About Capital One® Quicksilver® Cash Rewards Credit Card
- One-time $100 bonus after you spend $500 on purchases within the first 3 months
The new Capital One® Quicksilver® Cash Rewards credit card has been released. Designed to replace the Capital One Cash Rewards card, the card offers straightforward rewards and no annual fee, no foreign transaction fees, and no cash back redemption thresholds. Although the interest rates are average, it is a great all-purpose rewards card, particularly for a buyer who doesn't want to have to think about whether or not certain purchases will qualify.
The card has no annual fee.
A 3 percent fee is placed on balance transfers, and cash advances carry a fee of $10 or three percent, whichever is greater. Late payment or returned check fees can cost up to $35, similar to other cards.
The regular APR will vary based on creditworthiness, from 12.9 to 16.9 to 20.9 percent. Capital One notes the rates will vary with the market based on the prime rate. Cash advances carry a 24.9 percent APR, and the penalty rate after a late payment is a hefty 29.4 percent, which can last indefinitely. This is not a card for anyone who may sometimes run late on a payment.
The Quicksilver card provides 1.5 percent cash back on purchases, and the money is made available every month. Like its predecessor, the cash back requirements are simple and clear, with no tiered structure, or specific product purchase categories. It provides 1.5 percent cash back on all purchases, with the exclusion of those made with checks. There is no cap on rewards, and they don’t expire.
Cash back options can be made upon request for any available amount, automatically at a set time each calendar year, or automatically when a specific threshold ($25, $50, $100 or $200) has been reached. The reward can be applied as an account credit, or as a gift card, or check.
During the first three months after opening the card account, a $100 bonus is available after spending $500 or more within that time.
To get in on the rewards, applicants will need a solid credit history and income which at least exceeds $425 of their rent or mortgage payment and potentially other expenses or debts. With a straightforward rewards program, it is a card that is easy to use and understand, and can be a good alternative to other cards which strictly categorize purchases.
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