Is Capital One Quicksilver a cash back credit card?

Capital One Quicksilver rewards are simple: You get 1.5% cash back on every purchase, with no limit on the amount you can earn, and you can redeem for a statement credit or check at any time. For context, most cash back credit cards give you 1% back as a base rate. And unlike rewards cards with points or miles, you’ll always know exactly how much your Capital One Quicksilver cash back is worth.… read full answer

So, the Capital One Quicksilver rewards program is generally characterized by a combination of simplicity and top-shelf savings potential. There are a few nuances you should be aware of, though.

Here’s what you need to know about Capital One Quicksilver’s rewards:

• There’s an initial bonus. Spending $500 within 3 months of account opening gets you an extra $200 cash bonus.
• Your cash back doesn’t expire. But you’ll lose it if you close your account or Capital One closes it for you (because you didn’t pay the bill, for example).
• You have redemption options. You can choose to schedule redemption of all your rewards at a certain time of year, or after you’ve earned a certain amount. You can manage all of these choices by logging in to your account at CapitalOne.com. You may also redeem your cash back for previous purchases or gift cards. If you don’t choose to set up automatic redemption, you’ll have to request your cash back through your account. You can do this at any time.
• You might be able to transfer. If you have another Capital One credit card account, it might be possible to transfer your cash back rewards there. But it depends on which card it is.

Overall, I’d definitely say Capital One Quicksilver is one of the best cash back credit cards. And I definitely recommend setting up automatic rewards redemption if you get it.

You can get a Capital One Quicksilver cash advance simply by withdrawing cash from an ATM. You’ll need your card’s PIN for that, so if you don’t have one, you can get one online. In addition to ATMs, there are a few other ways you can get cash advances.

Here’s how you can get a Capital One Quicksilver cash advance:… read full answer

• At an ATM using your PIN. If you forgot your PIN or need one for your card, you can request one on Capital One’s web page.
• At a bank lobby that displays the Mastercard logo. Capital One Quicksilver is a Mastercard, so look out for the logo to know where you can ask a bank teller for a cash advance. You will need to present a government-issued photo ID along with your Capital One Quicksilver.
• With a check. If you’ve been given checks by Capital One, you may be able to fill one out yourself and either cash it or deposit it at your bank.

Just be mindful of the fact that credit card cash advances are expensive. Capital One Quicksilver charges a cash advance fee of 3% (min $10). There’s also a 25.24% (V) cash advance APR that starts accruing immediately. In addition, cash advances at a non-Capital One ATM may be subject to additional bank charges.

If you still want to make a Capital One Quicksilver cash advance, keep in mind that there are withdrawal limits, so review your most recent credit card statement to know how much available credit you have for cash advances. Also, don’t forget that paying off the balance works differently than with a regular credit card purchase. That’s because there is no grace period for cash advances. This means interest charges start accruing on the date of the transaction.

The Capital One Quicksilver credit limit depends on your income, creditworthiness and payment history. Capital One does not list a minimum or maximum credit limit in Quicksilver’s terms and conditions.

If you want to aim for a higher credit limit, there are a number of areas you should focus on improving.… read full answer

Biggest Factors Affecting Capital One Quicksilver Credit Limits

• Your payment history. If you’ve consistently paid your bills on time, creditors will view you as more trustworthy and will be more likely to extend you higher credit lines.
• Income and assets vs. existing debt. The more money you have available for bill payments, the more comfortable a lender will feel.
• Rent or mortgage payments. If these payments take up too much of your monthly income, you’ll have less to spend on credit card bills.

You need at least good credit to get approved. And the better your credit is, the higher you can expect your spending limit to be.