Chase Freedom Unlimited vs. Capital One Quicksilver

News Room
16 Min Read

Key takeaways

  • The Chase Freedom Unlimited® and Capital One Quicksilver Cash Rewards Credit Card are no-annual-fee cash back cards that could fit well into 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 be inclined to suggest the Chase Freedom Unlimited due to its added rewards categories, the flexibility of the Chase Ultimate Rewards program and 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 stack up against each other.

Main details

Chase Freedom Unlimited Capital One Quicksilver Cash Rewards Credit Card
Welcome bonus Earn an extra 1.5% cash back on all purchases (up to $20,000 spent) the first year — worth up to $300 in cash back $200 cash bonus after spending $500 on purchases within the first 3 months
Rewards rate
  • 1.5% back on all non-category purchases
  • 5% cash back on travel purchased through Chase Ultimate Rewards
  • 5% back on Lyft purchases (through March 2025)
  • 3% back on dining and drugstore purchases
  • 1.5% cash back on all non-category purchases
  • 5% back on hotels and rental cars booked through Capital One Travel
Intro APR
  • 0% intro APR on purchases and balance transfers for 15 months; 20.49% to 29.24% 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; 19.99% to 29.99% variable APR thereafter
  • Intro balance transfer fee of 3% for balance transfers made within the first 15 months; Future promotional APR offers come with a balance transfer fee of 4%
Annual fee $0 $0
Foreign transaction fee 3% None

Chase Freedom Unlimited vs. Capital One Quicksilver highlights

Let’s take a closer look at the main highlights of the Chase Freedom Unlimited and Capital One Quicksilver to determine which one might be most useful for your wallet.

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 repeated 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.

Additional benefits

With the Chase Freedom Unlimited, you’ll receive purchase protection that covers new items against damage and theft, as well as extended warranty protection that adds an additional year to many U.S. manufacturer warranties. You’ll also receive trip cancellation and trip interruption insurance, auto rental insurance and roadside assistance.

In terms of partner offers, you can enjoy a complimentary 3 months of DashPass, a subscription service that offers $0 delivery fees on DoorDash orders over $12 (when you activate by Dec. 31, 2024). Don’t forget, you can also earn 5 percent cash back on Lyft rides through March 31, 2025.

For a full list of everything the card has to offer, consider reading our Chase Freedom Unlimited benefits guide.

Redemption options

The rewards you earn with the Chase Freedom Unlimited are redeemable for the following:

Recommended credit score

A good to excellent credit score of 670 or above is recommended.

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 the Quicksilver may be more worth it for you compared to the Freedom Unlimited.

Additional benefits

Besides not paying a foreign transaction fee for purchases made abroad, the Capital One Quicksilver offers travel accident insurance and other travel coverages through Mastercard. You can also enjoy extended warranty protection at no charge on eligible items purchased with your credit card and purchase protection in the case of damage or theft.

Plus, Quicksilver cardholders receive up to six months of complimentary Uber One membership (formerly Uber Eats Pass) through Nov. 14, 2024. This perk has the potential to save you around $60 in membership fees.

For a more in-depth look at the card’s offerings, read through Bankrate’s Capital One Quicksilver Card benefits guide.

Redemption options

Capital One Quicksilver rewards can be redeemed in a few different ways:

  • Cash back in the form of a statement credit or check
  • Cover recent purchases
  • Travel through Capital One’s portal
  • Pay with rewards on Amazon.com or via PayPal
  • Gift cards
  • Points you can combine under miles-earning Capital One cards and transfer your rewards to travel partners

Recommended credit score

You should be able to qualify for the Capital One Quicksilver if your credit rating is good to excellent (around 670 or higher).

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

Share This Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *