Full Evaluation of Capital One Quicksilver Credit score Card
desk of contents
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Full Evaluation
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Professionals Defined
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Cons Defined
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Who This Card Is Finest For
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One-Time Provide
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Rewards Incomes Particulars
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Rewards Redemption Particulars
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Maximize Your Rewards
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Customary Advantages
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Cardholder Expertise
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Safety Options
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Remaining Verdict
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Regularly Requested Questions
Professionals
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Easy rewards program and respectable return
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Good introductory provides
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No annual or international transaction charges
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No penalty APR
Cons
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No alternative for bonus rewards charges
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The APR might be comparatively excessive
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Requires wonderful credit score
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Comparatively modest cash-back rewards
Professionals Defined
- Easy Rewards Program and Respectable Return: Should you’re in search of a no-fuss cash-back bank card that pays respectably, this one is price contemplating. It provides a flat 1.5% cash-back rewards price on each buy you make, and there’s no restrict to how a lot you possibly can earn. Whereas different rewards bank cards supply bonus charges on sure spending classes, a few of these additionally supply just one% money again on all different spending. With its mid-level customary price (some playing cards pay extra), this card would possibly show not solely easier to make use of however extra profitable in the long term.
- Good Introductory Affords: As a brand new cardholder, you’ll earn a $200 money bonus when you spend $500 on purchases inside 3 months of your account opening. That’s an efficient 40% return on the required spending and it’s achievable even for somebody who has a comparatively small finances. On prime of that, you’ll additionally get an introductory 0% APR on purchases and stability transfers for 15 months.
- No Annual or International Transaction Charges: The cardboard not solely fees no annual charge—widespread amongst cash-back bank cards—but in addition no international transaction charge. It’s not the one cash-back card that waives this charge on purchases made overseas, however you’ll discover extra playing cards that do cost it. International transaction charges sometimes run shut to three% on every worldwide buy, so this card might prevent a superb quantity.
- No Penalty APR: In contrast to most playing cards, the APR doesn’t enhance to a penalty price—normally the best rate of interest charged on the cardboard—after you’ve been in arrears on funds for 60 days or extra.
Cons Defined
- No Alternative for Bonus Rewards Charges: The simplicity of the cardboard’s flat-rate rewards construction is interesting. However in the event you’re in search of a card that gives extra rewards in areas the place you spend quite a bit, this one gained’t do. What’s extra, it doesn’t supply the best flat rewards price on the market. For instance, the Citi Double Money Card, one other card with no annual charge, provides 1% again on each buy plus one other 1% once you pay your invoice. The Alliant Cashback Visa Signature card offers you 2.5% money again on all purchases on as much as the primary $10,000 in spending.
- The APR Can Be Comparatively Excessive: After the cardboard’s introductory 0% APR promotion ends, the continued variable APR can vary from 19.99% to 29.99%, primarily based in your creditworthiness. Another playing cards have a decrease vary of APRs. In accordance with the Federal Reserve, the typical bank card rate of interest throughout all bank card accounts that cost curiosity is 20.92%. In fact, this APR gained’t matter in the event you pay your stability in full every month, which we suggest. However in the event you suppose you may need a stability left after the promotional interval, otherwise you habitually carry a stability, keep in mind that you just would possibly discover lower-rate playing cards.
- Requires Glorious Credit score: This card requires that candidates have wonderful credit score. In accordance with Capital One, which means you’ve got by no means declared chapter or defaulted on a mortgage, by no means paid greater than 60 days late up to now 12 months on any bank card, medical invoice, or mortgage, and have had a mortgage or bank card for 3 or extra years that had a $5,000+ credit score restrict.
- Comparatively Modest Money-Again Rewards: Different playing cards pay the next flat cash-back price. Plus chances are you’ll earn extra in cash-back rewards with a card that gives tiered reward charges which might be tied to totally different buy classes.
Who This Card Is Finest For
The Capital One Quicksilver Credit score Card is a stable alternative for individuals who don’t spend quite a bit in anybody finances class and/or favor one rewards price as an alternative of a number of charges that rely on the acquisition.
It’s additionally a superb choice in the event you’re in search of a protracted introductory 0% APR promotion on purchases and stability transfers.
The cardboard’s lack of an annual charge is interesting for people who find themselves typically fee-averse and don’t need to fear about incomes sufficient rewards to justify a yearly price. Simply you should definitely take time to check it with different no-annual-fee playing cards to make sure you choose the fitting one for you.
Lastly, given the absence of a international transaction charge, take into consideration getting the cardboard in order for you a cash-back bank card to make use of overseas. The charges of as much as 3% charged by different playing cards could not appear to be quite a bit, however can add up over the course of a world journey.
Capital One Quicksilver Credit score Card One-Time Provide
You’ll earn a $200 money bonus when you spend $500 on purchases inside three months of your account opening. That is a mean spend of $167 per 30 days. It is an achievable tempo of buying, even in the event you’re not an enormous spender.
Rewards Incomes Particulars
Cardholders earn a flat 1.5% money again on each buy, with no restrict on these earnings. On the one hand, that eliminates any want to emphasise sure spending habits with a purpose to earn extra rewards on sure purchases. On the opposite, it additionally means there’s no alternative to earn greater than 1.5% in rewards on classes by which you spend quite a bit.
Rewards Redemption Particulars
You’ve gotten three selections when redeeming your rewards for money: a paper verify, a press release credit score (basic or in opposition to a particular buy), and reward playing cards. You may as well redeem your rewards on purchases made with PayPal and on Amazon.com.
Your rewards don’t expire so long as your account is open, so you possibly can accumulate them with out fear. What’s extra, there’s no minimal redemption quantity, so you possibly can acquire entry to your money again anytime you need.
Maximize Your Rewards
On condition that the Capital One Quicksilver doesn’t supply bonus rewards charges, the most effective factor you are able to do to maximise your rewards is to make use of the cardboard each probability you get.
Nonetheless, pay attention to when a service provider fees additional to make use of a bank card, as do some fuel stations, for instance. If the bank card value exceeds the money value by greater than your rewards quantity of 1.5%, chances are you’ll need to pay in money or with a debit card—or use one other bank card that rewards you at the very least as a lot as the worth distinction. That approach, you aren’t paying extra by opting to make use of this card.
On the subject of redeeming rewards, you would possibly need to think about a present card, and logging on to verify the redemption charges for these. Companions embrace Amazon and PayPal. Whereas the reward card rewards are an incredible profit, Capital One’s web site doesn’t embrace detailed details about which companies it companions with. You may want to speak to a buyer consultant or begin the redemption course of for additional data.
Customary Advantages
- Concierge for reserving occasion tickets, journey, and different companies
- Journey accident insurance coverage
- Journey help companies
- Prolonged guarantee safety
- Entry to premier culinary experiences, in addition to music and sporting occasions
Cardholder Expertise
Capital One ranked fifth out of 11 nationwide card issuers and scored under common within the J.D. Energy 2022 U.S. Credit score Card Satisfaction Examine.
The cardboard issuer supplies free entry to your VantageScore credit score rating by its CreditWise function, however that platform is obtainable whether or not you’re a cardholder or not. Many different card issuers present free entry to your FICO credit score rating, which is the rating utilized by most main lenders.
If in case you have a query, you possibly can attain Capital One customer support. Nonetheless, not like virtually all different card issuers, entry is barely by telephone or bodily mail; no e mail or on-line chat choices are provided.
You may as well handle your account by Capital One’s cellular app, which was ranked first out of 9 nationwide banks within the J.D. Energy 2022 U.S. Banking Cellular App Satisfaction Examine.
Safety Options
Capital One provides a few security measures that aren’t customary for the business. Whereas virtually all issuers now let you freeze your card quickly if it’s misplaced, Capital One is amongst a choose variety of issuers that permit you to take action in a cellular app.
Should you’re involved about utilizing your card quantity on-line, Capital One permits you to create a digital quantity tied to the account that retains your card data secure.
You may as well create a digital card quantity for every web site you utilize and lock and unlock numbers everytime you need.
Remaining Verdict
The Capital One Quicksilver Credit score Card generally is a sensible choice of rewards bank card for individuals who prioritize simplicity of their monetary lives. The cardboard’s limitless 1.5% cash-back price on all purchases makes it simple to watch your rewards. It fees no annual charge, which suggests yearly financial savings for you. The cardboard’s engaging introductory, 15-month 0% APR promotion on purchases provides you much more financial savings.
Furthermore, the $200 one-time money bonus that you just obtain for $500 in spending inside three months of your account opening is definitely earned, and represents a superb return on required spending.
Regularly Requested Questions
What’s the highest credit score restrict for a Capital One Quicksilver card?
Capital One signifies neither a low nor excessive credit score restrict on its web site. It states that the credit score restrict will likely be decided because it evaluations your utility and your means to pay. Nonetheless, third-party websites recommend that the best credit score restrict could also be as a lot as $10,000.
Is it arduous to get a Capital One Quicksilver card?
So long as you possibly can meet Capital One’s standards for the cardboard, it should not be arduous to get it. These embrace wonderful credit score (as outlined on its website), a credit score rating of about 700 and above, and the extent of revenue that it requires.
Is Capital One Quicksilver good for novices?
It will not be your best option due to the excessive credit score rating required. Should you do not but have a credit score historical past, search for a card that addresses that state of affairs. For instance, the Capital One Platinum bank card could not supply rewards, nevertheless it would not have an annual charge and it is designed for individuals with restricted credit score. That may be a superb place for a newbie to start out utilizing a bank card and construct their credit score historical past.
When do I get my Capital One Quicksilver $200 bonus?
After your spending inside the first three months of your account opening (and rewards membership enrollment date) reaches $500, you qualify for the $200 bonus for brand spanking new account holders. Then, inside two billing cycles, Capital One will apply it to your rewards stability.