Hey, did you know there is a brand new credit card that can get you a lot of cash back?
It’s the Capital One Quicksilver® card. They’re offering a welcome bonus of $100 right now, too.
Here are the basics of what you get with this card:
- Unlimited 1.5% cash back on every purchase, every day
- One-time $100 BONUS (once you spend $500 in the first three months)
- No Foreign Transaction Fees like all other Capital One cards
- No Annual Fee
- No rotating bonus categories, no sign-ups required, no limit on the cash back earned and no expiration date for rewards
That’s a pretty good start but let’s look a little deeper at the Capital One Quicksilver now…
Get Rewarded with Cash
So the 1.5% cash back you get every purchase has no limits, and there is also no annual fee.
This card replaces the Capital One Cash card – you know, the one from the commercial with Jimmy Fallon and that baby? That was essentially the same card except your cash back came as a bonus at the end of each year. That card no longer exists, and with this new card you get your cash back throughout the year as you spend.
The “catch” with this card is that it is only available to people with “Excellent” credit.
If you’re credit’s less than perfect, you may want to try Quicksilver One, a card with the same cash back rate but for people with “Average” credit. It’s basically the same card as this one — but with an annual fee of $39.
I’ve talked about it before. When you have excellent credit you get better benefits with your cards.
Keep it Simple
So, really, the benefit of this card is its simplicity.
No signing up for rotating categories, no restrictions or caps on earning the cash back. Getting 1.5 percent on EVERYTHING is quite an attractive rate. Your cash back rewards don’t expire, either.
You can redeem those rewards at any time via a check, statement credit, gift card or a charitable donation. You’ll get it pretty fast, too, with no minimums to redeem: after you request it, statement credits will show up within 5-7 business days. If you want a check or gift card, it will be sent to you by snail mail within 30 days.
So it can be a bit annoying to remember to check your rewards to redeem them, right? Well the Quicksilver Cash Rewards lets you set a threshold for redemption. When your rewards hit the minimum you automatically get your cash rewards back. We’re fans of automating your finances so this is a nice touch.
Let’s take a look at the numbers here.
If you spend $2,000 a month on your credit card, that would be $30 a month back, or $360 a year! Not bad at all. The more typical 1% back card would get you $240 per year. Now let’s say you had a rotating category card that got you 1% unlimited and an extra 4% per quarter in certain categories with a limit of $1,500. If you maxed that out (without going over the $2000 total per month), you would get another $240, totaling $480. But that’s if you spend the limit in the rotating categories every time. Since that can be difficult to do in ALL categories, this may be a better card for many than a card with categories and limits.
And, if you charge at least $500 in the first three months, you get a cool $100 bonus to add to that.
For purchases there’s a 0% intro APR until July 2014; after that it’s a 12.9%-20.9%, variable. (As usual, don’t make a terrible, no good mistake and not pay your bills in full!)
You also get that intro. 0% APR on balance transfers too. If you have a balance on another card a 0% balance transfer can really help to pay your balance off.
The lack of a foreign transaction fee saves you the extra 3% many cards charge on your purchases abroad.
A Tale of Two Visas (and their respective benefits)
If you are approved for a credit limit of over $5,000, you get a Visa Signature® version of this card, which offers a number of other fringe benefits.
If you are under the $5,000 limit, you get a Visa Platinum card and will get some but fewer, benefits.
Here are the benefits you get with both the Visa Signature version AND the Visa Platinum version:
$0 Fraud Liability
You’re covered by $0 Fraud Liability if your card is ever lost or stolen.
24-hour travel assistance services
If your credit card is lost or stolen, you can get an emergency card replacement and a cash advance.
Auto rental insurance
Rent a car with your credit card and you can get collision, damage, and loss insurance. Just use your card and decline the basic collision damage waiver.
Add the benefits below with the Visa Signature version of this card only:
Travel upgrades and savings
Receive complimentary upgrades and special savings at hotels, resorts, and spas. Also get help coordinating medical, legal and travel assistance while you’re travelling.
Complimentary concierge service
You get personal assistance 24 hours a day.
Special access to events
Get special access, preferred seating, or discounts at sporting events, concerts, Broadway shows and movies. Attend dining events and enjoy complimentary wine tastings and events at 60 Sonoma wineries.
Take advantage of special discounts at retailers: both online and brick-and-mortar.
24-hour roadside assistance
If your car breaks down or you get locked out, they’ll help you get into contact with towing companies and locksmiths.
Extended warranty program
You’ll get your warranties extended (no charge) on items that are purchased with your credit card.
Get up to $500 back if your purchase is stolen or damaged by weather, fire and pretty much anything…the site says damage is covered if caused by “aircraft, spacecraft, or other vehicles”!!!
Travel accident insurance
Get automatic accident insurance at no extra charge when you use your credit card to purchase your fare.
Lost Luggage Insurance
You’re covered up to $3,000 if your luggage is lost or stolen ($2,000 in NY state) when you charge your plane fare on the card.
Year-End Summary Statement
This may be helpful for those of us on a budget. You can opt to receive a statement at the end of the year that, according to the Visa site, may include a breakdown of your spending by category; both monthly and annually. I’ve received this kind of thing in the past and it was helpful to a point, but the categories are based on how the business is labeled with the credit card, so it’s very general and not always entirely accurate for your purposes. But it can’t hurt to take a look and get an idea where your spending may be out of balance.
Final Thoughts on the Capital One Quicksilver Cash Rewards Card
This looks like a great card to me.
Gimmicks and fees and wait times and caps can all be a hassle, confusing, and you may not end with as much as you thought you would in the way of rewards. Cold, hard cash at 1.5% of your spending without limits can be great for people who charge all of their expenses. If you travel, the lack of a foreign transaction fee will definitely appeal. And there’s no yearly fee, so you don’t have to worry about subtracting that from your total cash rewards.
If you have great credit, this may just be one of the best cards out there to make your spending work for you. Even the Quicksilver One version (with the yearly fee) seems a good deal (if you get enough cash back to cover the annual fee).
Here is a list of Capital One Credit Cards for you to compare.
*As you always should, make sure you read through the card details to make sure this card fits your needs and you understand the terms and conditions. Be aware that the terms may change after this article’s publication.