The Capital One Quicksilver Cash Rewards Credit Card is one of the most popular cash back credit cards on the market. There are several mistakes that people make with Capital One Quicksilver that can end up being quite costly, though.
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Not Spending Enough to Earn the Initial Bonus
Capital One Quicksilver offers an initial bonus of $200 for spending $500 in the first 3 months. While this isn’t the biggest bonus on the market, it’s still substantial and it’s relatively easy for the average person to get. However, if you forget to spend enough on the card to qualify during the first 3 months, you will lose out on this free money.
Capital One Quicksilver Review
Not Checking Your Credit Score Before You Apply
Capital One Quicksilver requires good credit or better for approval. Because of this, it’s essential to make sure that your credit score is at least 700 before applying, or your approval odds will be low. You can check your credit score for free on WalletHub.
If your credit score is not high enough to qualify for Capital One Quicksilver, then you may want to consider applying for the Capital One QuicksilverOne Cash Rewards Credit Card instead. This card is similar, but is available to people with limited credit.
Waiting Too Long to Make or Pay Off a Balance Transfer
Capital One Quicksilver offers an introductory APR of 0% for 15 months on balance transfers. At the end of the introductory period, any remaining balance is subject to the card’s regular APR of 16.49% - 26.49% (V). If you want to avoid interest, you should make any balance transfers shortly after you open the account. Otherwise, you may find yourself running out of time to take advantage of the introductory APR.
Not Taking Advantage of the Introductory APR on Purchases
Capital One Quicksilver offers an introductory APR of 0% for 15 months on purchases. At the end of the introductory period, any remaining balance is subject to the card’s regular APR of 16.49% - 26.49% (V). Therefore, if you have any big purchases that you’re looking to finance, you should aim to charge them to the card and pay them off before the introductory period expires. Otherwise, they will be much more expensive.
Not Paying Your Balance On Time and In Full Each Month
During Capital One Quicksilver’s introductory period, it’s okay to carry a balance between months, as long as you make at least the minimum payment by each due date. Once the regular APR kicks in, however, carrying a balance becomes quite expensive. All of the cash back that you earn will be wiped out by the cost of the interest.
Things get even worse if you don’t pay on time, as you risk credit score damage along with a max late fee of $40.