The new Quicksilver Cash Rewards Credit Card has been launched by Capital One as a challenger to the many other cash rewards credit cards that are currently on the market. So is this for real, or is it just another piece of plastic with watered down benefits?
So you are in the market for a new rewards credit card. Is the new Quicksilver Cash Rewards card the one for you?
That’s not for us to decide. Instead, let’s take a close look at the benefits and costs associated with this new product.
Cash Back Benefits
This card provides a reward in the form of cash. This is our preferred reward, since it is easy to quantify. Having a billion points really means nothing to me since I cannot redeem those with the Points Fairy.
You earn a flat 1.5% cash back based on your purchases. It is as simple as that. There are no rotating categories that change every three months. There is no registration requirement every quarter in order to receive benefits (yes, some cards really do have that requirement). Furthermore, there is no limit. Rewards are unlimited with no cap. If you want to redeem your cash, you may do that at any time.
There is an introductory incentive designed to jump start your spending. If you spend $500 within the first 3 months, then you can receive a separate additional reward of $100. That is a pretty good incentive. Other cards that have similar incentives may require at least $2,000 be spent before you qualify for an introductory benefit, so this also works well.
Finally, no annual fee applies. That’s a pretty big plus for a rewards card.
The Down Side
While the rewards rules are simple enough, they are not as lucrative as some other programs that pay 2 or even 3% cash back. Of course those tiers are frequently based on categories of spending, such as fuel or grocery purchases.
Additionally, interest rates can be pricey. A variable APR applies to the card, so you can expect your rates to rise along with prime rate. As is customary with most other credit card applications, you do not find out what interest rate you qualify for until after you submit your application. This could result in you getting a higher rate than what justifies opening a new account for. Of course, pay the card off every month and you pay nothing beyond the sum of your purchases.
Cash advance and balance transfer fees are 3%. While expensive, this is less than the 4-5% charged by many competing products.
Credit Score Requirements
According to popular credit report service Credit Karma, a credit score of at least 642 may be required in order to be considered for this offer. This is a moderate score that requires that you shown some good judgment in managing your credit accounts. Of course, you could have a few dings on your credit and still have a 642.
Overall, the card appeals to our requirements of simplicity and tangible value. There are some other rewards cards that have higher payouts if you are conscientious enough to follow their many rules. If you need a general rewards card without the high costs of other cards, then the Quicksilver Cash Rewards credit card by Capital One might be a reasonable option.
Long is a graduate of the University of North Carolina at Chapel Hill with a B.A. in Industrial Relations. He subsequently received his Certificate in Nonprofit Management from Duke University. His Certificate in Financial Planning was issued by Florida State University.
Long has achieved the Accredited Credit Counselor and Accredited Financial Counselor certifications through the Association for Financial Counseling, Planning and Education. Long originally achieved the Certified Credit Counselor designation through the National Institute for Financial Education.
In addition to years of nonprofit leadership, Long has been an innovator in the field of volunteer tax return preparation programs. He assists volunteer associations and nonprofit organizations who seek to integrate credit counseling and asset-building programs with free personal income tax preparation. His approach to using free credit reports as both an incentive and a screening tool for placement into asset-building programs has been shared with members of the National Community Tax Coalition, the EITC-Carolinas Initiative of MDC, Inc. and nonprofit groups across the Carolinas.
Long assists members of our armed forces in the Carolinas, Iowa, Rhode Island, Georgia and Germany with financial readiness. Please support our Soldiers, Marines, Airmen and Sailors!
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