The Bank of America content in this post was last updated on January 27, 2023.
Both the Capital One Quiksilver Cash Rewards Credit Card and the Bank of America® Unlimited Cash Rewards Credit Card have no annual fees and offer 1.5% cash back on all purchases. But which card is better for you?
If you’re a Bank of America Preferred Rewards member, Bank of America Unlimited Cash may be worth more. On the other hand, if you’re looking for an easy card that allows you to earn good cashback percentages without much hassle, Capital One Quicksilver may be a better choice.
Main contents
card |
Capital One Quicksilver Cash Rewards credit card |
Bank of America Unlimited Cash Rewards Credit Card |
---|---|---|
welcome bonus |
$200 cash bonus when you spend $500 within the first 3 months |
$200 cash rewards bonus when you spend $1,000 in the first 90 days |
reward rate |
1.5% cash back on all purchases |
1.5% cash back on all purchases |
Introduction APR |
0% introductory APR for 15 months of purchases and balance transfers (19.24% to 29.24% fluctuating APR thereafter).Balance transfers are subject to a 3% balance transfer fee |
0% introductory APR for 18 billing cycles of purchases and eligible balance transfers (18.24% to 28.24% fluctuating APR thereafter). Balance transfers must be made within the first 60 days and are subject to a 3% balance transfer fee (minimum $10). |
Annual fee |
$0 |
$0 |
Capital One Quiksilver vs. Bank of America Unlimited Cash Highlights
Both of these top cashback cards come with no annual fee, unlimited cashback on all purchases, and 0% referral APR offers, but differ in some areas such as welcome bonuses.
Welcome Bonus Winner: Capital One Quicksilver
Both cards offer a $200 welcome bonus, but with Capital One Quicksilver you only need to spend $500 within the first three months to get the bonus. The $500 spending threshold is easily met and is one of the lowest spending limits.
In contrast, Bank of America Unlimited Cash requires you to spend $1,000 on purchases within 90 days to get the $200 cash bonus. Plus, the $200 welcome bonus is on par with other cash rewards cards with no annual fee.
Reward Rate Winner: Tie
Both cards are included in this category as they offer unlimited 1.5% cash back on all purchases. The exception to this tie is if you are a member of Bank of American Preferred Rewards. In this case, you can earn 25-75% more cash back depending on your membership level.
Annual Membership Winner: Draw
Like many cash back cards, neither the Capital One Quiksilver Card nor the Bank of America Unlimited Cash has an annual fee. Both cards are ideal if you don’t want annual fees to eat into your rewards earnings.
Foreign Transaction Fee Winner: Capital One Quicksilver
Capital One Quicksilver does not charge a foreign transaction fee for purchases made outside the US, while Bank of America Unlimited Cash does charge a 3% foreign transaction fee.
Intro APR Winner: Bank of America Unlimited Cash
Both the Capital One Quiksilver Card and the Bank of America Unlimited Cash Card offer a 0% first year APR on purchases and balance transfers, while the Bank of America Unlimited Cash offers a slightly longer first year. increase.
Bank of America Unlimited Cash offers a first year APR of 0% for 18 billing cycles of purchases and eligible balance transfers (variable APR thereafter from 18.24% to 28.24%). Additionally, please note that a balance transfer must be made within the first 60 days to qualify for the introductory offer and a 3% balance transfer fee (minimum $10) will apply.
Capital One Quicksilver, on the other hand, offers an introductory APR of 0% for 15 months, followed by a variable APR of 19.24% to 29.24%.
Which card is the most profitable?
If you’re looking for unlimited 1.5% cashback on all purchases, both Capital One Quiksilver and Bank of America Unlimited Cash are for you. Either card may make sense if your purchases often fall outside the normal card bonus category, such as paying bills or certain types of online retail purchases.
If you are already using rotating category cards to maximize your cashback in a particular bonus category, one of these flat rate cards would be a good complement. Both offer a 1.5 percent back for non-category purchases instead of the baseline 1 percent back typically offered for general purchases on other cards.
Which card will pay you the most? By itself, the card is tied. However, there is one big difference. Bank of America customers participating in Bank of America’s Preferred Rewards Program will receive a 1.5% cash back rate on Bank of America Unlimited Cash, plus a reward boost of 25% to 75%.
The Preferred Rewards program tiers are based on the average balance of your Bank of America and Merrill accounts for a combined three-month period. For Bank of America Unlimited Cash, here are the new cash back percentages you can earn for each Rewards Tier:
Money |
platinum |
Platinum Honors |
|
---|---|---|---|
Minimum balance required |
$20,000 |
$50,000 |
$100,000 |
reward bonus |
twenty five% |
50% |
75% |
New cashback rate |
1.87% |
2.25% |
2.62% |
As you can see from the tier bonus structure, for Preferred Rewards members over $50,000 across all accounts, the Bank of America Unlimited Cash Card’s 2.25% cash back rate outperforms nearly all fixed rate cards. We typically offer up to 2% cash back on regular purchases.
Use cases for Capital One Quicksilv and Bank of America Unlimited Cash
Both the Capital One Quiksilver Cash Rewards Card and the Bank of America Unlimited Cash Rewards Card offer a flat 1.5% cash back on all purchases. So, for example, whether you spend $100/month or $1,000/month, either card will earn you $1.50 or $15 cash back (respectively). However, as noted above, if you are a member of Bank of America Preferred Rewards, you can significantly increase your cash back rewards with Bank of America Unlimited Cash.
For example, say you made a $2,000 purchase during your billing cycle. Earn $30 in either Capital One Quicksilver or Bank of America Unlimited Cash at a cashback rate of 1.5%. However, if you’re a member of Bank of America Preferred Rewards, her $2,000 purchase in Bank of American Unlimited Cash will give you even more Rewards earnings. In total, for each tier you get:
-
Gold (25% boost): $37.40
-
Platinum (50% boost): $45
-
Platinum Honors (75% boost): $52.40
Why should I get Capital One Quicksilver Cash Rewards?
Capital One Quicksilver Cash Rewards includes 1.5% cash back on every purchase and an easy sign-up bonus. If you’re looking for simplicity, Capital One Quicksilver is a solid choice as you don’t have to plan your spending according to quarterly category rotation or track quarterly category signups.
Other benefits
Despite its plain starter card appearance, the Capital One Quicksilver card comes with many travel and shopping benefits. Allows access to Capital One Entertainment, Capital One Travel, 24/7 travel assistance, concierge services, travel accident insurance, extended warranty protection, and Eno Assistant app that protects card data with a virtual credit card number am. you shop online.
redemption options
Cash Back can be redeemed for statement credits, postal checks or gift cards. Additionally, there is no minimum redemption amount with the Capital One Quicksilver Cash Rewards card.
Recommended credit score
To qualify for the Capital One Quicksilver Cash Rewards card, you must have good or good credit. Usually this means that his FICO credit score of 670 or higher is required.
Why should I get Bank of America Unlimited Cash Rewards?
The bonus rewards you earn as a Preferred Rewards member make Bank of America Unlimited Cash Rewards even more valuable. Here are some other benefits and reasons why you should consider getting a Bank of America Unlimited Cash Card.
Other benefits
Bank of America Unlimited Cash is a Visa Signature card that includes benefits such as 24/7 roadside dispatch, travel and emergency assistance, credit checks, extended coverage and more.
Plus, access to BankAmeriDeals and Museums on Us. BankAmeriDeals lets you receive an additional 5-15% cash back at merchants for a limited time. For Museums on Us, cardholders can enter over 225 museums and cultural sites for free on the first weekend of every month upon presentation of the card and photo ID.
redemption options
With Bank of America Unlimited Cash, you can redeem your earnings as a statement credit on your card, credit to a qualifying Merrill investment account, or direct deposit to your Bank of America checking or savings account.
Recommended credit score
To qualify for the Bank of America Unlimited Cash Rewards card, you must have good or good credit. Therefore, the FICO score should be at least 670.
Conclusion
Capital One Quiksilver Cash Rewards and Bank of America Unlimited Cash Rewards offer a standard welcome bonus and 0% introductory APR offer plus 1.5% cash back on every purchase. And if you’re a Bank of America Preferred Rewards member or want to become a member, you’ll enjoy one of the highest flat-rate cash back rewards rates available today.
However, for most consumers, Capital One Quicksilver Cash Rewards and Bank of America Unlimited Cash Rewards don’t offer much that many other cash back cards don’t. For example, you can get similar sign-up bonuses with the Wells Fargo Active Cash® card, plus an unlimited 2% cash reward on all purchases. Chase Freedom Unlimited®* offers 3-5% cash back on popular bonus categories plus 1.5% cash back on all purchases. That’s why it’s important to compare all the options to see which one best suits your needs before deciding on a card.
*Chase Freedom Unlimited® information collected independently by Bankrate.com. Card details are not verified or approved by the card issuer.