Capital One Quicksilver Rewards – Flat 1.5% Cash Back on All Purchases
Capital One recently launched the Capital One Quicksilver Rewards card, a new cash back credit card that earns an unlimited 1.5% cash back on all purchases. The Quicksilver Rewards card replaces the old Capital One Cash Rewards card, which also earned 1.5%, but on a delayed schedule. While the Cap One Cash card earned a 1% rebate immediately, you only received the other 0.5% rebate on your card anniversary. The Quicksilver card promises to deliver your 1.5% cash rebate immediately, allowing you to redeem your cash back for any amount at any time, in the form of an account credit, check or gift card.
Apart from receiving your rebate immediately, the Quicksilver card appears essentially the same as the Cash Rewards card. Like all Capital One credit cards, it does not charge a foreign transaction fee, making it a good choice for international travelers. It also has no annual fee.
How does it stack up to the competition?
Whether you’ll earn more from a flat 1.5% rebate compared to one of the rotating bonus category cash back cards such as Discover it® or Citi Dividend depends on your spending patterns. But for those who prefer not having to remember to sign up every quarter for new bonuses, the simplicity of the Quicksilver card is a win.
The rotating category cards are not its only competition, however. A higher flat cash back rebate is also available on several competing cards, though they do require you to have a relationship with specific financial institutions.
The Fidelity Investment Rewards American Express card earns a flat 2% rebate on all purchases, while the Fidelity Investment Rewards Visa Signature card earns a 1.5% rebate on your first $15,000 in annual spending and a 2% rebate on all spending above that threshold. Both of these cards, however, require a Fidelity brokerage account.
The PNC CashBuilder Visa Credit Card also can earn a 1.75% cash rebate on all purchases, provided you have an extensive banking relationship with PNC Bank.
All of these competitors do charge foreign transaction fees, however, so even if it serves no other purpose, the Quicksilver Rewards card is a good ‘no annual fee’ option for travelers.
Excellent credit required
The Quicksilver Rewards card is only available to those with excellent credit. Those with average credit are eligible for the QuicksilverOne Rewards card which also earns 1.5% cash back, but carries a $39 annual fee.
For more info and a comparison of these two options, see this link.