Key takeaways
- The Capital One Quicksilver Money Rewards Credit score Card and the Financial institution of America® Limitless Money Rewards bank card supply the identical rewards price of limitless 1.5 % again on all purchases.
- These two playing cards additionally supply the identical welcome bonus as properly, though the minimal spending necessities to earn them fluctuate.
- Whereas each of those playing cards include no annual charge, there’s one element that may make one way more precious than the opposite — membership within the Financial institution of America Most well-liked Rewards program.
- You may additionally wish to take a look at money again bank cards with larger ongoing rewards charges.
The Capital One Quicksilver Money Rewards Credit score Card and the Financial institution of America® Limitless Money Rewards bank card each include no annual charge and supply limitless 1.5 % money again on on a regular basis purchases. Nonetheless, there are just a few areas the place one stands out over the opposite, particularly for members of the Financial institution of America Most well-liked Rewards program.
For those who’re evaluating the Capital One Quicksilver vs. Financial institution of America Limitless Money Rewards and questioning which card would go away you forward when it comes to rewards or advantages, our in-depth evaluation may also help you resolve.
Essential Particulars
| Playing cards | Capital One Quicksilver Money Rewards Credit score Card | Financial institution of America Limitless Money Rewards bank card |
|---|---|---|
| Welcome bonus | $200 money bonus in the event you spend $500 throughout the first 3 months | $200 on-line money rewards bonus in the event you spend $1,000 throughout the first 90 days |
| Rewards price | 1.5% money again on all purchases and 5% money again on inns and rental vehicles booked by way of Capital One Journey | 1.5% money again on all purchases |
| Intro APR | 0% intro APR for 15 months on purchases and stability transfers (19.99% to 29.99% variable APR thereafter); promo price stability transfers are topic to a 3% stability switch charge | 0% intro APR for 15 billing cycles on purchases and qualifying stability transfers made throughout the first 60 days (19.24% to 29.24% variable APR thereafter); an intro 3% stability switch charge applies for the primary 60 days, then 4% |
| Annual charge | $0 | $0 |
Capital One Quicksilver vs. Financial institution of America Limitless Money highlights
Each of those prime money again playing cards include no annual charge, limitless money again on all purchases and 0 % intro APR presents, however they fluctuate in some areas, like their welcome bonuses. Learn on to seek out out which card shines in an important classes cardholders care about.
Welcome bonus winner
Rewards price winner
International transaction charge winner
Which card earns probably the most?
For those who’re in search of a limiteless 1.5 % money again on all purchases, the Capital One Quicksilver and the Financial institution of America Limitless Money each match the invoice. Both card could make sense in case your purchases usually fall exterior the same old card bonus classes, comparable to invoice funds or sure varieties of on-line retail purchases.
For those who already use a rotating class card to maximise money again in particular bonus classes, both of those flat-rate playing cards could be a superb complement. They’ll each give you 1.5 % again on non-category purchases as an alternative of the baseline 1 % again usually provided for common purchases on different playing cards.
So, which card earns probably the most? On their very own, the playing cards are roughly tied. Nonetheless, there are two notable variations. The Capital One Quicksilver has an additional rewards class, providing 5 % money again on inns and rental vehicles booked by way of Capital One journey. Then again, Financial institution of America prospects who belong to Financial institution of America’s Most well-liked Rewards program can get a 25 % to 75 % rewards enhance on all purchases on prime of their Financial institution of America Limitless Money’s 1.5 % money again price.
The Most well-liked Rewards program tiers are primarily based on the mixed three-month common stability of your qualifying Financial institution of America and Merrill accounts. For the Financial institution of America Limitless Money, right here is the brand new money again price you’d earn for every Most well-liked Rewards tier:
| Gold | Platinum | Platinum Honors | Diamond | |
|---|---|---|---|---|
| Minimal stability required | $20,000 to <$50,000 | $50,000 to <$100,000 | $100,000 to <$1 million | $1 million to <$10 million |
| Rewards bonus | 25% | 50% | 75% | 75% |
| New money again price | 1.87% | 2.25% | 2.62% | 2.62% |
Because the tier bonus construction reveals, in the event you’re a Most well-liked Rewards member with $50,000 or extra throughout your entire accounts, then the Financial institution of America Limitless Money card’s money again price of two.25 % is healthier than virtually all flat-rate playing cards, which usually supply a most price of two % again on common purchases.
Capital One Quicksilver vs. Financial institution of America Limitless Money spending instance
On their very own, each the Capital One Quicksilver Money Rewards and the Financial institution of America Limitless Money Rewards playing cards ship a flat 1.5 % money again on all purchases. So, for instance, whether or not you spend $100 monthly or $1,000 monthly, each playing cards will earn both $1.50 or $15, respectively, in money again.
However, as demonstrated above, you may enhance your money again rewards considerably with the Financial institution of America Limitless Money in case you are a Financial institution of America Most well-liked Rewards member.
For instance, say you spend $2,000 on purchases throughout a billing cycle. At a price of 1.5 % money again, you’d earn $30 again with both the Capital One Quicksilver or the Financial institution of America Limitless Money. Nonetheless, in case you are a Financial institution of America Most well-liked Rewards member, you might enhance your rewards earnings additional on that $2,000 in purchases with Financial institution of America Limitless Money. For every tier, you might earn a complete of:
- Gold (25 % enhance, 1.87 % combination money again price): $37.40
- Platinum (50 % enhance, 2.25 % combination money again price): $45
- Platinum Honors (75 % enhance, 2.62 % combination money again price): $52.40
- Diamond (75 % enhance, 2.62 % combination money again price): $52.40
Now let’s think about your spending and rewards stay steady over the course of a yr. The chart beneath exhibits how a lot you’ll earn in rewards on $2,000 in month-to-month spending with the Financial institution of America Limitless Money Rewards as a member of Financial institution of America Most well-liked Rewards vs. Capital One Quicksilver:
| Rewards for $2,000 in month-to-month spending | Rewards for $24,000 in annual spending | |
|---|---|---|
| Capital One Quicksilver Money Reward or Financial institution of America Limitless Money | $30 | $360 |
| Financial institution of America Limitless Money (with Gold membership in Most well-liked Rewards) | $37.40 | $448.88 |
| Financial institution of America Limitless Money (with Platinum membership in Most well-liked Rewards) | $45 | $540 |
| Financial institution of America Limitless Money (with Platinum Honors membership or higher in Most well-liked Rewards) | $52.40 | $628.80 |
This instance doesn’t embody any spending on inns and rental vehicles by way of the Capital One journey portal. When you’ve got any spending in that class, the precise rewards you’ll earn on the Capital One Quicksilver will likely be larger.
Whereas the rewards provided by way of the Financial institution of America Most well-liked Rewards program are engaging, remember that you want a minimal of $20,000 in qualifying accounts with the financial institution to even qualify for this program, and that incomes the very best bonus of 75 % extra rewards requires six figures.
And regardless that the Financial institution of America Most well-liked Rewards program presents a nominal “enhance” on financial savings charges for members, their beginning price on financial savings accounts is a disappointing 0.01 % APY to start with. That is a lot lower than you’ll earn with the most effective high-yield financial savings accounts, which at present supply charges of round 5.00 % APY.
Why must you get the Capital One Quicksilver Money Rewards?
The Capital One Quicksilver Money Rewards consists of 1.5 % money again on each buy, 5 % money again on lodge and rental vehicles booked by way of Capital One Journey and a welcome bonus that’s straightforward to earn. If it’s simplicity you’re after, the Capital One Quicksilver is a strong possibility because you received’t have to plan your spending based on rotating quarterly classes or preserve monitor of quarterly class sign-ups.
Further advantages
Regardless of its no-frills starter card look, the Capital One Quicksilver card comes with numerous journey and purchasing advantages. You’ll have entry to Capital One Leisure, Capital One Journey, 24/7 journey help, concierge companies, journey accident insurance coverage, prolonged guarantee safety and entry to the Eno assistant app, which makes use of digital bank card numbers to guard your card information whilst you store on-line.
Cardholders can even join six months of complimentary Uber One membership, legitimate by way of Nov. 14, 2024.
Redemption choices
You possibly can redeem money again for an announcement credit score, a test within the mail, purchases by way of Amazon or PayPal.com or present playing cards. Plus, with the Capital One Quicksilver Money Rewards card, there isn’t any minimal redemption quantity for a lot of of those redemptions.
For those who even have a Capital One miles incomes card, such because the Capital One Enterprise Rewards Credit score Card, you too can convert your money again earnings to Capital One Miles and redeem them for journey.
Beneficial credit score rating
You’ll want good to glorious credit score to qualify for the Capital One Quicksilver Money Rewards card. Usually, this implies you’ll want a FICO credit score rating of 670 or larger.
Why must you get the Financial institution of America Limitless Money Rewards?
The bonus rewards you may earn as a Most well-liked Rewards member make the Financial institution of America Limitless Money Rewards extra worthwhile. Listed below are some further advantages and causes to think about getting the Financial institution of America Limitless Money card.
Further advantages
The Financial institution of America Limitless Money is a Visa Signature card that features advantages like 24/7 roadside dispatch, journey and emergency help, concierge companies, associate advantages and extra.
Moreover, you’ll get entry to BankAmeriDeals and Museums on Us. BankAmeriDeals means that you can obtain further money again at collaborating retailers for a restricted time when you choose the presents. As for Museums on Us, cardholders can take pleasure in free admission to over 225 museums and cultural establishments throughout the U.S. once they current their card and photograph ID in the course of the first full weekend of each month. Cardholders can even test their FICO credit score rating, up to date month-to-month, at no cost by way of the Financial institution of America cell app or on-line banking.
Redemption choices
With the Financial institution of America Limitless Money, you may redeem earnings as an announcement credit score to your card, a direct deposit to a Financial institution of America checking or financial savings account, or to pay for purchases at Amazon or PayPal. There’s no minimal redemption quantity for redeeming rewards.
Beneficial credit score rating
You’ll want good to glorious credit score to qualify for the Financial institution of America Limitless Money Rewards card. As such, your FICO rating must be at the least 670.
The underside line
Capital One Quicksilver Money Rewards and Financial institution of America Limitless Money Rewards supply 1.5 % money again on each buy (with some situational alternatives to earn higher rewards), together with commonplace welcome bonuses and intro APR presents. For those who’re a Financial institution of America Most well-liked Rewards member, or in the event you’re inclined to turn out to be one, you too can take pleasure in a few of the highest flat-rate money again rewards charges out there at this time.
Nonetheless, for many shoppers, the Capital One Quicksilver Money Rewards and the Financial institution of America Limitless Money Rewards don’t supply a lot you could’t discover with many different money again playing cards. For instance, you will get the same sign-up bonus with the Wells Fargo Energetic Money® Card, together with a limiteless 2 % money rewards on purchases.
After which there’s Chase Freedom Limitless®, which presents 3 % to five % money again in fashionable bonus classes, along with 1.5 % again on all purchases. That’s why, earlier than deciding on a card, it’s vital to match your entire choices to see which one would work greatest on your wants.
For those who’re nonetheless on the fence between these two playing cards particularly, it may well additionally assist to learn over our Capital One Quicksilver advantages information and our Financial institution of America Limitless Money Rewards advantages information to see how their perks stack up.
Details about the Financial institution of America® Limitless Money Rewards bank card was final up to date on July 19, 2024.
