Note: Capital One is not currently offering the 15 months of 0% APR for balance transfers mentioned in this review. The Quicksilver card is, however, still offering the 15 months of 0% APR on new purchases.
If you’re looking for a credit card that offers a little bit of everything without the hassle of an annual fee, you may want to consider the Quicksilver® from Capital One®.
The Quicksilver offers a 15-month introductory period of 0% APR on both new purchases and balance transfers. But that’s not all. It also has a $150 welcome bonus opportunity and a cash back rewards program that offers unlimited 1.5% on all purchases.
This card comes with no annual fee and is aimed at consumers who are classified as “excellent” on Capital One’s credit level scale.
In this review, we’ll dive into the specifics of the benefits associated with the Quicksilver card, determine how you can put more money in your pocket with the card and explain how it is different than the similarly-branded QuicksilverOne card.
Table of Contents
- What Is the Quicksilver from Capital One?
- Card Specs and Perks
- Dos and Don’ts When Paying Off Debt with Quicksilver
- Quicksilver vs. QuicksilverOne
- Final Thoughts
Team Clark has spent time evaluating the credit card market in categories like best options for balance transfers, 0% APR introductory periods and cash back rewards programs. The Quicksilver from Capital One is versatile enough to be an option worth evaluating in all of those categories. We determined that it is a viable choice for those seeking a 0% APR period on both balance transfers and new purchases, as well as an option for the consumer seeking cash back on everyday purchases.
As you’re making your decision on whether the Quicksilver from Capital One is a fit for you, please use Team Clark’s review of the card in conjunction with money expert Clark Howard’s 7 Rules for Using Credit Cards.
What Is the Quicksilver from Capital One?
The Quicksilver from Capital One is a cash back credit card that offers unlimited 1.5% on all purchases. It also can be considered for use as a balance transfer or 0% APR card, as it has a 15-month interest-free welcome period for both transfers and new purchases.
Capital One does not charge an annual fee for this card.
Quicksilver from Capital One: Specs and Perks
Before we get too far into whether or not this credit card is the right choice for you, let’s take a look at some of the perks and drawbacks of the card from the fine print:
Bonuses and Perks
- Introductory APR on New Purchases: The Quicksilver card comes with a 15-month period of 0% APR on new purchases. You will be charged your regularly assigned APR (varies based on credit assessment) on purchases and any remaining balance beginning in the 16th month.
- Introductory APR on Balance Transfers: Capital One also offers a 15-month period of 0% APR for balance transfers with this card. There is a one-time 3% balance transfer fee that will be applied to the amount that you bring over from an existing credit card.
- Cash Back Rewards Program: The Quicksilver card comes with an unlimited 1.5% cash back bonus on all purchases. While this is not quite as good as the up to 2% you could earn from the competing Citi® Double Cash, it does share the same flexibility by having no categories or limits on spending. These cash back rewards can be redeemed for any amount at any time with no expiration date.
- Welcome Bonus Opportunity: You can earn a $150 welcome bonus by spending at least $500 on new purchases within the first three months of card membership. This is not the largest welcome bonus out there, but it’s one that is easily attainable with spending of just $167 per month.
- Wikibuy and Paribus integration: These tools are useful for online purchases. Wikibuy scans thousands of merchants to ensure you’re finding the best price. Meanwhile, Paribus is a tool that can retroactively get you money back on purchases already made online.
- $0 Fraud Liability Protection: As is the case with other Capital One cards, the Savor card gives you zero liability in the event that unauthorized charges occur as the result of a lost or stolen card.
- Free Credit Report Monitoring: Through the use of CreditWise, you’ll get alerts when your TransUnion or Experian credit report changes.
- Travel Coverage: Capital One offers three perks that are worth noting for travel: Travel Accident Insurance, No Foreign Transaction Fees and 24-hour Travel Assistance Services. If you travel often, perks like getting quick card replacement can create peace of mind.
Here’s a quick look at some of the fees you may encounter with the Quicksilver from Capital One:
- Annual Fee: None
- Balance Transfer Fee: 3% of the amount transferred from the balance of an existing credit card
- Cash Advance Fee: Either $10 or 3% of advance amount, whichever is greater
- Foreign Transaction Fee: None, so there is no penalty for spending when you travel out the United States
- Late Payment Fee: Capital One can charge you up to $39 for a late payment
Dos and Don’ts for Eliminating Debt with Quicksilver From Capital One
If you are going to use the Quicksilver as a means of getting rid of credit card debt via balance transfer, we have some basic dos and don’ts to make sure you are getting the job done as efficiently as possible.
Do: Transfer Existing Credit Card Debt
Using those numbers as the baseline for our discussion, a consumer who is paying 16.14% on $9,333 stands to save approximately $1,036 in interest charges if they transfer the balance to the Quicksilver in time to enjoy the 15-month period for 0% APR. Doing so will require a 3% transfer fee, though. That comes out to a $280 fee on a $9,333 balance.
So, when we back the $280 out of the $1,036 in interest savings, you should see a net positive of $756 from making the balance transfer.
Don’t: Make New Purchases to Earn Cash Back Rewards
While the Quicksilver’s unlimited 1.5% cash back and 0% APR period for new purchases may be tempting, money expert Clark Howard advises that you avoid any new purchases if you are attempting to eliminate credit card debt with a balance transfer.
“I don’t want people to have a mixed message that while they’re paying off a balance they are getting rewards on additional purchases. I want the focus to be 100% on being credit-card debt free, and not being lured in by a reward you may get for continuing your credit-buying habit,” Clark said.
Do: Weigh the Risks and Benefits of the Welcome Bonus
Clark’s position on credit card spending while you have a transfer balance debt you’re trying to pay off is very clear. He’s against it.
Depending on the amount of debt you have remaining by the third month of your balance transfer journey, you may want to consider revisiting that stance in an effort to obtain Capital One’s $150 welcome bonus offer for the Quicksilver. It has a pretty low spending bar for achievement. It requires just $500 in spending during the first three months of card membership.
If you have paid off or significantly reduced the balance transfer debt, you may have an opportunity to make a large purchase to obtain the bonus (provided you plan to immediately pay it off and not add to your debt, of course).
If you find yourself with a long way to go in the debt payment journey, please refrain from attempting to spend to get the bonus. Stay focused on eliminating your credit card debt!
3. Earn Cash Back Rewards
Quicksilver pays out 1.5% cash back on all purchases. There are no limits or categories you must spend in to qualify for the bonus, nor are there redemption restrictions or time limits on spending it once earned. It’s right there to call a net gain as soon as it hits the balance of your account.
If the average household spends approximately $2,700 in monthly expenses that can be charged to this card, it would earn $40.50 per month in cash back rewards. Over a 15-month period, that would accumulate $607.50.
Add that to the balance transfer and welcome bonus tally of $906, and we’re looking at a net positive of $1,513.50 when using this card for 15 months over a card with the average American household credit card debt at the average APR.
For this exercise, it is worth noting that we ignored the potential savings of carrying a balance on new purchases at the introductory 0% APR rate. Remember, just because you’re paying for items on your credit card does not mean you have to add to your credit card debt. In fact, Clark encourages paying off the balance on your credit card each month.
If you’re bringing a balance transfer to this card, using the proceeds from your cash back rewards towards the balance is a great way to shorten the amount of time it will take to get rid of that debt.
Quicksilver vs. QuicksilverOne: What Is the Difference?
Similar to the way it brands the Savor and SavorOne cards, you may have noticed that Capital One offers credit cards named both Quicksilver and QuicksilverOne. While they may often be confused as the same card, these are actually two offerings with some big differences.
For starters, the QuicksilverOne is geared toward users with what Capital One would consider “average” credit. That’s a much lower bar for qualifications than Quicksilver, which is designed as an offering for “excellent” credit on the same scale.
This means being accepted for the QuicksilverOne card is likely to be much easier, but it comes at a consequence. The QuicksilverOne does not have the 15-month introductory period of 0% APR for balance transfers or new purchases that you’d enjoy with the Quicksilver card. It also does not have the $150 welcome bonus and carries a $39 annual fee.
Both cards do offer unlimited 1.5% cash back on all purchases, but it’s clear that QuicksilverOne is a stripped down version of the Quicksilver card for those with lower credit ratings.
Here’s a quick breakdown of the key characteristics of the cards for clarity:
|Card Characteristic||Quicksilver||Quicksilver One|
|Cash Back Bonus||Unlimited 1.5% cash back on all purchases||Unlimited 1.5% cash back on all purchases|
|Introductory 0% APR period for new purchases||15 months||None|
|Introductory 0% APR period for balance transfers||15 months||None|
|Balance Transfer Fee||3% of amount transferred||None|
|Welcome Bonus||$150 if you spend $500 or more in first 3 months||None|
Are you considering adding the Quicksilver from Capital One to your wallet? Let’s review some of the pros and cons of the card before you make your final decision:
Quicksilver from Capital One: Pros and Cons
|0% APR on new purchases and balance transfers for 15 months||Introductory 0% periods are shorter than some other cards in category|
|$150 welcome bonus opportunity||Welcome bonus is easily achievable, but not as large as some competing cards|
|Unlimited 1.5% cash back||Cash back rewards program does not match the up to 2% possible with Citi Double Cash|
Bottom Line: In a crowded market of increasingly specialized credit cards, the Quicksilver from Capital One is a card that focuses on versatility.
There are several uses for this card: as a cash back card, a balance transfer card or even a 0% APR card for new purchases. The offerings for each of those are not the top of the category class as a standalone. There are cards that offer better cash back perks and cards that offer longer 0% APR periods on balance transfers and new purchases.
But if you’re a consumer who is looking for the benefits of more than one of these categories from a single credit card, the Quicksilver may be the perfect fit for your wallet.
Do you have experience with the Quicksilver from Capital One? Let us know how you like it in the comments below!