Capital One Quicksilver Cash Rewards Credit Card Reviews 2023 – Eligibility & How to apply, Pros & Cons
Approval for the card is subject to creditworthiness and other factors like income and credit score.
Eligibility for Capital One Quicksilver Cash Rewards Credit Card –
The Capital One Quicksilver Cash Rewards credit card is available to individuals with good to excellent credit. The credit score required will vary depending on the individual’s credit history, income, and other factors. Capital One typically looks for a score of 660 or higher when approving applications for this card. Additionally, you need to be a legal resident of the United States and be of the age of majority in your state.
You may also need to provide proof of income, such as a pay stub or tax return, to show that you have the means to make payments on the card. Capital One also looks at factors such as your credit utilization, payment history, and length of credit history when deciding whether to approve an application. Furthermore, you may be required to have a Capital One checking, or savings account to qualify for this card. It’s important to note that being pre-approved or pre-qualified for a credit card doesn’t guarantee final approval, and you’ll still need to submit a formal application.
How to apply for Capital One Quicksilver Cash Rewards Credit Card?
To apply for the Capital One Quicksilver Cash Rewards credit card, you can follow these steps:
- Visit the Capital One website and find the Quicksilver Cash Rewards credit card in the credit card section.
- Click on the “Apply Now” button on the card’s webpage.
- Fill out the online application form with your personal information, such as your name, address, income, and employment information. You will also be asked to provide your Social Security number and birthdate.
- Review and submit your application.
- Wait for a decision on your application. Capital One will review your information and decide on your eligibility. You will typically receive your card within 7-10 business days if approved.
- Once you receive your card, activate it, and sign it back.
- Read the terms and conditions, including the benefits and fees, and start using your card for purchases.
It’s worth noting that Capital One may also ask for additional documentation or information if needed to complete the application process. Furthermore, approval for the card is subject to creditworthiness and other factors like income and credit score, so it’s crucial to have all your information ready before applying. It’s also essential to remember that having a Capital One checking or savings account may be a requirement for this card and that being pre-approved or pre-qualified for a credit card doesn’t guarantee final approval.
Capital One Quicksilver Cash Rewards Credit Card pros –
The Capital One Quicksilver Cash Rewards credit card offers several benefits and perks that can be attractive to cardholders. Some of the key pros of this card include the following:
- Flat-rate cash back: The card offers 1.5% cash back on every purchase, every day, with no limit to the amount you can earn.
- Sign-up bonus: The card currently offers a $200 bonus after you spend $500 on purchases within the first 3 months from account opening.
- No annual fee: The card has no annual fee, meaning users don’t need to pay a yearly charge to keep the card active.
- No foreign transaction fee: The card doesn’t have any foreign transaction fee, making it an excellent travel option.
- Access to Capital One account management: As a cardholder, you’ll have access to the Capital One account management portal, where you can view your account information, track rewards, and make payments.
- No rotating categories: The card doesn’t have any rotating categories, so you don’t have to keep track of different categories to earn rewards.
- 0% intro APR on purchases: The card offers a 0% intro APR on purchases for 15 months from account opening; after that, a variable APR, currently 15.49% – 25.49%.
- Fraud protection: The card provides fraud protection, which means that if your card is lost or stolen, you will not be held responsible for unauthorized charges.
- Access to Capital One’s Eno service: The card comes with Eno, a virtual assistant that can help you keep track of your spending, monitor your account, and give you real-time alerts on suspicious transactions.
It’s worth noting that these benefits may change over time, and terms and conditions may apply. Before applying for any credit card, you should always read the cardholder agreement and terms and conditions. It’s also important to consider that after the intro period, your APR will be variable and based on the Prime Rate, which means that it can fluctuate with the market.
Capital One Quicksilver Cash Rewards Credit Card cons –
Like any other credit card, the Capital One Quicksilver Cash Rewards credit card has some downsides to consider before applying. Some of the essential cons of this card include the following:
- No bonus categories: The card does not offer bonus rewards or cash back on any specific categories of purchases, which may not be ideal for those looking to earn rewards on specific types of spending.
- Balance transfer fee: The card has a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.
- Higher interest rate: The card has a variable interest rate, which means the interest rate can change based on market conditions. If you carry a balance on the card, you could pay more interest charges than you earn in rewards.
- No lounge access: The card doesn’t have any lounge access, which some other premium credit card offers.
- No additional benefits: The card doesn’t offer additional benefits like travel or purchase protections, which some other credit cards offer.
- Geography Restriction: The card is only available to residents of the United States.
It’s worth noting that these cons may change over time, and terms and conditions may apply. Before applying for any credit card, you should always read the cardholder agreement and terms and conditions. It’s also important to consider that after the introductory period, your APR will be variable and based on the Prime Rate, which means that it can fluctuate with the market. The Capital One Quicksilver Cash Rewards credit card is a cash-back card, so it’s not the best option for those looking to earn rewards such as travel points or hotel points.
Featured Image Credit: Time