Capital One Quicksilver Rewards vs. Venture Rewards
Capital One has made a name for itself among reward credit card issuers by offering what it calls “No Hassle” Rewards. This means cardholders can redeem rewards when they want, without a myriad of restrictions and limitations. Capital One also maintains a high profile by using celebrities such as Samuel L. Jackson, Jennifer Garner, and Alec Baldwin to pitch its products on television.
Two of their most popular reward cards are the Quicksilver, which offers cash back, and the Venture Rewards card, which features travel statement credits. Let’s take a look at the features and benefits of both cards, and how they compare.
The Quicksilver Rewards card offers 1.5% cash back on all purchases, with no limits. Rewards never expire and they can be redeemed for any amount of cash back, and at any time. New applicants can also receive a sign-up bonus of $100 when they use their card to make at least $500 in purchases within the first three months of card membership.
Quicksilver also offers new cardholders nine months of 0% APR promotional financing on both new purchases and balance transfers, with a 3% balance transfer fee. Other benefits include access to Capital One’s Credit Tracker app, which allows cardholders to keep track of their credit scores each month, and to play what-if scenarios to see what would happen to their credit scores under various circumstances. There is no annual fee for this card, and as with all Capital One products, there are no foreign transaction fees imposed on charges processed outside of the United States.
The Capital One Venture Rewards card offer double miles for each transaction. Miles are worth one cent each as statement credits towards any travel expense including airfare, hotels, car rentals, and cruises. New cardholders are being offered 40,000 miles, worth $400, when they use their card to spend $3,000 on purchases within the first three months of account opening.
Like the Quicksilver card, customers have access to Capital One’s credit tracker app, and enjoy no foreign transaction fees when traveling outside of the United States. Yet unlike Quicksilver, there is no interest free promotional financing offer with the Venture Rewards card. There is a $59 annual fee for this card that is waived the first year.
How these cards compare
If applicants look at these two reward cards simply on the basis of their rate of return, the Venture Rewards card comes out ahead as Venture offers 2% return, while Quicksilver is significantly behind at 1.5%. But choosing a rewards credit card is never that easy.
First, cardholders should consider the Venture Reward’s annual fee of $59, even though it is waived the first year. So cardholders who spend modestly might not earn enough additional rewards from Venture to justify paying its annual fee.
In addition, Quicksilver’s rewards are returned as cash back, while Venture’s rewards can only be claimed as travel statement credits to receive the full value of one cent per mile. People who do not spend much money on travel expenses will have trouble claiming their rewards, while those who travel infrequently will not be able to redeem their rewards very often. Furthermore, Quicksilver offers valuable interest free financing, which can be extremely valuable to cardholders who need to take a break from their interest charges. So the target market for Quicksilver is someone who prefers cash back over travel rewards, and does not want to pay an annual fee.
The typical Venture cardholder would be someone who is interested in earning travel rewards, but has tired of earning frequent flier miles or hotel points, which can be difficult to use. Furthermore, many travelers recognize that airline miles offer inconsistent value, while Capital One miles will always be worth one cent each, and reservations can be booked on any airline with no blackout dates or restrictions. With the Venture Rewards card, award reservations are booked just like any other trip, which means that travelers can actually earn miles from their award travel and travelers with elite status will even be eligible for upgrades, which doesn’t typically happen when redeeming frequent flier miles.
This is a relatively straightforward comparison because the terms of both cards are so simple. Quicksilver is offering 1.5% returns, as a competitive rate of cash back rewards, along with a promotional financing offer, for no annual fee. On the other hand, the Venture Rewards card is offering travel rewards equivalent to 2% of spending, with an annual fee of $59 (waived the first year), and no promotional financing offer. Venture’s 40,000 mile sign-up bonus can also be a major factor in its favor. Both cards feature Capital One’s Credit Tracker app and have no foreign transaction fees, which are significant benefits. Capital One continues to have a strong lineup of reward credit cards, and it is up to applicants to choose the product that best suits the way they intend to use their credit card.