Capital One is the leading credit card company in America. With a market capitalization of over $30 billion and listed on the NASDAQ exchange under the ticker, COF, Capital One is also my favorite credit card company.
Out of all the rewards credit cards Capital One offers, the Capital One Quicksilver Cash Rewards Credit Card is the best. By owning this card, you get 1.5% cash back on everything you purchase. From buying the latest electronic device or going out to eat. 1.5% cash back is 50% higher than the typical cash back card.
What’s also great about the 1.5% cash back rewards is that it doesn’t expire. There’s no limit to how much you can earn. Many other cards will say something like 1.5% cash back on up to $20,000 in spending, which essentially only means $300 in rewards. The Capital One Quicksilver Cash Rewards Credit Card offers a generous unlimited cash back with no spending caps.
Highlights Of The Capital One Quicksilver Card
- Annual Fee: $0. It feels great having no annual fee.
- Introductory Offer: 0% on purchases for the first 15 months,
- Welcome Bonus: Earn a one-time $200 cash bonus if you spend $500 on purchases within the first 3 months
- Rewards: Unlimited 1.5% cash back on every purchase with no spending limit
- Balance Transfer Fee: 3% in the first 15 months
- Foreign Transaction Fee: None
Overview Of The Capital One Quicksilver Card
In addition to the amazing 1.5% cash back unlimited offer, The Capital One Quicksilver is also one of the best credit cards for international travelers.
When you travel internationally, a lot of cards will charge you foreign transaction fees. Not the Capital One Quicksilver card. Not only does it have no annual fees, it also has no transaction fees. You can use your credit card in any country the same way you would in America.
The best type of credit card everyone should own is a cash back rewards card. They offer the flexibility of using cash to pay for anything, including your upcoming credit card bill.
The Capital One Quicksilver card offers a one-time $200 bonus after you spend your first $500. In addition, 0% APR for the first 15 months.
With the Capital One Quicksilver card, you can purchase things with confidence, pay no interest for 15 months, travel internationally without worry, and never feel pressured to spend more to earn more due to no annual fee.
The Positives Of The Capital One Quicksilver Card
Here are some additional positive benefits of the Capital One Quicksilver card to consider:
1) No Cash Back Redemption Minimum
Instead of having to wait until you get to a certain cash back threshold, like $100, you can redeem your cash back rewards at any time. In other words, your rewards points offer the ultimate flexibility. How annoying would it be to have to wait until you spend $6,666.70 to get $100 in cash back rewards?
2) No pressure to spend due to no annual fee
A typical annual fee for a rewards credit card of Quicksilver’s caliber is $95 a year. The problem with paying an annual fee is that you are often more incentivized to use the credit card when it’s not in your best financial interest.
Without an annual fee to worry about, you will feel no pressure to unnecessarily spend your money with the Capital One Quicksilver card. You don’t want to get in one of those situations where you get lured into “spending more to save more.” That’s how stores and marketing get consumers.
3) Easily Match Your Lifestyle
Everybody should own a credit card that best matches their spending habits and lifestyle.
With a flat-rate reward credit card like the Chase Freedom Unlimited credit card, you have the maximum amount of flexibility and rewards to fit your lifestyle. Cash is truly king, and by getting 1.5% cash back for each dollar spent, you can use your cash for a whole host of different rewards.
4) Great Welcome Bonus
The Capital One Quicksilver card only requires spending $500 within the first three months from account opening to get a $200 bonus. That’s a 40% bonus, and one of the highest, if not the highest, cash back rewards percentages you’ll see on the market today.
Other cards with $95 annual fees will require you to spend $3,000 and sometimes $5,000 in the first several months to get a similar bonus or less.
5) Cash Is Greater Than Rewards Points
It would be one thing if the cash back percentage was only 1%, but with a 1.5% cash back percentage, the Capital One Quicksilver card is providing top tier benefits to use on anything.
The alternative route is to get another rewards credit card that builds you points to then use for buy airline tickets, electronics, and so forth. Sometimes the rewards points are good value, but often times the rewards points aren’t a great value. With 1.5% cash back, you have much greater buying power and transparency with your rewards.
The Negatives Of The Capital One Quicksilver Card
There are only two negatives I can think of with the Capital One Quicksilver card. The first negative is if you want to earn rewards for a specific item such as gas, food, and airline tickets. You may be able to get a speciality credit card that offers slightly more value.
But the biggest downside to the Capital One Quicksilver credit card is the same for all credit cards: the Annual Percentage Rate (APR).
Even though you get a 0% APR for the first 15 months, the APR after the 15th month will likely be over 10%. According to the St. Louis Fed, the average credit card interest rate is roughly 17%.
The obvious key to never paying a credit card interest rate of 10%+ is to always pay your credit card bill on time. Always make sure you take advantage of credit cards and not the other way around.
Take Advantage Of The 0% Intro APR
Unfortunately, you cannot use the 0% intro APR for 15 months for balance transfers. There are other balance transfer credit cards for such purpose.
But what you can and should do is use the Capital One Quicksilver card for any large new purchases. Perhaps you want to buy the newest iPhone or MacBook Pro. Having a 0% APR for 15 months should be nice.
Or maybe you can put a car downpayment on your credit card or decide to purchase a great family vacation to Hawaii, Asia, or Europe. Having a 0% APR for 15 months would be nice, even if you don’t need it.
Remember, not only will you get the reprieve of 0% APR for 15 months, you’ll also get a $200 cash bonus after spending $500, and 1.5% cash back on all purchases. Essentially, you are getting a triple-win here!
But also remember to keep your spending reasonable. Only buy what you can afford, because you must ultimately pay down what you’ve charged before the 15th month.
You should make at least your minimum payments on-time each month and pay off everything within 15 months of opening the account. If you forget, and pay on the 16th month, you will end up owning interest on that entire 15+ month period.
Who Is The Capital One Quicksilver Card Ideal For?
The Capital One Quicksilver credit card is ideal for the following types of people:
- People who love to charge as much as possible on their credit cards.
- Those who hate annual fees.
- If you enjoy the good life going out with friends and significant others for meals, drinks, and shows.
- People who love a good deal.
- Those who are financially responsible and want to achieve financial independence.
- If you always pay your bills on time.
- Everyone who values cash and its flexibility.
The Capital One Quicksilver Is Great
The Capital One Quicksilver credit card is everything you need, nothing you don’t. With no annual fees, 1.5% cash back, an easy-to-achieve $200 sign-up bonus, it’s no wonder why the Capital One Quicksilver credit card is one of the most popular cards today.
You can forget about those fancier cards with their $95 – $550 a year annual fees. The Capital One Quicksilver credit card is a great choice for the discerning consumer.
Pay off Your Debt Faster
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For further suggestions on saving money and growing wealth, check out my Top Financial Products page.
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About the Author: Sam worked in investment banking for 13 years at Goldman Sachs and Credit Suisse. He received his undergraduate degree in Economics from The College of William & Mary and got his MBA from UC Berkeley. In 2012, Sam was able to retire at the age of 34 largely due to his investments that now generate roughly $250,000 a year in passive income. He spends most of his time playing tennis, writing, traveling, and taking care of his family.
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