Disclaimer – The information about the Capital One Quicksilver Cash Rewards Credit Card has been collected independently by MoneyUnder30.com. The card details have not been reviewed or approved by the card issuer.
Whether you already have a credit card or are searching for one, the rewards offered are perhaps one of the most important factors influencing your decision. There are several different benefits offered by credit cards today, including travel miles and cash back. However, the card benefits are not limited to this.
Therefore, choose a card that offers solid rewards. Yes, comparing rates, annual fees, and spending limits are essential. However, don’t let these factors make you overlook the rewards or benefits offered by a particular card.
The good news is, there’s a card that not only provides excellent rewards, but also makes great offers in terms of rates, annual fees, and spending limits.
In this article, I’ll review all the benefits of one of our favorite cash back cards – the Capital One Quicksilver Cash Rewards Credit Card.
What is the Capital One Quicksilver Cash Rewards Credit Card?
What We Like:
A one-time $200 cash bonus after spending $500 in purchases within the first 3 months
1.5% cash back on all purchases
A 0% intro APR on purchases and balance transfers for the first 15 months – after which, the ongoing variable APR of 16.49% – 26.49% applies; 3% fee on the amounts transferred within the first 15 months
A basic cash back credit card, the Capital One Quicksilver Cash Rewards Credit Card allows cardholders to earn many rewards over months (and even years). Plus, you’ll enjoy 0% intro APR on those purchases and balance transfers for 15 months. If you want a simple cash back credit card that doesn’t require you to pay an annual fee, then the Capital One Quicksilver Cash Rewards Credit Card may be what you’re looking for.
Ideal for minimalists, the Capital One Quicksilver Cash Rewards Credit Card provides cardholders with easy to manage rewards. Besides having a $0 annual fee, this cash back credit card eliminates the need for cardholders to track redemption thresholds, spending limits, or categories.
Here are the top 19 benefits of the Capital One Quicksilver Cash Rewards Credit Card:
1. No annual fee
Perhaps the most significant advantage of the Capital One Quicksilver Cash Rewards Credit Card is that it doesn’t have an annual fee.
This alone is a good enough reason to get the card!
2. No penalty APR
Look, we all make mistakes and sometimes we miss a payment. But the problem is, credit card issuers will often jack up your rate when this happens.
Not with Capital One Quicksilver Cash Rewards Credit Card. There’s no penalty APR, so if you accidentally miss a payment, you don’t have to worry about your rate skyrocketing.
Instead, you’ll pay a flat fee of no more than $40 for late payments.
3. Sign-up bonus
There’s nothing better than receiving a cash reward and making no real effort to get it.
While you have to spend a small amount to earn the Capital One Quicksilver Cash Rewards bonus, which is paid within three months of signing up, the amount you need to spend will seem negligible when you compare it to the bonus that you’ll receive.
You can earn $200 once you spend $500 on purchases within three months from account opening.
4. Redeem your rewards for cold, hard cash
Many credit cards offer a benefit when you exchange your rewards for airline miles, gift cards, or something else. But what if you just want cash? That’s the beauty of this card.
You can easily redeem your rewards for cash, either in the form of a statement credit or a check mailed to you. You can also directly apply your cash back to a recent purchase.
5. No expiration date on cash back
You can claim your Capital One Quicksilver Cash Rewards Credit Card cash back till the time your credit card account is active. However, you’ll forfeit any cash back you are entitled to but haven’t redeemed if your accounts get closed.
6. No foreign transaction fees
If you’re traveling outside of the U.S and make a transaction using a credit card, you’ll typically be charged a fee between 1%-3% (per transaction) by the credit card issuer.
However, there are exceptions, and one of them is the Capital One Quicksilver Cash Rewards Credit Card. You will be charged no foreign transaction fee for transacting with the card overseas.
This way you can save hundreds or even thousands of dollars on overseas trips made during a year.
7. International merchant acceptance
Another benefit for the Capital One Quicksilver Cash Rewards Credit Card holders who travel outside of the U.S frequently is that merchants widely accept the card in many countries.
So this way – you don’t worry too much about a merchant refusing to accept your Quicksilver card while you’re traveling abroad.
8. Rewards are redeemable at any time
Once you are eligible to receive the rewards, you can redeem them. Unlike many other cash back cards, there is no specific time for redeeming the Capital One Quicksilver Cash Rewards Credit Card.
9. Easy redemption option
You can redeem your rewards at any particular time of the year. For example, you can redeem the rewards at a time of the year when you go on vacation. You can either directly request it when you’re ready or set your rewards to redeem each calendar year at the same time. Plus you also have the option of redeeming them when they reach a specific dollar threshold, such as $50, $200, $500, etc.
10. No minimum redemption amount
You can redeem as little or as much of the cash back you are eligible for. So, if you want to redeem only $10 of the $250 reward you are eligible for, you can do that with no problem.
11. Capital One mobile app
If you sign up for the Capital One Quicksilver Cash Rewards Credit Card, you can then use the Capital One mobile app on your phone. The app is super useful in helping you keep track of your account at any time and from anywhere – outside the US or when you’re home in your city. And you can use the app to view your balance and transactions and pay your bills.
I use the Capital One mobile app and it’s awesome. For me, it’s arguably the best banking app out there right now. Its interface is easy to use and all-around intuitive.
12. Get paid for everyday purchases
The Capital One Quicksilver Cash Rewards Credit Card is an excellent option for all those who want to earn unlimited 1.5% cash back on everyday purchases. So you get BOTH cash back and a sign-up bonus when you get the card.
13. Cash back is unlimited
One of the best, yet simple, features of this card is that the cash back you earn is unlimited. While this may seem like common sense, there are cards that cap the amount of cash back you can earn during a certain time period (i.e., Discover and Chase do this with some of their cards).
This adds a lot (in my book) of value for the Capital One Quicksilver Cash Rewards Credit Card, as you’ll never be capped on cash earned.
14. Customized alerts
Once you have the mobile app, you can set up customized alerts so you’re notified when things happen on the account – like when a payment is due, when a payment is made, and when the card is used. You can also add modifiers so you can be notified of certain dollar amounts spent.
I use this feature with Capital One to prevent fraud – so I’m notified any time my card is swiped. I must admit, this can quickly get annoying if you use it for everything, which is why it’s great that you can modify the dollar amounts.
An authorized user is someone that you can add to the account who will also have a card to use. This is particularly great for a spouse, close relative, or colleague. Aside from not having to share a single card, you’ll be able to stack your rewards. For example, by having your spouse also use a card, you can get rewards for their purchases too.
16. CreditWise tool
When you sign up for the Capital One Quicksilver Cash Rewards Credit Card – as well as any Capital One credit card – you get free access to the CreditWise tool so you can use this tool to keep track of your credit score.
You can also use this tool to estimate your credit under certain circumstances. For example, you can see how much your credit score will go up when you pay off all your debt or what will happen to your score when you buy a home.
17. Zero Fraud Liability
If your card is lost or stolen and any unauthorized charges are made on your account, then you will not be held responsible for these transactions. This is one less thing that you have to worry about!
18. The Eno® Virtual Assistant
Capital One also has something called the Eno® Virtual Assistant, which basically monitors your account for suspicious activity. The Eno® Virtual Assistant also has the ability to answer questions you have about your account and can send you information via text, email, or through your account online.
I’ve found this to be a great benefit since you don’t always have to waste time sitting on hold for customer service and you can instead get your questions answered almost immediately.
19. Not too difficult to qualify for
Before you can even think about the rewards offered by the Capital One Quicksilver Cash Rewards Credit Card, you need to determine if you qualify for the card. Fortunately, you’re likely to be eligible for the Quicksilver card as it only requires you to have a good credit score (690 or higher).
What are the Capital One QuicksilverOne Cash Rewards Credit Card benefits?
The Capital One QuicksilverOne Cash Rewards Credit Card is very similar to the QuicksilverOne Cash Rewards Credit Card, only it’s meant for those building their credit.
Here are a few of the benefits for Capital One QuicksilverOne Cash Rewards Credit Card:
1.5% cash back
Like the Capital One Quicksilver Cash Rewards Credit Card, you’ll earn unlimited 1.5% cash back on every purchase you make. These rewards are unlimited, so there is no cap to how much you can earn or redeem. And, unlike many other credit-building cards, you won’t have any caps or rotating categories to worry about – so it’s just a straight 1.5% back.
Cover past purchases
Like the Capital One Quicksilver Cash Rewards Credit Card, you can redeem cash back to cover past purchases. For someone building up their credit, this is an incredible feature because you now have the ability to eliminate past purchases and give yourself some mental reprieve. I like to do this when I feel guilty about making an over-priced, modest purchase, such as a $50 dinner out or a $6 coffee.
Yes, I add a couple of extra shots of espresso to mine!
Exchange for gift cards
Also, redeem your rewards for gift cards if you don’t want the cash back or purchase gift cards. This is an awesome feature for gift-giving. Imagine if you spent $1,000 every month on your Capital One QuicksilverOne Cash Rewards Credit Card. At the end of the year, you’d have $180 in rewards according to Capital One’s slider tool. Redemption rates vary.
I don’t know about you, but being able to give out $180 worth of gift cards during any time of the year surely pays off for me.
Access a higher credit line
You will have your account automatically reviewed after making six on-time monthly payments. This is important for those of us that are building credit since your initial credit line may not be very high. It also rewards you for making payments on time!
Like the Capital One Quicksilver Cash Rewards Credit Card and all Capital One credit cards, you have access to CreditWise®, which gives you “unlimited access to your credit score and tools to help you monitor your credit profile with CreditWise from Capital One.”
This is yet another fantastic feature for those of us building credit – as you’ll be able to keep an eye on how your credit score is improving.
Modest annual fee
The Capital One QuicksilverOne Cash Rewards Credit Card has an annual fee, but it’s only $39. Since you can erase purchases, you can reverse this credit by spending just a shade under $3,000 on the card. And by most credit-building cards, this is a super-low annual fee.
So yes yes yes – there are many Capital One Quicksilver Cash Rewards Credit Card benefits; the benefits offered by the Capital One Quicksilver Cash Rewards Credit Card makes it an excellent choice for all those looking for a cash back credit card that gives you A LOT of perks.
And if you’re still building up your credit, I suggest checking out the Capital One QuicksilverOne Cash Rewards Credit Card. It has most (not all) of the same features of the Quicksilver, but it’s designed for those still building up their credit profile.