If you’re new to the world of rewards credit cards, the Chase Freedom Unlimited and Capital One Quicksilver are both excellent choices to consider. These cards are specifically designed to cater to their respective target audiences and offer impressive benefits without an annual fee.
How the cards stack up
While marketed as cash back credit cards, both the Chase Freedom Unlimited and Capital One Quicksilver offer more than just cash rewards. In fact, with the right companion travel credit card, you can convert your rewards into travel benefits that can double or even triple their value.
Here’s a quick overview of the key features of each card:
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Chase Freedom Unlimited:
- 5% back for travel reserved through Chase Ultimate Rewards points.
- 5% back on Lyft purchases through March 2025.
- 3% back for dining and drugstore purchases.
- 1.5% back for all other purchases.
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Capital One Quicksilver:
- 5% back for hotels and rental cars reserved through Capital One Travel.
- 1.5% back for all other purchases.
Welcome bonus
While the Chase Freedom Unlimited offers a potentially higher introductory bonus, it requires a larger spending commitment to fully unlock its benefits. On the other hand, the Capital One Quicksilver only requires $500 in purchases within the first three months to earn its welcome bonus. This makes the Capital One Quicksilver a more accessible option for many.
Winner: Capital One Quicksilver
Rewards
Both cards are advertised as cash back cards, but by pairing them with companion travel credit cards, you can convert your rewards into valuable travel points or miles. The Chase Freedom Unlimited can be paired with the Chase Sapphire Reserve, allowing you to convert your rewards into Chase Ultimate Rewards points. Similarly, the Capital One Quicksilver can be paired with the Capital One VentureOne, converting your rewards into Capital One miles.
The choice between these cards largely depends on your preference for transfer partners and the value you place on specific airline and hotel partnerships.
Winner: Tie
Annual fee
Both the Chase Freedom Unlimited and Capital One Quicksilver cards have no annual fee, making this category a draw.
Winner: Tie
APR
Both cards offer identical introductory APR terms, providing an above-average interest-free period for new cardholders. After the introductory period, both cards have similar variable APR rates. It’s important to note that if you don’t pay off your balance in full each month, the interest charges can quickly negate the rewards you earn.
Winner: Tie
Foreign transaction fee
The Capital One Quicksilver card waives foreign transaction fees, making it a more favorable choice for international travelers. In contrast, the Chase Freedom Unlimited charges a 3% fee for foreign transactions.
Winner: Capital One Quicksilver
Additional perks
The additional perks category largely comes down to personal preferences. The Chase Freedom Unlimited offers rental car insurance, trip cancellation/interruption insurance, and several limited-time offers like DoorDash membership and Gopuff credits. On the other hand, the Capital One Quicksilver offers benefits like complimentary Uber One membership and travel accident insurance.
Your choice in this category will depend on your specific needs and preferences.
Winner: Tie
Which card earns the most?
When it comes to earning rewards, the Chase Freedom Unlimited takes the lead. Both cards offer the same earning rates for certain categories, such as 5% back on hotels and rental cars and 1.5% back on all other purchases. However, the Chase Freedom Unlimited offers additional bonus rewards for travel, Lyft purchases, and dining/drugstore purchases. These additional earning opportunities can make a significant difference in the rewards you accumulate.
Winner: Chase Freedom Unlimited
Our Take
Overall, the Chase Freedom Unlimited outperforms the Capital One Quicksilver in several areas. It offers more bonus categories, better travel insurance, and a variety of monthly statement credits that can provide significant value. Additionally, Chase has a robust collection of transfer partners, adding to the card’s appeal.
However, the Capital One Quicksilver is still an excellent choice for those looking for a straightforward welcome bonus or who prefer Uber over Lyft.
Bottom Line: More robust rewards vs. better welcome bonus
Both the Chase Freedom Unlimited and Capital One Quicksilver cater to individuals who want to earn cash back or travel rewards. While the Chase Freedom Unlimited provides better ongoing earning rates and benefits, the Capital One Quicksilver has a more accessible welcome bonus.
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Frequently asked questions (FAQs)
Is it worth upgrading the Capital One Quicksilver?
If your credit card goals involve travel, it’s definitely worth upgrading to cards like the Capital One Venture Rewards Credit Card.
Is the Capital One Quicksilver hard to get?
The Capital One Quicksilver is relatively easy to get with a good credit score of at least 670.
Can I prequalify for Chase credit cards?
Yes, Chase offers prequalification for their credit cards. You can check if you’re pre-approved on their website, but keep in mind that it doesn’t guarantee approval.