The Capital One Quicksilver Rewards Mastercard is a no-fee card which earns unlimited 1.5% cash back rewards on all purchases. It’s simple and easy to use, but is now outclassed by many other credit cards for earning rewards. Banks and fintech startups have created aggressive offerings which make the Quicksilver difficult to justify in someone’s wallet. Dozens of cards earn 2% or more cash back on everything.
Note that 4 different versions of the Quicksilver card exist. In this review, we’re going to cover the “best” one for earning rewards..
FEATURES AT A GLANCE
- No annual fee
- No foreign transaction fees
- 5% cash back on hotels and rental cars booked through Capital One Travel
- 1.5% cash back on everything else
SIGN UP BONUS
Earn $200 by spending $500+ within 90 days. At a 40% return, the sign-up bonus is the main benefit of the Quicksilver card. There’s also an introductory 0% APR for the first 15 months for purchases and/or balance transfers (transfers have a 3% fee).
OTHER BENEFITS OF THE QUICKSILVER CARD
- Extended Warranty
- Travel Accident Insurance
- 24/7 Concierge Service
- Zero Fraud Liability
- Event/Experience Access
- As of November 2022, you can get up to 6 free months of Uber One membership (until November 2024)
- Capital One Offers
Note that most benefits are only available for World or World Elite versions of this card.
RESTRICTIONS AND CREDIT SCORE
Recommended credit score: 670+
Capital One has a limit to how many cards you can have open with them, but the limit is high enough to be irrelevant for most people. More importantly, you can only apply for a Capital One card once every 6 months. This is sometimes called the “1/6 rule.”
MAXIMIZING REWARDS WITH THE QUICKSILVER CARD
The card earns cash back rewards in a simple and straightforward way. There isn’t anything special to do that would maximize rewards, unlike the Capital One Venture cards.
Sometimes you can earn bonus cash back with Capital One cards. Their website has affiliate links and offers (“Capital One Shopping”) which vary often. For example, you could temporarily get up to 6% cash back at Macy’s when going through Capital One’s website. It can be good to check the available options before making a purchase somewhere. However, some people use independent cash back portals instead, which can potentially yield greater returns.
ALTERNATIVES TO THE QUICKSILVER
For a general-use card, any of the best everyday cards will work. Earning at least 2% cash back on all purchases adds up to more rewards than the Quicksilver’s low rate. It does take a while though, so consider the sign-up bonus of each card. SUBs are usually a better deal than ongoing cash back.
A typical 2% card has a $100 bonus (sometimes more). Compared to the Quicksilver, both cards would be equal at $20,000 of spending. 1.5% cash back on $20k = $300 in rewards ($500 including a $200 sign-up bonus). 2% cash back on $20k = $400 in rewards ($500 including a $100 sign-up bonus). Before reaching that point, the Quicksilver would actually be better due to its bonus.
Chase Freedom Unlimited is the closest Quicksilver equivalent, since it also earns 1.5% back on everything. Except the CFU also earns 3-5% in multiple other categories, including dining and drugstores, making it better than the Quicksilver. There’s also the Chase Trifecta benefit to the CFU, and a $200 sign-up bonus which can be worth $300-400. The one exception is that Freedom Unlimited incurs foreign transaction fees, whereas Quicksilver doesn’t.
Other Quicksilver cards are similar to the Quicksilver Rewards. This is what’s different:
- QuicksilverOne – $39 annual fee instead of $0, and no welcome bonuses
- Quicksilver Secured – $200 refundable deposit required instead of $0, and no welcome bonuses
- Quicksilver For Good Credit – No welcome bonuses
CONCLUSION
The Quicksilver family is mostly a credit-building lineup of cards. People seeking a good cash back rate have dozens of better options. Even Capital One’s other cards are better, like the SavorOne or Venture X. Capital One has an easy-to-use website and app, but there isn’t any specific reason to get a Quicksilver card aside from the $200 sign-up bonus and 0% APR for 15 months. SavorOne is the best no-fee option for long-term holding at Capital One.
Quicksilver may have good perks like travel accident insurance, but the usefulness varies from person to person. Lower tiers of the card (Mastercard Platinum) don’t have these benefits, either.
Another downside of Capital One is that they pull credit reports from all three bureaus (Equifax, Experian, TransUnion). This can hurt your FICO score in the short term, since most card issuers aren’t involved with every bureau. In general, we’d recommend the Chase Freedom Unlimited before considering the Quicksilver.
We rate the Quicksilver card 2 out of 5 stars. ⭐⭐
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Note: This review was last updated in November 2022. Details may have changed since then. Please do your own research where applicable, to ensure you’re getting the best deal. Or contact us directly to take advantage of our personalized consulting services!