cash back card, the Chase Freedom Unlimited also has no annual fee and earns 1.5% cash back on most purchases. However, it also accrues 5% cash back on Chase travel booked through Ultimate Rewards, 3% back at drug stores and on dining — much higher earning rates on easy-to-maximize categories.
What's more, as part of the Chase Ultimate Rewards ecosystem, the Freedom Unlimited has much greater potential and upside when it comes to redeeming that cash back. Just pair the Freedom Unlimited with a premium Chase card such as the Chase Sapphire Preferred Card or the Ink Business Preferred Credit Card and you can turn your cash back into transferable Ultimate Rewards points that can be converted into airline miles and hotel points with the program's partners, potentially doubling the value of what you earned from the card.
Related: Best cash-back credit cards
Bottom line
The Capital One Quicksilver Cash Rewards Credit Card offers a decent cash-back earning rate and a solid sign-up bonus. However, other cash-back cards offer more generous earnings, and other cards feature more flexible ways to redeem your rewards for greater value.
The only reason to pick the Quicksilver over other cash back credit cards is if you value the $200 sign-up bonus. Otherwise, you'll probably do better looking elsewhere.
For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
Additional reporting by Ryan Wilcox.