Capital One Quicksilver Credit Card Review

Full Review of Capital One Quicksilver Credit Card

Pros Explained

• Simple Rewards Program and Decent Return: If you’re looking for a no-fuss cash-back credit card that pays respectably, this one is worth considering. It offers a flat 1.5% cash-back rewards rate on every purchase you make, and there’s no limit to how much you can earn. While other rewards credit cards offer bonus rates on certain spending categories, some of those also offer only 1% cash back on all other spending. With its mid-level standard rate (some cards pay more), this card might prove not only simpler to use but more lucrative in the long run. 
• Nice Introductory Offers: As a new cardholder, you’ll earn a $200 cash bonus once you spend $500 on purchases within 3 months of your account opening. That’s an effective 40% return on the required spending and it’s achievable even for someone who has a relatively small budget. On top of that, you’ll also get an introductory 0% APR on purchases and balance transfers for 15 months.
• No Annual or Foreign Transaction Fees: The card not only charges no annual fee—common among cash-back credit cards—but also no foreign transaction fee. It’s not the only cash-back card that waives this fee on purchases made abroad, but you’ll find more cards that do charge it. Foreign transaction fees typically run close to 3% on each international purchase, so this card could save you a good amount. 
• No Penalty APR: Unlike most cards, the APR doesn’t increase to a penalty rate—usually the highest interest rate charged on the card—after you’ve been in arrears on payments for 60 days or more.

Cons Explained

• No Opportunity for Bonus Rewards Rates: The simplicity of the card's flat-rate rewards structure is appealing. But if you’re looking for a card that offers more rewards in areas where you spend a lot, this one won’t do. What's more, it doesn’t offer the highest flat rewards rate out there. For example, the Citi Double Cash Card, another card with no annual fee, offers 1% back on every purchase plus another 1% when you pay your bill. The Alliant Cashback Visa Signature card gives you 2.5% cash back on all purchases on up to the first $10,000 in spending.
• The APR Can Be Comparatively High: After the card’s introductory 0% APR promotion ends, the ongoing variable APR can range from 19.74% to 29.74%, based on your creditworthiness. Some other cards have a lower range of APRs. According to the Federal Reserve, the average credit card interest rate across all credit card accounts that charge interest is 20.92%. Of course, this APR won’t matter if you pay your balance in full each month, which we recommend. But if you think you might have a balance left after the promotional period, or you habitually carry a balance, bear in mind that you might find lower-rate cards.
• Requires Excellent Credit: This card requires that applicants have excellent credit. According to Capital One, that means you've never declared bankruptcy or defaulted on a loan, never paid more than 60 days late in the past 12 months on any credit card, medical bill, or loan, and have had a loan or credit card for three or more years that had a $5,000+ credit limit.
• Relatively Modest Cash-Back Rewards: Other cards pay a higher flat cash-back rate. Plus you may earn more in cash-back rewards with a card that offers tiered reward rates that are tied to different purchase categories.

Who This Card Is Best For

The Capital One Quicksilver Credit Card is a solid choice for people who don’t spend a lot in any one budget category and/or prefer one rewards rate instead of multiple rates that depend on the purchase. 

It’s also a good option if you're looking for a long introductory 0% APR promotion on purchases and balance transfers.

The card’s lack of an annual fee is appealing for people who are generally fee-averse and don’t want to worry about earning enough rewards to justify a yearly cost. Just be sure to take time to compare it with other no-annual-fee cards to ensure you pick the right one for you.

Finally, given the absence of a foreign transaction fee, think about getting the card if you want a cash-back credit card to use abroad. The fees of up to 3% charged by other cards may not seem like a lot, but can add up over the course of an international trip. 

Capital One Quicksilver Credit Card One-Time Offer

You’ll earn a $200 cash bonus once you spend $500 on purchases within three months of your account opening. That's an average spend of $167 per month. It's an achievable pace of purchasing, even if you’re not a big spender.

Rewards Earning Details

Cardholders earn a flat 1.5% cash back on every purchase, with no limit on those earnings. On the one hand, that eliminates any need to emphasize certain spending habits in order to earn more rewards on certain purchases. On the other, it also means there’s no opportunity to earn more than 1.5% in rewards on categories in which you spend a lot.

Rewards Redemption Details

You have three choices when redeeming your rewards for cash: a paper check, a statement credit (general or against a specific purchase), and gift cards. You can also redeem your rewards on purchases made with PayPal and on Amazon.com.

How to Maximize Your Rewards

Given that the Capital One Quicksilver doesn’t offer bonus rewards rates, the best thing you can do to maximize your rewards is to use the card every chance you get.

However, be aware of when a merchant charges extra to use a credit card, as do some gas stations, for example. If the credit card price exceeds the cash price by more than your rewards amount of 1.5%, you may want to pay in cash or with a debit card—or use another credit card that rewards you at least as much as the price difference. That way, you aren’t paying more by opting to use this card. 

When it comes to redeeming rewards, you might want to consider a gift card, and going online to check the redemption rates for those. Partners include Amazon and PayPal. While the gift card rewards are a great benefit, Capital One's website does not include detailed information about which firms it partners with. You'll need to talk to a customer representative or start the redemption process for further information.

Standard Benefits

• Concierge for booking event tickets, travel, and other services
• Travel accident insurance
• Travel assistance services
• Extended warranty protection
• Access to premier culinary experiences, as well as music and sporting events

Cardholder Experience

Capital One ranked 5th out of 11 national card issuers and scored below average in the J.D. Power 2022 U.S. Credit Card Satisfaction Study.

The card issuer provides free access to your VantageScore credit score through its CreditWise feature, but that platform is available whether you’re a cardholder or not. Many other card issuers provide free access to your FICO credit score, which is the score used by most major lenders.

If you have a question, you can reach Capital One customer service. However, unlike almost all other card issuers, access is only by phone or physical mail; no email or online chat options are offered.

You can also manage your account through Capital One’s mobile app, which was ranked first out of nine national banks in the J.D. Power 2022 U.S. Banking Mobile App Satisfaction Study.

Security Features

Capital One offers a couple of security features that aren’t standard for the industry. While almost all issuers now allow you to freeze your card temporarily if it’s misplaced, Capital One is among a select number of issuers that allow you to do so in a mobile app.

If you’re concerned about using your card number online, Capital One allows you to create a virtual number tied to the account that keeps your card information safe.

You can also create a virtual card number for each website you use and lock and unlock numbers whenever you want. 

Final Verdict

The Capital One Quicksilver Credit Card can be a good choice of rewards credit card for people who prioritize simplicity in their financial lives. The card’s unlimited 1.5% cash-back rate on all purchases makes it easy to monitor your rewards. It charges no annual fee, which means yearly savings for you. The card’s attractive introductory, 15-month 0% APR promotion on purchases offers you even more savings.

Moreover, the $200 one-time cash bonus that you receive for $500 in spending within three months of your account opening is easily earned, and represents an excellent return on required spending.

Frequently Asked Questions

What is the highest credit limit for a Capital One Quicksilver card?

Capital One indicates neither a low nor high credit limit on its website. It states that the credit limit will be determined as it reviews your application and your ability to pay. However, third-party sites suggest that the highest credit limit may be as much as $10,000.

Is it hard to get a Capital One Quicksilver card?

As long as you can meet Capital One's criteria for the card, it shouldn't be hard to get it. These include excellent credit (as defined on its site), a credit score of about 700 and above, and the level of income that it requires.

Is Capital One Quicksilver good for beginners?

It may not be your best choice because of the high credit score required. If you don't yet have a credit history, look for a card that addresses that situation. For example, the Capital One Platinum credit card may not offer rewards, but it doesn't have an annual fee and it's designed for people with limited credit. That might be a good place for a beginner to start using a credit card and build their credit history.

When do I get my Capital One Quicksilver $200 bonus?

After your spending within the first three months of your account opening (and rewards membership enrollment date) reaches $500, you qualify for the $200 bonus for new account holders. Then, within two billing cycles, Capital One will apply it to your rewards balance.