Nowadays, it seems like wherever you turn, there’s a credit card company that not only offers a rewards program, but a “cash-back” rewards program at that. Well, you can thank Capital One for this ever-popular trend, as they truly set the bar for all this when they released their Quicksilver Cash Rewards Credit Card, which offers customers a 1.5 % cash return rate on purchases charged to card, from any retailer or establishment, daily.
While its cash-back rewards system might be reason enough for people to swarm the Internet and apply for a Capital One Quicksilver Cash Rewards Card, below is a full review on the credit card, including pros and cons.
General Overview Of Credit Card:
- Card Type: Cash-back rewards credit card.
- Sign-up Bonus: Customers get a one-time cash bonus of $150 after they purchase $500 on their Capital One card within three months of opening the account.
- Rewards: Customers are given unlimited 1.5% cash back on everything they purchase daily on their Capital One Quicksilver.
- Annual Fee: $0
- Interest Rate: Capital One offers a 0% APR on balance transfers and purchases for the first 15 months that clients hold the cards, after that, an ongoing APR of 16.24% to 26.24% Variable APR is applied.
- Balance Transfer Fee: Only 3%.
Foreign Transaction Fees: There are NO foreign transaction fees on this card.
This credit card is really for those who are looking for a straightforward credit card cash-back rewards system, which offers simplicity when it comes to redeeming said rewards as well. Not only can you earn rewards anytime you use the card for purchases (at any retailer or establishment), unlike other credit cards reward programs, a customers does not require a minimum amount of points/rewards saved before they can redeem or cash out what they have earned; they can use the Capital One Quicksilver rewards they have accumulated, at any time! Feel like saving your cash rewards for something big like a new entertainment system? You can do so! In the mood to redeem $1.05 at gas station for a chocolate bar? That’s okay too! The simplicity of Capital One Quicksilver’s reward system when it comes to earning and redeeming points is just the tip of the iceberg when it comes to perks around this card. Below are some more:
Who doesn’t love earning cash? Capital One Quicksilver’s sign-up bonus allows customers to do just that; with very minimal effort. With spending $500 in three months as the requirement to earn bonus dollars, this amount is not too intimidatingly high, offering clients less pressure when it comes to overspending on that card to earn their extra $150.
Can’t get any lower than an annual fee of $0, which can often be an anomaly in this day and age, as it relates to reward-based credit cards. The Capital One Quicksilver Cash Rewards Credit Card is the perfect choice for those who don’t like paying fees to use a credit card, and added perks include no foreign transaction fees, which is one of the best features of a cash-back credit card when it comes those who love to travel abroad. It’s important to point out that the 3% balance-transfer fee is also a very competitive rate; however, if your goal to transfer balances onto this card from other credit or debt, there could be better options out there in terms of interest rate, especially if the amount will take some time to be paid off.
Introduction APR Period
Speaking of, while you may not want to use the card for long-term balance transfers, it is a great card to take advantage of in the short-term, or if you plan on using it for big purchases that could take some months to pay off. That’s because this Capital One credit card has an introductory APR of 0% for 15 months when it comes to balance transfers and purchases. It’s important to note, after the 15 months have come and gone, the card hits an APR of 16.24% to 26.24% Variable APR.
What are the credit approval requirements this credit card? The Capital One Quicksilver Cash Rewards Card is a credit card offered to those with good credit, which would be defined by a credit score of 690 or higher, in order to gain approval.
Cons of the Credit Card:
While there are many reasons to want to snag that Capital One Quicksilver Cash Rewards Credit Card, there are also some drawbacks that individuals need to be aware of before moving forward with an application. They include:
Introduction Rates: While the 15-month 0% APR on balance transfers and purchases does seem appealing, there are other credit cards that offer introduction rates like this, for a far longer period of time.
Bonus Rewards: Some cash-back reward system credit cards offer bonus rewards categories; however, the Capital One Quicksilver does not.
Good/Excellent Credit Scores: As mentioned above, this credit card requires a good/excellent credit score before gaining approval and access to the Capital One Quicksilver, which can be a massive draw back for some. The silver lining around this all is that there are cash-back rewards-based credit cards out there that don’t necessarily require overly stellar scores.
At the end of the day, deciding whether or not the Capital One Quicksilver Cash Rewards Credit Card is for you requires a little bit of thinking. Its reward system is certainly not overly complicated (or fancy for that matter), which is the reason most people are drawn to it. As there is no set requirements when it comes to earning cash-back on purchases, and no rules or minimum amounts when it comes to redeeming your rewards, many customers find this easy-peasy rewards system as a feature. Add in the fact that there is no annual fee, the card offers sign-up bonuses, no foreign transaction fees, and an introductory 0% APR period; it becomes very clear that the Capital One Quicksilver Cash Reward card is something that could easily fit well into someone’s spending lifestyle.
Scott Hastings is a CPA with over a decade experience in finance. He started his career in audit with PwC and is excited to bring that knowledge to RM Credit Cards.