[DISCLOSURE: Cards from our partners are mentioned below.]
The Capital One Quicksilver Card is just what it sounds like. It is a cash rewards credit card for everyday spenders. Quicksilver cardholders receive 1.5% cash back on all purchases, with no limit to the cash rewards they can earn.
Cash rewards don’t expire over the life of the account and can be redeemed for cash back in any amount. Capital One Quicksilver card also offers new applicants and promotional APR on purchases and balance transfers.
After the introductory rate expires, the APR is 15.24% - 25.24% (Variable), depending on your creditworthiness at the time of application.
As a Visa card, this cash rewards credit card offers $0 Fraud Liability if it is ever lost or stolen, Travel & Emergency Assistance that’s available 24/7 to help connect you with local emergency and assistance resources when you are away from home, and Warranty Manager/Extended Protection that helps you manage, use, and even extend warranties of items purchased with your cash rewards credit card. There are more details about these advantages further down.
The Capital One Quicksilver credit card also has no annual fee or foreign transaction fees, so it is the ideal credit card for travelers.
Pros & Cons to Capital One Quicksilver Card
The Capital One Quicksilver card offers an excellent rate of cash back rewards for a credit card that boasts of a $0 annual fee. There are no restrictions to redeeming the cash back you earn, and you can redeem it anytime as long as your account remains open and in good standing.
The 0% intro on purchases for 15 months of promotional financing is helpful for big purchases, giving cardholders over a year to pay off large purchases interest free.. Capital One carries no foreign transaction fees on any of its cards, while most credit cards impose a 3% fee on all charges processed outside of the U.S.
In terms of cons, the standard interest rate for the Quicksilver cash rewards credit card is higher than those offered by most competitive non-rewards credit cards. Therefore, cardholders who are trying to pay down their debt should instead focus on using a credit card with the lowest interest rate, instead of one that earns cash rewards.
Finally, while 1.5% cash back can be considered a strong rate of return, some cash rewards credit cards offer 2% returns in the form of cash back or travel credits.
Who Should Get This Card?
If you want to earn a strong rate of cash back without paying an annual fee and are interested in the different rewards you can potentially earn, then you may want to consider the Capital One Quicksilver credit card.
In addition, this credit card can be a good payment option for those who frequently visit Canada, Mexico, or other international destinations, as they will never be charged a foreign transaction fee.
The Capital One Quicksilver credit card is only offered to those with higher credit ratings that fall in the Excellent,Good credit categories, however. Applicants with average credit will want to apply for other Capital One credit cards with less strict requirements.
The optimal way to use the Quicksilver credit card is to pay the balance in full every month, as any interest charges you incur on a rolling balance could cancel out the cash back you earn.
If you do plan to carry a balance outside of the interest-free period, you may want to consider a low-interest credit card. If you carry or transfer a balance during the interest-free period, you may want to come up with a plan to pay off the debt in that timeframe.
If you don’t think you are going to be able to fully pay off the entire balance each month, then you may want to reconsider getting the Capital One Quicksilver credit card, and you should instead explore the other options they have available to you.
Capital One Quicksilver Card Reviews
When asked if the Capital One Quicksilver cash rewards credit card was a good choice, consumers said they are especially grateful for the amount of rewards that they are able to earn and their interaction with customer service representatives has always been a pleasure and they were able to promptly address any issues or concerns the cardmembers had.
They also said they were very confident using this cash rewards credit card and Capital One was even able to catch an instance of fraud, even before the consumer was aware of what was happening. The fraudulent activity was caught in a few short hours and quickly dealt with.
Finally, others said they started at with slightly lower credit, but after using the Capital One Quicksilver credit card for a few years, they were able to build up their score and a positive credit history and are now in a better financial situation than before.
Capital One Quicksilver Card Sign-Up Bonus
If you are a new cardmember, you can earn a one-time cash sign-up bonus of $150 when you spend your first $500 on purchases within the first three months of opening your new credit card account.
Visa Signature Benefits
With Visa Signature Benefits, cardholders can take advantage of several different shopping discounts on purchases made at both retailers and online merchants. The extended warranty protection is also offered at no charge to the cardholder and applies to all items that were purchased with your credit card, though there may be some exceptions to this warranty. When in doubt it’s best to view the card benefits sheet or contact Capital One customer service directly.
In addition, Visa Signature Benefits offers auto rental collision damage waivers so the cardmember can receive coverage at no additional cost for any damage due to theft or collision when you rent a vehicle with your Visa card.
Finally, among the other many benefits you can experience with a Capital One Visa credit card, you will also receive complimentary upgrades and other additional savings at hotels, resorts, and even spas when you use your Visa credit card.
Complimentary concierge service provides assistance twenty-four hours a day whether you are at home or traveling, and if you were to lose your credit card, you can receive an emergency replacement as well as a cash advance.
Before You Apply
Since the Quicksilver cash rewards credit card is more suited for consumers with higher credit, it can be helpful to check your credit to see where you stand before you apply.
There are many ways to check your credit score for free — one is at Credit.com, which offers two of your scores for free, plus updates, so you can track your progress and watch for important changes to your credit score and credit report. You are also given one free credit report each year.
If you meet the issuer’s general credit requirements, fully understand the credit card’s terms, and find you can put the benefits to good use, this credit card may be a good match for you.
If your credit standing doesn’t meet the credit card issuer’s requirements, you should then consider taking the steps to work on building your credit score and apply when your credit score is higher and your debt is much lower.
How Can I Raise My Credit Score?
To raise your credit score, you will want to be sure that you are keeping your balances low on the other credit cards you own, including any other revolving credit. You will then want to explore your options when it comes to paying down your outstanding debt, instead of just moving the debt around or using balance transfers.
There are also a couple things you should avoid if you are looking to build up your credit score. Do not attempt to open any other credit cards to help your overall utilization and increase your available credit. You also shouldn’t close any unused credit cards you currently have because that may only provide a very short-term solution for your problem.
At publishing time, the Capital One Quicksilver card is offered through Credit.com product pages, and Credit.com is compensated if our users apply and ultimately sign up for this card. However, this relationship does not result in any preferential editorial treatment. This content is not provided by the card issuer. Any opinions expressed are those of Credit.com alone, and have not been reviewed, approved or otherwise endorsed by the issuer.
Note: It’s important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly.
This article has been updated. It was originally published on August 3, 2015.