NEW: Capital One Cash, a Great No-Fee Cash Back Credit Card - NerdWallet
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NEW: Capital One Cash, a Great No-Fee Cash Back Credit Card

Aw nerds! It looks like this offer has expired. Please visit NerdWallet’s Capital One® Quicksilver® Cash Rewards Credit Card page for updated info.

Today, Capital One launched the new Capital One® Quicksilver® Cash Rewards Credit Card, which gives a solid 1.5% back on all purchases made. It’s low-maintenance, with a $0 annual fee and no foreign transaction fee. In terms of straight-up rewards rate, it doesn’t fare well against the cash rewards heavyweights. However, its best feature is that in addition to giving rewards, it has one of the longer 0% introductory APR periods out there. We’ll break down the Capital One® Quicksilver® Cash Rewards Credit Card’s benefits and compare it to the best cash back credit cards on the market. Read on!

Review:Capital One® Quicksilver® Cash Rewards Credit Card

The card gives a flat 1.5% rewards rate on all purchases and comes with a small sign-up bonus to seal the deal: One-time $100 bonus after you spend $500 on purchases within the first 3 months.

Your rewards never expire, and you can redeem them via cash, check, statement credit, donation or gift cards. You can also automatically redeem your rewards by saying, for instance, that if you’ve accumulated more than $25 cash back by the third Tuesday of the month, you want a gift card.

It’s a no-frills card, as we’ve said, without the hassle of redemption tiers, spending caps, or enrollment bonus categories. It has a $0 annual fee and no foreign transaction fee, but best of all, it offers 0% intro on purchases until November 2016 and 0% intro on balance transfers until November 2016, and then the ongoing APR of 13.24% - 23.24% (Variable). Most other balance transfer credit cards don’t give rewards at all.

Cash back credit card showdown

How does the Capital One® Quicksilver® Cash Rewards Credit Card fare against our reigning cash back champions?

Capital One® Quicksilver® Cash Rewards Credit Card vs. Chase Freedom®

The Chase Freedom® easily has better rewards than the Capital One® Quicksilver® Cash Rewards Credit Card: it gives 5% back in rotating bonus categories up to $1,500 in purchases a quarter, plus an unlimited 1% back elsewhere. The Chase Freedom® also has a promotional sign-up bonus: Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening. If you’re just looking to maximize rewards, you should probably consider the Chase Freedom®.

Capital One® Quicksilver® Cash Rewards Credit Card vs. Blue Cash Preferred® Card from American Express

The Blue Cash Preferred® Card from American Express is one of the most popular cash back credit cards. Like the Capital One® Quicksilver® Cash Rewards Credit Card, it’s pretty simple, steering clear of thresholds or spending caps. Its rewards rate is quite high: 6% back on groceries up to $6,000 spent per year (then 1%), 3% on gas and department stores, and 1% elsewhere. It does have a $75 annual fee, though, so it doesn’t have quite the simplicity of the Capital One® Quicksilver® Cash Rewards Credit Card. If you’re a big suburban spender (ie, you buy gas, groceries and clothes for a family) you’re better off with the Blue Cash Preferred® Card from American Express, but someone whose spending patterns are more diversified will prefer the Capital One® Quicksilver® Cash Rewards Credit Card.

 

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  • Anonymous

    I am thinking that you can combine this card with other reward cards such as Citi Forward and maximize the rebate. Since most reward cards has a base rate of 1% excluding special categories, you can use this card for those base rate purchases and get extra 0.5% back?  

    • http://www.nerdwallet.com/ Tim

      Yep, that’s a great plan.

  • http://twitter.com/patz2009 Patrick Connor

    With this more direct comparison, I feel that comparing the $200 cash back Chase Freedom no intro APR offer isn’t really as fair a comparison. You could easily apply for the $100 6 month purchases/12 month transfer APR offer (http://www.nerdwallet.com/card-details/card-name/Chase-Freedom-100-Cash-Back) and get a similar value.

    Once that comparison is made, you can then boil down to the actual differences. The Chase Freedom has a shorter intro APR period but has the 5% on rotating categories. The Capital One has the longer intro period and the flat 1.5% cash back. The APR on them is fairly similar, though the Chase card has a higher range (both low and high).

    All said in that regard though, it still boils down to spending habits.

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  • Jay

    Unfortunately, I got a notice in the mail that this Quicksilver is replacing my Capital One Platinum, which gave an unheard of 10% cash back for the first $500 on gas/groceries, then 3% unlimited after that. This card was worth $1,000’s to me. It was a sad day when I saw that envelope in the mail.

  • Jay

    Unfortunately, I got a notice in the mail that this Quicksilver is replacing my Capital One Platinum, which gave an unheard of 10% cash back for the first $500 on gas/groceries, then 3% unlimited after that. This card was worth $1,000’s to me. It was a sad day when I saw that envelope in the mail.

  • Omni

    Capital One is replacing my platinum card with this bullshit quicksilver. I used to get 2% cashback on food, dining, movies, cellular bills. It was(is) an awesome card. Don’t know if I can say no to this quicksilver and continue with my present card. I going to call them for sure.

    • Jeff

      You weren’t getting 2%. You got 1% cash back and a 50% bonus on that once a year. That comes out to 1.5%, so when they switched you no longer have to wait for the yearly bonus.

  • Omni

    Capital One is replacing my platinum card with this bullshit quicksilver. I used to get 2% cashback on food, dining, movies, cellular bills. It was(is) an awesome card. Don’t know if I can say no to this quicksilver and continue with my present card. I going to call them for sure.

  • TjKennedy

    Yup they did it again they got rid of my platinum card pawned a venture car on me with 1.5 miles at that rate ill be dead and gone cannot get a straight answer about the quicksilver card I am supposed to get 100.00 dollars when I spend 500.00?

  • TjKennedy

    Yup they did it again they got rid of my platinum card pawned a venture car on me with 1.5 miles at that rate ill be dead and gone cannot get a straight answer about the quicksilver card I am supposed to get 100.00 dollars when I spend 500.00?

  • Tony Stark

    Hey nerdwallet, you have this listed as a limited/bad/no credit card. The average credit version of this card (quicksilver one) does include an annual fee.

  • Tony Stark

    Hey nerdwallet, you have this listed as a limited/bad/no credit card. The average credit version of this card (quicksilver one) does include an annual fee.

  • lulu

    Will I earn 1.5% by paying medical bills, car and house payments, utilities, etc…. Or do I only earn it on retail purchases? Such as clothes, groceries, gas, etc???

    • Luke

      you earn 1.5% on all purchases with the card

  • lulu

    Will I earn 1.5% by paying medical bills, car and house payments, utilities, etc…. Or do I only earn it on retail purchases? Such as clothes, groceries, gas, etc???

  • James Eifler

    Does the Quicksilver card protect me for a loss if I buy something ($1000) and it is in my car and someone breaks in and steals the item?

  • James Eifler

    Does the Quicksilver card protect me for a loss if I buy something ($1000) and it is in my car and someone breaks in and steals the item?

  • Amanda

    I have a Quicksilver card and signed up based in the promise of no annual fee. A few months after signing up, I was reviewing my statement online and saw a $39 charge listed as “Annual Member Fee.” When I called to inquire and make Capital One aware, they informed me that in the information sent with the card, there was an annual fee listed that I “automatically” agreed to when signing up. I’m a person that reads everything, and I did not read about any fees when I signed up.

    • Harley Quinn

      There are two Quicksliver cards, “QuicksilverOne Rewards” is for people with average credit and the “Quicksilver Rewards” is the one for excellent credit. Only the QuicksilverOne rewards has the Annual Membership Fee.

    • Danny Alvarez

      Looks like you didn’t read everything, as you didn’t read that you signed up for the Quicksilver One, which has an annual fee of $39, NOT the Quicksilver which has none.

  • Amanda

    I have a Quicksilver card and signed up based in the promise of no annual fee. A few months after signing up, I was reviewing my statement online and saw a $39 charge listed as “Annual Member Fee.” When I called to inquire and make Capital One aware, they informed me that in the information sent with the card, there was an annual fee listed that I “automatically” agreed to when signing up. I’m a person that reads everything, and I did not read about any fees when I signed up.

  • Amanda

    IF POSSIBLE, do not sign up for the Quicksilver card…try Discover It first. TRULY NO FEES, good rewards, and very reasonable payments. The Discover It card has been the best credit card I’ve had.

  • Amanda

    IF POSSIBLE, do not sign up for the Quicksilver card…try Discover It first. TRULY NO FEES, good rewards, and very reasonable payments. The Discover It card has been the best credit card I’ve had.

  • Rhett J D.

    Discover card is a bad joke

  • Rhett J D.

    Discover card is a bad joke

  • rick

    I agree that Discover is bad joke. They may offer 5% but they don’t tell you that it may take months to get the cash rewards and that you must have a minimum of $50 in order to receive the rewards. I’ve been with Capital 1 for nearly 6 years and love it. I currently have the Platinum card and just today, I chatted with an agent there and was able to upgrade to Quicksilver. I’m sure there are other reward cards with Capital 1 but for now, Quicksilver will be something I’ve been working towards since recovering from a bad credit history many years ago.

  • rick

    I agree that Discover is bad joke. They may offer 5% but they don’t tell you that it may take months to get the cash rewards and that you must have a minimum of $50 in order to receive the rewards. I’ve been with Capital 1 for nearly 6 years and love it. I currently have the Platinum card and just today, I chatted with an agent there and was able to upgrade to Quicksilver. I’m sure there are other reward cards with Capital 1 but for now, Quicksilver will be something I’ve been working towards since recovering from a bad credit history many years ago.

  • Sample1

    I had an American Atheists card through Capital One but it will be exchanged now for Quicksilver. Ordering food at the local Christian sandwich place won’t be as much fun. You wouldn’t believe how many times people handed that card back to me like I was an evil spirit.

    Bummer.

  • Sample1

    I had an American Atheists card through Capital One but it will be exchanged now for Quicksilver. Ordering food at the local Christian sandwich place won’t be as much fun. You wouldn’t believe how many times people handed that card back to me like I was an evil spirit.

    Bummer.

  • Kevin

    Actually, the venture is not universally better if you spend $1k per month. The venture does give 2% but you only get that full value if you redeem against TRAVEL, otherwise it is half value (1%). So QS and Venture and not really comparable. You do not earn 2% no matter what you redeem for w/ Venture.

  • Kevin

    Actually, the venture is not universally better if you spend $1k per month. The venture does give 2% but you only get that full value if you redeem against TRAVEL, otherwise it is half value (1%). So QS and Venture and not really comparable. You do not earn 2% no matter what you redeem for w/ Venture.