Capital One Financial Corporation (NYSE: COF) today announced the launch of Capital One Quicksilver®, a new cash back credit card that offers a simple and straightforward way to earn and redeem cash back rewards without the restrictions commonly found in other rewards cards. This new card delivers tremendous value by allowing consumers to earn unlimited 1.5 percent cash back on every purchase, every day. Qualified customers with excellent credit also have the opportunity to earn a one-time $100 bonus once they spend $500 within the first three months.
"A flat rate of 1.5% earn rate on all purchases from this new Quicksilver card is a very compelling value proposition," said Ben Woolsey, Director of Consumer Research at creditcards.com. "Combined with no category sign-up requirements and no foreign exchange fees, this should make Quicksilver among the most straightforward and best cash back card options for consumers."
Many cash back cards today limit the amount of rewards consumers can earn by putting caps on the cash back earned and requiring them to repeatedly sign up for narrow or rotating bonus categories. *In fact, more than half of consumers who have a cash rewards credit card say they’d be frustrated if they had to activate their card every quarter in order to earn higher cash back on specific categories. Capital One’s Quicksilver has no limits on the amount of cash back that can be earned and there are no rotating categories or sign-ups needed to earn the full 1.5% cash back.
“When we talk with consumers, we hear over and over how dissatisfied they are with the complex structure of their cash rewards cards,” said Mike Wassmer, Executive Vice President of US Card at Capital One. “What we’ve found is that people want a card that offers rich cash back rewards without having to keep up with where they spend and doesn’t limit how much cash back they earn. We are proud to introduce the Quicksilver card, a straightforward way to earn unlimited cash back.”