CAPITAL ONE QUICKSILVER CREDIT CARD REVIEW [UPDATED 2018]
With 1.5% cash back earned on every dollar spent, as well as no annual fee and 0% interest charged for the first 15 months, the Quicksilver credit card from Capital One is worth having in your wallet.
Not only does the Quicksilver credit card enable you to earn a high rate of cash back of 1.5% on every purchase you make each and every day, you’ll also benefit from the fact that you can redeem the cash back you’ve accumulated in any amount at any time with no expiration date for the life of the account. This kind of simplicity and flexibility is what distinguishes the Quicksilver from other cash back rewards credit cards – many of which only offer 1% cash back on a select number of purchases and require you to redeem the rewards within a certain timeframe or lose them altogether.
- You get 1.5% cash back earned on every dollar spent
- No annual fee
- There is 0% interest charged for the first 15 months
- No travel rewards
- After the first 15 months, you’ll pay interest of 15.24% to 25.24% variable
- The APR on balance transfers is also 15.24% to 25.24% after the first 15 months
A great feature of the Quicksilver card is that it comes with a fairly decent sign-up bonus. Cardholders are eligible to earn a one-time $150 cash bonus once they spend $500 on purchases within three months of opening an account. While that’s not the biggest sign-up bonus ever awarded, you don’t have to spend an exorbitant amount of money to get it.
Many credit cards require you to make purchases of $4,000 or more within three months of account opening to earn a similar cash reward. By keeping the amount of money you need to spend lower at $500, the Quicksilver credit card sign-up bonus is more attainable.
After the sign-up bonus, you’ll earn 1.5% cash back on any and all purchases. There are no restrictions imposed in terms of where the Quicksilver card is used or when purchases are made. As a cardholder, you won’t have to think about where and how to use this credit card. You can simply relax knowing that you’re earning 1.5% cash back every single time you pull the Quicksilver card from your wallet. And the cash back rewards can add up. Make $10,000 worth of purchases a year and you’ll receive $150 in cash back. That’s a decent chunk of change just for using the credit card.
ANNUAL FEES AND TRANSACTION FEES
As stated, there is no annual fee on the Quicksilver credit card from Capital One – ever. The $0 annual fee is not an introductory offer that will expire after a year or 18 months. Other credit cards (even ones issued by Capital One) tend to come with a minimum annual fee of $95.
Similar cash back rewards cards tend to charge as much as $400 in annual fees. So, no annual fee is a fantastic deal and another incentive to own the Quicksilver credit card.
Also nice is the fact that this credit card does not charge any foreign transaction fees. As a cardholder, you won’t pay a transaction fee when making purchases outside of the United States. Another way that the Quicksilver card provides peace of mind – especially if you travel abroad a lot.
However, take note that there’s a 3% fee charged on the amount of each transferred balance to the Quicksilver credit card within the first 15 months but after that period there is no fee. Also, you’ll pay either $10 or 3% of the amount of each cash advance taken out against the card, whichever is greater. Finally, Capital One does charge a fee of $38 for each and every late payment made on the Quicksilver card. All of these fees are standard and similar to those found with similar credit cards.
In terms of interest rates, the Quicksilver credit card provides a great introductory annual percentage rate (APR) of 0% for the first 15 months you own this card. After that intro APR expires, you’ll be subject to interest of 15.24% to 25.24% variable, which means that the interest rate charged could change at Capital One’s discretion or with the prime lending rate.
To qualify for the lower APR of 15.24% you’ll need a good credit score. But the interest rate range on this card is actually pretty decent and lower than on many cards that offer cash back rewards. The average interest rate charged on credit cards in the US is 16%.
You’ll also get 0% introductory APR for 15 months on any and all balance transfers made to the Quicksilver card, which is nice if you want to consolidate debt and close some other credit cards or loans. After 15 months, the APR on balance transfers is the same as on purchases at 15.24% to 25.24%.
The interest charged on cash advances is at the high-end of the APR band at 25.24%. All-in-all, you’ll want to take advantage of the introductory APR and ensure you qualify for the lower end of the APR spectrum offered on this credit card.
The Quicksilver credit card from Capital One comes with a number of additional features that are standard to most credit cards issued by the bank, including:
- Special discounts at retailers and online merchants
- Additional warranty protection at no charge on items that are purchased with the credit card
- Complimentary upgrades and special savings at hotels, resorts, and spas
- Emergency card replacement in the event that the card is lost or stolen
- Coverage at no additional cost for damage caused by a collision or theft when renting certain vehicles
WHO SHOULD NOT GET THIS CARD
The Quicksilver credit card from Capital One is for people who want to earn cash rewards and don’t want to pay a lot for the privilege of doing so.
This credit card is not for people who want to earn travel rewards. It’s also not a credit card for people who want to pay the absolute rock bottom interest rates on their credit cards.
ALTERNATIVE CARD: CITI DOUBLE CASH BACK CARD
For comparison purposes, check out the Citi Double Cash Back card. It offers the ability to earn cash back even faster than the Quicksilver card. Citi provides cardholders with 2% cash back on their purchases: 1% when they buy items and 1% when they pay down their credit card balances. There’s also no annual fee ever on the Citi Double Cash Back card.
However, the interest charged on the Citi Double Cash Back card is slightly higher at 15.74% to 25.74%, and that interest is charged right away. There’s no $0 APR offered as there is on the Quicksilver card. And the penalty interest charged for missing a payment on the Citi Double Cash Back card creeps up as high as 29.99%.
The Quicksilver credit card from Capital One has a lot to recommend it. Not only does it provide generous cash back and have a decent sign-up bonus, but paying no annual or transaction fees ever and a 0% introductory APR for 15 months on both purchases and balance transfers make this a very enticing credit card to own.
Plus, the cash back earned never expires and can be redeemed in any amount at any time. This type of flexibility should be impressive to most people and is one of the reasons why cardholders say this is one of the very best cash back credit cards available today.