JGI/Tom Grill/ Getty Images; Illustration by Austin Courregé/Bankrate
Key takeaways
- The Chase Freedom Unlimited® and Capital One Quicksilver Cash Rewards Credit Card are no-annual-fee cash back cards that would suit many lifestyles and wallets.
- Both cards play well within their issuer’s respective rewards programs, meaning whichever rewards cards you already have could point you toward either the Freedom Unlimited or Quicksilver.
- Additionally, both cards offer strong introductory APR terms that could help you pay off existing debt or finance a large purchase over time.
The Chase Freedom Unlimited® and Capital One Quicksilver Cash Rewards Credit Card may seem similar due to their non-category rewards rates and $0 annual fees. But dig deeper, and you’ll find quite a few differences between these two cash back credit cards — and perhaps even a reason to choose one over the other.
If you have to pick just one, we would suggest the Chase Freedom Unlimited due to its added rewards categories, the flexibility of the Chase Ultimate Rewards program and the additional insurance protections you receive. However, the Capital One Quicksilver Cash Rewards Credit Card offers a better welcome bonus while also including flexible redemption options and an assortment of travel and purchase protections.
Keep reading to learn more about the main perks of these two rewards credit cards and how they compare.
Main details
| Chase Freedom Unlimited® | Capital One Quicksilver Cash Rewards Credit Card | |
|---|---|---|
| Welcome bonus |
|
|
| Rewards rate |
|
|
| Intro APR |
0% intro APR on purchases and balance transfers for 15 months; 18.99% – 28.49% Variable APR thereafter. Intro balance transfer fee of 3% with a $5 minimum for balance transfers made within the first 60 days from account opening; 5% with a $5 minimum thereafter |
0% intro APR on purchases and balance transfers for 15 months; 19.24% – 29.24% (Variable) APR thereafter. Balance transfer fee applies |
| Annual fee |
|
$0 |
| Foreign transaction fee | 3% of each transaction in U.S. dollars | None |
Chase Freedom Unlimited vs. Capital One Quicksilver highlights
Let’s examine the main highlights of Chase Freedom Unlimited and Capital One Quicksilver to determine which one might be most useful for your wallet.
Welcome bonus winner
-
The Capital One Quicksilver offers an easily attainable $200 cash back bonus after spending $500 during the first 3 months of opening your account. The offer is a traditional welcome bonus with clear terms and a fixed reward for meeting those terms.
On the other hand, the Chase Freedom Unlimited offers a slightly higher welcome bonus of $250 after you spend $500 during the first 3 months of account opening. Since the Freedom Unlimited offers the opportunity to earn a higher welcome bonus with the same spending requirement as the Capital One Quicksilver, it prevails in this category.
Rewards rate winner
-
While both cards offer the same 1.5 percent back for non-category purchases, the Chase Freedom Unlimited’s myriad of additional rewards categories make it the overwhelming winner in terms of rewards rate potential — and that’s not even including its pairing ability with other Chase credit cards.
The cash back earned by the Chase Freedom Unlimited comes in the form of Chase Ultimate Rewards points. So, if you want to redeem rewards for travel, for example, you can pair the Chase Freedom Unlimited with the Chase Sapphire Preferred® Card or Chase Sapphire Reserve®. You can then pool your rewards in your Sapphire account to unlock redemption options and boost your points by 25 percent or 50 percent when redeemed for travel through the Ultimate Rewards portal, respectively.
Pooling your points in a premier Chase card account like the Sapphire Preferred or Reserve also makes it possible to transfer your points 1:1 to Chase airline and hotel partners, which can help you glean even more value for your rewards. Remember the Chase 5/24 rule and how it might affect your ability to qualify for multiple Chase cards over a short time.
It’s also worth noting that if you have a Capital One travel credit card (such as the Capital One Venture X Rewards Credit Card), you can also turn your Capital One Quicksilver’s cash back into miles at a 1:1 ratio and redeem them for travel bookings. Keep in mind, however, that Bankrate values Chase Ultimate Rewards points slightly higher than Capital One miles — with Chase points worth up to around 1.0 cents apiece, while Capital One miles are worth up to around 1.7 cents apiece.
Intro APR winner
-
Both credit cards offer a 0 percent introductory APR on purchases and balance transfers for 15 months. Even after the 15 months are up, the variable APRs that will kick in are still very similar: 18.99% – 28.49% Variable for the Freedom Unlimited and 19.24% – 29.24% (Variable) for the Quicksilver.
However, the cards do differ when it comes to balance transfer fees. The Quicksilver charges a pretty standard 3 percent fee on transferred balances for the first 15 months, whereas the Freedom Unlimited charges an introductory 3 percent fee ($5 minimum) for balances transferred within the first 60 days. If you wait to transfer your balance after 60 days, the fee jumps to 5 percent ($5 minimum).
Annual fee winner
-
When it comes to important credit card fees, this comparison also ends in a draw. Neither card carries an annual fee, making both cards a good option for those looking to skip the yearly payment.
Credit cards with no annual fee are especially helpful for those who don’t spend much on their cards but still want to earn something in return.
Foreign transaction fee winner
-
On your next trip abroad, you’ll want to pack the Capital One Quicksilver instead of the Chase Freedom Unlimited. The Capital One Quicksilver card doesn’t charge foreign transaction fees, while the Chase Freedom Unlimited charges a 3 percent fee on each purchase made outside the United States or in a foreign currency.
Which card earns the most?
The Chase Freedom Unlimited and the Capital One Quicksilver come with similar fees and benefits, but how do the ongoing earnings on these cards compare?
Chase Freedom Unlimited vs. Capital One Quicksilver spending example
Let’s say you spend the following in a month with either card:
- $500 on hotel travel booked through your card’s portal
- $200 on dining
- $150 on everything else
With the Chase Freedom Unlimited, you’d earn $25 in cash back on hotel travel purchases, $6 in cash back on dining and $2.25 on all other non-category purchases, for a total of $33.25 in monthly cash back earnings. That’s $399 in cash back if you repeat this spending for an entire year.
Using the Capital One Quicksilver, on the other hand, you’d earn $25 in cash back on hotel purchases, $3 in cash back on dining and $2.25 on everything else, for a total of $30.25 in monthly earnings. That would be $363 in cash back earned for the year, which is $36 less than you would earn with the Chase Freedom Unlimited.
Of course, in this example, we’re not highlighting the additional rewards you would earn from any drugstore or Lyft spending — meaning the already higher-earning Chase Freedom could earn you even more rewards. Furthermore, this example doesn’t account for Ultimate Rewards points possibly being worth more when redeemed than rewards earned with Quicksilver.
Why should you get the Chase Freedom Unlimited?
The Chase Freedom Unlimited is worth it for many everyday spenders as it offers solid earning potential, including 1.5 percent cash back on non-category purchases, and a decent first-year welcome offer. However, there are a few more reasons to pick this card.
Why should you get the Capital One Quicksilver?
The Capital One Quicksilver appeals to much of the same audience as the Chase Freedom Unlimited due to its lack of an annual fee, achievable welcome bonus and same base flat rewards rate. However, there are a few reasons why Quicksilver may be worth more to you than Freedom Unlimited.
The bottom line
The Chase Freedom Unlimited and Capital One Quicksilver Cash Rewards Credit Card are both ideal for those looking to earn at least 1.5 percent cash back on every purchase — and for no annual fee.
The Chase Freedom Unlimited pulls out slightly ahead due to its added rewards categories and potential for more flexible redemption options, but only you can decide which card works better for your financial needs and goals. If you’re already collecting rewards in the Ultimate Rewards or Capital One miles universes, you may want to stick with the card that will allow you to continue to add rewards to that pool.
Of course, before you make your choice and apply, consider reading through Bankrate’s list of the best cash back credit cards on the market.
Read the full article here
