How I use my Capital One Quicksilver

I have very tender feelings toward my Capital One Quicksilver Cash Rewards Credit Card. It was my first rewards credit card when I upgraded it from the Capital One Platinum Secured Credit Card, which was an exciting milestone since I’d been working on rebuilding my credit for a while.

See related: How to upgrade a Capital One card

However, my feelings about this card are not all sentimental. Sure, the Quicksilver might not offer the most exciting rewards rates or perks, but I’m not giving it up even now that I have multiple credit cards.

This credit card used to be my complete credit card strategy. Now it’s the card that makes my credit card strategy complete.

Here’s how I’ve been using my Capital One Quicksilver and why I intend to keep it.

My one-card credit card strategy

As far as cash back credit cards go, starting out with a single flat-rate cash back card may be a good idea. It worked well for me and helped me learn good credit habits.

When my entire credit card strategy consisted of the Capital One Quicksilver, I used it on everything – or everything I could without paying fees – meaning I only didn’t use my card to pay rent and purchases that required cash.

The 1.5% cash back rate isn’t high, but it is typical for a flat-rate cash back card; and when you put everything you can on this type of card, cash back adds up fast.

I used to spend around $2,300 on my Quicksilver every month and earn around $35 in cash back in that same period. That doesn’t seem like much, but if the Quicksilver stayed my only card for an entire year, I’d earn around $420 in cash back in 12 months. That’s $420 in free money.

The card also allowed me to develop some good credit habits at low stakes. It’s a simple no-annual-fee credit card, which makes it a low-maintenance product. I could focus on staying within a single-digit credit utilization ratio (how much balance you have compared to your credit line, an important credit factor!) and making sure I didn’t carry any balance. I paid this card off multiple times a month, which allowed me to avoid interest and improve my credit scores.

I maintain these habits to this day with the rest of my cards. My credit is happy.

How Quicksilver completes my current card strategy

Fast forward one year after me getting my Quicksilver, and I now have four credit cards.

I have a cash back card with rotating quarterly categories to earn a generous 5% back on various purchases (after enrollment; 5% back capped at $1,500 in categories each quarter, then 1%), which has proved very lucrative when I’ve made a point to maximize it. (Spoiler alert: It’s the Discover it® Cash Back.)

I have a travel credit card that earns me travel rewards in categories I spend a lot in – including grocery store and dining purchases. (Another spoiler alert: It’s the American Express® Gold Card and I love it very much.)

Recently I’ve also been approved for a card that’s going to earn me bonus cash back in very specific categories where I regularly spend a lot: 5% back at bookstores and Amazon. (It’s a hidden gem called the Affinity Cash Rewards Visa Signature credit card.)

How does the Quicksilver fit in all this? Quite perfectly. It’s the card that earns me 1.5% on everything else.

Credit cards with bonus categories generally only earn 1 point per dollar or 1% back on all purchases outside of those categories. For this kind of purchase, a card like the Quicksilver can be incredibly useful.

For example, I’m paying my immigration attorney in $200 monthly installments. Legal fees are often high but don’t fit into any credit card category, so putting them on a flat-rate cash back credit card is an obvious choice. In my case, the total is $3,000 in legal fees. Over the 15-month term, I’m going to earn $45 in cash back instead of $30 I’d get with any other of my cards – and that’s from just one recurring charge.

Such charges that don’t fit into bonus categories add up, and with my Quicksilver, I earn more on them than I would with my other cards.

Other reasons I’m holding on to my Capital One Quicksilver

Besides the rewards, there are a couple of other things I love about this card.

First, I love how easy it is to redeem the cash back I’ve earned. I can choose to get reimbursed for my purchases or get a statement credit, both of which will lower my account balance. There’s also an option to get gift cards.

My favorite redemption method, however, is to use my cash back to shop on Amazon. The Quicksilver integrates seamlessly when you add it as a payment method, and you can use your cash back to pay for Amazon purchases right on the website during checkout. It’s easy and feels like shopping with free money. Such a wonderful feeling.

Secondly, the Capital One Quicksilver is a good card to take with you when traveling internationally as it’s a card that doesn’t charge foreign transaction fees. Of course, I’d earn more rewards dining out somewhere in Europe with my Amex Gold, but will my Amex Gold be accepted at a restaurant somewhere in Europe? There’s no guarantee.

My Quicksilver, on the other hand, is a Mastercard, which is widely accepted internationally. (Capital One offers both Mastercard and Visa cards, but both of these networks provide worldwide acceptance.) Having my Quicksilver on a trip with me, I don’t have to worry about local merchants not accepting my payment. I won’t have to pay foreign transaction fees and still will earn rewards!

Bottom line

The Capital One Quicksilver isn’t a flashy card. It doesn’t offer high rewards rates or any luxury perks. Still, I loved having it when it was my only credit card, and I’m holding on to it now that I have multiple cards.

It’s not just out of sentimental feelings either – the Quicksilver offers plenty of value. I’d recommend this card to both people who want simplicity from their credit card strategy and those building a strong credit card combo.