In summary, the Capital One Quicksilver Cash Rewards Credit Card and the Bank of America Unlimited Cash Rewards credit card offer the same rewards rate and welcome bonus, but the Bank of America card may be more valuable for those who are members of the Bank of America Preferred Rewards program. It’s important to consider all aspects of both cards before deciding which one is the best fit for your needs. Additionally, you may want to explore other cash back credit cards with higher ongoing rewards rates to see if there are better options available. Keep reading to discover which card excels in the most important categories for cardholders.
Capital One Quicksilver takes the lead in the welcome bonus category, as it only requires a $500 spending threshold within the first three months to earn a $200 bonus. On the other hand, Bank of America Unlimited Cash requires a $1,000 spending threshold within 90 days for the same bonus.
In terms of rewards rate, both cards tie with an unlimited 1.5 percent cash back on all purchases. Additionally, Capital One Quicksilver offers 5 percent cash back on hotels and rental cars booked through Capital One travel. Bank of America Unlimited Cash doesn’t have additional reward categories, but Bank of America Preferred Rewards members can earn 25 percent to 75 percent more cash back on all purchases based on their membership level.
Ultimately, both cards offer similar cash back rates, with Capital One Quicksilver providing an additional boost for specific categories. However, Bank of America Preferred Rewards program may offer a higher cash back rate for some cardholders, depending on their account balances. The card with more rewards potential for you depends on your specific situation. If you are trying to avoid annual fees, both the Capital One Quicksilver and Bank of America Unlimited Cash cards are good options as they do not charge an annual fee. However, if you frequently make purchases outside of the U.S., the Capital One Quicksilver card is the better choice as it does not charge foreign transaction fees.