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In the competitive world of credit cards, the Capital One Quicksilver Card stands out with its straightforward rewards program and consumer-friendly terms. Here’s the 2023 review detailing seven key things you need to know before you apply.
Related: How Many Credit Cards Should I Have? | Entrepreneur
Quick facts about the Capital One Quicksilver Card
Here’s a high-level overview of what you can expect with the Capital One Quicksilver Card:
- No annual fee: The Capital One Quicksilver card does not charge an annual fee, making it an affordable choice for many.
- Cash back rewards: The card offers a flat-rate 1.5% cash back on all purchases. There are no rotating categories or purchase APR to worry about, simplifying your rewards program.
- Sign-up bonus: New cardholders can earn a welcome bonus of $200 after spending $500 on purchases within the first three months of account opening.
- Intro APR period: There’s a welcome offer of 0% intro APR on purchases and balance transfers for the first 15 months. After the introductory period, a 19.99% – 29.99% variable APR applies to purchases and there is a 3% fee on the amounts transferred within the first 15 months.
- No foreign transaction fees: This card can be an excellent companion for those who travel, as there are no foreign transaction fees when you make purchases outside of the United States.
- Easy application process: The application process for the Capital One Quicksilver Card is straightforward and can be done online. Most applicants get a decision within 60 seconds.
- Recommended to have good to excellent credit: This card targets individuals with good to excellent credit. Generally, this means a FICO score of 670 or above, although other factors are also considered.
Earn unlimited 1.5% cash back on every purchase, every day.
What are the pros of the Capital One Quicksilver Card?
Everyone knows that the best credit cards feature the most card benefits. The Capital One Quicksilver Card is ripe with such benefits including:
No annual fee
The Capital One Quicksilver Cash Rewards Credit Card is exceptional for individuals who prefer not to deal with an annual fee. This particular feature sets it apart from many other credit card offers in the market.
The lack of an annual fee can free up funds, allowing cardholders to maximize their cash-back rewards and perks, increasing the card’s overall value.
High rewards rate
One of the prime attractions of the Capital One Quicksilver Card is its straightforward, high rewards rate. Cardholders enjoy a flat 1.5% cash-back rate on all purchases every day. This no-fuss earning rate means you don’t have to worry about rotating categories or spending limits.
Whether you’re shopping on Amazon, hitting the local grocery stores or drugstores or even paying for rental cars on your travels, you’ll earn cash back. These can come as statement credit, gift cards or may be redeemable as a check.
Intro APR period
The Capital One Quicksilver Card stands out with its introductory APR offer. New cardholders enjoy a 0% intro APR on purchases and no balance transfer fees for the first 15 months after account opening.
This is a significant benefit for those looking to make substantial purchases or transfer balances from other high-interest credit cards early on. However, after the intro period, a variable APR of 19.99% – 29.99% applies, which is determined by your creditworthiness.
No foreign transaction fees
The absence of foreign transaction fees on the Capital One Quicksilver Card is a significant advantage for travelers.
Unlike some credit cards, which charge up to 3% on transactions made outside the United States, Quicksilver cardholders won’t incur extra costs when traveling abroad or purchasing from international vendors.
What are the cons of the Capital One Quicksilver Card?
Unfortunately, the Capital One Quicksilver Card isn’t free of flaws. The list of cons for this card isn’t long, but it’s worth knowing before you apply:
Recommended to have good to excellent credit.
If you want to acquire the Capital One Quicksilver Card, it’s recommended that you have a good to excellent credit score, which may be a hurdle for some potential cardholders. Multiple factors are considered and credit is not guaranteed with a good score, but if your FICO score isn’t up to par, you might want to improve your credit before applying for this card.
Related: Credit Score Ranges: What Are They? | Entrepreneur
No bonus categories
While the flat-rate cash-back rewards system of the Capital One Quicksilver Card is simple, it lacks bonus categories.
Many other cards, like the Chase Freedom Flex, offer higher reward rates on specific spending categories. Such cards may provide more value if your spending aligns with these categories.
But, if you appreciate the simplicity and consistent rewards regardless of purchase type, then the Quicksilver Card still holds strong appeal.
Related: 9 Different Types of Credit Cards
Earn unlimited 1.5% cash back on every purchase, every day.
How does Capital One Quicksilver compare to other cards?
The easiest way to discover if the Capital One Quicksilver Card is right for you is to compare it to your other options.
Capital One Quicksilver vs. Platinum Mastercard® from Capital One
While both options have the same credit card issuer of Capital One, they’re designed to cater to different demographics.
The Platinum Mastercard® from Capital One is a basic card aimed primarily at individuals with average credit looking to build or improve their credit score. It doesn’t offer rewards on purchases as the Quicksilver Card does.
On the other hand, the Capital One Quicksilver Card requires good to excellent credit but rewards cardholders with a flat-rate 1.5% cash back on every purchase.
Additionally, Quicksilver offers a $200 cash bonus after meeting the spending requirement in the first three months, a benefit not available with the Platinum card.
Related: 5 Simple Ways to Improve Your Credit Score and Help Your Business | Entrepreneur
Capital One Quicksilver vs. Citi Premier® Card
The Citi Premier® Card is a travel rewards card that offers rewards for travel and dining expenses. It provides a higher cash-back rate in these categories than the Quicksilver card flat-rate.
However, the Citi Premier® Card has an annual fee, while the Quicksilver Card does not.
Both cards offer a sign-up bonus, but the Quicksilver Card’s requirement is lower. The Citi Premier® Card might be a better fit if your spending is heavily skewed toward travel and dining, as the Quicksilver is not a Capital One travel card.
Still, the Quicksilver may be more appealing for a broader range of spending with no annual fee.
Related: Citi Premier® Credit Card Review 2023: What To Know | Entrepreneur Guide
Capital One Quicksilver vs. Chase Sapphire Preferred®
The Chase Sapphire Preferred® is another travel-centric card. It offers 2X points on travel and dining and 1 point per dollar on all other purchases, compared to Quicksilver’s flat 1.5% cash back.
The Chase Sapphire Preferred® also provides a generous sign-up bonus and the ability to transfer points from the Chase Ultimate Rewards program to various airline and hotel partners at a 1:1 ratio, offering potentially higher value. However, it comes with a $95 annual fee, and the rewards structure can be more complex than the straightforward cash-back system of the Quicksilver Card.
Regarding travel benefits, the Sapphire Preferred® outshines the Quicksilver, offering trip cancellation/interruption insurance, baggage delay insurance, and travel accident insurance.
While the Quicksilver doesn’t have an annual fee and provides cash back on all purchases, the Sapphire Preferred® offers more significant travel rewards and protections, making it a better choice for frequent travelers.
Related: Chase Sapphire Preferred® Review 2023: A Traveler’s Best-Friend | Entrepreneur Guide
What is the eligibility and application process for Capital One Quicksilver?
If you’re looking to get your hands on a Capital One Quicksilver Card, here’s everything you need to know about both eligibility and the application process.
Who can apply for the Capital One Quicksilver Card?
The Capital One Quicksilver Card is open to U.S. residents at least 18 years old (19 in Alabama and Nebraska, 21 in Puerto Rico).
Applicants must have a physical address (P.O. Boxes are not accepted), a Social Security number, and a monthly income that exceeds their monthly rent or mortgage payment by at least $425.
How do you apply for Capital One Quicksilver?
Applying for the Capital One Quicksilver Card is a straightforward process that can be done online.
You’ll be prompted to fill out an application form, where you’ll provide personal information like your Social Security number, income, and employment details. After submitting the form, most applicants receive a decision within 60 seconds.
What are the credit score recommendations for the Capital One Quicksilver Card?
The Capital One Quicksilver Card is aimed at people with good to excellent credit. This typically means a FICO score of 670 or above. However, credit score is not the only factor considered during the application process.
Capital One also evaluates your income, existing debts, and financial history. A higher credit score can also play a role in the interest rates you’re assigned after the intro APR expires after the first 15 months.
Capital One Quicksilver FAQs
What are the rewards offers for the Capital One Quicksilver Card?
The Capital One Quicksilver Card offers a simple rewards program, giving cardholders a flat 1.5% cash back on all purchases with no limit on how much they can earn. In addition, new cardholders can earn a welcome bonus of $200 if they spend $500 on purchases within the first three months of account opening.
Is the Capital One Quicksilver Card suitable for beginners?
Yes, the Capital One Quicksilver Card is an excellent choice for beginners. Its uncomplicated rewards program makes it easy to understand and use.
There are no rotating categories to keep track of or enrollment required to earn cash back. Plus, the lack of an annual fee and the 0% intro APR for the first 15 months make it a low-risk choice for those new to credit cards.
What is the credit limit for Capital One Quicksilver?
The credit limit for the Capital One Quicksilver Card varies based on the individual cardholder’s creditworthiness. It could be as low as $1,000 or much higher. Capital One reviews accounts periodically and may offer credit limit increases based on responsible card use and on-time payments.
Additionally, Capital One offers the CreditWise tool, which allows cardholders to understand factors impacting their credit score and how to improve it.
Is Capital One Quicksilver right for you?
Determining whether the Capital One Quicksilver Card is suitable for you depends on your personal finances. This card might be an excellent fit if you prefer a simple, uncomplicated rewards program. Its flat-rate cash-back structure means you won’t have to track rotating categories or opt into bonus rewards.
The lack of foreign transaction fees is a significant plus for frequent travelers. Moreover, the welcome bonus is an excellent incentive, and the introductory APR period could be beneficial if you plan on making a large purchase or balance transfer.
However, this card does require good to excellent credit. If you’re a beginner or your credit score is on the lower end, you may want to consider other options, such as the Capital One QuicksilverOne Cash Rewards Credit Card, geared towards those with average credit.
Related: What Is a Good Credit Score and How Do I Get One? | Entrepreneur
Ultimately, the Capital One Quicksilver Card offers significant benefits with few downsides, making it a strong contender in cash-back credit cards.
As with any financial product, reviewing the terms and conditions before applying is crucial to ensure it aligns with your financial needs and goals.
If you want more information about credit cards and their rewards, check out Entrepreneur’s other articles for all you need to know.