“Capital One has informed some Capital One Quicksilver and QuicksilverOne cardholders that their cards will now operate on Capital One’s Discover network,” the bank announced. “With their new cards, these customers will earn unlimited 3% cash back rewards at grocery stores and gas stations, in addition to the unlimited 1.5% cash back they earn on all other purchases. New cards will be sent to these customers in May.”
If you are one of the individuals affected by these changes, you should have received a notification from the issuer, as stated in an email shared by Capital One. The transition is not mandatory; you can choose to opt out of the change and retain your current card with its existing rewards.
An Update Benefitting Many Customers …
Future applicants may also have their applications approved on Discover’s network. “Customers are informed of their card network and product terms during the application process before they apply,” a Capital One spokesperson explained in an email.
For those currently affected, this news is generally well-received, especially amidst rising prices for gas and groceries.
This update is particularly beneficial for the $39-annual-fee Capital One QuicksilverOne Cash Rewards Credit Card, designed for individuals with less-than-ideal credit. Finding cards in this market segment offering 3% back on major purchases is not common.
… And a Long-Awaited Revamp for Quicksilver Cards
The esteemed Capital One Quicksilver Cash Rewards Credit Card set a trend when it was introduced 13 years ago.