Capital One Quicksilver Cash Rewards Card Review – New, Simple 1.5% Cash Back

Disclaimer: This offer is currently not available

The Capital One® Quicksilver® Cash Rewards Credit Card is a new credit card that earns unlimited 1.5% cash back on all purchases. In addition, there is a one-time $100 bonus once you spend $500 on purchases within the first 3 months.

This card is all about simple cash rewards with no gimmicks. No points, no miles, no travel credit, no rotating categories. When you apply, you will either get approved or not; you will not be automatically considered for an alternate card. Like most top-tier rewards cards, this card is for those with excellent credit.

You can cash out for any amount, at any time. Your rewards never expire and you can redeem for straight cash via check or statement credit. No caps on earning cash back, either.

There is no annual fee. There is no foreign transaction fee.

For purchases, there is a 0% intro APR on purchases for 12 months (until February 2015); 12.9%-20.9% variable APR after that. For balance transfers, there is a 0% intro APR for 12 months (until February 2015); 12.9%-20.9% variable APR after that; 3% fee on the amount transferred.

This is a Visa Signature card, so it comes with some additional benefits as listed on the application page. All in all, the $100 bonus and focus on simplicity differentiates this card from competitors in addition to making it an improvement to their previous Cash Rewards card (the Jimmy Fallon commercial one).

In terms of comparison, there is the Barclaycard Arrival World MasterCard that gives 2.22% cash back towards travel, making it more complicated but potentially better if you want statements credits towards travel purchases. The Fidelity American Express Card gives you 2% back, but you’ll need to open a Fidelity brokerage account first to get your cash back (only redeemable in $50 increments). AmEx is also less widely-accepted than Visa/Mastercard.

  • Capital One® Quicksilver® Cash Rewards Credit Card application link

Comments

  1. Regarding the Fidelity cards, all you need is one of their Cash Management accounts, which is basically a checking account with free checks and ATM fee reimbursement. The account also includes FDIC coverage.
    https://www.fidelity.com/cash-management/

    The Fidelity Visa is 1.5% up to $15,000 annual spending and 2% after that.

  2. Just get the Priceline 2% cash back better than this. my old orchard 2% back convertered into something like this but I just went to Priceline

    Go to slickdeals to find the 2% link as there is a 1% version.

  3. Although I’m not a fan of CapitalOne, this card actually sounds pretty good as a one do-it-all card. The no hassle 1.5% is decent but I especially like the no foreign transaction fee which is key for anyone travelling overseas.

  4. Cool I’m looking for new cards to churn. Thanks for the info!

  5. @Matt – Good point, although that account *is* technically a brokerage account with a FDIC cash sweep feature. From their site. “The Fidelity® Cash Management Account is a brokerage account designed for spending and short-term investing. The account does not provide margin borrowing or trading in options or international securities.”

    @Jacob – I don’t believe the Priceline 2% card is available to new applicants anymore. The most recent link I could find stopped working earlier this year.

  6. Thanks for the info Jonathan – just upgraded my no hassle rewards to this over the phone (1% -> 1.5%)

  7. Sounds interesting, but I really wish they would update their website to make it a bit more user friendly for credit cards, and also so that you don’t have to log in separately to check your Capital One bank account. For now, I’m sticking to my old faithful BankAmerica Visa card which has been giving me 1.5% cashback for years.

  8. Jonathan looks like your right, I just got my priceline card only a few months ago, so I was surprised they only offer 1%.

    The day of the 2% back on everything is slowly going away, looks like there is still Fidelity but its Amex so not as widely accepted.

  9. Thanks for the tip. I applied and was approved. This card is going to be my new main credit card. I will still use Chase Freedom and Blue Cash AmEx for those items which will earn more rewards.

  10. I strongly disagree that the Fidelity card is a comparable offer. The 2% rewards are disbursed ONLY in increments of $2,500 spent for a $50 deposit. So that “missing” 0.5% is consumed to some extent by that rounding down strategy, which is rather predatory against the customer.

  11. @Paul – Good point that it you must redeem in $50 increments for the Fido. I agree that these are all little ways to keep their true payout lower. If you keep the card long enough, you do get mathematically closer to the full 2%. At least it’s automatic. :/

    I believe the BofA card that gives 1.5% is only redeemable towards travel purchases, which would make it worse % than the Barclays Arrival World card mentioned above. I got the Arrival World and will be redeeming soon probably, so will report back on ease of use.

  12. Does a “purchase” on this card only refer to retail purchases or would I still get cash back for paying my bills using this card?

  13. Chase Vaseleou says:

    I was just switched to this Quicksilver card from my Household 2% card after they were bought out by Capital one, not happy about the .5% drop. You get 2% back on anything you charge to the card. BT and cash advances are not charges, therefore no rewards. Check out US BANK Cash+ card 5% back on two areas you choose every qtr. I do Cell Phone and Restaurants.

  14. I figured I’d give this card a shot and so far, so good. I like that Capital One has a very good web site and the card works great with Quicken. I just noticed that Capital One offers the Spark Cash Business credit card. That card offers a full 2% cash back with a $59 annual fee, waived for the first year. Seems like a great deal.

    I’m still hesitant to make the full switch from my AmEx Blue card. Getting 5% back at gas stations, supermarkets and drug stores really makes a difference and I know I can always count on AmEx for customer service.

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