Capital One Quicksilver: A great starter card that kept me happy for a long time

My first credit card was the Capital One Quicksilver Cash Rewards Credit Card. I signed up way back in 2003, but I still think this card has a lot to offer. Here’s why it’s a great starter card for credit card newbies but also a reliable card that holds value long after its first year.

Capital One Quicksilver basic features

The Quicksilver is a straightforward card, making it one of the best cash back cards on the market. Here are its primary features:

• Earn 1.5 percent cash back on every purchase
• Earn 5 percent cash back on hotels and rental cars booked through Capital One Travel
• No annual fee
• New cardholders get a $200 cash bonus after spending $500 within their first three months
• Zero percent interest on new purchases and balance transfers for the first 15 months (3 percent balance transfer fee for the first 15 months; 4 percent at a promotional APR that Capital One may offer you at any other time), followed by a variable APR of 19.49 percent to 29.49 percent
• No foreign transaction fees

Other benefits

I especially appreciate the lack of foreign transaction fees and the fact that cash back rewards post within 24 hours of the transaction clearing. Most cards make you wait until the end of the billing cycle to get your rewards. The Quicksilver card doesn’t have a minimum redemption threshold, either, so you can cash in your rewards as often as you like.

Plus, many Quicksilver cardholders have access to extended warranty coverage and complimentary concierge service (the exact terms are set by Visa and Mastercard and vary depending on the type of card you have). This card also comes with Master RoadAssist® Service and travel accident insurance.

Why the Capital One Quicksilver is a good credit card

Credit card features are very important to consider when making a decision about opening a new card, but researching the issuer is vital as well. Thankfully, Capital One ranks highly for customer satisfaction. It placed third in the most recent J.D. Power U.S. Credit Card Satisfaction Study, behind only American Express and Discover. The study also revealed that 58 percent of all credit card holders use cash back cards, emphasizing the Quicksilver’s long-term popularity and usefulness.

On the other hand, there are some no-annual-fee cards that give 2 percent cash back on every purchase, including the Wells Fargo Active Cash® Card (earns unlimited 2 percent cash rewards) and the Citi Double Cash® Card (which gives 1 percent when you buy, plus another 1 percent when you pay off purchases).

However, both of those cards charge 3 percent foreign transaction fees, and those issuers didn’t fare as well on J.D. Power’s customer satisfaction list. Neither the Active Cash nor the Double Cash offers extended warranty protection or concierge access, either. And you have to wait until the end of the billing cycle to access your rewards.

The Capital One Quicksilver is all the more strong thanks to its notable welcome bonus offer as well. You’ll earn a $200 cash bonus after you spend $500 on purchases within three months from account opening, making it a fairly easy-to-earn benefit.

Capital One Quicksilver vs. other competitors

I’d argue that everyone would benefit from a no-annual-fee, flat-rate cash back card that gives at least 1.5 percent cash back on every purchase. But it’s also true that many cards give better rewards in certain categories.

Assuming you’re willing to use more than one credit card, it’s useful to sign up for cards that reward your top spending categories. But it’s also worth keeping a flat-rate 1.5 percent or 2 percent cash back card for certain types of spending, because most cards that lean into certain categories only give 1 percent cash back on others.

However, the Quicksilver faces some internal competition from other Capital One cards. I actually stopped using it because I added the Capital One Venture Rewards Credit Card to my wallet. The Venture gives an unlimited 2X miles per dollar on all purchases, with an even higher rate (5X miles per dollar) on hotels and rental cars booked through Capital One Travel. The main drawbacks are the $95 annual fee and the fact that miles are most valuable when redeemed for travel rather than cash back.

Still, I found plenty of value with my Quicksilver during the time I had it.

The bottom line

I signed up for the Quicksilver card as a college student. I was initially drawn to its solid, simple rewards program and the lack of annual and foreign transaction fees. The Quicksilver is also relatively easy to get — it’s generally marketed to those with good-to-excellent credit, which often means a FICO score between 670 and 850.

The Quicksilver ended up being my most-used credit card for 17 years. It’s useful not only as a starting point but also for long-term value. Even as I added other cards to my portfolio with better rewards in certain categories, I kept using the Quicksilver on the many occasions when it gave 1.5 percent cash back and my other cards topped out at 1 percent.

If you’re considering opening a straightforward cash back card with a strong toolbox of benefits, you may want to consider this one.

Have a question about credit cards? E-mail me at ted.rossman@bankrate.com and I’d be happy to help.

*Information about the Chase Freedom Flex® has been collected independently by Bankrate. The card details have not been reviewed or approved by the issuer.