Capital One Quicksilver Cash Rewards Card Review – A No Annual Fee Cash Back Card?

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The Capital One Quicksilver Cash Rewards Card is a cash back Visa card from Capital One. The core reward feature of this card is straightforward: you earn 1.5% cash back on every single purchase, with no limit on the amount of rewards you can earn and no annual fee. This card requires excellent credit, so it may not be for everyone. The Capital One Quicksilver Cash Rewards Card comes in two versions – a Visa Signature card version (with a limit greater than $5000) and a Visa Platinum card version (with a limit less than $5000). If you qualify for the Visa Signature card you will also have access to certain perks directly from Visa in addition to the cash back rewards from Capital One.

 Capital One Quicksilver Cash Rewards Card Features

The Capital One Quicksilver Cash Rewards card is designed as a flexible, universal, and unlimited cash back rewards credit card. Cash back rewards are not limited to special categories, and there are no limits on how much cash back you can accrue. Every time you use this card, no matter what you buy, or how small the purchase amount, you will earn 1.5% cash back. The only exception is that cash advances, balance transfers, and checks used to access your account are not considered purchases and will not earn rewards.

One of the major advantages of this card is that you do not need to wait until you have earned a certain amount of cash back to access your rewards. You can redeem you cash back at any time, no matter how little cash back you have accrued up to that point. Capital One offers three ways to redeem your cash back rewards: a check, a credit to your account, or gift cards. To redeem your cash back rewards simply call Capital One toll free, visit their website, or set a thresholds that will automatically redeem your cash back for you.

The ability to set an automatic reward threshold makes this card extremely easy to use since it lets you “set and forget it” your reward system. This means you could set your rewards threshold to credit your account every time you accrued a small amount, like $10. This eliminates the need to manually redeem your rewards, and makes sure that you never miss out on taking advantage of your rewards. If you do not feel like redeeming your cash back in small increments, you can always save up a large amount since the cash back you earn never expires as long as your card is active and in good standing.

One important bonus reward to consider is that if you spend at least $500 on your Capital One Quicksilver Cash Rewards card in the first 3 months, you will automatically receive a one-time $100 cash back bonus. Also, in addition to earning cash back and gift cards, you can also use your cash back as a charitable donation to the organization of your choice.

 

Visa Signature Perks

Depending on your credit worthiness, your Capital One Quicksilver Cash Rewards card will be a Visa Signature or Visa Platinum. The Visa Signature comes with a credit limit greater than $5000, while the Visa Platinum comes with a credit limit less than $5000. If you receive the Visa Signature, you will receive additional benefits from Visa.

These perks include: travel upgrades and savings, complimentary concierge service, special access to events, shopping discounts, $0 fraud liability, 24-hour travel assistance services, 24-hour roadside assistance, extended warranty program, auto rental insurance, and travel accident insurance.

 

Important Information

One of the major advantages of the Capital One Quicksilver Cash Rewards card is that there is no annual fee. Furthermore, there is an introductory 0% APR until December 2014. After December 2014, your APR will be 12.9%, 16.9% or 20.9% depending on your creditworthiness.

 

The Bottom Line

Overall, the Capital One Quicksilver Cash Rewards Card is a universal cash back rewards card that carries no annual fee. While this card may require a higher credit score, it offers a great way to earn cash back on everything. This rewards card is particularly easy to use since you can set automatic thresholds for redeeming your cash back. This means you can just set it up once and sit back and collect your rewards in the form of a check, account credit, gift card, or charitable donation.

This card definitely comes with a focused reward program, so only apply if you are content to get cash back and ignore other types of rewards. If you qualify for the Visa Signature version of the card, however, you will be entitled to some nice perks from Visa.

Ultimately, the people who stand to benefit most from the Capital One Quicksilver Cash Rewards Card are:

  • People who want a valuable and easy to use cash back rewards credit card.
  • People who are planning to spend at least $500 soon after they receive their card, as this would result in a one-time $100 cash back reward.
  • People who plan on using this card for a wide range of purchases.
  • People with excellent credit who will qualify for the Visa Signature version of the card.

Ultimately, the Capital One Quicksilver Cash Rewards card is a very straightforward and easy to use rewards card that should appeal to a wide audience. If you dislike the idea of constantly calling your credit card company to manage and redeem your rewards, you may appreciate the simplicity and convenience of the “set it and forget it” rewards process that comes with this card. The absence of an annual fee also makes this an enticing offer. If you can stay on top of your monthly payments and avoid paying interest on your balance, this card will essentially reward you with free cash to spend.

 

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