Is the Capital One Quicksilver Rewards credit card worth it?

Review: QuicksilverOne® Rewards – July 2018

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A classic rewards card offering unlimited cash back on purchases with no annual fee.

30-second take

  • Get this card if you’re looking for a cash back card that comes with no annual fees.
  • Pick something else if you’re looking for a higher cash back on specific categories.
  • Apply with good to excellent credit score of 630 or higher.
Product NameQuicksilverOne® Rewards
Card TypeVisa
Annual Fee$39
APR (Annual Percentage Rate) for Purchases19.98%, 23.98% or 26.98% variable
Cash Advance Rate26.98% variable
Cash Advance Fee$10 or 3% of the cash advance amount, whichever is greater
Foreign Transaction FeeNone
Interest Free PeriodUp to 25 days
Minimum Interest$0
Late Payment Fee$35
Additional Cardholder Fee$0
Minimum Age18 years of age

The Basics

The Quicksilver® Rewards is a cashback card with a flat reward rate on all purchases and without an annual fee. In addition, you get an easy-to-earn signup bonus — once you spend $500 in your first three months of card membership — and a long intro APR period for balance transfers and purchases.

Why are there two types of Quicksilver® visa cards?

  • If you’re approved for a credit line higher than $5,000 — you’ll get Visa Signature® card.
  • If your approved credit line is lower than $5,000 — you’ll get Visa Platinum card.

The Perks

  • Signup bonus.

    Earn $150 cash bonus once you spend $500 in the first three months of card membership. This is an easy bonus to obtain when compared to other cards.

  • Cash back.

    Get unlimited 1.5% cash back on all purchases. You can also redeem your cash back as a credit for previous purchases, gift cards and more.

  • Intro APR period.

    Get 0% intro APR period on balance transfers and purchases for 15 months. After that, a variable APR of 14.74%, 20.74% or 24.74% will apply. This could be useful if you want to transfer your balance from another account with a high APR.

You’ll also like

  • No annual fee.

    You don’t need to pay anything to own the card.

  • No foreign transaction fees.

    Use your card freely when you travel and you won’t incur any fees. Other cards have up to 3% foreign transaction fees.

  • Fraud liability protection.

    Get $0 fraud liability if your card is lost or stolen.

  • Travel and car rental insurance.

    You’re insured against accidental death and dismemberment and your rental car is covered against theft or damage when you pay the entire car rental with your card.

What to watch out for

  • Credit line.

    Your credit line is determined by Capital One based on multiple factors. But the minimum credit line you can receive is $1,000.

  • Don’t pay late.

    Or you’ll pay fees up to $38. On the positive side, there’s no penalty APR. Other cards have a penalty APR of up to 30% if you make a single late payment.

Consider other cards if…

  • You want higher cash back on specific categories.

    If you mostly spend on categories such as groceries, dining or gas, you may get the most out of a credit card with higher cash back on these specific categories. The Blue Cash Everyday® from American Express, the Chase Freedom® or the Discover it® Card could all be a better choice.

  • You want a similar card from another bank.

    Consider the PenFed Power Cash Rewards Visa Signature® Card where you earn a flat 1.5% cash back on all purchases — 2% if you’re PenFed Honors Advantage member. Also, the Cash Magnet from American Express or the Chase Freedom Unlimited® have 1.5% cash back on all purchases.

  • You want a card with a lower APR.

    If you want a card where you can carry your balance with a minimal APR, consider the Barclays Ring™ Mastercard® where you get a variable APR of 10.74% for balance transfers, purchases and cash advances. Or you may consider the PenFed Gold Visa® Card, where you get a variable APR of 8.99% to 17.99%, based on your creditworthiness.

Compare other Capital One credit cards

How does a balance transfer work with this card

You get a promotional 0% intro APR period for balance transfers for 15 months. After that, a variable APR of 14.74%, 20.74% or 24.74% will apply.

If you make balance transfers during the promotional period, you’ll pay a 3% fee for each transfer. This makes a $1,000 balance transfer cost $30 in fees. For transfers made after your intro period passes, you’ll pay no fees.

You can request balance transfers 10 days after you open your account, but know that your account may not be eligible for balance transfers. Also, Captial One doesn’t permit balance transfers between Capital One accounts.

What to know before you apply

To apply for the card, you must be at least 18 years old and a US resident.

You also need to provide personal details, such as:

  • Full name and contact information
  • Social Security number and date of birth
  • Employment and financial information

What credit score do I need?

To increase your chances of approval and get a lower APR and a higher credit line — apply with a good to excellent credit score of 630 or higher.

What do customers say about the Quicksilver® Rewards card?

Most customer complaints revolve around the credit limit they received. Some claim that they received a low credit line and never got an increase despite paying on time, others claim that Capital One lowered their credit line without any reason or explanation.

However, this was not the case with all customers. Others are happy with the card, the credit line they got, and they love the unlimited cash back.

The Better Business Bureau accredited Capital One in 1995 and rates them with an A+. Based on 162 customer reviews, at the time of writing, Capital One got a composite score of 3.78 out of 5 stars.

How to apply for the Quicksilver® Rewards card?

  1. Go to Capital One’s website and select the Quicksilver® Rewards card from the list of cash back cards.
  2. Complete the online application with your details.
  3. Review your application and submit it.

How long will it take to get my Quicksilver® Rewards card?

If you apply by phone or online, you’ll typically get a response in 60 seconds. In some cases, Capital One will require additional information to make a decision for approval. You’ll be notified in writing in 7 to 10 days of your application.

Once approved, you’ll receive your Capital One card, credit limit information and welcome materials by mail in 7 to 10 business days.

I got the card, now what?

  • Download Capital One® Mobile app. And pay bills or send money to friends and family. You can also monitor your card activity and you can redeem rewards through the app.
  • Pay on time. Your due date will be a minimum of 25 days after the close of each billing cycle. Try to make your payments by then to avoid paying late payment fees.
  • Customer service. For any questions, call 800-227-4825 and Capital One’s customer service will help you out.

Bottom line

If you’re looking for a hassle-free rewards credit card without an annual fee, the Quicksilver® Rewards could be the right card for you.

Otherwise, check out other cash back cards.

Frequently asked questions

Kevin Joey Chen

Kevin Chen is a world-travelin', copy-writin', Game of Thrones-watchin' credit cards writer for finder.com. When he's not crunching the numbers on bonus points and comparing APRs, you can find him flying around the world in search of the perfect beer.

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