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Review: Capital One Quicksilver & QuicksilverOne

Review: Capital One Quicksilver & QuicksilverOne

Million Mile SecretsReview: Capital One Quicksilver & QuicksilverOneMillion Mile Secrets Team

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If you’re looking for a card with a straightforward cash back structure, low to no annual fees, and no foreign transaction fees, the Capital One Quicksilver cards could be worth considering.

Both cards come with unlimited 1.5% cash back on every purchase.  But the right card for you depends on whether you’re trying to build or improve your credit, or if you already have a good score and an established credit history.

That said, these aren’t the best cards for folks new to miles & points.  I’ll explain why.

Capital One Quicksilver Review
With Unlimited 1.5% Cash Back on Every Purchase, Your Savings Could Really Add Up!

I’ll share the details of each card.  And help you decide whether applying makes sense for you!

Review of the Capital One Quicksilver Cards

Both the Capital One Quicksilver Cash and QuicksilverOne Cash cards earn 1.5% cash back on every purchase.  And although it seems peculiar, the no-annual-fee Quicksilver card comes with a sign-up bonus, and the QuicksilverOne card with a $39 annual fee doesn’t offer a bonus.

I’ll explain why!

Capital One Quicksilver Cash Card

Link:   Capital One® Quicksilver® Card

The Capital One Quicksilver Card comes with a $150 sign-up bonus after spending $500 on purchases within the first 3 months of account opening.

You’ll also get perks like:

  • 1.5% cash back on all purchases
  • Travel accident insurance – Insurance for death or dismemberment at no extra charge when you purchase airfare using your card
  • Auto rental insuranceSecondary collision and theft insurance for you and all additional drivers on your agreement
  • Extended warranty – Additional warranty protection when you purchase items with your card
  • Price protection – Get reimbursed the difference if the price drops on eligible items within 120 days of purchase
  • NO annual fee
  • NO foreign transaction fees

According to Capital One, their Quicksilver Card is good for folks with excellent credit.  Excellent credit, as defined by Capital One, means you haven’t been late on any bills, you’ve never declared bankruptcy, and you have an established credit history.

Capital One Quicksilver Review
You’ll Be Able to See What Type of Credit Score You Need for Each of Capital One’s Cards on Their Site

So if you’re looking for a no-annual-fee card with a simple cash-back structure and no foreign transaction fees, this card could be worth considering.

Capital One QuicksilverOne Cash Card

Link:   Capital One® QuicksilverOne® Cash Rewards Credit Card

The Capital One QuicksilverOne Cash card is for folks with average credit.  There’s no sign-up bonus, and the $39 annual fee is NOT waived the first year.

According to Capital One, average credit means folks who have either defaulted on a loan in the past 5 years or have limited credit history (meaning you’ve had your own credit card or have been an authorized user on another card for less than 3 years.)

So this card is a good option for those that might have blemishes on their credit report or little credit history, like students, new graduates, and new US residents.

Here’s what you’ll get with the Capital One QuicksilverOne Cash card:

  • 1.5% cash back on all purchases
  • Travel accident insurance – Insurance for death or dismemberment at no extra charge when you purchase airfare using your card
  • Auto rental insuranceSecondary collision and theft insurance for you and all additional drivers on your agreement
  • Extended warranty – Additional warranty protection when you purchase items your card
  • Price protection – Get reimbursed the difference if the price drops on eligible items within 60 days of purchase
  • NO foreign transaction fees

How to Redeem Your Cash Back

Like most cards from Capital One, redeeming the cash back you earn with either of these cards is easy.  You can request a check or statement credit, any time, with no minimum redemption amount.

Or you can set-up an automatic redemption, for example, $25 per month  Whatever makes sense for you!

Our Experience With Quicksilver Cash

Million Mile Secrets team member Scott has the Capital One Quicksilver Card.  He got it years ago before diving into the world of miles & points (and before Chase implemented their 5/24 rule!).

He likes how easy it is to get your cash back.  He recently requested a check for ~$18.  Some other cash back cards by other banks won’t give you your money until it reaches a $25 or even $50 threshold!  So in this way, Capital One Quicksilver is great.

Capital One Quicksilver Review
Keeping a No-Annual-Fee Card, Like the Capital One Quicksilver Cash Card, In Your Wallet, Could Help Improve Your Credit Score

He’s kept it for so long because it’s a no-annual-fee card with no foreign transaction fees.  And keeping your cards open for a long time can increase the average age of your accounts and potentially improve your credit score.

Is It Right for You?

It’s important to remember that Capital One pulls from all 3 main credit bureaus when they process your application.  And most banks, like Chase and American Express, only pull from one.

So applying for a card from Capital One has a bigger effect on your credit score.  And even though the effect is temporary (if you pay your bills on time!), some folks avoid Capital One cards for this reason.

Simply put, if you’re trying to get under Chase’s 5/24 rule, or if you’re new to miles & points, you should skip these cards.  Because applying for either of them WILL count against Chase’s stricter approval rules.

And because Chase has some of the best travel rewards cards, I always recommend getting any Chase cards you want first.

That said, even if you already have a good credit score and history, the QuicksilverOne card is NOT worth applying for, because there’s an annual fee and no sign-up bonus.  So the Capital One Quicksilver card is the better choice of the two.

But if you’re looking to build your credit and improve your score, the QuicksilverOne card is worth considering.

Here’s more about the best card strategy for beginners.

Capital One Quicksilver Review
Getting Your Cash Back Is as Easy as Requesting a Check to Be Mailed to You!

Just don’t forget about other cards that earn a similar (or better!) cash back rate!

For example, the no-annual-fee Fidelity Visa Signature card earns 2% cash back when you redeem your rewards into a qualified investment account.  And with the Citi Double Cash Card, you’ll earn 1% when you make a purchase and another 1% when you pay it off!

Or you could consider cards like the Chase Freedom or Freedom Unlimited.

Similar to the Capital One Quicksilver cards, the Chase Freedom Unlimited card comes with 1.5% cash back on every purchase.  But you’ll also get a $150 (15,000 Chase Ultimate Rewards points) sign-up bonus after you spend $500 on purchases in your first 3 months from account opening.

With the Chase Freedom card, you can earn 5% back on rotating categories every quarter on up to $1,500 in combined spending, and 1% back on all other purchases.  Plus a $150 (15,000 Chase Ultimate Rewards points) sign-up bonus after you spend $500 on purchases in your first 3 months of opening your account.

Both the Freedom and Freedom Unlimited cards charge foreign transaction fees.

But an additional benefit of the Freedom and Freedom Unlimited cards from Chase is that if you have other cards like the Chase Sapphire Preferred, Chase Sapphire Reserve, or Ink Business Preferred, you can combine the points you earn from either of these cards and get more from your points by transferring them to airline and hotel partners!

Plus, applying for these cards won’t have as big an impact on your credit score, because these issuers only pull from one credit bureau.

Bottom Line

Even though you’ll earn 1.5% cash back on every purchase, the Capital One QuicksilverOne cash card doesn’t come with a sign-up bonus and charges an annual fee.  So unless you have a limited credit history or are trying to improve your score, it isn’t worth considering.  Because there are other cash back cards with no annual fee and similar (or better!) cash-back rates.

If you have all the Chase cards you want, and are looking for a no-annual-fee cash back card with no foreign transaction fees, you could consider the Capital One Quicksilver Card.  It comes with a $150 sign-up bonus after meeting minimum spending requirements.

But don’t forget, Capital One pulls from all 3 credit bureaus, so when you apply for one of their cards, it will have a bigger impact on your credit score.  And if you’re new to miles & points, I always suggest getting any Chase cards you want first, because of their stricter approval rules.

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Capital One® Quicksilver® Card - 0% Intro APR for 15 Months

Capital One® Quicksilver® Card - 0% Intro APR for 15 Months

  • One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening
  • 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 won't expire for the life of the account and there's no limit to how much you can earn
  • 0% intro APR on purchases for 15 months; 14.49%-24.49% variable APR after that
  • 0% intro APR on balance transfers for 15 months; 14.49%-24.49% variable APR after that; 3% fee on the amounts transferred within the first 15 months
  • Pay no annual fee or foreign transaction fees

More Info

Editorial Note: We're the Million Mile Secrets team. And we're proud of our content, opinions and analysis, and of our reader's comments. These haven’t been reviewed, approved or endorsed by any of the airlines, hotels, or credit card issuers which we often write about. And that’s just how we like it! :)

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I thought Cap One denied anyone with a lot of cc apps even if the credit score was great and to avoid that card if you’re a travel hacker. Is this true or not?

I have the Quicksilver card, and it’s also a Visa, so it’s accepted everywhere (as opposed to my AMEX cards). I use it for nonbonus category spending. If it wasn’t my oldest card, I probably would’ve gotten the Citi Double Cash instead, since 2% is more than 1.5%, but this is certainly a decent card with no annual fee or other strings attached, and the fact that you don’t have to wait until you have $25 or $100 in cash back to redeem is nice.

Anyway, thanks for the article.

I wouldn’t take the “I’ve NEVER declared bankruptcy” too literally on these applications. Bankruptcies fall off your credit report after 10 years. Once mine fell off I was able to get approved for everything, including both the Capital One Venture and Quicksilver cards.