Pros
- Some cards offer a lot of bonus rewards
- Cash back won't expire while your account is open and in good standing
- Cash rewards can't be devalued
- Lots of credit card options
Cons
- Only a few redemption options
- No direct transfer partners
- Rewards are lost if account is closed
Capital One Cash Back Rewards Review Summary
Capital One Cash Back Rewards is the best credit card rewards program overall, according to WalletHub's latest comparison, receiving 93 points out of a possible 100. The Cash Back Rewards program features many popular cash back credit cards, including the Capital One Quicksilver Cash Rewards Credit Card and the Capital One Savor Cash Rewards Credit Card.
Capital One Cash Back Rewards Review Scorecard
#1 for Earning Policies
#4 for Redemption Policies
#1 for Rewards Value per $1 Spent
#11 for Eligibility & Transparency
Best Capital One Cash Back Rewards Credit Cards
Summary: Capital One Cash Back Rewards Scores by Review Category
Category | Score |
---|---|
Earning Policies | 30/30 |
Redemption Policies | 14/20 |
Rewards Value per $1 Spent | 30/30 |
Eligibility & Transparency | 19/20 |
OVERALL | 93/100 |
How to Earn Capital One Cash Back Rewards
Category Rating: 100% (30/30)
You will earn at least 1% cash back for every dollar you spend with an eligible Capital One Cash Back Rewards credit card. Choosing the right credit card and using it strategically can enable you to earn even more cash back, and there’s no limit on the amount of cash back you can earn.
Noteworthy Features:
- Up to 4% cash back: Some cards offer as much as 4% cash back on certain purchases.
- Unlimited earning: There is no limit to the amount of cash back you can earn.
- Extensive card options: There are 11 different cards available, including business cards.
Earning Restrictions: There are no notable earning restrictions on Capital One Cash Back Rewards credit cards.
How to Redeem Capital One Cash Back Rewards
Category Rating: 70% (14/20)
Capital One Cash Back Rewards can be redeemed for a statement credit or a check. The way it works is simple: $1 in rewards is equal to $1 in statement-credit or check form. You can also redeem your cash back for gift cards, though the amounts needed for those cards vary by retailer and are subject to change without notice.
Capital One Cash Back Rewards Transfer Partners
Capital One Cash Back Rewards does not allow you to directly transfer your rewards to any hotel or airline loyalty programs. However, you can transfer your cash back rewards to a Capital One miles card that you own (1 cent in cash back = 1 mile). Then, you can transfer the miles from that credit card to its transfer partners.
Redemption Restrictions to Watch Out For:
- Limited redemption options: Unlike with many other rewards programs, you can’t redeem your cash back for things like travel or merchandise.
- Rewards loss if account is closed: While your cash back rewards will not expire, you will lose any unredeemed cash back upon the closure of your account.
Capital One Cash Back Rewards Value Per $1 Spent
Category Rating: 100% (30/30)
The Capital One Cash Back Rewards program offers 1% to 4% cash back on purchases, depending on the card and type of purchase. That means you get anywhere from 1 to 4 cents per $1 spent.
Capital One Cash Back Rewards Eligibility & Transparency
Category Rating: 95% (19/20)
Not all Capital One credit cards participate in the Cash Back Rewards program, but there are many that do.
Capital One Cash Back Rewards Cards
Discontinued Capital One Cash Back Rewards Cards
Capital One has discontinued some of its Cash Back Rewards credit card offers over the years. While some people may still have these cards, they are not available to new applicants and were not factored into scoring.
Summary: Capital One Cash Back Rewards Ratings by Category
Category | Score |
Earning Policies | 30/30 |
Redemption Policies | 14/20 |
Rewards Value per $1 Spent | 30/30 |
Eligibility & Transparency | 19/20 |
OVERALL | 93/100 |
Capital One Cash Back Rewards Credit Card Comparison
Capital One Credit Card | Annual Fee | Initial Bonus | Rewards Rate |
Capital One Quicksilver Cash Rewards Credit Card | $0 | $200 | 1.5 - 5% Cash Back |
Capital One Quicksilver Secured Cash Rewards Credit Card | $0 | N/A | 1.5 - 5% Cash Back |
Capital One Quicksilver Student Cash Rewards Credit Card | $0 | $50 | 1.5 - 5% Cash Back |
Capital One QuicksilverOne Cash Rewards Credit Card | $39 | N/A | 1.5 - 5% Cash Back |
Capital One SavorOne Cash Rewards Credit Card | $0 | $200 | 1 - 5% Cash Back |
Capital One SavorOne Student Cash Rewards Credit Card | $0 | $50 | 1 - 5% Cash Back |
Capital One Savor Cash Rewards Credit Card | $95 | $300 | 1 - 5% Cash Back |
Journey Student Rewards from Capital One | $0 | N/A | 1 - 5% Cash Back |
Capital One Spark Cash Plus | $150 | $1,000 | 2 - 5% Cash Back |
Capital One Spark Cash Select - $500 Cash Bonus | $0 | $500 | 1.5 - 5% Cash Back |
Capital One Spark Classic for Business | $0 | N/A | 1 - 5% Cash Back |
For more information, check out our editors’ latest picks for the best Capital One credit cards by category.
5 Tips for Getting the Most Out of Capital One Cash Back Rewards
- Pick the right card & use it wisely
Some Capital One cards offer bonus cash back if you spend a certain amount within a few months of account opening. Others reward you more for purchases in certain spending categories. And a few combine the two. Your job is to find a card that complements your particular needs.
- Redeem regularly
The whole point of earning credit card rewards is to enjoy the savings they provide. If you just leave your Capital One Cash Back Rewards sitting in your account unused, they won’t do you much good.
- Pay your bill on time every month
Your Capital One Cash Back Rewards won’t expire as long as your account remains open and in good standing. In other words, you have nothing to worry about if you pay your monthly bills on time.
- Pay your bill in full every month
Paying interest at a credit card’s regular APR will end up costing you more than rewards save you. Paying in full monthly allows you to avoid interest charges.
- Redeem before closing your account
You will lose any Capital One Cash Back Rewards left unredeemed when you close your account.
Capital One Cash Back Rewards vs. Amex Blue Cash Reward Dollars vs. Citi ThankYou Rewards
Category | Capital One Cash Back Rewards | American Express Blue Cash Reward Dollars | Citi ThankYou Rewards |
WalletHub Rank | 1 | 16 | 10 |
Average Rewards Value | $1 in rewards = $1 | 1 Reward Dollar = $1 | 0.85 cents |
Redemption Options Rank | 4 | 9 | 1 |
Notable Rewards Card | Capital One Quicksilver Cash Rewards Credit Card | Blue Cash Preferred® Card from American Express | Citi Rewards+® Card |
Notable Travel Rewards Card | None | None | Citi Premier® Card |
Capital One Cash Back Rewards Review Methodology
This review of Capital One Cash Back Rewards is based on the same methodology as WalletHub’s annual study on the Best Credit Card Rewards Programs. Editor’s ratings reflect the sum of the program’s scores across the study’s four major categories, adjusted to a 5-point scale to create a representative distribution of ratings. The four major categories considered were: Earning Policies, Redemption Policies, Rewards Value per $1 Spent and Eligibility & Transparency.