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Simple way to earn cash back: Capital One Quicksilver Cash Rewards review

Dec. 08, 2022
8 min read
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Editor’s note: This post has been updated with the latest credit card information.


Capital One Quicksilver Cash Rewards Credit Card Overview

The Capital One Quicksilver Cash Rewards Credit Card is a good card for those who prefer to keep their rewards simple.

This card earns a flat rate of 1.5% cash back on all purchases, which is easily redeemable and requires no minimum. However, the Quicksilver’s rewards aren’t quite as flexible as those of some of its competitors, so if you plan to expand your card portfolio at some point, then you may want to consider a different card. Card Rating*: ⭐⭐⭐½

*Card Rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.

The Capital One Quicksilver Cash Rewards Credit Card may slightly outpace the perks of other cash-back cards with its respectable sign-up bonus and no annual fee, but it also requires an excellent credit rating from its applicants and has a few drawbacks worth pointing out.

Quicksilver’s simple earning structure may be appealing — along with its distinction as one of the best 0% interest cards on the market — but what makes it even more so is the ability to convert the cash back you earn on it into miles with the Capital One Venture Rewards Credit Card (if you have that card as well), which can then be redeemed with 15-plus airline and three hotel transfer partners.

Let’s dive into the details.

Who is this card for?

THE POINTS GUY

The Capital One Quicksilver is best for people who use one card for everything because it has a simple, flat 1.5% cash-back earning rate.

If you don’t use bonus spending categories such dining, entertainment and groceries, or you prefer not to juggle cards when you’re out and about, then you should at least be earning more than 1% cash back on all spending. However, you can likely improve on the Quicksilver’s earning rate, as we’ll see shortly.

Sign-up bonus

Capital One currently offers Quicksilver Cash Rewards cardholders a $200 cash bonus after spending $500 on purchases within the first three months of account opening.

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That’s typical for cash-back cards with no annual fee, and it has the advantage of a low spending requirement that most people should be able to meet without too much effort. But compared to the best travel credit cards, which can offer sign-up bonuses worth thousands of dollars, this $200 is just some extra cash in your pocket.

With this card, you'll also enjoy a 0% intro annual percentage rate (APR) on purchases and balance transfers for 15 months, 19.24%-29.24% variable APR after that, and 3% fee on the amounts transferred within the first 15 months — making this a formidable 0% interest card, if that's a factor for you.

Related: 13 cards currently offering sign-up bonuses of 100,000 points or more

Main benefits and perks

KDR IN-FOCUS PRODUCTIONS/SHUTTERSTOCK

The Capital One Quicksilver isn’t the card to get if you want perks such as lounge access or travel credits, which are more often included with premium credit cards. However, the Quicksilver does include some benefits, such as charging no foreign transaction fees. That’s a perk that, while now nearly universal on credit cards with annual fees, is a little rarer on no-annual-fee cards. Other benefits include:

How to earn cash back

DOLGACHOV/GETTY

There’s nothing special regarding earning cash back on the Capital One Quicksilver, merely a flat 1.5% on all purchases with no bonus categories.

If you don’t have one high-spending category, then it’s fine to earn the same amount on all purchases. However, if you make a great number of purchases each month in one particular category — such as dining or groceries — you’ll likely want to consider a card that earns a bonus in that category.

Related: The best credit cards for dining rewards

How to redeem cash back

You can redeem cash back earned on the Capital One Quicksilver as a statement credit, check or gift card, or you can apply it directly to a specific charge you on your statement and cover it that way. There’s also no minimum redemption amount — all you have to do is sign in to your account via the app or your computer and simply select your preference.

JOHN GRIBBEN/THE POINTS GUY

This is similar to many cash-back cards, but it’s nowhere near as flexible as the Chase Freedom Unlimited, which also earns 1.5% cash back, but can be turned into Ultimate Rewards points that can be transferred to premium Chase cards — the Chase Sapphire Preferred Card, Chase Sapphire Reserve and Ink Business Preferred Credit Card — and turned into valuable travel rewards.

Related: The power of the Chase Trifecta: Sapphire Reserve, Ink Preferred and Freedom Unlimited

What cards compete with the Quicksilver?

The Capital One Quicksilver is similar to its sister card, the Capital One QuicksilverOne Cash Rewards Credit Card, which also earns 1.5% cash back on all purchases. The main differences are that the QuicksilverOne is for those with limited or average credit, and it comes with a $39 annual fee and no sign-up bonus. Beyond that, the perks and cash back are essentially identical. So if you have a high credit rating to qualify for the Quicksilver card, that’s the better choice.

However, when it comes to earning cash back, even if you’re looking for a card with a flat earning rate on all purchases, you’ll definitely do better with the Citi® Double Cash Card, which earns 2% on all purchases (1% when you buy and 1% as you pay) and also has no annual fee.

On the other hand, if you’re willing to try out bonus categories, the Capital One SavorOne Cash Rewards Credit Card earns 3% cash back on dining, entertainment, popular streaming services and grocery stores (excluding superstores like Walmart® and Target®) and 1% on all other purchases, which might make sense depending on your spending habits.

If you’re going to go with a 1.5% cash back card, the Chase Freedom Unlimited also has no annual fee and earns 1.5% cash back on most purchases. However, it also accrues 5% cash back on Chase travel booked through Ultimate Rewards, 3% back at drug stores and on dining — much higher earning rates on easy-to-maximize categories.

What’s more, as part of the Chase Ultimate Rewards ecosystem, the Freedom Unlimited has much greater potential and upside when it comes to redeeming that cash back. Just pair the Freedom Unlimited with a premium Chase card such as the Chase Sapphire Preferred Card or the Ink Business Preferred Credit Card and you can turn your cash back into transferable Ultimate Rewards points that can be converted into airline miles and hotel points with the program’s partners, potentially doubling the value of what you earned from the card.

Related: Best cash-back credit cards

Bottom line

The Capital One Quicksilver Cash Rewards Credit Card offers a decent cash-back earning rate and a solid sign-up bonus. However, other cash-back cards offer more generous earnings, and other cards feature more flexible ways to redeem your rewards for greater value.

The only reason to pick the Quicksilver over other cash back credit cards is if you value the $200 sign-up bonus. Otherwise, you’ll probably do better looking elsewhere.

Additional reporting by Ryan Wilcox.

Featured image by GETTY IMAGES
Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

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Our points-obsessed staff uses a plethora of credit cards on a daily basis. If anyone on our team wouldn’t recommend it to a friend or a family member, we wouldn’t recommend it on The Points Guy either. Our opinions are our own, and have not been reviewed, approved, or endorsed by our advertising partners.
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TPG featured card

Best for the well-traveled foodie
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
4 / 5
Go to review
Apply for American Express® Gold Card
at American Express's secure site

Rewards

3 - 4X points
4XEarn 4X Membership Rewards® Points at Restaurants, plus takeout and delivery in the U.S.
4XEarn 4X Membership Rewards® points at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X).
3XEarn 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com.

Intro offer

60,000 bonus points
Earn 60,000 Membership Rewards® points after you spend $4,000 on eligible purchases with your new Card within the first 6 months of Card Membership.

Annual Fee

$250

Recommended Credit

670-850
Excellent/Good
Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

Why We Chose It

There's a lot to love about the Amex Gold card. It's been a fan favorite during the pandemic because of its fantastic rewards rate on restaurants (that includes takeout and delivery in the U.S.!) and U.S. supermarkets. If you're hitting the skies soon, you'll also earn bonus points on travel. Paired with up to $120 in Uber Cash (for U.S. Uber rides or Uber Eats orders) and up to $120 in annual dining statement credits at eligible partners, there's no reason that the foodie shouldn't add this card to their wallet. Enrollment required.

Pros

  • 4x on dining at restaurants and U.S. supermarkets (on the first $25,000 in purchases per calendar year; then 1x)
  • 3x on flights booked directly with the airline or with Amex Travel
  • Welcome bonus of 60,000 points after spending $4,000 in the first six months

Cons

  • Weak on travel outside of flights and everyday spending bonus categories
  • Not as useful for those living outside the U.S.
  • Some may have trouble using Uber/food credits
  • Few travel perks and protections
  • Earn 60,000 Membership Rewards® points after you spend $4,000 on eligible purchases with your new Card within the first 6 months of Card Membership.
  • Earn 4X Membership Rewards® Points at Restaurants, plus takeout and delivery in the U.S., and earn 4X Membership Rewards® points at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X).
  • Earn 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com.
  • $120 Uber Cash on Gold: Add your Gold Card to your Uber account and each month automatically get $10 in Uber Cash for Uber Eats orders or Uber rides in the U.S., totaling up to $120 per year.
  • $120 Dining Credit: Satisfy your cravings and earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, Milk Bar and select Shake Shack locations. Enrollment required.
  • Choose the color that suits your style. Gold or Rose Gold.
  • No Foreign Transaction Fees.
  • Annual Fee is $250.
  • Terms Apply.
  • See Rates & Fees
Apply for American Express® Gold Card
at American Express's secure site
Terms & restrictions apply. See rates & fees
Best for the well-traveled foodie
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
4 / 5
Go to review

Rewards Rate

4XEarn 4X Membership Rewards® Points at Restaurants, plus takeout and delivery in the U.S.
4XEarn 4X Membership Rewards® points at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X).
3XEarn 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com.
  • Intro Offer
    Earn 60,000 Membership Rewards® points after you spend $4,000 on eligible purchases with your new Card within the first 6 months of Card Membership.

    60,000 bonus points
  • Annual Fee

    $250
  • Recommended Credit
    Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

    670-850
    Excellent/Good

Why We Chose It

There's a lot to love about the Amex Gold card. It's been a fan favorite during the pandemic because of its fantastic rewards rate on restaurants (that includes takeout and delivery in the U.S.!) and U.S. supermarkets. If you're hitting the skies soon, you'll also earn bonus points on travel. Paired with up to $120 in Uber Cash (for U.S. Uber rides or Uber Eats orders) and up to $120 in annual dining statement credits at eligible partners, there's no reason that the foodie shouldn't add this card to their wallet. Enrollment required.

Pros

  • 4x on dining at restaurants and U.S. supermarkets (on the first $25,000 in purchases per calendar year; then 1x)
  • 3x on flights booked directly with the airline or with Amex Travel
  • Welcome bonus of 60,000 points after spending $4,000 in the first six months

Cons

  • Weak on travel outside of flights and everyday spending bonus categories
  • Not as useful for those living outside the U.S.
  • Some may have trouble using Uber/food credits
  • Few travel perks and protections
  • Earn 60,000 Membership Rewards® points after you spend $4,000 on eligible purchases with your new Card within the first 6 months of Card Membership.
  • Earn 4X Membership Rewards® Points at Restaurants, plus takeout and delivery in the U.S., and earn 4X Membership Rewards® points at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X).
  • Earn 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com.
  • $120 Uber Cash on Gold: Add your Gold Card to your Uber account and each month automatically get $10 in Uber Cash for Uber Eats orders or Uber rides in the U.S., totaling up to $120 per year.
  • $120 Dining Credit: Satisfy your cravings and earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, Milk Bar and select Shake Shack locations. Enrollment required.
  • Choose the color that suits your style. Gold or Rose Gold.
  • No Foreign Transaction Fees.
  • Annual Fee is $250.
  • Terms Apply.
  • See Rates & Fees