If you have excellent credit, then read on to find out if this card is worth applying for and how it stacks up against the competition.
Details of the Quicksilver Rewards Card
The general rule of thumb with rewards cards (and credit cards overall) is that you should be able to pay off the balance on time and in full each month. Otherwise, the amount of interest you’ll accrue on the balance will negate the cash back you receive.
That said, it’s still important to know the APRs on the card. This card comes with a 0% introductory rate for 9 months. At that time, the 0% rate will expire, and you’ll be subject to a 13.99%, 18.99%, or 23.99% variable APR, depending on your credit.
The transfer APR is the exact same – it has an introductory 0% APR for the first 9 months, and after that, will have a variable APR of 13.99%, 18.99%, or 23.99%. You should be aware that there’s also a 3% balance transfer fee for each transfer you complete in those first 9 months. Similarly, the variable APR for cash advances is 23.99%.
As stated in the beginning, you’re eligible for a one-time $150 bonus after spending $500 within the first three months of opening the card. Rewards don’t expire, and you can redeem them at anytime.
Capital One offers a handy “slider” on its website that allows you to see how much cash back you’d get based on your monthly spending. For example, $800 per month on the card translates to $144 cash back.
How to Get Cash Back
Credit card companies have different ways of allowing you to redeem rewards and cash back. This card offers cash back, but you can also redeem your rewards for gift cards, travel, and other items such as charitable donations.
You can redeem your cash back in the form of a statement credit or a check, and you can also opt to redeem it on a set schedule automatically. You can either choose a date or pick a threshold at which Capital One will pay out your rewards.
Card Benefits Offered
Are you aware of the many benefits that can come with certain credit cards? Capital One credit cards are either Visa Platinum Cards or Visa Signature Cards, and each has its own benefits.
Platinum cardholders get access to these features:
- Auto rental collision damage waiver: this gives you insurance for rental cars you put on your card
- Travel and emergency assistance: in the event you’re away from home, you can call a number for 24/7 access to local emergency and assistance services (for example, if you need medical attention)
- Warranty manager: you can extend the warranty of eligible items purchased with your card for free. This also allows you to register your warranties so they’re on file
- Travel accident insurance: this insurance covers you and your family for up to $100,000 in case of an accident while traveling. You must have purchased the travel fare with your card
You can see the complete guide to Platinum benefits here.
If you’re approved for the Signature version of the card, it comes with additional perks, such as:
- Premium benefits at over 900 luxury hotels
- Discounted entertainment
- Discounts and special offers at select retailers
- Lost luggage reimbursement
You can view the complete list of Signature benefits here.
Additionally, all Capital One cards come with the Capital One Credit Tracker, which gives you access to your TransUnion credit score and a simulator so you can see what effects certain moves would have on your credit. It also comes with $0 fraud liability if your card is lost or stolen and you’ll receive alerts for suspicious activity.
To apply for the Quicksilver Rewards card, you must meet the following eligibility requirements:
- You must be 18 years of age or older
- You must live within the United States
- Your monthly income needs to exceed your monthly rent/mortgage payment by a minimum of $425
- You must not have already applied and been denied for another Capital One card twice or more within the past 30 days
- You must have less than 5 accounts open with Capital One
- You must be in good standing with Capital One (no accounts past due, over the limit, or have had a card charged off within the past year)
- You cannot have an unresolved bankruptcy on your credit report
You can apply for any Capital One credit card online. Standard personal information is required to fill out the application, such as your Social Security number, physical address (no P.O. Box), date of birth, etc. When you submit your application, Capital One will use a hard pull of your credit.
In most cases, you’ll know if you were approved within a minute or so after submitting the application, but in other cases, Capital One may need to request or verify information.
If you are approved for the Quicksilver Rewards card, you’ll receive it in the mail within 7 to 10 business days.
The Fine Print
The Quicksilver Rewards card doesn’t have an annual fee. There’s also no foreign transaction fee.
As stated, the balance transfer fee is 3% of the amount of each balance transfer you complete. If you’re looking to transfer a balance (and there are much better choices out there for it), know that you can’t request a balance transfer until 10 days after your account has been open. You also can’t transfer balances between Capital One branded cards, so double check that yours isn’t beforehand.
The cash advance fee is $10 or 3% of the amount of the cash advance, whichever is greater.
If you’re late making a payment, you could be charged up to $35. Capital One claims that there are no additional penalty fees associated with the card, but you will not be allowed to redeem rewards if your account isn’t in good standing.
Additionally, the minimum credit line you can be approved for is $3,000. Capital One states that if you’re approved for a limit that’s less than $5,000, you’ll receive a Visa Platinum card, which doesn’t offer some of the benefits Visa Signature cards have.
Additional Rewards Cards Alternatives
Not eligible for the Quicksilver Rewards card? Don’t worry; there are plenty of other options to choose from if an everyday rewards card is what you’re looking for.
First, if you were declined because you don’t have excellent credit, know that there’s also a Capital One® QuicksilverOne® Cash Rewards Credit Card. It offers the same unlimited 1.5% cash back on purchases to consumers with “average credit.” What it doesn’t have is the one-time bonus. It has the same APRs, and it doesn’t have a balance transfer fee. Unfortunately, it comes with a $39 annual fee. While that’s not extremely high, the Quicksilver Rewards card doesn’t have an annual fee, and neither do the cards below.
There’s also the Citi® Double Cash Card – 18 month BT offer, which gives you 2% cash back with no annual fee and no sign up bonus. To be clear, you receive 1% cash back on all purchases, and then another 1% cash back for making your payments on time. Be aware there’s a 3% foreign transaction fee with this card, and it also has high interest rates.
Lastly, the Fidelity Investment Rewards Visa card can be a good choice if you already have (or don’t mind opening) an account with Fidelity. Why? The cash back is deposited into a Fidelity account. You’ll earn 2% cash back on purchases with no annual fee. Fidelity takes your assets under management into consideration during the application process, meaning you’ll likely have an easier time being approved elsewhere.
You might also want to check out our roundup of the best rewards cards, including those with annual fees, to see if you can earn even more rewards.
The Capital One Quicksilver Rewards card is a good, no-frills everyday option for those looking to earn cash back. It’s great for those just getting started with rewards cards and looking to make a little extra from their routine purchases.