Capital One Quicksilver Cash Rewards vs. Bank of America Unlimited Cash Rewards
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The Capital One Quicksilver Cash Rewards Credit Card and the Bank of America® Unlimited Cash Rewards credit card both come with no annual fee and offer 1.5 percent cash back on all purchases. But which card is better for you?
If you’re a Bank of America Preferred Rewards member, then the Bank of America Unlimited Cash may be more valuable to you. On the other hand, if you’re looking for a straightforward card that earns a high cash back rate without having to jump through a lot of hoops, the Capital One Quicksilver may make more sense for you.
Main Details
| Cards | Capital One Quicksilver Cash Rewards Credit Card | Bank of America Unlimited Cash Rewards credit card |
|---|---|---|
| Welcome bonus | $200 cash bonus if you spend $500 within the first 3 months | $200 cash rewards bonus if you spend $1,000 within the first 90 days |
| Rewards rate | 1.5% cash back on all purchases | 1.5% cash back on all purchases |
| Intro APR | 0% intro APR for 15 months on purchases and balance transfers (19.24% to 29.24% variable APR thereafter); balance transfers are subject to a 3% balance transfer fee | 0% intro APR for 18 billing cycles on purchases and qualifying balance transfers (17.49% to 27.49% variable APR thereafter); balance transfers must be made in the first 60 days and a 3% balance transfer fee applies |
| Annual fee | $0 | $0 |
Capital One Quicksilver vs. Bank of America Unlimited Cash highlights
Both of these top cash back cards come with no annual fee, unlimited cash back on all purchases and 0 percent intro APR offers, but they vary in some areas like their welcome bonuses.
Welcome bonus winner: Capital One Quicksilver
Both cards offer a $200 welcome bonus, but the Capital One Quicksilver only requires you to spend $500 on purchases within the first three months to earn the bonus. The $500 spending threshold is easy to meet, and one of the lowest spending limits you’ll find.
In comparison, the Bank of America Unlimited Cash requires you to spend $1,000 on purchases within 90 days to earn the $200 cash bonus. Additionally, it’s worth noting that a $200 welcome bonus is on par with other cash rewards cards that don’t carry an annual fee.
Rewards rate winner: Tie
Both cards offer an unlimited 1.5 percent cash back on all purchases, so they tie in this category. The exception to this tie is if you’re a Bank of American Preferred Rewards member, in which case you’ll earn 25 percent to 75 percent more in cash back depending on your membership level.
Annual fee winner: Tie
Like many cash back cards, both the Capital One Quicksilver card and the Bank of America Unlimited Cash don’t charge an annual fee. Either card is ideal if you’re trying to keep a yearly fee from eating into your rewards earnings.
Foreign transaction fee winner: Capital One Quicksilver
The Capital One Quicksilver doesn’t charge foreign transaction fees on purchases made outside of the U.S., whereas the Bank of America Unlimited Cash charges a 3 percent foreign transaction fee.
Intro APR winner: Bank of America Unlimited Cash
Both the Capital One Quicksilver card and the Bank of America Unlimited Cash card offer a 0 percent intro APR on purchases and balance transfers, but the Bank of America Unlimited Cash offers a slightly longer intro period.
The Bank of America Unlimited Cash offers a 0 percent intro APR for 18 billing cycles on purchases and qualifying balance transfers (then a variable APR of 17.49 percent to 27.49 percent). Additionally, note that balance transfers must be made within the first 60 days to qualify for the intro offer and a 3 percent balance transfer fee will apply.
The Capital One Quicksilver, on the other hand, offers a 0 percent intro APR for 15 months, followed by a variable APR of 19.24 percent to 29.24 percent.
Which card earns the most?
If you’re looking for an unlimited 1.5 percent cash back on all purchases, the Capital One Quicksilver and the Bank of America Unlimited Cash both fit the bill. Either card may make sense if your purchases often fall outside the usual card bonus categories, such as bill payments or certain types of online retail purchases.
If you already use a rotating category card to maximize cash back in specific bonus categories, either of these flat-rate cards would be a good complement. They’ll both offer you 1.5 percent back on non-category purchases instead of the baseline 1 percent back typically offered for general purchases on other cards.
So, which card earns the most? On their own, the cards are tied. However, there is one notable difference: Bank of America customers who belong to Bank of America’s Preferred Rewards program can get a 25 percent to 75 percent rewards boost on top of their Bank of America Unlimited Cash’s 1.5 percent cash back rate.
The Preferred Rewards program tiers are based on the combined three-month average balance of your Bank of America and Merrill accounts. For the Bank of America Unlimited Cash, here is the new cash back rate you’d earn for each rewards tier:
| Gold | Platinum | Platinum Honors | |
|---|---|---|---|
| Minimum balance required | $20,000 | $50,000 | $100,000 |
| Rewards bonus | 25% | 50% | 75% |
| New cash back rate | 1.87% | 2.25% | 2.62% |
As the tier bonus structure reveals, if you’re a Preferred Rewards member with $50,000 or more across all of your accounts, then the Bank of America Unlimited Cash card’s cash back rate of 2.25 percent is better than almost all flat-rate cards, which typically offer a maximum rate of 2 percent back on general purchases.
Capital One Quicksilver vs. Bank of America Unlimited Cash spending example
On their own, both the Capital One Quicksilver Cash Rewards and the Bank of America Unlimited Cash Rewards cards deliver a flat 1.5 percent cash back on all purchases. So, for example, whether you spend $100 per month or $1,000 per month, both cards will earn either $1.50 or $15 (respectively) in cash back. But, as demonstrated above, you can boost your cash back rewards significantly with the Bank of America Unlimited Cash if you are a Bank of America Preferred Rewards member.
For example, say you spend $2,000 on purchases during a billing cycle. At a rate of 1.5 percent cash back, you’d earn $30 back with either the Capital One Quicksilver or the Bank of America Unlimited Cash. However, if you are a Bank of America Preferred Rewards member, you could boost your rewards earnings further on that $2,000 in purchases with the Bank of American Unlimited Cash. For each tier, you could earn a total of:
- Gold (25 percent boost): $37.40
- Platinum (50 percent boost): $45
- Platinum Honors (75 percent boost): $52.40
Why should you get the Capital One Quicksilver Cash Rewards?
The Capital One Quicksilver Cash Rewards includes 1.5 percent cash back on every purchase and a sign-up bonus that’s easy to earn. If it’s simplicity you’re after, the Capital One Quicksilver is a solid option since you won’t need to plan your spending according to rotating quarterly categories or keep track of quarterly category sign-ups.
Additional benefits
Despite its no-frills starter card appearance, the Capital One Quicksilver card comes with a number of travel and shopping benefits. You’ll have access to Capital One Entertainment, Capital One Travel, 24/7 travel assistance, concierge services, travel accident insurance, extended warranty protection and access to the Eno assistant app, which uses virtual credit card numbers to protect your card data while you shop online.
Redemption options
You can redeem cash back for a statement credit, a check in the mail or gift cards. Plus, with the Capital One Quicksilver Cash Rewards card, there is no minimum redemption amount.
Recommended credit score
You’ll need good to excellent credit to qualify for the Capital One Quicksilver Cash Rewards card. Generally, this means you’ll need a FICO credit score of 670 or higher.
Why should you get the Bank of America Unlimited Cash Rewards?
The bonus rewards that you can earn as a Preferred Rewards member make the Bank of America Unlimited Cash Rewards more worthwhile. Here are some additional benefits and reasons to consider getting the Bank of America Unlimited Cash card.
Additional benefits
The Bank of America Unlimited Cash is a Visa Signature card that includes benefits like 24/7 roadside dispatch, travel and emergency assistance, credit monitoring and extended warranty coverage.
Additionally, you’ll get access to BankAmeriDeals and Museums on Us. BankAmeriDeals allows you to receive an extra 5 percent to 15 percent cash back at participating merchants for a limited time. As for Museums on Us, cardholders can gain free admission to over 225 museums and cultural institutions when they present their card and photo ID during the first weekend of every month.
Redemption options
With the Bank of America Unlimited Cash, you can redeem earnings as a statement credit to your card, a credit to a qualifying Merrill investment account or a direct deposit to a Bank of America checking or savings account.
Recommended credit score
You’ll need good to excellent credit to qualify for the Bank of America Unlimited Cash Rewards card. As such, your FICO score should be at least 670.
The bottom line
The Capital One Quicksilver Cash Rewards and the Bank of America Unlimited Cash Rewards offer 1.5 percent cash back on every purchase, along with standard welcome bonuses and intro APR offers. And if you’re a Bank of America Preferred Rewards member, or if you’re inclined to become one, you can enjoy some of the highest flat-rate cash back rewards rates available today.
However, for most consumers, the Capital One Quicksilver Cash Rewards and the Bank of America Unlimited Cash Rewards don’t offer much that you can’t find with many other cash back cards. For example, you can get a similar sign-up bonus with the Wells Fargo Active Cash® Card, along with an unlimited 2 percent cash rewards on purchases. And then there’s the Chase Freedom Unlimited®*, which offers 3 percent to 5 percent cash back in popular bonus categories in addition to 1.5 percent back on all purchases. That’s why, before deciding on a card, it’s important to compare all of your options to see which one would work best for your needs.
*The information about the Chase Freedom Unlimited® has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.
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