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

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Today, Capital One launched the new Capital One Cash, which gives a solid 1.5% back on all purchases made. It’s low-maintenance, with no annual fee or 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 Cash’s benefits and compare it to the best cash back credit cards on the market. Read on!

Capital One Quicksilver Credit Card

Capital One® Quicksilver® Cash Rewards Credit Card

Apply Now on Capital One's secure website

Pros

  • High rewards rate
  • No annual fee
  • 0% intro on purchases until May 2016 and 0% intro on balance transfers until May 2016
  • No foreign transaction fee

Sign-up Bonus

One-time $100 bonus after you spend $500 on purchases within the first 3 months

Annual Fee

$0

Intro APR Promotions

0% intro on purchases until May 2016 and 0% intro on balance transfers until May 2016

APR

  • APR: 12.9% - 22.9% (Variable)
  • Penalty APR: 29.4%, Variable
  • Cash Advance APR: 24.9%, Variable

Card Details

  • One-time $100 cash bonus after you spend $500 on purchases within the first 3 months
  • Earn unlimited 1.5% cash back on every purchase, every day
  • No rotating categories or sign ups needed to earn cash rewards; plus, cash back doesn’t expire and there’s no limit to how much you can earn
  • Get a 20% Statement Credit on Uber rides purchased with this card through April 2016
  • 0% intro APR on purchases until May 2016; 12.9%-22.9% variable APR after that
  • Balance transfers also have a 0% intro APR until May 2016, a 3% fee applies to each balance transferred
  • Pay no annual fee or foreign transaction fees
  • Capital One® Credit Tracker - a free way to easily monitor your monthly credit score anytime, anywhere

Review: Capital One Cash

The card gives a flat 1% rewards rate on all purchases, but increases your rewards (spent or unspent) by 50% at the end of the year, so your effective rewards rate is 1.5% as long as you stick with the card. (Plus, you get your bonus all at once, which is pretty darn exciting). The card comes with a $100 cash back signup bonus.

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 no annual fee or foreign transaction fee, but best of all, it has a 0% purchase and balance transfer APR for the first 12 months. Most other balance transfer credit cards don’t give rewards at all.

Cash back credit card showdown

How does the Capital One Cash fare against our reigning cash back champions?

Capital One Cash vs. Chase Freedom

Chase Freedom Credit Card
Apply Now

on Chase's
secure website

The Chase Freedom easily has better rewards than the Cash: it gives 5% back in rotating bonus categories up to $1,500 in purchases a quarter, plus an unlimited 1% back elsewhere. The Freedom also has a promotional $100 cash back signup bonus. It doesn’t have a 0% APR deal, so if you’re already carrying credit card debt or need to make a big purchase, you can get the best of both worlds with the CapOne Cash. However, if you’re just looking to maximize rewards, you should probably consider the Chase Freedom.

Capital One Cash vs. AmEx Blue Cash

American Express Blue Cash Preferred Credit Card
Apply Now

on American Express's
secure website

The American Express Blue Cash Preferred is one of the most popular cash back credit cards. Like the Cash, it’s pretty simple, steering clear of thresholds or spending caps. Its rewards rate is quite high: 6% back on groceries, 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 Cash. 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, but someone whose spending patterns are more diversified will prefer the Cash.

Citi® Dividend World MasterCard® – $100 Cash Back

We wanted to compare the CapOne Cash with a credit card that has a balance transfer deal as well as rewards. The Citi® Dividend World MasterCard® – $100 Cash Back has a 0% APR period of 15 months*, but caps its annual rewards at $300. That’s $20,000 of spending on the Cash. If your annual spending exceeds $20k, you’re probably better off with the CapOne Cash’s unlimited rewards. On the other hand, if your spending is well below that threshold, you may prefer the longer 0% intro period.

  • 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

  • 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.

  • 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.