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Earning Cashback

How to Redeem Cashback with Capital One

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer. This site may be compensated through a credit card issuer partnership.

How to Redeem Cashback with Capital One

Capital One offers a credit card option for everyone, whether you’re a student, consumer looking to earn rewards, or a business owner. If you’re looking for a flexible cashback card with no annual fee, the Capital One® Quicksilver® Cash Rewards Credit Card is an excellent choice because the card allows you to receive cashback on everything you purchase.

In this post, we’ll touch on:

  • How to earn and track cashback rewards with your Capital One® Quicksilver® Cash Rewards Credit Card
  • Navigating through the Capital One online portal to access cashback rewards
  • How to redeem cashback rewards

Since you can earn cashback on every purchase you make, it’s very easy to rack up cashback rewards with the Capital One® Quicksilver® Cash Rewards Credit Card. Cardholders receive 1.5% Cash Back on every purchase, every day, which isn’t the highest rate on the market, but it’s unlimited and there are no quarterly, rotating categories you need to sign up for. The only way you’ll ever lose rewards is if your account is closed. 

How to Access Cashback with Capital One® Quicksilver® Cash Rewards Credit Card

To access your cashback rewards, you’ll log in to your account by going to capitalone.com/sign-in. You’ll see a screen like the one below, where you can click ‘Sign In’ in the US Credit Cards column in the Credit Cards category.

capone1

After you log in to your account, you’ll be taken to the main dashboard. If you have more than one Capital One credit card, you’ll need to look at the account that says “Quicksilver” or “QuicksilverOne,” which will display a preview of your cashback rewards amount. 

Earned rewards are usually visible online within 10 days, but may take up to two statement cycles to post to your account.

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The amount you have in cashback is clickable and will take you to the My Rewards page that shows more details about earning and receiving cashback. 

How to Redeem Cashback Rewards

You can view all your options to redeem your cashback rewards on the My Rewards page. Cardholders can set up automatic redemption preferences for their cashback or request it manually.

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If you use your card every day and regularly earn cashback, you might find it convenient to set up an automatic redemption option, and you can even set up your account to redeem cashback when you reach a certain threshold like a $25 or $50 in cashback.

Setting Up Automatic Redemption for Cashback Rewards

Step 1: To set up automatic redemption for your cashback, click on “Set Auto Rewards Preferences” at the bottom of the My Rewards page (as seen in the screenshot above). 

Step 2: After you click on it, a pop-up window will appear, and you’ll need to click the green “Let’s Get Started” button to set your preferences. capone4

Step 3: Next you’ll choose where you’d like your rewards to go. You can choose from a credit to your account or a check by mail.

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Step 4: Now you’ll choose when you want your cashback rewards to be redeemed. Since the amount of cashback you receive depends on the amount of purchases you make and how often you use your Quicksilver credit card, it might be tricky to pinpoint when you’d like to redeem cashback rewards, but you can always change your preference later.

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If you prefer to redeem your cashback when it reaches a certain amount, you can choose between the following thresholds: $25, $50, $100, and $200.

If you choose to have it redeemed by date, you can choose your month, and you’ll receive whatever cashback you earned on the fifth of every month.

Capital One® Quicksilver® Cash Rewards Credit Card cardholders who don’t want to set up automatic redemption preferences for their cashback rewards can redeem cashback easily by doing it manually from the My Rewards page after signing in to their online account.

Plus, there are more options available when you choose to redeem your rewards manually.

Redeeming Your Rewards for Cash

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If you’d like to redeem your cashback for cash, you can choose between getting an account credit, receiving a check in the mail, or applying your rewards to purchases you’ve made with your Capital One® Quicksilver® Cash Rewards Credit Card.

If you are carrying a balance, the option to redeem cashback for purchases may come in handy by helping you pay down your balance and avoid some interest charges.

Gift Cards

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There are more than 80 gift cards you can receive for retailers, restaurants, online stores, and more when you redeem your cashback rewards. Some gift cards are only available in certain amounts, so if you only have $10 in cashback, for example, you’ll be able to get an Amazon gift card but you won’t have enough to get an Applebee’s gift card. 

Donate

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If you want to donate your cashback, you can start that process by clicking on the “Donate Now” button on the My Rewards page dashboard.

Clicking on that button will direct you to capitalone.com/give, where you can search for charities and nonprofits and redeem your cashback so you can donate it to a cause you support. 

Transfer Rewards to Another Account

capone10

You may be able to transfer your cashback rewards if you have another Capital One account. Rewards transfers are only permitted between certain Capital One accounts, so you’ll need to check eligibility by typing in the account number and your last name to see if this option is available to you.

If you are able to transfer your rewards to another Capital One account, it’s free to do, and you can transfer your rewards to friends’ or family members’ accounts so you can redeem them faster.

This is a great option if you are planning a trip with family or friends and want to use credit card rewards to supplement the travel costs.

The rewards you transfer don’t expire. 

Final Word

Earning cashback with a Capital One® Quicksilver® Cash Rewards Credit Card is as easy as making a purchase. When it comes to redeeming your rewards, the process is also simple and you have plenty of redemption options.

Cardholders who use their card regularly should set up automatic rewards redemption preferences for added convenience. The simplified process of redeeming rewards along with the various options available and the fact that rewards never expire (as long as your account is in good standing) make it easy for cardholders to enjoy the benefits of earning and redeeming cashback.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Chonce Maddox
Chonce Maddox |

Chonce Maddox is a writer at MagnifyMoney. You can email Chonce at [email protected]

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Investing

Stockpile Review: A No-Hassle Way to Give the Gift of Stock

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone and is not intended to be a source of investment advice. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

You can now give the gift of stock ownership through stock gift cards.

In October 2015, Stockpile started offering physical gift cards in stores and for order online for people to present their loved ones with $25, $50, or up to $1,000 of stock ownership in their favorite companies, such as Apple, eBay, Yahoo, Facebook, and more.

The idea behind the stock gift cards is to allow anybody to give, receive, or purchase their own stock in their favorite companies.

Stockpile has nearly a thousand stocks, exchange traded funds (ETFs), and American depositary receipts (ADRs) to choose from. When you buy a gift card for yourself or redeem one someone gave you, you’ll have stock in a real brokerage account.

In this review, we’ll go over how to use Stockpile, prices and fees you’ll need to look out for, the fine print, and the pros and cons of using this unique brokerage for investment.

How Stockpile Works

Stockpile gift cards are available in stores, but you can also shop on their website and pick out the card you want, depending upon which company you’d like to hold a share in. If you’re buying a stock gift card for someone else, when the recipient redeems it, they’ll get fractional shares of real stock in a real brokerage account.

Stock holders can hold onto their stock and track its progress, buy more, or cash it out by selling it at any time.

Stockpile GiftChildren and teens can own their own stock as long as an adult is on the account with them, but they will be referred to as the beneficiary until they turn 18. Minors can set up their own login on Stockpile separate from the adult on their account and place trades with the adult’s consent.

It’s also important to note that there is no expiration date on the stock gift card, and the value of the card doesn’t change until the card is redeemed for stock. Then, the value of the stock will fluctuate based on the market. Redeeming the card and getting the stock is as easy as entering the code on the back of the card at stockpile.com and signing up for an account on the website.

Stockpile has a short form that needs to be completed before opening an account, which usually takes about three to four minutes to complete. Then, your information will be verified electronically, and you can set up your account instantly in most cases.

Costs and Other Fees

Stockpile prides itself on having affordable fees that are also clear to understand so customers don’t have to feel like they are buying and trading stock on Wall Street.

Customers can purchase e-gift stocks, which are stock ownership gifts delivered via email, that range from $1 to $1,000 plus fees. There are a few fees to consider, depending on how much stock you buy. For stock gift cards that are purchased for $100 and under, there will be a $1.99 fee charged per gift card.

For gift cards over $100, there will be a $1.99 fee plus 3% per gift card. If you want to trade or sell your stock, a $0.99 fee will apply per trade.

Most cash transfers are free, including linking to your bank account and incoming and outgoing Automated Clearing House (ACH) transactions. There is no minimum balance requirement or monthly fees, and electronic statements, trade confirms, and tax forms are all free.

On the other hand, there are a few fees that might come as a shock if you’re not prepared, such as the their $30 returned check/ACH/stop-payment fee. If a customer wants to transfer their account to another brokerage, there is also a $75 fee to consider.

Fine Print

Stockpile has pretty straightforward information on its website about how to purchase and use its stock gift cards, but overall, the company has introduced a Stockpile giftcardnewer concept by allowing customers to purchase stock gift cards as opposed to doing it through a brokerage firm so it’s important to be aware of the fine print.

Stockpile Investments is a member of the Securities Investor Protection Corporation (SIPC) and insures customers’ accounts for up to $500,000. You can transfer your stock to another brokerage, but Stockpile does charge a fee, and it recommends you check with the other brokerage to make sure you meet their minimum balance requirements (if any) and check for any other fees they might have.

While Stockpile gift cards are capped at $1,000, that doesn’t mean you can’t buy more than one. Stockpile sets the limitation due to federal regulations that indicate closed-loop gift cards (cards offered and redeemed by one company) can’t exceed $2,000.

When selling or trading your stock(s), timing is everything. If you place a trade before 3 p.m. EST, your trade will take place that day at the stock’s closing market price, and your stock will be in your account by 6 p.m.

If you are selling a stock and place a trade before 3 p.m. EST, your trade will take place that day at the stock’s closing market price minus the $0.99 commission charged by Stockpile, and the funds will show up in your account within three business days.

If you have tax liability concerns, Stockpile addresses them by providing you with an annual 1099 form that will be posted to your account. While the company doesn’t provide any tax advice, the 1099 will show information about the stocks sold and cash dividends received during the calendar year.

For customers who buy a gift card for others, their taxes will be unaffected and treated as if they were simply buying a gift card with prepaid value. For those who receive a stock gift card, their taxes will remain unaffected until they sell stock or receive any dividends.

Pros and Cons

Pro: Simplified stock buying and trading process. Stockpile’s process is very simple compared to other online brokers. It allows customers to send the gift of stock or to invest in large, well-known companies that they might not have had the option to invest in with other brokers due to the cost and complexity of the overall process.

Con: Variety of fees to consider. While we didn’t find any hidden fees, there are quite a few fees to look out for, including the $75 transfer fee if you want to change brokerages.

Pro: It’s easy to convert to a regular gift card. If gift-givers purchase a card for someone who doesn’t want to get into the stock market or won’t find it useful, the recipient can always opt out of using it for stock and use it as a regular prepaid gift card at the retailer or company.

For example, if you purchased a share of stock through a Stockpile gift card for a loved one with a company like Apple, Amazon, or Burger King and the recipient didn’t want the stock, they could redeem it for cash instead. Kids need an adult’s permission to do this. This way, the money spent initially doesn’t go to waste.

Con: Limited purchase amount. Some customers may view the limited purchase maximum as a disadvantage if they want to buy more stock than allowed. While the limit is put in place to avoid situations like money laundering and other types of fraud, it’s not necessarily cut out for someone who wants to purchase lots of stock. When a customer initially tries to purchase stock for certain companies, Stockpile may even post a stricter limit in an attempt to help customers avoid high debit and credit card fees. For example, customers can only purchase a maximum of $200 in Amazon stock on the website, but they will have the opportunity to purchase more when they link up their bank account. This two-step process can seem tedious.

Who Stockpile Is Best For

Overall, Stockpile is not best for people looking for a long-term investing strategy. That’s because it is widely considered unwise to invest in individual stocks as part of a long-term investing strategy. If long-term investing is your aim, then you should explore better long-term investing options such as opening a low-cost brokerage account or contributing to your employer’s 401(k). We have tips on finding a low-fee brokerage firm and a simple guide to setting up a 401(k) here.  We’ve also reviewed several robo-advisors, which are firms that offer low-cost access to the market and mostly allow members to invest in mutual funds and exchange traded funds.

That being said, Stockpile can be used if you’d like to give a loved one a gift of stock, which they can watch grow and learn about investing along the way. The low purchase and sharing fees make buying stock gift cards simple and affordable. For that reason, Stockpile might be a good option for adults who would like to give children in their family an easy way to begin their investing education.

Investing early is important in order to build wealth. Minors who receive stock gift cards for their favorite companies, such as Disney and Mattel, can log in to their account whenever they want and learn more about placing trades and check on the value of their stock with the account’s adult custodian.

However, if you are looking to encourage long-term investing, Stockpile can be an expensive tool to use. If the gift card recipient wants to transfer their stock to a low-cost brokerage firm, where they could diversify their holdings and build a long-term investing strategy, Stockpile will charge them a hefty $75 fee to do so.

For that reason, Stockpile should best be considered an additional way to invest in stocks alongside a more traditional investment portfolio through a brokerage firm, IRA or 401(k).

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Chonce Maddox
Chonce Maddox |

Chonce Maddox is a writer at MagnifyMoney. You can email Chonce at [email protected]

Advertiser Disclosure

Earning Cashback, Reviews

Chase Freedom or Citi Double Cash: How Do You Pick?

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer. This site may be compensated through a credit card issuer partnership.

Chase Freedom or Citi Double Cash

Earning cash back is just one of the many rewards that come from using some of the best credit cards on the market to make your purchases. Two of the leading cash back reward card contenders are Chase Freedom® and Citi® Double Cash Card – 18 month BT offer.

While both could be beneficial to keep in your wallet, the way each of these cards calculate cash back rewards varies.

If you are in search of your next cash back credit card, we’ll compare these two options side by side so you can determine which option is best for you.

Chase Freedom®

Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories every 3 months. Unlimited 1% cash back on all other purchases. Earn a $150 Bonus after spending $500 on purchases in your first 3 months from account opening.

The Chase Freedom® card has a point system in place called Chase Ultimate Rewards® that translates each 100 points to $1 in cash. This enables you to earn up to $300 in cash back rewards annually in 5% categories with your Chase Freedom® card.

The 5% bonus categories change every quarter.

This card is ideal if you’re an active credit card user who doesn’t mind paying attention to unique offers and putting in the extra effort to maximize your cash back rewards.

Citi® Double Cash Card – 18 month BT offer

The Citi® Double Cash Card – 18 month BT offer has a $0 annual fee and allows you to earn double cash back on all purchases. Unlike the Chase Freedom®, there is no limit to how much cash back you can earn as long as you pay your bill on time each month.

With this Citi card, you Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay., allowing you to double your cash back.

This card is a good option for people who would like to keep one cash back card with a simple strategy that offers a competitive bonus.

Pros & Cons

Chase Freedom®

Pro: Sign-on bonus. Earn a $150 Bonus after spending $500 on purchases in your first 3 months from account opening.

Con: Rotating categories. 5% sounds great, but you may not experience a benefit each quarter if you don’t typically spend in those categories.

Pro: Rewards stay good. The cash back you earn on this card does not expire.

Con: Rewards cap. There’s a spending cap of $1500 on qualifying purchases per quarter, meaning you can’t earn more than $300 in cash back annually.

Pro: No annual fee. You won’t need to pay an annual fee that eats away at your rewards.

Con: Rewards eligibility isn’t automated. You need to actively enroll online to activate the 5% cash back categories each quarter. 

Citi® Double Cash Card – 18 month BT offer

Pro: Double rewards. It’s a set it and forget it type of cash back card. You earn double cash back on all your purchases (assuming you pay the bill off on time).

Con: No sign-on bonus. Unlike the Chase Freedom® card, there is no bonus for getting the Citi® Double Cash Card – 18 month BT offer.

Pro: No caps on rewards. Unlike some of the cards with rotating categories, the Citi® Double Cash Card – 18 month BT offer doesn’t cap the rewards you can earn each year.

Con: Foreign transaction fee. The 3% foreign transaction fee nullifies your international purchases so this shouldn’t be your first pick for spending aboard.

Pro: No annual fee. You can stash all those double cash back rewards right in the bank because you won’t lose any to an annual fee.

Which One is Better?

If you had to choose which card was better, the answer would rely heavily on what your preferences are in terms of a cash back card. If you are looking for a higher cash back bonus and don’t mind keeping up with different spending categories throughout the year and enrolling to receive cash back bonuses at the beginning of each quarter, you may favor Chase Freedom®.

This card is ideal if your looking to strategically use your credit card to maximize the bonuses and rewards you earn. It also helps that Chase Freedom® offers a sign on bonus – Earn a $150 Bonus after spending $500 on purchases in your first 3 months from account opening.

On the other hand, if you favor consistency and would like to stick to one card that earns a flat, high cash back rate, you might consider choosing the Citi® Double Cash Card – 18 month BT offer. Since this card has no spending cap and no categories, you can earn cash back rewards easier and don’t have to worry about a spending limit as long as you pay your bill off on time each month to receive the full 2% cash back.

Consider factors like your spending habits, income level (this can dictate how much you are willing to spend each month or quarter), and what characteristics you are looking for in a cash back credit card before making your decision. 

When to Consider Using Both Rewards

If you’re still wondering which card might be best for you, you might benefit more from using both. Both the Chase Freedom® card and Citi® Double Cash Card – 18 month BT offer have benefits that the other one doesn’t provide.

Since you will only receive 5% cash back when you spend in certain categories, you can use the Citi® Double Cash Card – 18 month BT offer for all your other spending. Even though Chase Freedom® does offer unlimited 1% cash back on all other purchases, why not earn 1% when you make your purchase and another 1% when you pay your bill with Citi® Double Cash Card – 18 month BT offer?

For example, if you end up hitting the $1500 spending limit for purchases at grocery stores in June, you can use your Citi® Double Cash Card – 18 month BT offer for other purchases like at gas stations, drug stores, etc. to earn double back on all purchases. And if you don’t hit your limit, you can use the Citi® Double Cash Card – 18 month BT offer for all non-grocery spend.

Keeping track of two credit cards may seem like a hassle to you or make you nervous about overspending. If you’re looking to just get the best card for your specific spending habits, then use our customizable tool to see which card is best for you.

Other Options

You can also pair either card with the Nusenda Credit Union’s Platinum Cash Rewards Card.  

Nusenda offers 1% cash back on every purchase, and 5% cash back in revolving categories. These categories could be coupled with Chase Freedom®‘s revolving categories that change every quarter to maximize your ability to earn 5% back.

  • January to March – Groceries and Gas Expenses
  • April to June – Movies, Restaurants, and Home Improvements
  • July to September – Gas and Education Expenses
  • October to December – Restaurants, Hotels, and Airfare

For example, you get 5 cents back per dollar on movies, restaurants and home improvement purchases from April to June. One perk compared to Chase Freedom® is that you don’t have to register for these categories like many other 5% cash back cards.

Another option, is the Capital One® Quicksilver® Cash Rewards Credit Card that allows you to earn 1.5% Cash Back on every purchase, every day and has a $0 annual fee. While this card’s cash back bonus rate is smaller than Chase Freedom® and Citi® Double Cash Card – 18 month BT offer, you can take advantage of the One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening. Since Citi® Double Cash Card – 18 month BT offer doesn’t offer a sign on bonus, you can use the Capital One® Quicksilver® Cash Rewards Credit Card as well to reap this benefit, but in the long run, your Citi® Double Cash Card – 18 month BT offer will still earn you more cash back annually.

Capital One® Quicksilver® Cash Rewards Credit Card

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on Capital One’s website

You Don’t Have to Just Pick One

Both Chase Freedom® and Citi® Double Cash Card – 18 month BT offer carry a competitive cash back bonus. If the benefits of one card fits your spending habits and preferences over the other card, it may be a solid option. If you’re looking to optimize the cash back you could earn on regular purchases you make throughout the year, consider using both as long as you don’t have to alter your spending habits and can manage to pay the balance off each month.

The information related to Citi® Double Cash Card – 18 month BT offer and the Chase Freedom® has been independently collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Chonce Maddox
Chonce Maddox |

Chonce Maddox is a writer at MagnifyMoney. You can email Chonce at [email protected]