The Discover it® Balance Transfer is no longer taking new applicants as of May 2024, although existing cardholders can still use the card. Those interested in the Discover it® Balance Transfer can check out the Discover it® Chrome instead.
Key takeaways
- The Capital One Quicksilver Cash Rewards Credit Card offers a flat rate of 1.5 percent cash back on all purchases with no annual fee — plus, cardholders get an intro APR offer.
- The Discover it® Balance Transfer offers cash back in categories that rotate throughout the year (up to a cap and activation is required) and an intro APR offer for purchases and balance transfers — though you can only take advantage of it if the card is already in your wallet.
- These two credit cards have a lot in common, but they differ in how their sign-up bonuses are doled out and in the perks they offer.
If you’re looking for a credit card with no annual fee that has an intro annual percentage rate (APR) offer and rewards, it’s easy to become overwhelmed by all the available options. The fact is, quite a few cash back credit cards have 0 percent introductory rates and offer rewards for each dollar you spend and most come with no annual fee and plenty of other perks.
The Capital One Quicksilver Cash Rewards Credit Card and the Discover it® Balance Transfer are two popular options that fit all these criteria, yet these two rewards credit cards differ in more ways than one. Where the Capital One Quicksilver Cash Rewards Credit Card offers flat-rate rewards that can help you earn more cash back on everything you buy, the Discover it® Balance Transfer offers higher rewards in bonus categories that change throughout the year.
Can’t seem to decide? We’ve put together a breakdown of how these two cash back cards compare, so read on to see how these two credit cards stack up in the most important categories.
Main details
| Capital One Quicksilver | Discover it® Balance Transfer | |
|---|---|---|
| Welcome bonus | $200 cash bonus after spending $500 on purchases within the first three months | N/A |
| Rewards rate |
|
|
| Intro APR |
|
|
| Variable APR | 19.49% – 29.49% (Variable) | N/A |
| Annual fee | $0 | $0 |
Capital One Quicksilver vs. Discover it® Balance Transfer highlights
Welcome bonus winner
-
The Quicksilver offers a $200 cash bonus after spending $500 on purchases within the first three months from account opening. Since the Discover it Balance Transfer is no longer accepting new applicants, there’s no way to take advantage of its welcome bonus offer. That makes the Quicksilver the clear winner.
Rewards rate winner
-
We chose the Discover it® Balance Transfer as the winner for this round because of the higher rate you get on your bonus category spending. You’ll get 5 percent cash back on up to $1,500 spent in rotating categories each quarter, then 1 percent (activation required), as well as 1 percent back on all other purchases.
Yes, this card requires a little bit of work in terms of keeping up with the Discover cash back calendar each quarter and activating accordingly. But in doing so, you could fetch up to 5 percent back on categories ranging from grocery stores and restaurants to your Amazon transactions.
The Quicksilver earns an unlimited 1.5 percent cash back on all purchases, which is also pretty lucrative, but still not necessarily enough to rival the Discover it Balance Transfer’s higher rate, even if you factor in the 5 percent back on hotel and rental car purchases made through the Capital One Travel portal.
Intro APR winner
-
The Capital One Quicksilver offers a 0 percent introductory APR on both purchases and balance transfers for the first 15 months from account opening. After that, a 9.74 percent to 29.74 percent variable APR kicks in. An intro balance transfer fee of 3 percent applies for the first 15 months, after which a 4 percent balance transfer fee will apply at a promotional APR that Capital One may offer you at any other time.
The Discover it Balance transfer used to offer a 0 percent intro APR on purchases for six months and on and balance transfers for 18 months, followed by a variable APR of 17.74 percent to 27.24 percent. Because it’s no longer accepting new applicants, cardholders can no longer take advantage of this promotion.
Foreign transaction fee winner
-
While neither one of these cards are travel credit cards, both Capital One and Discover are known for not charging any foreign transaction fees. This means both cards can be a good option for individuals who travel often and don’t want to pay an added fee for purchases made abroad.
Annual fee winner
-
Neither one of these cards charge an annual fee, so they’re both keeper cards you can plan on using for the long haul. The lack of annual fees also means you never have to wonder if you’re earning enough in rewards to keep a card after the first year.
Which card earns the most?
Capital One Quicksilver vs. Discover it® Balance Transfer spending example
In this scenario, assume a cardholder is spending about $9,000 a year on their credit card. Discover it® Balance Transfer cardholders, in particular, would be specifically maxing out each quarter’s bonus categories with this spending.
| Spending category | Spending | Capital One Quicksilver | Discover it® Balance Transfer |
|---|---|---|---|
| Groceries, fitness clubs and gym memberships* | $1,500 | $22.50 | $75 |
| Gas stations and Target* | $1,500 | $22.50 | $75 |
| Restaurants* | $1,500 | $22.50 | $75 |
| Amazon.com and digital wallets* | $1,500 | $22.50 | $75 |
| Miscellaneous/non-category purchases | $4,000 | $60 | $40 |
| Hotels and rental cars | $1,000 | $50 (via Capital One Travel) | $10 |
| Total | $9,000 | $200 | $350 |
*These spending categories are examples of past quarterly categories from Discover
As you can see, the Discover card comes out on top with $350 in cash back earnings for the year. The Quicksilver earns you $200 for the year (or $400, including the welcome bonus).
Still, there’s always the potential for you to spend more in either of the Quicksilver’s rewards categories. For example, you could wind up better off with the Capital One Quicksilver Cash Rewards Credit Card if you frequently book hotels and rental cars through Capital One Travel, or if you find that you spend a lot more in the miscellaneous category than you would trying to max out the Discover it Balance Transfer’s categories.
Why should you get the Capital One Quicksilver?
Additional benefits
This cash back credit card has no annual fee and no foreign transaction fees, but there are a few other perks that could make this simple, flat-rate card a good option, including:
- 24-hour travel assistance services
- Complimentary concierge assistance
- Virtual credit card numbers through the Eno assistant app
- Travel accident insurance
- Extended warranties
For more information on the card’s benefits, read our Capital One Quicksilver Card benefits guide.
Redemption options
Capital One offers several ways to redeem your cash back:
- Check
- Statement credit
- Past credit card purchases
- Gift cards
- Online purchases at checkout on Amazon.com and PayPal
Capital One says you can redeem your cash back all at once or in small increments whenever you see fit. You can also redeem your rewards in any amount for most options, including a check or a statement credit.
Recommended credit score
Your approval odds for this card will increase if you have a good-to-excellent (670 to 850) credit score.
Why should you keep the Discover it® Balance Transfer?
Like the Capital One Quicksilver, there’s no annual fee or foreign transaction fees with the Discover it® Balance Transfer card. Plus, there’s no penalty APR or late fee on your first late payment (after which you’ll be charged up to $41). In addition to the generous rewards structure and first-year welcome bonus match opportunity, there are a few more reasons to keep the Discover it Balance Transfer in your wallet.
Additional benefits
You can count on $0 fraud liability for unauthorized purchases and account alerts, along with free access to Discover’s Identity Alerts credit monitoring service. You also have the ability to freeze and unfreeze your account and prevent activity directly from the Discover app.
Further information on card benefits can be found in our Discover it® Balance Transfer benefits guide.
Redemption options
In terms of redemption, you can receive cash back from this card in the following forms:
- Electronic direct deposit to an eligible bank account
- Statement credit
- Gift card
- Charitable donation
- Amazon.com or PayPal.com purchase
Discover also lets you redeem cash back at any time in any amount, which means you’ll never have to work toward a rewards threshold to make a redemption or be stuck with rewards you cannot use.
Recommended credit score
Similar to the Quicksilver, your approval odds may increase if you have a good-to-excellent credit score.
The bottom line
When it comes down to it, the Discover it® Balance Transfer could offer substantial value to cardholders looking to get the most out of their credit card usage — provided that you already have this card in your wallet and are willing to track your bonus category spending closely.
Then again, the Capital One Quicksilver may work best for those who want to earn a respectable amount of cash back on their everyday purchases with no fuss, as well as for those looking for a card with a welcome bonus.
*Some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See your respective Guide to Benefits for details, as terms and exclusions apply.
Read the full article here
