Capital One Quicksilver: 2 No-Annual-Fee, No-FX-Fee Mastercards Land in Canada
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As of October 5, 2026, Capital One offers two new cash back cards in Canada: the Quicksilver World Elite Mastercard® and the Quicksilver World Mastercard®. Both Capital One Quicksilver cards have no annual fee and no foreign transaction fees, and pay 3% cash back at grocery stores and gas stations.
In your first year, Capital One matches every dollar of cash back you earn during your first 365 days. Here is what the cards are worth, who they suit, and how they stack up against a points card.
The Two Quicksilver Cards at a Glance
Both cards share the same rewards structure and the same insurance package. The differences are the income requirement and the interest rate.
| Feature | Quicksilver World Elite Mastercard | Quicksilver World Mastercard |
|---|---|---|
| Annual fee | $0 | $0 |
| Foreign transaction fee | 0% | 0% |
| Groceries, gas and EV charging | 3% | 3% |
| Everything else | 1% | 1% |
| First year (cash back match) | 6% and 2% | 6% and 2% |
| Interest rate (purchases, transfers, advances) | 20.9% | 21.9% to 29.9% |
| Minimum individual income | $80,000 | $50,000 |
| Minimum household income | $150,000 | $80,000 |
How the Cash Back Works
Cash back is unlimited and does not expire for the life of your account:
- 3% at grocery stores: merchants coded MCC 5411, 5422, 5451 and 5499. Superstores such as Walmart and Costco are excluded.
- 3% at gas stations and EV charging stations: MCC 5541, 5542 and 5552.
- 1% on all other eligible purchases.
Rewards can only be redeemed as a statement credit, in the app or online. That credit does not count toward your minimum payment. Cash advances, balance transfers, interest and fees earn nothing.
The First-Year Offer: Your Cash Back, Doubled
As a new cardholder, you get a dollar-for-dollar match of all the cash back earned from the day your account is approved through your first 365 days. There is no cap. In practice, year one pays 6% on groceries and gas, and 2% everywhere else.
A quick example: $6,000 in groceries over a year earns $180 in cash back. The match adds the same amount again, credited within 2 billing periods after your first 365 days.
No FX Fees: The Travel Angle
Neither card charges foreign transaction fees on purchases made outside Canada. Most Canadian credit cards add a conversion fee to every foreign-currency purchase, which eats a big chunk of any cash back. To compare with the rest of the market, see our list of the best no FX fee credit cards.
The perk also applies to online purchases from foreign merchants, without leaving home.
Insurance and Built-In Benefits
Capital One includes the same coverage on both cards:
- Purchases: purchase assurance, extended warranty and price protection.
- Car rentals: collision and loss damage coverage on rental cars.
- Travel: common carrier travel accident insurance, flight delay, baggage delay and lost baggage insurance.
Capital One's card page does not mention any airport lounge access. For purchases, balance transfers and cash advances, the interest rate is 20.9% on the World Elite and ranges from 21.9% to 29.9% on the World.
Eligibility
- Quicksilver World Elite: annual income of at least $80,000 (individual) or $150,000 (household)
- Quicksilver World: annual income of at least $50,000 (individual) or $80,000 (household)
- First-year match: new cardholders only, and the offer must be displayed when you apply
- Pre-approval: Capital One's tool tells you whether you are pre-approved before a formal application
- Good standing: no missed payments and not over your limit at the end of your first year
Cash Back or Points: Who Should Get These Cards
A points card often pays more when you redeem for well-chosen award flights. In exchange, it usually carries an annual fee and asks for time and flexible travel dates. The Quicksilver cards keep it simple: a fixed percentage, a statement credit, nothing to track.
They are a good fit for three profiles:
- Travellers who spend in foreign currencies: no FX fees makes them a no-fee travel card.
- Families with big grocery and gas bills: 3% with no cap, and 6% in year one.
- Points collectors: as a companion card for foreign purchases, next to a main points card.
If you are weighing several products, our guide on how to choose a cash back credit card walks through caps and bonus categories. Capital One also offers the Capital One Smart Rewards Mastercard, which we have already reviewed.
Bottom Line
The Capital One Quicksilver cards pack three things rarely found together in Canada: no annual fee, no FX fees and uncapped 3% cash back on groceries and gas. If your income reaches $80,000, go for the World Elite and its lower interest rate. Otherwise, the World card earns the same rewards from $50,000 of income.
Apply while the first-year match is displayed, then put your grocery and gas spending on the card from day one. To compare with the rest of the market, check our best credit cards in Canada and this month's credit card offers, and sign up for our newsletter to catch the next deals.
Do the Capital One Quicksilver cards have an annual fee?
No. Both the Quicksilver World Elite Mastercard and the Quicksilver World Mastercard have a $0 annual fee. Neither charges foreign transaction fees on purchases made outside Canada.
How much cash back do the Quicksilver cards earn?
Both cards earn 3% at grocery stores, gas stations and EV charging stations, and 1% on all other eligible purchases. Cash back is uncapped and does not expire while your account is open.
How does the first-year cash back match work?
Capital One matches all the cash back you earn during your first 365 days, dollar for dollar, with no cap. The match is credited within 2 billing periods after that period ends. It is for new cardholders only and must be displayed when you apply.
What income do I need for a Quicksilver card?
The Quicksilver World Elite requires an annual income of at least $80,000 individual or $150,000 household. The Quicksilver World requires at least $50,000 individual or $80,000 household.
Do Walmart and Costco earn 3% with the Quicksilver cards?
No. Superstores such as Walmart and Costco are excluded from the 3% grocery rate. Only merchants coded MCC 5411, 5422, 5451 and 5499 qualify, and other purchases earn 1%.
How do I redeem Quicksilver cash back?
Cash back can only be redeemed as a statement credit, in the Capital One app or online. The credit lowers your balance but does not count toward your monthly minimum payment.
What is the difference between the Quicksilver World Elite and the Quicksilver World?
Rewards and insurance are identical. The World Elite asks for a higher income, $80,000 versus $50,000, but its interest rate is 20.9%, while the World ranges from 21.9% to 29.9%.
Do the Quicksilver cards include airport lounge access?
Capital One's card page does not mention any airport lounge access for the Quicksilver cards. Their travel benefits are insurance: flight delay, baggage delay, lost baggage and common carrier travel accident coverage.
