Capital One Quicksilver Card Review
The Capital One Quicksilver Card is a great way for people to maximize their rewards. This simple card has a straightforward 1.5 percent cash back on everyday purchases. There are also very few hoops to jump through to get this card. We’ll cover the pros and cons of having the Capital One Quicksilver Card below. This will help you figure out if this card is a good choice for your lifestyle.
Capital One Quicksilver Benefits
One of the biggest Capital One Quicksilver card benefits is the rewards rate. You get a generous 1.5 percent cash back. This includes each purchase you make. This is higher than quite a few rewards cards. They usually offer rotating categories or one percent cash back. This higher rate means that you can earn rewards at a quicker pace. It also encourages you to use your card more often.
Your rewards don’t expire as long as you have an account open and in good standing. This is great news for people who like to stack their rewards. You can save your rewards all year and cash them out when you want to make a larger purchase. Redeem your rewards as a paper check, gift card, or statement credits. You can also set up automatic redemption when you reach $25, $50, $100, or $200 in rewards.
No Annual Fee
Another point that makes the Capital One Quicksilver Card stand out is no annual fee. Every reward you earn will be pure profit. It’s great for people who don’t plan to use their card frequently. This makes the Capital One Quicksilver MasterCard a good no annual fee low usage credit card. You won’t have to worry about earning enough rewards to justify the annual fee. No annual fee is rare for a rewards card. They usually range between $50 and $100 and up.
You get zero percent APR for the first 15 months. This introductory offer is good for every purchase and balance transfer you make with this card. You’ll be able to buy a more expensive purchase and pay it off over 15 months. It’s also a great time to pay down some of your debts with a balance transfer.
The Capital One Quicksilver Card gives cardholders access to Capital One CreditWise. CreditWise is a variety of tools that help you improve and understand your credit. You also get free credit score monitoring. It’ll show up on your dashboard with your monthly statement. CreditWise is an easy way to learn about your credit. It also teaches responsible use.
Cardholders with the Capital One Unsecured MasterCard get access to several fringe benefits. These benefits are nice perks for people who like to travel or use the card for entertainment. Frequent travelers get 24/7 concierge service and travel booking assistance. There is also emergency card replacement available for stolen or lost cards. Finally, cardholders get VIP or priority access special golf outings, concerts, and sporting events.
Bonus for Signing Up
The Capital One Quicksilver Cash Rewards Credit Card comes with a bonus for signing up for the card. You have to spend just $500 in the first three months after you open an account. You’ll get a $150 statement credit for doing so. That works out to around $167 per month. That’s more than most people spend on groceries alone.
No Foreign Transaction Fee
The Capital One Quicksilver Card can use it when they travel. There is no foreign transaction fee attached to this card. This means that you can use it through non-US banks without a penalty. It’s also great for people who do a lot of international shopping or shipping.
Compare the Chase Freedom Unlimited to the Capital One Quicksilver Card
The Chase Freedom Unlimited Card also offers 1.5% cash back on all purchases. They are almost the same but slightly different. Compare the Quicksilver card with the Freedom Unlimited Card to find the best 1.5% cash back card for you.
Capital One Quicksilver Card Drawbacks
One of the biggest drawbacks of this card is the credit requirements. You want to have very good or excellent credit before you apply for it. The Capital One Quicksilver approval odds fall drastically if you have fair/average credit or lower. You want to save your credit and not apply if you don’t meet the credit requirements.
Reward Redemption Restrictions
You do have the potential to earn a lot of rewards with this card. However, it restricts you on your redemption options. Also, you can’t redeem your rewards for travel, merchandise, or non-cash options. So this can make it difficult to get the most out of your card. You could redeem your rewards as a paper check and apply them that way.
Fixed Reward Rate
There are no rotating categories with high reward percentages like with the Discover it® Card and Chase Freedom® Card. Everything is a flat 1.5 percent cash back. It may take you a long time to earn a decent amount of rewards. This is especially true if you only use the card sporadically. However, they don’t ever expire. You could let them stack for years and then redeem them.
Your APR will start once the promotional period ends. This is a variable rate that starts at 14.74 percent and goes up to 24.74 percent. This can add up quickly if you plan to carry a balance from month to month. Also, the APR amount depends on your credit score. Even people will excellent credit will pay slightly more for this card. It’s typical to have a higher APR on a reward card like the Capital One Quicksilver Card.
Approval Odds With the Capital One Quicksilver Card
We mentioned that you need good to excellent credit to qualify for this card. This makes the Capital One Quicksilver approval odds lower for a lot of people. It dings your credit report each time you apply for it. The lenders look for any outstanding accounts, large credit problems, and your payment history. They’ll deny your application if they see any large issues or patterns.
Capital One Quicksilver vs Platinum
You should have a good idea on whether or not you want to apply for the Capital One Quicksilver Card. I’m now going to tell you about my experience with both of these cards. Hopefully, this will solidify whether or not the Capital One Quicksilver MasterCard is right for you.
I had poor to fair credit when I received an invitation offer for the Capital One Platinum MasterCard. This was good enough to start with the Capital One® Platinum Credit Card and receive a $300 credit limit. This gave me all of the tools that I needed to build my credit score. This is also a great first credit card because it’s straightforward with few frills.
Upgrade to Capital One Quicksilver Card and Receive a Credit Line Increase
There are no rewards or a bonus for signing up with the Capital One Platinum. However, there is also no annual fee with this Capital One MasterCard. It also gives you the opportunity to upgrade. So this is what sold me on these particular credit cards. All I had to do was make five payments in a row on time. Also after five on-time payments, I received a generous credit line increase. I went from a $300 credit line to $2300.
Capital One reviewed my account after a few short months. I was eligible for an upgrade at this point. So I decided to stay with Capital One because they initially gave me a great deal with the Capital One Platinum Card.
I decided to upgrade Capital One Platinum to Quicksilver. I loved that this card was also very straightforward and easy to understand. The Capital One Quicksilver benefits were also significant for a rewards card. I’m able to get 1.5 percent cash back on my everyday purchases. I can also let the rewards stack up for as long as I want.
Overall, I’m extremely happy with my Capital One experience. The Capital One Platinum Card is a great foundation to build your credit. Additionally, the upgrade to the Capital One Quicksilver Card was fast and easy.
Comparing the Capital One Quicksilver Card to the Capital One Platinum Card
|Credit Needed||Good & Above||Fair|
|Reward Program||1.5% Cash Back||None|
Capital One Quicksilver Card is Best For:
- This card is best for people with good to excellent credit. People who want a straightforward cash back card like this card. It’s also good for people who routinely travel or ship outside the United States.
Capital One Platinum Card is Best For:
- This card is best for people with fair credit. Anyone who wants to build their score and upgrade to a card with the same lender can benefit. It’s also a great choice for people who want a simple credit card.
Comparing the Capital One Quicksilver Card and Capital One Platinum Card Bottom Line
The Capital One Quicksilver MasterCard is a solid choice. It’s very simple to use. You get access to a variety of tools to help you build and monitor your credit. You also get rewards for using it on everyday purchases. So anyone with excellent credit can benefit from having and using this card.
The Capital One Platinum Card is a solid choice for people who want to build their credit. It’s simple to use. Also, the opportunity to upgrade to the Capital One Quicksilver Card is a huge perk. Both of these cards can help you achieve excellent credit.
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