Unlimited Cash Back: The Quicksilver Cash Rewards Credit Card
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Are you tired of trying to figure out all the various bonus categories on different credit cards? Perhaps you find that you never really spend much in those categories. Or maybe you don't care about points because you rarely travel or would rather not bother with exchanging the points for gift cards or merchandise. The Capital One® Quicksilver® Cash Rewards Credit Card is great for those who want no-fuss cash rewards. (See also: Best Cash Back Credit Cards)
Why We Like This Card
- $100 cash sign-up bonus
- 1.5% cash back for all purchases
How This Card Works
The Capital One Quicksilver Rewards Card awards a flat rate of 1.5% cash back for all purchases. The Quicksilver rewards program allows redemption at any time, without minimum requirements. You can set up automatic redemption which redeems your cash back whenever you reach the threshold you designate, such as $25, $50, $100, or $100. There are also opportunities to donate your cash back through Capital One's Giving Site. You can earn an unlimited amount of cash back, which does not ever expire. Finally, like all cards from Capital One, there are no foreign transaction fees. There is no annual fee.
Sign up bonus: One-time $100 cash bonus after you spend $500 on purchases within the first 3 months. Also, get 0% intro APR on balance transfers and purchases until November 2016. (After that, there is a 13.24%-23.24% variable APR; a 3% fee applies to each balance transferred.)
Capital One Credit Tracker. The credit tracking tool provided by Capital One allows free, unlimited access to your credit score. The tool also provides a what-if simulator and other tools for managing and monitoring your credit profile.
Visa Signature benefits. This card includes Visa Signature benefits such as complimentary upgrades and savings at hotels and resorts, complimentary 24-hour concierge service for assistance with purchases and travel arrangements, shopping discounts with top retailers, and exclusive access to events such as concerts, sporting events, and premier golf outings.
- $0 Annual Fee
- 0% Intro APR for purchases and balance transfers until November 2016 (then 13.24%-23.24% variable APR); 23.24% (cash advance)
- 3% Balance Transfer Fee
- 0% Foreign Transaction Fee
Valuable sign-up bonus. The spend requirement of $500 within three months is not only lower than most offers, but the $100 cash bonus you earn is particularly valuable especially considering there is no annual fee with the card that you need to worry about covering. This is one of the best cash sign-up bonuses offered by rewards credit cards without annual card fees.
Introductory APR. Get 0% APR until November 2016, which provides an opportunity to either pay down a large purchase or transfer a balance from a card with a higher APR and save money in interest payments. It is important, however, to pay down the balance during the introductory period in order to maximize this opportunity. (See also: Credit Cards with 0% APR Offers)
Simple rewards program. One of the best features of this rewards program is its simplicity in earning and redeeming. There are no specific purchase categories to manage, nor do you have to sign up for categories that rotate quarterly. Every purchase made with the card earns a flat rate of 1.5% cash back. In addition to Capital One's no frills earning, redeeming is just as simple, without requiring complicated conversions or minimum requirements for redemption.
No foreign transaction fee. Capital One credit cards are known for being one of the main credit card issuers providing cards without foreign transaction fees. This is especially beneficial if you travel abroad frequently and can help save money on foreign transactions. Furthermore, most rewards cards that offer zero foreign transaction fees often charge annual fees of at least $50 per year.
For excellent credit. This card requires "excellent" credit. If your credit falls into the "average" credit levels, you can likely still qualify for the Capital One QuicksilverOne Rewards Card, which does not offer a sign-up bonus, has an annual fee of $39 per year, and carries a variable APR of 23.24%. (See also: Credit Cards for Fair or Average Credit Ratings)
Not the highest rate of rewards. Although the rewards program is simple and straightforward, the cash back amount of 1.5% is not the highest rate available. Most rewards cards offer at least 1% for purchases made in the "other" categories, placing this rate just .5% higher. If the majority of your spending falls within a particular category, you can earn more with rewards cards that provide bonus cash back for those purchases. For instance, the American Express Blue Cash Everyday Credit Card awards 3% cash back for up to $6,000 in grocery store purchases per year, 2% cash back for gasoline and department store purchases, and 1% cash back for all other purchases.
Who This Card Is Best For
The Capital One Quicksilver Rewards Card is best for consumers with "excellent" credit ratings, whose spending varies and may not always fall within a particular category. Because of this, you can benefit more from a credit card with a simple, flat rate rewards program, than you can with a card that focuses on a couple categories or rotating categories. It is also best for those who may be able to take advantage of the valuable sign-up bonus and promotional APR. This card is also particularly ideal if you frequently travel abroad because it is one of the most economical cards available without a foreign transaction fee.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any bank, card issuer, airline or hotel chain.