Capital One Quicksilver Review - $150 Bonus Plus 1.5% Cash Back
The Capital One Quicksilver card combines a $150 intro bonus with 1.5% cash back rewards on every purchase. Oh, and no annual fee. Here are the details.
One of the most important rules of sound personal finance is using credit cards wisely. A good cash back credit card, when used for everyday purchases and paid off each month can save you hundreds and maybe even thousands of dollars every year. The Capital One® Quicksilver® Cash Rewards Credit Card is one of the good ones. And right now they’re offering a $150 cash bonus to new cardholders along with a bevy of other perks.
$150 Cash Bonus
The most attractive feature of the Capital One® Quicksilver® Cash Rewards Credit Card is the $150 cash bonus. All new cardholders can earn the $150 after spending just $500 in the first three months. If you are an existing Capital One® Quicksilver® Cash Rewards Credit Cardholder, you are not eligible for this bonus. If you own a different Capital One credit card, you’re likely eligible. But you should call in before applying online to make sure.
Capital One Quicksilver Rewards
You won’t find a simpler rewards program than this one. Every single purchase you make with your Capital One® Quicksilver® Cash Rewards Credit Card earns 1.5% cash back. Many other credit cards offer you a higher cash back for select purchases during select months but a low cash back rate every day. This credit card lures you in with a great everyday rate, in the hopes that you’ll use it to buy everything. A few important points to make about the cash back you earn:
- You must redeem your cash back. It is not automatically credited to your statement.
- Cashback never expires. If you decide to close your account and the account is in good standing, Capital One will mail you a check for the balance.
- There is no limit to the amount of cash back you can earn.
That last point is important when you compare this card to the Chase Freedom. This cash back credit card has 5% rotating categories each quarter, but the maximum you can spend is $1,500 a month.
Capital One Quicksilver Pricing Details
Immediately after receiving your card, you’ll receive a 0% intro APR on both purchases and balance transfers for 15 months. After the intro rate expires, the ongoing APR becomes 18.24% – 26.24% variable (which is a little better than average). If you decide to make a balance transfer with this card, there is a 3% balance transfer fee. I would recommend avoiding this and instead of looking at some of the best balance transfer credit cards.
There is NO annual fee to own the Capital One® Quicksilver® Cash Rewards Credit Card. Should you need a cash advance, the APR is 26.24% and there is a 3% (or $10) cash advance fee. All Capital One credit cards have the added benefit of charging no foreign transaction fees. Use this credit card abroad, and you’ll incur no currency fees. If you miss your payment, Capital One will charge a $35 late fee.
Cash Back Credit Card Savings
I mentioned at the beginning of the article that a good cash back credit card can save you hundreds of dollars a year. I use one for as much spending as I can. Below is an example of the annual amount I put on my credit cards, and what the savings would be at 1.5%.
- Groceries – $7,000
- Gasoline – $1,500
- Health Insurance – $12,000
- Auto Insurance (2 cards) – $1,400
- Winter Heating Oil – $2,500
- Cable / Internet – $2,200
- Garbage Pick-Up – $360
- Home Security – $400
- Cell Phone(s) – $500
Add it all up, and the total spent on food, gas, utilities, and insurance every year for my family of four is $27,860. At 1.5% cash back I would save $418. Add the $150 cash back bonus year one, and I’m over $500 without having purchased anything I don’t already have to spend money on.
I have the pleasure of actually owning two Capital One® Quicksilver® Cash Rewards Credit Cards. One I signed up for and one was converted from a Capital One Classic Platinum card I signed up for while in college. Admittedly, I do not use this card for all transactions. But I do use it often.
The $150 intro bonus is a great way to get a paid test drive and the high cash back rate and intro APR are two more reasons why owning the Capital One® Quicksilver® Cash Rewards Credit Card is a good idea. Compared to other cash back credit cards it’s a great card to have in your wallet without the worry of an annual fee.