Bonuses & Fees

The Quicksilver World Mastercard® has no annual fee and no foreign transaction fees on purchases made outside Canada.

Instead of a traditional welcome bonus, Capital One matches all the cash back you earn in your first 365 days, dollar for dollar and with no limit. The match is calculated at the end of your first 365 days and credited within two billing periods. Capital One notes that the offer is only available when displayed on its website.

To apply, you’ll need a minimum annual income of $50,000 personal or $80,000 household. You can check whether you’ll be pre-approved on capitalone.ca before submitting the full application.

Earning Rewards

The Quicksilver World Mastercard® earns cash back at the following rates, with no caps on any category:

3% cash back at eligible grocery stores, excluding superstores like Walmart and Costco
3% cash back at eligible gas stations and EV charging stations
1% cash back on all other eligible purchases

The 3% categories are based on merchant category codes. Grocery purchases include supermarkets, meat lockers, freezer and dairy product stores, and specialty markets, while gas purchases include gas stations and EV charging stations. Capital One can’t guarantee how a merchant codes its transactions.

Cash back is earned on net purchases, so returns and credits are deducted. Cash advances, balance transfers, and cash-like transactions don’t earn cash back.

Redeeming Rewards

Cash back can be redeemed as a statement credit through online banking, the Capital One mobile app, or by calling customer service, with each $1 of cash back taking $1 off your balance.

Credits usually post within two to three business days, but can take up to 60 days. Redemptions don’t count toward your minimum monthly payment, and your cash back doesn’t expire as long as your account stays open and in good standing.

The Quicksilver World Mastercard® offers a very good insurance package for a no-fee card:

Flight delay: Up to $250 per 24 hours for delays of four hours or more, to a maximum of $1,000 per trip
Baggage delay: Up to $100 per day for up to three days, to a maximum of $300
Lost baggage: Up to $1,000 per trip
Common carrier travel accident: Up to $500,000
Car rental collision/loss damage: Rentals of up to 31 days, on vehicles worth up to $65,000
Purchase assurance and extended warranty: 90 days of purchase coverage, plus up to one extra year on the manufacturer’s warranty
Price protection: Up to $100 per item and $500 per year if an item’s price drops within 30 days

To be covered, you’ll need to charge the full cost of your ticket or rental to the card. The full cost excludes any reduced cost from redeeming reward programs, gift cards, or credits, so award tickets where you only pay the taxes and fees on the card don’t appear to qualify.

The card doesn’t include travel medical, trip cancellation, or trip interruption insurance. Please refer to the certificate of insurance for full coverage limitations and exclusions.

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